kelvin100:
Such program should not be totally interest free!
There should be an interest payment but should be very small like 2% max.

The need for little interest is to transfer the operation to known organisations like banks. This will make it more likely to succeed than allowing government employees to run the program. The 2% interest is for the bank that runs it but the principle is government financed.

Usually there are consultancy fees (percentage of the pricipal amount) paid to implement these which are paid to participating organizations like banks. Do not forget the banks also have much to gain from these as they would be the ones managing these business accounts and providing support just like their regular clients

kelvin100:
@ OP, you stole my idea

No sir, I didn't.

barcanista:
And with all these running cost coupled with harsh economic environment you expect him to make progress? One of our problems in this country is that we don't wholistically look at plans before taking position.

Self power generation works for my business, I don't use electricity except to charge my batteries, but even with solar panels, bye to electricity with a 25 year warranty. It works, its not expensive as a business solution as perceived by some

joseph1832:
At the embolden, I really don't know which type of deep set battery can power a welding machine for 12 hours straight using solar power. Such machines are even power by diesel generators not even petrol generators.

I honestly don't feel solar power can provide readily unlimited power supply to power a good business, especially when that business run on heavy machinery!.

This is just my opinion.

What size of generator powers a welding machine? There are solar panel and inverter combinations that can handle that, though they might be more expensive and go beyond the funding cap of this programme. Unfortunately, you will agree with me that even the best of programmes cannot cater for all the problems 100%, however, this is a very laudable start that will bring excellent results if all the components are properly implemented

joseph1832:
What good will it do for the unemployed youth if at the end of the day he use more than half of his profit to buy fuel in other to run his business?.

My take on this issue is simple, "give the Nigerian youth uninterrupted power supply and watch him make money".

Without steady power supply, the Nigerian youth can never be free.

You know this is more like a summary. In the real business plan, you have to include a section for self- power generation using solar panels and inverters and deep cycle batteries, you cannot be running generators for a startup business like this to be sustainable, that's why up to N10 million is made available so you can generate your own sustainable electricity. This is even more business for renewable energy suppliers to grow their businesses too and even encourage local renewal energy manufacturers

uchenageme:
I don't understand the difference between this and the Youwin program of the past administration. The op is obviously not aware of this.

I've explained the difference to many people on this thread. Youwin was a grant meant for 1,500 people monthly which encourages waste because money dashed is rarely utilized judiciously. This is a loan scheme meant to empower thousands of Nigerians seeking loans but cannot afford collateral and high interest of banks. It has security for government to get its money back, Youwin didn't have. This project includes procedures which ensures that only the beneficiaries qualify and benefit from the project, in Youwin anyone can submit a business plan for another person who doesn't know Jack about business, infact people submitted multiple businesses with different emails and wasted chances for others, lots of differences though the ideas are very similar

calebo101:
What's the difference between what the OP suggested and YOU WIN?

Youwin is a grant, which encourages waste, someome who wants to even start a barbing salon would be asking for 10 million and when he gets it, he'll go buy a porsche car and waste money, would he do that if it were a loan? This is a loan that must be paid back. This project also implements security standards used in developed countries, furthermore, it involves pre-qualification processes, like examination or interview, Youwin can be written by anyone for anyone who doesn't know Jack about business, lots of differences

illuminaty:
....boss,it mite nt go a long way but it will surely help in 1 way or d other.think of it,those frying akara can save up 2 buy cooking gas for their bizness,with the epileptic power in this country,5k can go a long way in buying fuel 2 run your bizness....omo menh,5k can come in handy for some people....just go out n sample the opinion of people

I fully understand, but rather than dash them N5,000 give them up to 100k or thereabout to establish their businesses proper. Do you know that if you're giving 5k monthly, you'll easily spend it but if you're giving a bulk money of 60k, you can start something with it?

Dahveydson:


This looks like another Youwin/Sure-P.

Something related to that but refined and benefits more people. The Youwin for instance is a grant and this encourages waste because you won't pay it back, this is a non-interest loan for serious people. There are many differences and improvements

ziky2010:
The Op is right.But the major issue is dat our dear president must fulfil his campaign promise.Though I am not suffering but I am expecting 5,000 monthly from the Government

What will that do for you as compared with owing your own business or earning much more on a job? Employers will beg for workers and improve their work conditions if jobs start becoming available

veegirl:


OP the bolded is the first loophole. If this is the strategy that you think the government should use then i can assure you that not everyone will benefit from it. When these business plans are sent to the government, whose do you think will be approved? The only time this can work is if corruption is eradicated from the country. Until then, this wont work cos the kind of system we implement is Man-know-man
Its either a more transparent method is used or we'll just have to make do with the 5k per month which is transparent enough and better than nothing.

