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Nairaland Forum / Nairaland / General / Politics / A Better Alternative To N5,000 Monthly Allowance For Unemployed Nigerians (29724 Views)
FG To Replace N5,000 Monthly Stipend For Unemployed Youths —ngige / FG To Commence Registration Of Unemployed Nigerians Nationwide / Drama At Senate Over Buhari's #5000 Promise To Unemployed Nigerians (2) (3) (4)
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Re: A Better Alternative To N5,000 Monthly Allowance For Unemployed Nigerians by greggles: 5:38pm On Jun 16, 2015 |
400billionman: Thanks bro |
Re: A Better Alternative To N5,000 Monthly Allowance For Unemployed Nigerians by Ricardo010: 5:43pm On Jun 16, 2015 |
But so far as 9ja is concerned na d one we c na it b our own, lets forget about d ideas n d rest stuff dat no d work for 9ja government. |
Re: A Better Alternative To N5,000 Monthly Allowance For Unemployed Nigerians by teeman777: 5:52pm On Jun 16, 2015 |
this is similar to youwin initiative of jona administration. what was the result? I applied so te-so te- so te google sabi me pass obama |
Re: A Better Alternative To N5,000 Monthly Allowance For Unemployed Nigerians by mikolo80: 6:00pm On Jun 16, 2015 |
DaGC:read social security/food stamps |
Re: A Better Alternative To N5,000 Monthly Allowance For Unemployed Nigerians by greggles: 6:07pm On Jun 16, 2015 |
teeman777: That's because only 1,500 were to benefit annually, the scope was limited. However, this is quite different, it benefits up to 100,000 and its not a grant but non-interest loans, it comes with better security and qualification process, not when someone else is writing a business plan for beneficiaries who know nothing about business. |
Re: A Better Alternative To N5,000 Monthly Allowance For Unemployed Nigerians by Bevista: 6:16pm On Jun 16, 2015 |
greggles:Your writeup has merits, but let's expand the debate further. First of all, the govt estimates that 25million people will be captured in the program, but will be phased over 5years at 5million persons per year. This translates to N25billion and not N100billion per year. But let's even work with your figures: Your model estimates that 100-150k persons will be employed earning about 30-40k per month. This translates to an aggregate salary of N3-6billion monthly, much lower than the projected N25billion (or even N100billion) aggregate income. Also, what happens to the remaining 19.8million persons the govt intended to reach? Also note that the 100k persons that will get your jobs will not necessarily be the category the govt intended to reach. This is supposed to be a kind of Social Security for the most vulnerable in the society. Please note that N100billion in the hands of 20million persons is a completely different thing compared to N100billion in the hands of only 200k persons. In the first case, the aggregate demand will stimulate increased production from our companies which will give rise to more employment. The US used the "Food Stamp" strategy with some measure of success, so it might be worth trying. |
Re: A Better Alternative To N5,000 Monthly Allowance For Unemployed Nigerians by oshokalo1: 6:40pm On Jun 16, 2015 |
I Dont knw wat is wrong with all did nairalanders,FG says dey want 2 pay us #5000 allowance monthly from our oil money and all dis fools r hear saying trash.wat abt those politician who hv embezzle,loot Nigeria resources eh fooolz Dubai pays their citizccitizens 18000 employed or unemployed |
Re: A Better Alternative To N5,000 Monthly Allowance For Unemployed Nigerians by galantjoe(m): 6:50pm On Jun 16, 2015 |
during sec sch economics i was taught that it is work of govt to redistribute national wealth. so paying N5,000 to poorest citizen is good step in right direction and attrmpt to redistribute national cake among the poorest. somebody said 5k is no money but according to world bank less 50million nigerians earn less than 2 USdollar a day. someone said it willl encourage laziness but US, SA, Dbai etc are doing it for many years ago. |
Re: A Better Alternative To N5,000 Monthly Allowance For Unemployed Nigerians by greggles: 7:12pm On Jun 16, 2015 |
Bevista: Ok good analysis, of which I share differences with, my opinion though. I understand that my argument costs like 1.2 trillion annually as compared with 125 billion from your estimate, but I think there are benefits of expanding the budget to achieve a higher objective Here is my reason: In the US for instance, jobless claims could average about $1,000 monthly, but on the average, a studio apartment (self contain) costs about $600, which gives you extra $400 to take care of feeding and other bills, that's if you don't share. You also get to qualify for up to 50% reduction or more on other services like electrcity and gas. Internet and cable cost is around $100 or less Compare this to N5,000 monthly allowance. The average cost of rent in some cities in Nigeria apart from Lagos, PH and Abuja is like 100,000 which way beyond what N5,000 can afford, talk about other bills. I don't see any improvement of life in this case in