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Nigeria Mortgage, the
Nigeria Congress
By Jimoh Abi
Alubankudi, Oct 6, 2006
It is most permissible that President Obasanjo want to turn Nigeria
mortgage potential into the hands of foreigners which is unpatriotic.
Or The Nigeria Congress turn a blind eye to the most lucrative business
to the foreign investor.
Basically Nigeria don't need FDI to tap the Nigeria mortgage potential.
Probably in the next 10 year the mortgage investment will increase by
1000%.Every $1 spend know would increase to $100 in the next 10years.FDI
can focus on technology.
Federal
government housing scheme to mortgage 16 million unit of
flat is commendable but may not be applicable to Nigeria public .I
understand that a legislation must have been in place which i belief
will welcome any proposal or adjustment. as follows
!.Housing
legislation & Regulation as foundation and propagation of this
scheme which will include the housing act ,Fire act ,Health & Safety
act ,Highway act ,Security act , Building regulation act & more.
2.As a
subsidy instrument and investment strategy this would allow the
government and private sector to cut the salary budget by half for
decades
3.Taxable
investment and consistent tax policy for the government ,Cause every
unit allocated to the public free may generate tax income of 100
new naira note each (3000 present naira note) .Also tax
collected from each unit monthly biil is accountable .
4.Economy
life of each unit (200hundred years) require proper contracting
frame work and completion (5years)
5.Housing
accounting system to accommodate management policy
,maintenance insurance policy and increase the volume of units
6.Housing
units should be allocated on rent contract to the public
with adequate scrutiny ( using national ID) which should cater for
all classes.
7.Each
unit with six bedroom ,two bathrooms, Cabinet kitchen, three
toilets ,Guest room , waiting room and parking facility .and the
unit should be shared equally among the state with adequate
strategic planning.
8.Federal
housing scheme should provide loan to the local government for ultra
modern shopping complex and all other social ammenities like school
, clinics .recreation centres and other facilities.
Empower Currency
Principle
Empower currency is an
initiative require for economy development ,price correction to
alleviate poverty for developing country like Nigeria .
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Apparently naira is weak
compare to other developed countries which dictate world economy.
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The adverse effect can be
detected by consuming power,industrial under productivity,capacity
restraint which affect standard of production and good service
delivery and definitely unemployment.
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Oil economy for 150
million people with annual budget of approximately 40 billion with
over dependency on imported goods has adverse effect on the economy.
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Poverty alleviation is
only possible by increasing government spending with minimum of 2
trillion budget for the next 10 years with continuity measures which
definitely attract investors and globalize Nigeria economy.
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Nigeria has no share in
technology market either by investment nor productivity also
industrial market like China or other mid east countries which use
weak currency but does not totally depend on importation and can meet
their hard currency demand .
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Affordability of finished
goods and services are symptoms of poverty cause cash tenacity
.immediate empower currency is introduced Nigerian would be able to
afford $10 person daily and government would be able to finance some
benefit and loans.
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Empower currencybenefit
would be affordable by gorvernment to provide benefit for
unemployed peolpe from age of 18 and above
Empower Currency
Approach
·
Central bank normally
the provider of national currency and reserve management
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Establishment of
Inland bank of Nigeria as subsidiary would help to enact empower
currency initiative principle and conversion services for banks and
empower currency reserve management.
2 Trillion Dollars
Poverty Alleviation Objective
If Nigeria has10 trillion
minted naira intrusive and ciculation,Central bank mint empower
currency and set empower rate for Inland bank of Nigeria .