Its not as straightforward as I said it, there are procedures, these business plans are submitted digitally to consultants from participating organizations like banks in Nigeria. Furthermore, the system is designed to remove every private credential of the applicant before it reaches the consultant for review, so the person reviewing it doesn't know who you are or where you come from, its even scrambled among the reviewers who do not know one another so they can't even control which one comes to them, plus other security measures. Its a standard procedure that works

illuminaty:
If those senators refuse for their salary/salaries to be cut short,then let the unemployed also get a share of the "national cake"...Nigeria belongs to everybody and Nigeria belongs to Nobody

But then what is N5,000 in Nigeria? Doesn't make sense for anyone who could be rather employed and earn money or own a business himself

kkboy:
Intelligent analysis. I key in to your suggestions and support you totally.

Thanks bro

godoluwa:
op idea is good but trust me, the project will be hijacked by politicians to enrich their allies. who are the beneficiaries of their empowerment programs? To me, that 5,000naira monthly stipend is a complete waste of resources

We have brave people in Nigeria who will insist on merit, trust me. At least up to 85% of this project will work if you hand it to them to manage, remember its not dash, its a loan that will hang on your credit history which could prevent you from getting services in the future if you waste it

RickRichards:
Aerial surveillance should do the trick. The FG needs to get the Air Force involved.

Yes, but instead they want to make us believe that these people are ghosts and undetectable. They have installed technologies which make broken pipelines detectable so how difficult is it to set traps and catch those officials promoting these illegal acts?

stevnwigw1:
is it true he has sacked them after using them to win the second term

I guess they're the ones being owed about 8 or 13 months or so, abi?

Well I advise he collects Imo state's share of the N220 billion naira with the CBN for SME business loans, Obiano has just started disbursing Anambra's own

Just wondering what these were used for or planned to be used for

RHP:
Good idea! But.....

Let's know your opinion

Kelklein:
@op ur head is there joor!

Funny photo

bigass:
Nice but what will the 120000 people do to create this

Government would need to establish qualifications to benefit from this project, example submitting a business plan for review and approval by the government, this business plan will include a plan to employ at least 8 to 10 people within 6 months of startup. The programme would also include a mandatory training at a participating organization, example SMEDAN, after you are shortlisted to benefit from this programme. There would be other standards too.

Another option would be writing a qualification exam that tests some of your personal and cognitive abilities to select the best among many, then undergoing business training by selected beneficiaries.

If the Federal Government intends paying the poorest unemployed Nigerians N5,000 monthly, my personal estimate is that it will be budgetting for about 20 million Nigerians, amounting to about N100 billion naira monthly.

I completely disagree with this policy. It is my belief that paying N5,000 monthly to millions of unemployed persons would amount to a waste of government resources in the short and long term.

N5,000 monthly makes absolutely no sense to our economy of today. It cannot even sustain a Nigerian youth who is even under the roof of someone else, for a month based on today's cost of living.

My Suggestion:

Government should rather invest this money into the economy in a way that will create a job for a youth and pay him up to 30,000 to N50,000 monthly. How?

Let's do some analysis here:

N100 billion naira can fund up to 10,000 businesses monthly with about N10 million naira each, who will employ about 10 people each, thereby creating up to 100,000 or 150,000 jobs monthly. This makes it possible for most Nigerian graduates to focus on starting their personal businesses and creating Full Time and Part Time jobs, instead of endlessly looking for jobs themselves. This also ensures that beneficiaries of this project get to pay tax to government, thereby increasing government's internally generated revenue. How much would you tax someone who earns N5,000 monthly when you can invest in a business that pays that person up to N50,000 monthly and then tax them?

Security For The money

In order for graduates to benefit from the business empowerment project, government needs some form of security, and they already have it, Yes, the Bank Verification Number (BVN). This ensures that your identity is known and you don't run to another bank and deposit the money to enjoy a personal life rather than use it for what it was meant for.

Just like the Social Security Number is used to track everything you do in the US, our Government, with time and policy implemenation, would be able to use our National Identity Number to quickly create a central identification system where your identity is tied to your Bank accounts and everything you do including renting a house, getting a job, doing business, contesting public office, obtaining an international passport, enrolling in college etc. Usually when you want to do any of the above mentioned, a background check is conducted with your ID Number to check your financial history as well as any violation or criminal history because all these records are usually domiciled with security agencies.

What Are The Benefits of This Project?

1. With this business empowerment programme, government will be able to stimulate and grow the economy through the private sector, this means, more employment generation through private sector businesses than directly by government

2. Government will be able to fulfill its promise to Nigerians to create millions of jobs annually

3. Government would be able to greatly boost its internally Generated Revenue through taxes both from businesses and employed persons

4. More businesses in Nigeria will survive because when more people have purchasing power, businesses can thrive and more will spring up

5. Boost Technology and Agriculture. When more businesses in Agric and Technology are empowered, then other sectors in Nigeria will grow because e-commerce will become a vital part of our development while agriculture will feed the nation and encourage export

6. Resourceful Education. When this policy is started, our Higher Institutions would be able to adjust their curricula to include practical ways of turning your course into a resourceful business venture, including how to develop a good business plan for your intending business
Organizations like SMEDAN who offer entrepreneurship courses will also follow suite and might offer certification courses which may be used as a requirement for benefitting from this project.

