FG Policy: The Foolishness Of Paying Unemployed Nigerians 5000 naira

The most absurd Economic policy i have seen since the 20th century i was born to the current 21st century when i'm in my late teens is the decision of Buhari led federal Government of Nigeria to Pay Unemployed Nigerians 5000 Naira per month.

Even a student of Elementary comparative Economic is aware that such move will lead to massive inflation because more money will be in circulation while the idle minds sit around and do nothing Hence with few Goods in circulation and Higher demand their will be hike in price

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In economics, inflation is a sustained increase in the general price level of goods and services in an economy over a period of time






 such Policy in nothing but a Political Gimmick targeted at short term recipe that cannot solve an economic challenge of any Country. In fact Government spending should be more on Capital expenditures like Building more factories and reviving an already existing dilapidated Factories to create more jobs as well as investing more in Manual Agriculture to create more Jobs for the youth if mechanized Agriculture will take more Jobs . the government can also invest in Nigeria Mining Industries we have many mineral resources apart from Petroluem

Examples:
 Sapphire
-      Kaoline
-   Gold
-   Clay
-   Surpentinite
-   Asbestos
-   Amethyst
-   Kyanite
-   Graphite (partally investgated)
-   Silhnite
-   Mica (Traces)
-   Aqua marine
-   Ruby
-   Rock Crystal
-   Topaz
-   Flosper
-   Tourmaline
-   Gemstone etc

The Government should invest in this areas. Below is the statistic of Unemployed Nigerians according to a 2014 released report 
 Over twenty-two million Nigerians were unemployed in Nigeria in 2014. This was revealed Friday, at the unemployment methodology review forum held at the National Bureau of Statistics in Abuja.

The number according to NBS was an accumulation of the number of unemployed Nigerians in the four quarters of the year which represents 31 per cent of the country’s   population as against 18.3 per cent according to International Labour Organization’s, ILO standard.

Out of  22,620,202 unemployed Nigerians, 4,672,067 million were unemployed in the fourth quarter, 7,027941 million were unemployed in the 3rd quarter and 5,307,375 million was unemployed in the second quarter, while 5,612, 819 million were unemployed in the first quarter of the year under review.

A further breakdown of the unemployment statistics was drawn from educational group; age group; gender and place of residence.

According to NBS, the figure increased by 21 per cent from 7,078,450 million (10.0%) recorded in the previous year.

The findings also showed that 17.9 per cent of the figure was under employed in the country in the year under review.

                                               ECONOMIC CALCULATION

22.6 MILLION NIGERIANS ARE UNEMPLOYED  when you MULTIPLY by 5000 naira= 

113000000000 ( One Hundred and Thirteen Billion  Naira ) 

per month 

or an Equivalent of 567982070.00  or ( five Hundred and sixty seven Million USA Dollars)

Such huge sum of money going down the drain every month is the height of  Economic rascality 

Ifeduba ThankGod T ( A political Analyst writes in from Anambra state )