There are approximately 110 Million Nigerians above the Age of 18.

Giving everyone regardless of employment status 100 Thousand Naira Monthly will create the fastest growing economy in the World.

It will retain skilled Nigerian citizens in the country as a stay incentive.

It will cost 132 trillion Naira per year or $115 billion

25 percent of People will create a successful and taxable business from the scheme - 27.5 Million Businesses

Providing a universal basic income where 110 million Nigerians receive 100 thousand Naira monthly, could have a significant impact on reducing poverty and providing financial stability for a large portion of the population. However, there are several factors and considerations to take into account:

Cost: Implementing such a program would require a substantial amount of funding.

Funding: The government would need to identify sustainable funding sources to cover the costs of such a program.

Economic Impact: Providing a basic income could alleviate poverty and joblessness

Administrative Challenges: Distributing payments to such a large number of people would require a robust and efficient administrative system to prevent fraud, ensure fairness, and manage the logistics of the program.

Long-Term Sustainability: Funding a program of this scale over the long term would require careful planning and continuous evaluation to ensure its effectiveness and sustainability.

Funding
Resource Revenue: Resources like oil, minerals, or other valuable commodities, a portion of the revenue generated from their extraction and sale could be directed towards funding.

Tax Reforms: Introducing or modifying certain taxes could generate additional revenue. For example, increasing taxes on high-income individuals, luxury goods, or certain industries could provide funding for the program.

Value-Added Tax (VAT): Implementing or increasing a consumption tax like VAT can generate substantial revenue. A portion of the VAT collected could be allocated to funding.

Wealth Tax: Introducing a wealth tax on individuals or corporations with high net worth could generate significant revenue that could be channeled into the UBI program.

Financial Transactions Tax: Implementing a small tax on financial transactions, such as stock trades, currency exchanges, and other financial activities, could generate revenue while also discouraging speculative activities.

Inheritance Tax: Levy a tax on large inheritances to generate revenue from wealth transfers.

Land Value Tax: Tax the value of land to generate revenue from real estate holdings.

Tourism Tax: Implement a tax on tourism-related activities to generate revenue from the travel industry.

Lottery Proceeds: Allocate a portion of lottery or gambling proceeds to fund UBI.

Income from State-Owned Enterprises: Utilize revenue generated from state-owned enterprises
Customs, Airports, Airlines, Railways, Schools, Visa fees and so on



The Government can test this for half the cost for 6 months - Only $57.5 Billion and the Scheme should self sustain by the 7th Month

Noted.

Any economy that majors mainly in consumption without production is bound to be doomed. Any economy grossly dependent on endless borrowing spree to regig the system is also bound to be doomed. This is because debt servicing is not debt payment.

Besides the end fact is the IGR is not and should be never be the index of economic growth assessment but the GDP and balance of trade. However, ours is compounded with the economic clueless and incompetent leaders whose obsession is what they can loot out from the system.

Absence of strong economic think tanks, lack of dynamic and feasible economic policy and sharp ability to detect when the economic indices are in the red then apply the necessary antidotes.

Poor people with big money advice all the time

It doesn't work that way my friend

OperationalVehi:
Poor people with big money advice all the time

It doesn't work that way my friend

Nigeria is not Poor, just mismanaged.



Frontpage discussion

akingangan:
There are approximately 110 Million Nigerians above the Age of 18.

Giving everyone regardless of employment status 100 Thousand Naira Monthly will create the fastest growing economy in the World.

It will retain skilled Nigerian citizens in the country as a stay incentive.

It will cost 132 trillion Naira per year or $115 billion

25 percent of People will create a successful and taxable business from the scheme - 27.5 Million Businesses

Providing a universal basic income where 110 million Nigerians receive 100 thousand Naira monthly, could have a significant impact on reducing poverty and providing financial stability for a large portion of the population. However, there are several factors and considerations to take into account:

Cost: Implementing such a program would require a substantial amount of funding.

Funding: The government would need to identify sustainable funding sources to cover the costs of such a program.

