Election 2011 in Nigerians would be another opportunity to change our destiny, This election is an opportunity for Nigerian to decide if at this moment of economic woes ,insecurity ,infrastructure dilapidation challenges enquiries if Nigerians really want change which we are destine to encounter in different approach ,Whether Nigerians need to be helped to help ourselves or whether we can help ourselves individually considering all the above challenges.
Nigeria future is in the electorate hands, Our decision to vote for one party or the other is the ultimate challenge of all which we are bond to make come election 2011 if we really need change where every Nigeria has equal opportunity and social justice or opportunity deprivation and insecurity .Which is a clear decision for Nigerian to make.
Equal opportunity and social justice is the political objective of Labour Party , Creating opportunity and social justice for every Nigerian regardless our economic status ,Election is an opportunity to vote for Nigerian party which belief Nigeria needs help directly to help themselves by creating jobs ,social benefit ,quality infrastructures and good education.
Let us enquire about all this challenges faced by all Nigerians especially when approximately 65% of Nigerians are unemployed.
How do we expect an unemployed Nigerian to survive without engaging in any crime?
How will a student concentrate in studies when faced with economic hardship?
How will a pensioner survive without pension?
How will an homeless have shelter?
How will physically challenge and orphans Nigerians survive?
How would we maintain security without enough moderately paid, trained and equipped officers?
How would we nurture ourselves and coming generation with desertification and food insecurity?
How would we curtail disaster in the event of emergency with little unequipped emergency officers?
How would we maintain political stability without powerful opposition and disenfranchise Nigerians?
How will indigenous producer profit and generate job security with loophole in importations?
How will a country develop with dilapidated infrastructure especially road, hospital and power?
Apparently this are the challenges Nigeria is faced with and the incumbent government has done nothing for 12years.
Vote PDP out of power
Nigeria should enquire about what Labour Party has to offer and also if it’s achievable? And the answer is Labour Party can and will solve all this challenges easily by redistribution of wealth which as a member would consult the party to execute this project below.
Empower currency principle or qualitative easing is the conversion of a country current currency to entirely new design currency at an higher nominal price and correction of price index to change monetary policy from contractionary monetary and fiscal policy to expansionary monetary and fiscal policy of a developing country like Nigeria. Which would impact quality of life of her citizen by using money supply mechanism to redistribute reserve generated from conversion to empower currency.
Apparently
Nigeria has excessive supply of currency in circulation Excessive in the sense that it does not serve the purpose of wealth opportunity; the velocity of money is remote which causes inflation. Nigeria income is gear towards oil resource without due consideration to population GDP or output tax revenue and global factors Thus adversely affect domestic output which has effect on aggregate demand that has positive relation with government expenditure, employment, investment, exportation and nominal price of current currency. As a result induces contractionary monetary and fiscal policy on nominal price of current domestic currency in global terms.
If
Empower currency is legislated by the Central Bank of Nigeria it would increase velocity of money impact output. Thus enables the government to gear her income towards tax revenue. This would increase government expenditure increase consumption which has positive relation with output ,employment, tax revenue, investment and quality of life of Nigerians .Basically induces expansionary monetary and fiscal policy on empower currency in global terms.
Approach
■Establish subsidiary bank e.g. (Inland bank) with many branches across Nigeria to enact the principle of empower currency reserve .Also to facilitate payment system
■The CBN has to print and mint entirely new design Naira and Kobo in different denomination.
■Conversion of current Naira to empower Naira at a moderate price and using Inland bank of Nigeria as conversion intermediation between Nigeria banks and CBN e.g.
Assume Nigeria stock of money is 13trillion current naira
CBN sells empower naira to Inland bank at 1 empower naira for 99 current naira
Inland bank sells empower Naira to Nigeria banks at 1 empower naira for 130 current naira
Now
Empower currency has converted or mopped excess liquidity current naira in circulation from 13 trillion current naira to 1 trillion empowered naira into Nigeria reserve or contributory and Nigeria banks
Redistribution of wealth
The basic objective of empower currency is to impact quality of life of Nigerian but not just for conversion of current naira to empower naira. Now empower currency is face with basic element of quality of life e.g. Housing, education infrastructure, foods ,jobs ,health and mostly unemployment benefit etc. Therefore the converted or mopped currency would now serve the purpose of empower currency which is by using money supply mechanism to redistribute wealth
After conversion
The CBN and Inland bank has generated 12 trillion
The 12 trillion would now be redistributed proportionately to impact key element of quality of life of Nigerians which is infrastructure project at stipulated time of ten year years.To withdraw the fund from reserve .
CBN would allocate
Infrastructure fund
Federal government infrastructure 200 billion
45 States government 45*10 billion empower naira = 450 billion
850 local government 850 * 1 billion empower naira = 1000 trillion trillion
Unemployment benefit fund
Assume 50 million unemployed citizen 50 million
Receives 250 empower naira monthly * 250 empower naira
Unemployment fund of 25 years * 25 years = 3750 trillion approximately 4000 trillion
Infrastructure project would cut unemployment by considerable percentage
Allocation of 10% tax revenue would keep unemployment fund Constant minimum Of
4 trillion empower naira.
Direct investment fund
8 zone Federal and Abuja chamber of commerce 10 * 50 billion empower naira = 500 billion
For direct investment on public and private partnership
Every 1 empower naira should be legislated to generate
$1 approximate of foreign direct investment to float PPP investment .With no political influence or intent. Each zone has legislated right to own
5% shares in any zones investment and if zone is not willing to participate in the investment other zone has the legislated right to take up the share.
