Financial Expert Urges Tinubu To Shift Focus from Cash Palliatives, Propose Entrepreneur Empowerment for Job Creation

 President Bola Ahmed Tinubu has received advice to reconsider the government’s plan of distributing N8,000 to 12 million impoverished Nigerians over six months. Financial expert Gbenga Adeoye suggests an alternative approach, urging Tinubu to empower at least 600,000 entrepreneurs with N1,000,000 each.

Adeoye proposes that these entrepreneurs engage in small-scale businesses that can directly or indirectly employ at least four other Nigerians. He recommends a repayment period of 10 years with a maximum interest rate of 2% or 5%, and possibly no interest given the proposed N576 billion is considered a free gift. This alternative approach is projected to create 3 million direct and indirect jobs across the country…CONTINUE READING

In recent news, President Tinubu had requested N500 billion from the National Assembly to distribute as palliatives for poor Nigerians, aiming to alleviate the impact of fuel subsidy removal. However, Adeoye argues that the planned cash palliative of N8,000 per month for 12 million Nigerians, totaling N576 billion over six months, is not the most effective solution.

He emphasizes that cash palliatives are more suitable for countries that have reached optimal production levels but face restrictions preventing people from working, like the United States during COVID-19. Adeoye proposes an alternative solution of acquiring 200 buses per senatorial district at N30 million per bus, totaling N666 billion for 22,200 buses. This approach aims to reduce transportation costs when managed by relevant stakeholders and regulated based on location, ensuring regular maintenance and running it as a business.

Adeoye expresses concerns about determining the recipients of the cash palliatives, ensuring equitable distribution across the country, and questions the impact of N8,000 per month. He suggests that the planned cash palliative may not effectively address poverty and the hardships resulting from fuel subsidy removal. Adeoye emphasizes that giving cash without sustainable solutions could lead to unrest and a return to previous levels of poverty after the program ends.

He reiterates his recommendation against distributing N576 billion as cash palliatives and asserts that the proposed entrepreneur empowerment and bus acquisition alternatives would have a more significant positive impact on Nigerians’ lives.