Economic Impact: Providing a basic income could alleviate poverty and joblessness

Administrative Challenges: Distributing payments to such a large number of people would require a robust and efficient administrative system to prevent fraud, ensure fairness, and manage the logistics of the program.

Long-Term Sustainability: Funding a program of this scale over the long term would require careful planning and continuous evaluation to ensure its effectiveness and sustainability.

Funding
Resource Revenue: Resources like oil, minerals, or other valuable commodities, a portion of the revenue generated from their extraction and sale could be directed towards funding.

Tax Reforms: Introducing or modifying certain taxes could generate additional revenue. For example, increasing taxes on high-income individuals, luxury goods, or certain industries could provide funding for the program.

Value-Added Tax (VAT): Implementing or increasing a consumption tax like VAT can generate substantial revenue. A portion of the VAT collected could be allocated to funding.

Wealth Tax: Introducing a wealth tax on individuals or corporations with high net worth could generate significant revenue that could be channeled into the UBI program.

Financial Transactions Tax: Implementing a small tax on financial transactions, such as stock trades, currency exchanges, and other financial activities, could generate revenue while also discouraging speculative activities.

Inheritance Tax: Levy a tax on large inheritances to generate revenue from wealth transfers.

Land Value Tax: Tax the value of land to generate revenue from real estate holdings.

Tourism Tax: Implement a tax on tourism-related activities to generate revenue from the travel industry.

Lottery Proceeds: Allocate a portion of lottery or gambling proceeds to fund UBI.

Income from State-Owned Enterprises: Utilize revenue generated from state-owned enterprises
Customs, Airports, Airlines, Railways, Schools, Visa fees and so on



The Government can test this for half the cost for 6 months - Only $57.5 Billion and the Scheme should self sustain by the 7th Month

You're a full-blown lunatic dude

NewDea4:


You're a full-blown lunatic dude

Let's hear your Non-lunatic reason why this cannot work dude.

akingangan:


Let's hear your Non-lunatic reason why this cannot work dude.

Once you decouple wages from productive activity you no longer have an economy, you might as well go back to living inside caves...

Why else do you think communism has never worked?

akingangan:
There are approximately 110 Million Nigerians above the Age of 18.

Giving everyone regardless of employment status 100 Thousand Naira Monthly will create the fastest growing economy in the World.

It will retain skilled Nigerian citizens in the country as a stay incentive.

It will cost 132 trillion Naira per year or $115 billion

25 percent of People will create a successful and taxable business from the scheme - 27.5 Million Businesses

Providing a universal basic income where 110 million Nigerians receive 100 thousand Naira monthly, could have a significant impact on reducing poverty and providing financial stability for a large portion of the population. However, there are several factors and considerations to take into account:

Cost: Implementing such a program would require a substantial amount of funding.

Funding: The government would need to identify sustainable funding sources to cover the costs of such a program.

Economic Impact: Providing a basic income could alleviate poverty and joblessness

Administrative Challenges: Distributing payments to such a large number of people would require a robust and efficient administrative system to prevent fraud, ensure fairness, and manage the logistics of the program.

Long-Term Sustainability: Funding a program of this scale over the long term would require careful planning and continuous evaluation to ensure its effectiveness and sustainability.

Funding
Resource Revenue: Resources like oil, minerals, or other valuable commodities, a portion of the revenue generated from their extraction and sale could be directed towards funding.

Tax Reforms: Introducing or modifying certain taxes could generate additional revenue. For example, increasing taxes on high-income individuals, luxury goods, or certain industries could provide funding for the program.

Value-Added Tax (VAT): Implementing or increasing a consumption tax like VAT can generate substantial revenue. A portion of the VAT collected could be allocated to funding.

Wealth Tax: Introducing a wealth tax on individuals or corporations with high net worth could generate significant revenue that could be channeled into the UBI program.

Financial Transactions Tax: Implementing a small tax on financial transactions, such as stock trades, currency exchanges, and other financial activities, could generate revenue while also discouraging speculative activities.

Inheritance Tax: Levy a tax on large inheritances to generate revenue from wealth transfers.

Land Value Tax: Tax the value of land to generate revenue from real estate holdings.