This Money Should Not Be A Grant

Yes, The money should be a Repayable Non-Interest Ioan. Only serious people who believe they can succeed should be given this money. We have people who are born entrepreneurs, they are not suited for the 9 to 5pm schedules, all they need is education and application of business principles to succeed and create employment for others. We also have confident entrepreneurs who believe they will succeed even with an interest loan from a bank, but unfortunately they do not have collateral, they are the very ones at the top list of who deserve this funding.

This to me would discourage emphasis on Higher Education Certificate for job hunting, and encourage Resourceful Education which is good for our economic development

God Bless us all.

#TeamGreggles, Say Yeah!

Share Your Opinion. Thanks

OP I completely agree with your opinion. Paying N5,000 monthly to millions of unemployed persons would amount to a waste of government resources in the short and long term.

N5,000 monthly makes absolutely no sense to our economy of today. It cannot even sustain a Nigerian youth for a month based on today's cost of living.

Here is my suggestion:

Government should rather invest this money into the economy in a way that will employ a youth and pay him up to 30,000 to N50,000 monthly. How?

Let's get to the drawing board here:

N100 billion naira can fund up to 10,000 businesses monthly with about N10 million naira each, who can employ between about 10 people each, thereby creating up to 100,000 or 150,000 jobs monthly. This makes it possible for most Nigerian graduates to focus on starting their personal businesses and creating undergraduate jobs, instead of endlessly looking for jobs themselves. This also ensures that beneficiaries of this project get to pay tax to government, thereby increasing government's internally generated revenue. How much would you tax someone who earns N5,000 monthly when you can invest in a business that pays that person up to N50,000 monthly and then tax them?

Security For The money

In order for graduates to benefit from the business empowerment project, government needs some form of security, and they already have it, Yes, the Bank Verification Number (BVN). This ensures that your identity is known and you don't run to another bank and deposit the money to enjoy a personal life rather than what it was meant for.

Just like the Social Security Number is used to track everything you do in the US, our Government, with time and policy implemenation, would be able to use our National Identity Number to quickly create a central identification system where your identity is tied to your Bank accounts and everything you do including renting a house, getting a job, doing business, contesting public office, obtaining a passport, enrolling in college etc. Usually when you want to do any of the above mentioned, a background check is conducted to check your financial as well as any violation or criminal history because all these records are usually domiciled with security agencies.

What Are The Benefits of This Project?

1. With this business empowerment programme, government will be able to stimulate and grow the economy through the private sector, this means, more employment generation through private sector businesses than directly from government

2. Government will be able to fulfill its promise to Nigerians to create millions of jobs annually

3. Government would be able to greatly boost its internally Generated Revenue through taxes both from businesses and employed persons

4. More businesses in Nigeria will survive because when more people have purchasing power, businesses can thrive and more will come up

5. Boost Technology and Agriculture. When more businesses in Agric and Technology are empowered, then other sectors in Nigeria will grow because e-commerce will become a vital part of our development while agriculture will feed the nation and encourage export

Ex President Goodluck Jonathan deserves commendation and he will ALWAYS be remembered because his actions before and after the elections have set a good precedence for other politicians out there to emulate from, especially in Africa.

And A Senator is collecting constituency development allowance for this area, A Governor is collecting security votes for this state abi?

First Major Laudable Achievement of this Government.

Kudos Mr President! The Foreign Trips Finally Paid off. This support alone is way more than what Nigeria would have been able to budget to fight this insurgency.

Kudos again Mr President!

#TeamGreggles

Changed my mind, no need to comment again

Sijo01:



Why blame daddy and mummy??. . Is she not big enough to know right from wrong

Are you serious? This girl might be below 16 judging from people around her, and even if she is, then you must understand that at this age, this is what some spoilt kids want to do; feel free to express themselves and get crazy, and its a parent's duty to be watchful and ensure a child is observed properly and corrected accordingly especially under their roof. When you're old enough to be on your own, do whatever you like and that's your problem, though society might still blame your parents and unpringing

Have you watched crime stories? When people get caught, that's when they realize their mistakes and most of them always trace their lives back to when they were teenagers and they experienced failed parenting in one way or another

Disappointing... This is happening at a time when Nigeria is in dire need of bills related to Technology Development, Healthcare, Labour, Employment and Social Welfare, Justice and Security, Industry specific policies, Anti-corruption policies etc

Do not forget that these lawmakers have offices fully furnished and equipped by the house of assembly with workers fully paid for, for research and policy formulation purposes, which can be used to understudy policies and laws which are contributing to nation development in other nations and adopt them to work for our own society

Really disappointing