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MMM A Test Case For Social Security Schemes In Nigeria. - Investment - Nairaland

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MMM A Test Case For Social Security Schemes In Nigeria. by ndcide(m): 3:56pm On Dec 08, 2016
MMM a test case for social security schemes in Nigeria.


Ladies and gentle men, I may not be among the best of writers, but allow me make these points anyway.
I’m not a critic of MMM, I feel I shouldn’t waste my energy on that; but don’t call me a mavrodian. I just want to look at things from another angle.

The present administration of Buhari came into power having promised various social security schemes, such as ; One meal a day per school child, 5,000 naira for unemployed youths, stipends for the old and many more. A lot of Nigerians were excited about it and voted for Buhari as president. Although, the government claims they don’t have funds to make good their promises, some of us had always looked at the politics of the idea and the Nigeria mentality with things like this. The Nigerian mentality is my concern.

Let’s look at social security. It’s referred to as programs by government and organizations to promote the welfare of people through assistance that promotes their wellbeing. Personally, social security schemes equals free money spent on others especially the vulnerable.

Back to the issue, Buhari’s government is presently dealing with an economy in recession; suddenly a scheme called MMM came up with 30 % ROI for monies ploughed into the system and Nigerians have embraced it despite the risk involved. I like to see it as a type of social security scheme with monies available for vulnerable Nigerians. I’m not interested in the business model for now because that’s not my point.

What I noticed:

Having investigated what is going on, I discovered that the scheme could last for long if Nigerians were modest about it and not greedy. The cycle could indeed go on and on and on.

Firstly, I noticed that Nigerians were out to kill the scheme through trying to make huge profit from it. I discovered Nigerians were putting huge monies into it, to as well withdraw larger sums. This unfortunately is bad for such system.

Secondly, some Nigerians have several accounts they use in other to get entry and referral bonuses; hence further milking the system; To them 30% is nothing, even when they know no bank will give you 30% ROI. Even when there was news of the operators attempt to balance the system with measures to reduce heavy withdrawals this December, especially since it was obvious people were using multiple accounts. Some of the beneficiaries have gone on social media campaign against it. Clearly their relationship with the system was all about milking it and killing it.

Now if MMM was a program being run by the government, this same attitude will play out and kill the system. You wonder why they say policies that work abroad don’t work in Nigeria? Here it is.
Nigerians are quick to tell you about social security schemes abroad and want same here; but will kill it should we attempt it.

This same thing affected the ND amnesty scheme, overseas scholarship schemes; even our Delta state bursary scheme was affected by this attitude right from the time of Ibori to Uduaghan. This is what will kill any social security scheme, be it 5000 naira for the unemployed or feeding for school children or any of them. This attitude is what kills businesses in Nigeria; yet you wonder why Indians and other Asians have their businesses survive while that of Nigerians is in terrible state.

I’m interested in the attitude of Nigerians to things like this. Like they say, attitude is everything and with the attitude of Nigerians with MMM, any social security scheme in Nigeria will fail unless the government is not bothered about the waste of money involved.

Let no one be offended, i just wanted to to look at it from this perspective.
Re: MMM A Test Case For Social Security Schemes In Nigeria. by fijiano202(m): 4:30pm On Dec 08, 2016
Am worried for people doing mmm cos nigerians are greedy they need to understand people need more people than huge sums,putting huge sums will damage it..am not into mmm but being coveteous is the major prob in it

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Re: MMM A Test Case For Social Security Schemes In Nigeria. by ndcide(m): 7:41pm On Dec 12, 2016
fijiano202:
Am worried for people doing mmm cos nigerians are greedy they need to understand people need more people than huge sums,putting huge sums will damage it..am not into mmm but being coveteous is the major prob in it


Exactly.

When the imbalance in the system is much, You'll experience delays in cashing out. Even if Guiders are to come to rescue the money may be too much.

It's the same attitude Nigerians display where money is involved.
Re: MMM A Test Case For Social Security Schemes In Nigeria. by jbcul4ril(m): 9:37pm On Dec 12, 2016
Nigerians are beginning to abuse the system by registering twice and attaching fake teller when they are yet to provide help.
That why we difficult to rule. Blame govt for all our problems meanwhile we are our own problem.
Greed and selfishness is the simple reason why we are not progessing as a Nation.
Our leaders are greedy and youth are also greedy. How do we progress likeleaders
A scheme program to help the masses out of poverty is now being abused by the same people it out to help.
What a terrible country?
May God help Nigeria.

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