Tourism Tax: Implement a tax on tourism-related activities to generate revenue from the travel industry.

Lottery Proceeds: Allocate a portion of lottery or gambling proceeds to fund UBI.

Income from State-Owned Enterprises: Utilize revenue generated from state-owned enterprises
Customs, Airports, Airlines, Railways, Schools, Visa fees and so on



The Government can test this for half the cost for 6 months - Only $57.5 Billion and the Scheme should self sustain by the 7th Month

You've just wasted your own time putting all this together.
Any advice that will alleviate the pains of Nigerians is a waste of time.
But if you can think of how to inflict more pains, there is a higher likelihood that it would be adopt by our leaders.
That is how wicked leadership is in this country

akingangan:
There are approximately 110 Million Nigerians above the Age of 18.

Giving everyone regardless of employment status 100 Thousand Naira Monthly will create the fastest growing economy in the World.

It will retain skilled Nigerian citizens in the country as a stay incentive.

It will cost 132 trillion Naira per year or $115 billion

25 percent of People will create a successful and taxable business from the scheme - 27.5 Million Businesses

Providing a universal basic income where 110 million Nigerians receive 100 thousand Naira monthly, could have a significant impact on reducing poverty and providing financial stability for a large portion of the population. However, there are several factors and considerations to take into account:

Cost: Implementing such a program would require a substantial amount of funding.

Funding: The government would need to identify sustainable funding sources to cover the costs of such a program.

Economic Impact: Providing a basic income could alleviate poverty and joblessness

Administrative Challenges: Distributing payments to such a large number of people would require a robust and efficient administrative system to prevent fraud, ensure fairness, and manage the logistics of the program.

Long-Term Sustainability: Funding a program of this scale over the long term would require careful planning and continuous evaluation to ensure its effectiveness and sustainability.

Funding
Resource Revenue: Resources like oil, minerals, or other valuable commodities, a portion of the revenue generated from their extraction and sale could be directed towards funding.

Tax Reforms: Introducing or modifying certain taxes could generate additional revenue. For example, increasing taxes on high-income individuals, luxury goods, or certain industries could provide funding for the program.

Value-Added Tax (VAT): Implementing or increasing a consumption tax like VAT can generate substantial revenue. A portion of the VAT collected could be allocated to funding.

Wealth Tax: Introducing a wealth tax on individuals or corporations with high net worth could generate significant revenue that could be channeled into the UBI program.

Financial Transactions Tax: Implementing a small tax on financial transactions, such as stock trades, currency exchanges, and other financial activities, could generate revenue while also discouraging speculative activities.

Inheritance Tax: Levy a tax on large inheritances to generate revenue from wealth transfers.

Land Value Tax: Tax the value of land to generate revenue from real estate holdings.

Tourism Tax: Implement a tax on tourism-related activities to generate revenue from the travel industry.

Lottery Proceeds: Allocate a portion of lottery or gambling proceeds to fund UBI.

Income from State-Owned Enterprises: Utilize revenue generated from state-owned enterprises
Customs, Airports, Airlines, Railways, Schools, Visa fees and so on



The Government can test this for half the cost for 6 months - Only $57.5 Billion and the Scheme should self sustain by the 7th Month

Which school did you go to again please?
And what did you study?

akingangan:


Nigeria is not Poor, just mismanaged.



Frontpage discussion

Nigeria is very very very very very poor

The entire country’s budget is about 8trillion naira
Its fx reserves are less than 40b usd
Even if you pay a percentage of this salary, the immediate inflation (too much money), low productivity (who will work with 100k monthly) and instant devaluation will cause the economy to collapse

Consumption-based economics

You guys never learn. Do you know what happens when aggregate demand increases by #132 trillion without matching it with aggregate supply in the excess of that amount?


HYPER INFLATION

You don't just throw money into the economy without planning out the supply side.

Economics 101

I don't want to even talk about the productivity that will be lost due to this made-in-hell policy.

You are a clown and not a even a smart one 😂😂😂...this is a a recipe for disaster even though its even unrealistic

The OP has never heard of Udoji money and it's effect on the Nigerian economy.

