Today, I was in a class, when the tutor made a very intelligent contribution on the issue of the government paying unemployed graduates #5,000 per month for the next four years. I couldn't agree less with him on this because I also have in the past said the only way the government can help curb unemployment is to employ us or show us how to fish and not give us fish.

His words below (though not word for word, I wrote it as I can remember).
We have about 25 million youths/unemployed graduates. If theystart giving #5,000 to unemployed graduates every month, it would mean giving out #5000 × 25, 000, 000 = 125, 000, 000, 000 every month.

He went further, there are enough lands in Ogun state, why not acquire some, build a very big industry/company that can provide direct jobs for 100, 000 people at least, and by so doing, another set of more than 100, 000 people will be positively affected because they will also be indirectly employed. Among this second set of 100, 000 people will be those that are selling food around or in the company for staff, those selling sachet water, those who will site their small businesses close to the company because people from the company will definitely buy. etc. And if you estimate the cost of setting up this business, it won't even be up to the amount they want to be giving out per month.

I have this to add: 125 billion naira if spent wisely will do more than enough to curb unemployment. If they give out 125 billion in one month, by the tenth year, that would be 1.25 thrillion and by the twentieth month, 12.5 trillion naira, common! The president should be more realistic. Building of more industries, hospitals, research institutes and laboratories, up to standard universities etc will provide more meaningful employment for the unemployed than the method he wants to adopt.

as an Economists..... It is not rational for the government to embark on this project..... It will obviously do Nigerian Economy more harm than good.

** there is no Acurate statistics about those who this money will be paid to.

** this kind of money (transfer permanent) causes inflation.

** with a self assumed statistics of say 30 million unemployed Nigerians (by assumption) the Government is going to spend not less than 150 billion Naira per month ( this can be invested to create jobs for some of those receiving the payment) How much more it's total after a year.

** trust Nigerians, even those who already have a job or work will clamour to get the money too (you can't blame them, it's a national cake)

** Hunger Didn't kill us prior to this promise, so our government should create jobs for us not to pay us 5k which may not even last more than two weeks (that's if you are a pure frugal person)


Let's not look at this issue surfacely, it will do us more harm than good in the long Run

I think wen we see d 2016 budget we will know where d Govt is heading too...
I know there is focus on agriculture nd industrialisation buh let's still wait n cee

Your lecturer has nailed it, firstly I'm not in support of the 5k why I'm not in support of it, is this; you knw in school we did a programme called SIWES and after the programme will all be given 10k could u blive that for over some years I haven't given the SIWES payment... The 5k is no no to me

The N5000 is a silly campaign promise which cannot and should not be fulfilled. If the FG thinks it wants to prove 'integrity' by trying to fulfill this silly promise, then it's a recipe for disaster.

The best thing for government to do is to invest in Agriculture and make the unemployed youth build that sector.If half of the monthly 125 billion naira is spend on farming and the remaining half use to pay the youth working in that sector, within 2 years, Nigeria will be exporting farm produce.


[size=20pt]Lwise!!! [/size]

lwise:
The best thing for government to do is to invest in Agriculture and make the unemployed youth build that sector.If half of the monthly 125 billion naira is spend on farming and the remaining half use to pay the youth working in that sector, within 2 years, Nigeria will be exporting farm produce.


[size=20pt]Lwise!!! [/size]

They wouldn't think along that line. There are many ways to go about this unemployment issue. 125 billion a month will do so much in a year...

godofwar666:
Your lecturer has nailed it, firstly I'm not in support of the 5k why I'm not in support of it, is this; you knw in school we did a programme called SIWES and after the programme will all be given 10k could u blive that for over some years I haven't given the SIWES payment... The 5k is no no to me

Same here, you are not alone.

benedictnsi:
as an Economists..... It is not rational for the government to embark on this project..... It will obviously do Nigerian Economy more harm than good.

** there is no Acurate statistics about those who this money will be paid to.

** this kind of money (transfer permanent) causes inflation.

** with a self assumed statistics of say 30 million unemployed Nigerians (by assumption) the Government is going to spend not less than 150 billion Naira per month ( this can be invested to create jobs for some of those receiving the payment) How much more it's total after a year.

** trust Nigerians, even those who already have a job or work will clamour to get the money too (you can't blame them, it's a national cake)

** Hunger Didn't kill us prior to this promise, so our government should create jobs for us not to pay us 5k which may not even last more than two weeks (that's if you are a pure frugal person)


Let's not look at this issue surfacely, it will do us more harm than good in the long Run

Frugal you say? #5,000 is even too small for a day's spending. #5,000 for two weeks? Haba! My opinion though.

Yorubas are today learning what Igbos told them yesterday. Free education

Nigeria is yet learning what Goodluck told them during the campaigns. "We have all seen vissible developments. Not primises without calculations. We have the choice to move on from here or take our destinies back 37yrs."