the next 5 years. N25,000 would have been an ideal amount but the economy cannot cater for N500 billion naira monthly welfare package at this time. So here is the scenario I am looking at: At 150,000 jobs monthly, we are looking at about 2million jobs annually based on employee turnover and shift work implementation, in a period of 4 years, we will have about 12 to 16 million jobs created based on business expansion and higher production stimulation due to much improved standard of living and multiplication effect of economy growth. Now here is another comparison between your scenario and mine: Production stimulation: Because of the low purchasing power of N5,000 production isn't stimulated so much except at the low end of production cycles and fewer jobs are created. For instance, N5,000 income to a poor person would only increase market for an akara fryer or pop corn maker who are at the lowest end of the production scale, it induces more production to the larger scale producers too but the effect isn't far reaching With 10,000 businesses and 100,000 jobs, there is more production stimulation at the medium to higher end of the production scale, for instance, service companies like banks and other small and medium enterprises like restaurants, laundry businesses etc thrive. Real estate related businesses expand because N30,000 has much more purchasing power than N5,000. Factories. Also expand their production due to the higher purchasing power of people. |
Re: A Better Alternative To N5,000 Monthly Allowance For Unemployed Nigerians by greggles: 7:24pm On Jun 16, 2015 |
galantjoe: $2 a day gives approximately N12,000 monthly which is more than double what the programme proposes to add to that income. |
Re: A Better Alternative To N5,000 Monthly Allowance For Unemployed Nigerians by babamajor: 7:25pm On Jun 16, 2015 |
D write up is ok but wat u fail to realise is dat witout electricity those businesses Wil not trive, so if govt a way of feeding people for now it's still ok till wen there Wil be light nd also wen we Wil av a realible data bank, cus witout dat it Wil fail. |
Re: A Better Alternative To N5,000 Monthly Allowance For Unemployed Nigerians by greggles: 7:27pm On Jun 16, 2015 |
babamajor: These businesses will power themselves using solar panels, inverters and backup batteries, all these will be captured within the N10 million naira budget |
Re: A Better Alternative To N5,000 Monthly Allowance For Unemployed Nigerians by Nobody: 8:26pm On Jun 16, 2015 |
This OP takes excess weed.We as a party have promised in our campaign and we are about bringing †̥♡̷̬̩̃̊ 2 pass,u people would comeup again with silly suggestions! †̥♡̷̬̩̃̊'s done in europe and developed countries of the world,why don't they stop dat or has that hampered them from providing the aforementioned and highlighted sub-headings above? |
Re: A Better Alternative To N5,000 Monthly Allowance For Unemployed Nigerians by lifeworth247(m): 9:15pm On Jun 16, 2015 |
Re: A Better Alternative To N5,000 Monthly Allowance For Unemployed Nigerians by lifeworth247(m): 9:25pm On Jun 16, 2015 |
What about national assembly wardrobe allowance of more than 8 billion? So giving out 5k to the poor masses is now a sin worser than politicians looting them, greggles? Why don't you ask sir buhari to make you the economics minister? This why only men with the fear of God can be able to keep themselves from selfishness and corruption? |
Re: A Better Alternative To N5,000 Monthly Allowance For Unemployed Nigerians by persius555(m): 9:48pm On Jun 16, 2015 |
greggles:@Op, i dont mean to be rude, but i can imagine u how much it costs to run a production/manufacturing business on next to nothing power infrastructure. I know individuals who took 3 million naira loans for poultry and printing business and more than half of the amount plus profit went into providing power. The likes of bill gate and Co will struggle to survive in nigeria simply because the essential infrastructures are not in place. Did the google brothers or facebook worry about electricity supply or broadband facility before they developed their business in what it is today? Infrastructure first. What has happened to all the loans govt has been giving out since post colonial era. 1 Like |
Re: A Better Alternative To N5,000 Monthly Allowance For Unemployed Nigerians by dazzy4real(m): 11:34pm On Jun 16, 2015 |
@op nyc idea but i will not agree with you since d government have decided to pay this token let them pay it. all this use this money to generate this n that won't work. you n i know this country to well. now that they have remembered this let them do it. |
Re: A Better Alternative To N5,000 Monthly Allowance For Unemployed Nigerians by tola9ja: 12:10am On Jun 17, 2015 |
greggles:
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Re: A Better Alternative To N5,000 Monthly Allowance For Unemployed Nigerians by geemeshin(m): 6:11am On Jun 17, 2015 |
You're so on point! Give a hungry man a fish, he'll come back for more...but teach him how to fish and he'll make a fortune for himself. greggles: |