Op. I know u wil change ur opinion above if u re an economist

Nigeria will have the highest inflation in the world within 3 months of your policy coming into effect.

The naira will be worse than the Zimbabwean dollar within 6 months.

The country will become bankrupt and there will be mass starvation and migration to west and cental African countries.

Running a country is not as easy as people think.

It’ll just make them lazy aswr
Now take for example people collecting huge sums of government loans lying to start business but will just waste the money…

Later on our economy will be bleeped up real time for good now

Giving 110million Nigerians 100k monthly will not necessarily cause economic growth. It will only cause inflation. If they use 80percent of their income for consumption. Food shelter and clothing.

Zero investment does not grow the economy. Instead Government should use the money to build infrastructure needed to grow the economy, power, housing, transport, agriculture. This is what can grow the economy. Why do governments collect taxes from people, it's a contribution to provide these public goods as opposed to, privately buying them. If everyone decides to buy cars and generators for themselves, do you think cars and generators will become cheap in Nigeria??

forget that....
greedy as we are....

you will only make few rich and the situation would stay the same....

was the same thing with petrol subsidy....

akingangan:
There are approximately 110 Million Nigerians above the Age of 18.

Giving everyone regardless of employment status 100 Thousand Naira Monthly will create the fastest growing economy in the World.

It will retain skilled Nigerian citizens in the country as a stay incentive.

It will cost 132 trillion Naira per year or $115 billion

25 percent of People will create a successful and taxable business from the scheme - 27.5 Million Businesses

Providing a universal basic income where 110 million Nigerians receive 100 thousand Naira monthly, could have a significant impact on reducing poverty and providing financial stability for a large portion of the population. However, there are several factors and considerations to take into account:

Cost: Implementing such a program would require a substantial amount of funding.

Funding: The government would need to identify sustainable funding sources to cover the costs of such a program.

Economic Impact: Providing a basic income could alleviate poverty and joblessness

Administrative Challenges: Distributing payments to such a large number of people would require a robust and efficient administrative system to prevent fraud, ensure fairness, and manage the logistics of the program.

Long-Term Sustainability: Funding a program of this scale over the long term would require careful planning and continuous evaluation to ensure its effectiveness and sustainability.

Funding
Resource Revenue: Resources like oil, minerals, or other valuable commodities, a portion of the revenue generated from their extraction and sale could be directed towards funding.

Tax Reforms: Introducing or modifying certain taxes could generate additional revenue. For example, increasing taxes on high-income individuals, luxury goods, or certain industries could provide funding for the program.

Value-Added Tax (VAT): Implementing or increasing a consumption tax like VAT can generate substantial revenue. A portion of the VAT collected could be allocated to funding.

Wealth Tax: Introducing a wealth tax on individuals or corporations with high net worth could generate significant revenue that could be channeled into the UBI program.

Financial Transactions Tax: Implementing a small tax on financial transactions, such as stock trades, currency exchanges, and other financial activities, could generate revenue while also discouraging speculative activities.

Inheritance Tax: Levy a tax on large inheritances to generate revenue from wealth transfers.

Land Value Tax: Tax the value of land to generate revenue from real estate holdings.

Tourism Tax: Implement a tax on tourism-related activities to generate revenue from the travel industry.

Lottery Proceeds: Allocate a portion of lottery or gambling proceeds to fund UBI.

Income from State-Owned Enterprises: Utilize revenue generated from state-owned enterprises
Customs, Airports, Airlines, Railways, Schools, Visa fees and so on



The Government can test this for half the cost for 6 months - Only $57.5 Billion and the Scheme should self sustain by the 7th Month

It will crash Nigeria.


Nigeria is too poor to embark on such project.


It will be better to give out NGN10million to 10,000 verified small business owners yearly and also convert NYSC to National Youth Entrepreneurship Development Service Year whereby graduates will be trained in different profitable businesses and trades based on their talent, course of study and interest/passion.


Reduce the service year to 3 months intensive camp training where government will feed them, and as they are passing out, you give each corper a startup capital of NGN5million to venture into his or her acquired camp skill.