There should be transparency of investment to avoid unnecessary rivalry among the zones. Direct investment legislation should be promulgated .This would create jobs in all zone of Nigeria but all zones are not allow to invest in infrastructure but only consumable goods and services. Youth Service Corps can be use to curtail importation by giving them the opportunity to protect their jobs and domestic investment by giving them delegated duties at Nigeria sea port air port and border posts.
Housing fund 2000 trillion
If there is legislation to build global standard unit of houses across all local
Government of Nigeria this would impact mortgage growth create long term investment opportunities and jobs. We should learn lesson from housing market in developed country which is deflating recently .Inflation of housing market should not be misrepresented has housing growth because of appreciation in price but how much increase in mortgage acquisition .Legislating or control price to avoid inflation which has adverse effect on long term investment scheme.
Education fund 1500 trillion
Local and State government should be able to finance primary and secondary
Education But many Nigeria youth are face with tuition fee and education
maintenances allowance
Therefore education fund would help to correct skill and education deficit at university and professional level .By giving out loan for university student of 2000 empower naira and 3000 (250 monthly}
Total 5000 empower naira per year.
Pension fund 1000 trillion
Many retire workers has no means of private or government pension
But pension fund would help to afford minimum 30% of their monthly
salary after retirement.
CBN reserve and fund management
After redistribution of wealth to impact growth and quality of life of Nigerians CBN would now face the challenge of money supply which can only be manage by using interest rate,reserve management to avoid excess liquidity .Presumably timing factor of allocating resources and tax instrument by FIRS federal inland revenue services should b implemented to curtail excess liquidity also FOREX regulation to promulgated to avoid empower naira devaluation.
Empower currency redistribution of wealth 12000 trillion
CBN and Inland bank reserve fund account 1350 trillion
Federal infrastructure 200 billion
State infrastructure 450 billion
Local government infrastructure 1000 trillion
Direct investment 500 billion
Pension fund 1000 trillion
Education fund 1500 trillion
Housing fund 2000 trillion
Benefit fund 4000 trillion
Total 12000 trillion 12000 trillions
Price index correction
Without price index correction empower currency would have no impact changing consumable product prices also is not enough but legislating minimum wage of empower currency is important for empower currency principle to have significant impact
For example
1000 empower naira = $1000
Salary pay slip
145 hours
Minimum rate 7 empower naira
Salary after tax 1000 empower naira
Another example of empower currency pay slip
Salary slip
145 hours
Human capital rate 10 empower currency
Salary before tax 1450 empower currency
Firs contribution 17.5% approximately 250 empower currency
Pension contribution 12.5% approximately 185 empower currency
Pension scheme would encourage people to pay tax and worker with higher human capital that are assure of 30% of last salary before retirement would be motivated to contribute 35% of their salary to pension scheme and firs.
Salary increase is deserve for skill and professional upgrade experience and performance but not to detrimental of consumable price or increase of minimum wage.
Every increase in consumable or services price may cause inflation and each industry would be able to have the privilege to be a price taker i.e competitive thus helps to improve productivity and demand i.e real sector of the economy.
Price index correction
Empower currency main instrument is price index correction to change Nigeria government contractionary monetary and fiscal policy to expansionary monetary and fiscal policy gear towards tax revenue this increase consumption thus induce increase aggregate demand and definitely bring economy back to full employment that every develop economy use as output indicator and growth
Example of price index
■Removal of oil subsidy from current 70 naira to 1 empower currency naira which would be more affordable also generate tax income
■Other consumable product services price would be corrected to enact empower currency principle
Political instrument
Separation of power by successful party and opposition parties on expenditure and income basis that is credible financial government
Separation of power by ruling party and opposition party on expenditure and income basis
North South
South North
Ruling Party Opposition Party
President & Vice President Prime Minister & Deputy PM
House of senate House of Representative
Federal International Revenue services Nigeria Inland Revenue
Expenditure Income
Secretaries Ministers
NNPC International NNPC inland
State financing Local government financing
Presidency between North and South
Zone where the president comes from will dictate where the Prime minister will be zone.
Measures to follow
■Introduction of I D system
■Improve Federal inland revenue data system
■Collate all collectible taxes and tax computation
■Remove oil subsidy by Selling a litre at $1 per which would generate tax income
■Legislate minimum salary at 1000 empower naira
■Enforce data payment system and data protection act
■Budget in new empower currency
■Tax payment should be use as an instrument to obtain services
Tax serve as the engine of empower currency without proper and strict tax policy empower currency would not attain its main objective to impact quality of life of Nigerians .
DECLARATION
I hereby declared that, this principle and analysis is prepare by me with no collaboration or copied from any source
Moreover it is not prepare for any financial or political means and not for sale still it is not free.
Jimoh Abiodun Alubankudi
12/06/09
May GOD bless Nigeria
The above concept is incline with Labour party guiding principle ,this is why I join and declare solidarity for the best Nigeria national party that is in principle incline with my project.
Impact of this project is enormous and the best ingredients about this project which is the main factor of growth is full employment which is achievable within 10years of Labour party government instead of PDP economic woes , opportunity deprivation and insecurity.
Please check the original copy on my profile and visit www.labourpartyng.org
Yours Faithfully
Nigeria Labour Party Assembly
Please check the original copy on my profile {Election 2011 Challenge}