Re: A Better Alternative To N5,000 Monthly Allowance For Unemployed Nigerians by justmenoni: 6:34am On Jun 17, 2015 |
op the way God go bless you ehn,u sef go dey surprised. Even if the Fed govt won't follow ur speculations, I still believe there are other alternatives than their 5000 a month thing. My main concern is dat what would be the criteria to paying 5000 a month? Is it to be payed to all unemployed people? If so we are looking at alot of applications cos even some self employed ppl,trader's etc will still qualify. How will the govt control inbound immigrants? Cos I think with this kind of offer alot of ppl will come in from neighbouring countries and claim the money as well (why should they come to nigeria as servants when most times they earn far less than 5k) let's look at 1million immigrants alone x 5000 is already 5billion naira and I think the minimum age to qualify would be 18 years!!!! Have you ever thought about how many people will turn 18 next year?? There are better way's to introduce and implement social services or benefits some of them are mentioned by the op,other methods could be by tax deduction (if you work and pay tax you can get free voucher for some amount whichcan.then.be used at govt hospitals, schools, filling station, food stores etc) even with this there are still possibility of loopholes but it's far reasonable than handing in payment directly cos as we know Nigerians and money are like bread and mayonnaise and if care is not taken we might see rise in our population cos 5000 x 4 pikin is 20k. I still blv the 5000 of a thing is only to buy votes during the last election and if the govt manages to implement it then I see it as dead on arrival and Op do ur calculations and research well ooo cos u didn't mention Nigerians living abroad plus there kids those ones sef over plenty and all to be done is find someone back home to register for them and voila Owo Don come. Even the oyinbos dat our govt are trying to copy don't just giv u money like dat it takes alot to qualify and if u are living abroad u better forget it and yeah they pay ur kid's every month till they are at least 18 but in return the kids will pay tax from let's say 25 to 65 and they usually pay much more than what they get. Last thing where is our govt going to get the funds from abi it grows on.tree? I.mean how are u willing to fund a project that will pay 5000 to nothing less than 20million people!? I guess our govt are relying on population commission for there results if so then they are surely on a long thing. |
Re: A Better Alternative To N5,000 Monthly Allowance For Unemployed Nigerians by justmenoni: 6:37am On Jun 17, 2015 |
God bless u, even Mc Donalds are not coming and one of there reasons would of cos be electrity,even the menus at KFC in naija are far expensive than what you get abroad from there outlets but then.I still don't support the govt giving 5k a month cos where is the money gonna come from and u know Nigerians don't hv dat much patience persius555: |
Re: A Better Alternative To N5,000 Monthly Allowance For Unemployed Nigerians by Nobody: 9:40am On Jun 17, 2015 |
greggles:. . . Considering qualification will drive us back to our current situation... . . The 5k goes to all unemployed and most poorest... How will you suggest qualification to the poorest Nigerians? . . Bros... I admire ur suggestions and opinions... But from the OP... You made mention of the policy to affect our economy... Please, note that Nigeria is supposedly one of the richest country in the world... Amongst the first 6 world oil producers.... With standard agricultural production.... Nigeria is rich... If we should curtail our expenses.... Then...the government must look into the salary scales....and cut down the senator's salaries and other parastatals... . A token of 5k monthly payment to unemployed and poorest Nigerians CAN NEVER AFFECT OUR ECONOMY.... . In other western countries... College graduates receive insurance pay..... . . Buhari will be receiving "stress allowance" as the president... and you'll say it won't affect the economy of this country... What about the sitting/wardrope allowance...? . The government shouldn't consider any qualification.... Every Nigerian is entitle to the monthly allowance.... . . From the quoted... How many years will it take the government to establish 8-10 graduates out of the 20million estimated unemployed/poorest populated Nigerians?... Buhari will barely employ 5million out of the estimated 20million unemployed graduates on his 4years as a president. Who will be left out? Nobody wants to be left out... |
Re: A Better Alternative To N5,000 Monthly Allowance For Unemployed Nigerians by greggles: 9:48am On Jun 17, 2015 |