Any corper that opts to take the NGN5million FG startup capital grant will deposit his or her NYSC discharge certificate, and returnable after 10 years to discourage them from going to seek for paid job after collecting the business startup grant, while those that don't want to deposit their NYSC certificate will be given NGN500,000 grant.



Do this for 10 years and watch Nigeria become a hub of small and medium scale enterprise with reduced unemployment and underemployment rates.

You people own is to talk like senseless persons.
Nigeria selling 3mbpd at $100 per barrel will have to sell crude for 365 days to make just $109.5bn.

Let's even assume the other source of the funding you mentioned generates another $109.5bn. That's $219bn.

Does this make sense to you?

Perfectbeing:
You people own is to talk like senseless persons.
Nigeria selling 3mbpd at $100 per barrel will have to sell crude for 365 days to make just $109.5bn.
Let's even assume the other source of the funding you mentioned generates another $109.5bn. That's $219bn.
Does this make sense to you?

It is senseless to be thinking that the only money a country can earn is selling Oil barrels. Read the post and see suggest and proven ways of generating funds.


Universal income already works in several countries

On average people in Saudi, UAE, Qatar, Brunei, and several other resource-rich countries get Univeral Income

Several Western countries also get Universal Income


Knowing how enterprising Nigerians are, It is likely to create many businesses like farming and trading rather than create lazy people.

How much is our budget to start with ?

Unfortunately, the OP postulation capture the thought of many Nigerians in the street. He is only literate enough to break it down.

franchasofficia:
It will crash Nigeria.


Nigeria is too poor to embark on such project.


It will be better to give out NGN10million to 10,000 verified small business owners yearly and also convert NYSC to National Youth Entrepreneurship Development Service Year whereby graduates will be trained in different profitable businesses and trades based on their talent, course of study and interest/passion.


Reduce the service year to 3 months intensive camp training where government will feed them, and as they are passing out, you give each corper a startup capital of NGN5million to venture into his or her acquired camp skill.



Any corper that opts to take the NGN5million FG startup capital grant will deposit his or her NYSC discharge certificate, and returnable after 10 years to discourage them from going to seek for paid job after collecting the business startup grant, while those that don't want to deposit their NYSC certificate will be given NGN500,000 grant.



Do this for 10 years and watch Nigeria become a hub of small and medium scale enterprise with reduced unemployment and underemployment rates.

This is a very good idea. Instead of making the bests out of graduate seeking paid employment, it will attract them towards entrepreneurship thereby creating employment opportunity for the teeming youth

Good idea. However you didn't factor in corruption.

franchasofficia:
It will crash Nigeria.


Nigeria is too poor to embark on such project.


It will be better to give out NGN10million to 10,000 verified small business owners yearly and also convert NYSC to National Youth Entrepreneurship Development Service Year whereby graduates will be trained in different profitable businesses and trades based on their talent, course of study and interest/passion.


Reduce the service year to 3 months intensive camp training where government will feed them, and as they are passing out, you give each corper a startup capital of NGN5million to venture into his or her acquired camp skill.



Any corper that opts to take the NGN5million FG startup capital grant will deposit his or her NYSC discharge certificate, and returnable after 10 years to discourage them from going to seek for paid job after collecting the business startup grant, while those that don't want to deposit their NYSC certificate will be given NGN500,000 grant.



Do this for 10 years and watch Nigeria become a hub of small and medium scale enterprise with reduced unemployment and underemployment rates.

I Swear This Is A Top Notch Idea. Once This Is Done Nigeria Will Never Be The Same Again. Nigeria Will begin her Journey As One Of The Greatest Countries On Earth When This Is Activated.
I Dont Know How And Why Our Useless Politicians Fail To Take Such Actions, They Rather Spend Much More Sending Phantom Funds To Themselves In The Name Of Trader Money Or Cash Transfer To The Poor. It Is Very Clear This Useless Rulers Destroy This Country On Purpose.

ElSudani:
The OP has never heard of Udoji money and it's effect on the Nigerian economy.