foxxynik: Bros I am completely on your side, but.. N5,000 montly will not affect the life on a Nigerian youth positively, especially an unemployed poor graduate. It won't make sense at all, may N25,000 will make some sense, but not N5,000. If it is applied to some other class of people, let's say undergraduates below 16 or so, fine, but not graduates or people above 21 with a formal education. Think about it. If we're that rich as you suggested then I believe our annual budget would exceed N15 trillion and this will cater for both our capital development and social welfare programmes, but its much lower at that moment By qualification, I don't mean certificate or educational requirement, I mean prerequisite, for example you need to be between a certain age, you should not be employed with an organization paying up to so and so etc... |
Re: A Better Alternative To N5,000 Monthly Allowance For Unemployed Nigerians by trano(m): 10:04am On Jun 17, 2015 |
My dear, I share your plight. It's a better alternative |
Re: A Better Alternative To N5,000 Monthly Allowance For Unemployed Nigerians by Nobody: 10:17am On Jun 17, 2015 |
greggles:. . 5k...can go a long way to help anyone with a common understanding of money management... The government didn't say the money is to pay the masses as a salary... The money is to aid them in whatever pursuit they're facing in life... . . Most of us are farmers...most of us have businesses that we're managing... And so on... . . Assuming you're a graduate and still searching for a job... 5k can help u to revise and print ur CV or pay transport to places to summit ur CVs... You can use 5k to buy feeds for ur poultry... . . Its a token... Its not a salary...its just an allowance... Nobody is working for it... Some ppl can save 5k for a year and use it to invest and start up a good business... . . The country is very rich...not as I claim.... But as we all know... Do you know how much the country makes from the oil? What's the lowest allocation given to a state with no natural resources? Calculate all the allocation given to all the 36states and tell me if it does or does not exceed N15trillion |
Re: A Better Alternative To N5,000 Monthly Allowance For Unemployed Nigerians by Bevista: 12:52am On Jun 18, 2015 |
greggles:Great opinion, but I think you are comparing apples with oranges. This program is not necessarily an equivalent of Unemployment Claims, but rather an equivalent of Food Stamps, which pays about $125 monthly to over 45million Americans. In 2014, the US spent about $74billion on this program alone. There has to be some merits to it. There is absolutely nothing wrong with your alternatives, but it can run concurrently with the CCTP- It must not be either or. Keynesian economics gave birth to Fiscal expansion by governments, because he believed that "in the long run we are all dead". What's the essence of having great plans for the future when people are dying today. There has to be balance in planning. |
Re: A Better Alternative To N5,000 Monthly Allowance For Unemployed Nigerians by Bevista: 12:59am On Jun 18, 2015 |
greggles:Great opinion, but I think you are comparing apples with oranges. The Conditional Cash Transfer Program (CCTP) is not an equivalent of Unemployment Claims, but rather an equivalent of Food Stamps Program, which pays about $125 monthly to over 45million Americans. In 2014, the US govt spent about $74billion on this program alone. There has to be some merits to it. The target of such programs is not necessarily the unemployed, but rather the poorest and most vulnerable in the society. There is absolutely nothing wrong with your alternatives, but it can run concurrently with the CCTP - It must not be either or. Keynesian economics gave birth to Fiscal expansion by governments, because he believed that "in the long run we are all dead". What's the essence of having great plans for the future when people are dying today. There has to be balance in planning. |
Re: A Better Alternative To N5,000 Monthly Allowance For Unemployed Nigerians by lifeworth247(m): 2:35am On Jun 18, 2015 |
Re: A Better Alternative To N5,000 Monthly Allowance For Unemployed Nigerians by HFOG(f): 4:24am On Jun 18, 2015 |
bigass:there's a lot to do in Nigeria my dear. You ever heard of YouWiN? When you see business proposal, fear go catch you no be small. @OP, very great idea. Ideas rule the world you know. Keep thinking big one day opportunity will meet your thoughts and outstanding success will be the aftermath. |
Re: A Better Alternative To N5,000 Monthly Allowance For Unemployed Nigerians by HFOG(f): 4:29am On Jun 18, 2015 |
kayo80:The assumption here is that it will enter the right set of poor people abi and not the almajiri vagabonds on the streets who are hale and hearty but see alms begging as their destinies. In my opinion, most old people that suffer and go about begging are simply reaping the seed they sowed in their youth. I mean, if your really worked and invested in your kids you wouldn't be begging. I know exceptions abound but they're few. 1 Like |
Re: A Better Alternative To N5,000 Monthly Allowance For Unemployed Nigerians by bigass(f): 8:43am On Jun 18, 2015 |
HFOG: Ok o like what if I may ask |
Re: A Better Alternative To N5,000 Monthly Allowance For Unemployed Nigerians by HFOG(f): 10:14am On Jun 18, 2015 |
bigass:I'm not sure where to start from. Why do I have this feeling that you're just pulling my legs? |
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