Na small boy dey do am. Forgive him.

Obinoscopy:
Good idea. However you didn't factor in corruption.

This and many other factors.

You must first consider the immediate micro and macro effects of suddenly putting unearned money into the pockets of numerous people. Those of us who live, or have lived, in the Western world can tell you firsthand how this "free money" has permanently devastated a large portion of the productive population of some of the advanced economies.

Then there is the Nigeria factor. The inflation that will be unleashed will have no precedent in history. The woman in the marketplace will calculate her additional take-home pay on the basis of what she now understands to be the income of her neighbor.

Our institutions are very weak or non-existent. What data or records will we use in managing these payments? What happened to our age-old albatrosses like corruption, tribalism, laziness, incompetence, nepotism, cronyism, etc.?

Germany, as a case study, is a welfare state. The country provides what it calls "Bürgergeld"(citizen's income) to any citizen or resident who cannot provide for their subsistence (502 Euro monthly income (#504,515) AND cost of rent (about 700 euros for a single person or #703,500) AND cost of heating, medical insurance, contribution to the pension fund and other basic needs.

This payment, which is enshrined in the constitution as a basic right, ensures that people are decent. The lack of desperation in the populace allows citizens and residents to walk around at 3 am without fear.

Germany has an efficient administrative system without all the Nigerian factors mentioned above. This control mechanism enables the authorities to monitor and tailor education and retraining policies, including measures to combat unemployment, to the needs of society and industry.

The German economy is strongly anchored in manufacturing and SMEs. These segments of the economy are strongly supported to enable growth and innovation. It is through the taxes and royalties that are generated from these sources that the socio-economic measures are financed. Economically, these payments also stimulate the economy. Recipients spend their income in the economy as living expenses and pay 19% VAT.

The problem I see with Nigeria is the lack of effective productivity. Epileptic to almost non-existent productive capacity, which is choking the economy, with the attendant overpopulation of the country.

170 million people (against a claimed 220 million), with an estimated 20 percent of the population effectively productive. Nigerians, when employed, are mostly underemployed, therefore unable to contribute fully to the economy.

What the country needs are economic policies that spur innovation. Kill corruption from the top down, overhaul our education system to produce job-ready graduates, more technical than academic.

The country must have a steady power supply, end oil theft by the Nigerian elite, build a new refinery and completely rehabilitate the Port Harcourt refinery in a 20/85 percent partnership with the private sector (government cannot run business).

Control inflation by preventing and sanctioning the investment of internal ill-gotten wealth into the system and the export of the same, effective taxation and pension system, and aggressively promote SMEs, the middle economic engine, to succeed.

Agriculture? With the right policies, Nigeria can easily become a net exporter of food to sub-Saharan countries and beyond.

Since our population is bound to explode and cannot be stopped, Nigeria must aim to export skilled labor, coupled with a home-based pension system in the manner that Turkey is practicing, and rake in massive remittances like India and the Philippines.

These are basic and urgent. There are other urgent measures we must adopt to kick start the country, but una no dey pay me. Tinubu sef don hire empty-headed quarks who are on the prowl, selling him dummies. Welcome to renewed shege you promoted, or you are forced to swallow.

akingangan:


It is senseless to be thinking that the only money a country can earn is selling Oil barrels. Read the post and see suggest and proven ways of generating funds.


Universal income already works in several countries

On average people in Saudi, UAE, Qatar, Brunei, and several other resource-rich countries get Univeral Income

Several Western countries also get Universal Income


Knowing how enterprising Nigerians are, It is likely to create many businesses like farming and trading rather than create lazy people.

You're still being senseless.
Saudi, UAE, Qatar, Brunei, have small population and they generate way more than what Nigeria generates from oil.
Non of those countries you mentioned are using up to 10% of their revenue for universal basic income, yet what you're asking from Nigeria is her using 100% of her revenue on universal income.

NewDea4:


Once you decouple wages from productive activity you no longer have an economy, you might as well go back to living inside caves...

Why else do you think communism has never worked?

This is even worse than communism which at least compel people to work
even on useless stuffs.