10 trillion present naira
<<<<<<<<<<<<<<<<<<<<<<10 trillion Present naira
10 trillion naira @4 to 1
empower >>>>>>>>>>>>>2.5 trillion empower naira
Inland bank
Nigeria Banks
10 trillion present
naira<<<<<<<<<<<<<<<<<<<<<<<<<<<< 10 trillion naira
2 trillion empower naira
reserve + 500 billion empower naira from Central
Bank
10 trillion present naira
@ 20 to 1 empower naira >>> 500 billion empower naira
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Central set dollar
conversion rate to 1 dollar to 1 empower naira
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Budget of 1 billion
empower naira each for local government to be spent for 10 years on
infrastructure like sewage system, hospital clinic ,police station
,ultra modern shopping cecentresater pipe line ,underlay electricity
cable,gas pipeline to reach each kitchen,telephone cable,bridge train
track and locomotives ,and other social facilities,also afforestation
e.t.c
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10 billion empower naira
for each states to be spent for 10 years on infrastructure budget
&
amp; amp; amp; amp; amp; nbsp;
Central bank reserve
account management
1 trillion – 370 billion
(states)= 630 billion
Empower reserve
630 billion Year budget 60 billion
Year income 80
billion Difference 650 billion
Total
710 billion
710 billion
Central Bank year reserve
balance 650 billion
Inland Bank reserve
account management
1 trillion – 774 billion
(Local government) = 226 billion
Empower reserve
226 billion Year budget 150 billion
Tax
income 180 billion
Difference 256 billion
Total 406 billion
406 billions
Inlan Bank year reserve Balance 406 billions
Empower Currency Benefit Approach
For
example 50million unmployed @ EP250 each per month=EP150billions per
year 50years
After using
empower currency instrument to redistribute wealth and infracstructure
finance the contribution or excess liqudity of 7.5trillion would
credited to benefit treasury account, which would be maitain by 30%
and 20% contribution from Federal goverment and Prime government from
there earnings per annum for ever.
EP
contribution 7.5trillions EPB 150billions
FDG
contribution 4billions
PRG
contibution 54billions Difference 7408
Total 7558tillions 7558trillions
Empower
currency balance 7408 is adverce cause of mass unemployment.
Note Benefit
Treasury dont need to mint all the currency and if the economy is
bouyant Benefit Teasury can bank at nigeria banks
EPB_Empower
currency benefit
Benefit
treasury system should incooperate to avoid benefit fraud which is
purnishable
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Access to
electronic payment system
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No benefit
for licence loan student
Example of wages structure
Wage
divition Salary Tax rate
Graduates &
Skillss 2500 25%
1-6
Nursery & child care LG
18-20
Diploma,Skill or Sport Private
University
student ,technical students and skills or apprentice can obtain
licence loan fro Benefit treasury with no interst of EP 5000 per
year.
EP2000 for
fees and EP3000 for maintainance .
EP250 each
month per year.
Empower Currency Intruments
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Inland
bank of Nigeria functions,3500 branches,15000 cash points
,Government bank,Incooperate Nigeria banks system to perfom receipt
and payment duties for banks,But would not accomodate individual or
company accounts.
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Political
structure above
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Nigeria
mint to regulate and monitor currency in circulation
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Establish
Nigeria importation bereu to monitor forex used for importation .
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Minimum cash to be on
individual or company should be determine or face penalty.
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Every adult must
have account using ID card Number.
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Privatisation of
marketable infracstructure of 49% government and 51% foreign
investor would generate minimum 1trillion for Nigeria reserve, by
2020_2025
Peace And Unity
Proposal (Political Instrument)
Nigerians can only
silently express their unhappiness about power shift timing, whether
while one zone in power or one zone is preparing to take charge.
Obviously because of when will the zone descending power will ever
have the opportunity to rule again and the waiting zone will ever
ascend power after the ascending zone.
I guess this proposal
will help,Recently I e-mail a proposal as (Empower
Currency Initiative) which will be attached .
Devolutoinof power by
ruling party and opposition parties
Ruling Party Opposition
Parties
President & Vice
President Prime Minister & Deputy PM
House of
senate House of Representative
Federal International Revenue Nigeria Inland
Revenue agency
Fiscal
budget Monetary budget
NNPC
International NNPC inland
State
financing Local government financing
If
possible this proposal can commence this year October to allow
modification and experimentation before full implementation .
2.Establish Nigeria Inland Revenue
with data system
3.Collate all collectible taxes and
tax computation
4.Remove fuel subsidy ($1 per litre)
this may dictate prices and generate tax income
5.Set lowest salary ($1000 )
6.Enforce data commercial payment
system
7.Conservative budget in new note
and reserve management
8.All commercial services should have
annual taxing system
9.Tax payment should be use as
reference to obtain all services
10.Tax as an instrument to regulate
forex e.g,Only tax payer of minimum a million may be eligible to
obtain hard currency of thesame amount of tax paid for the year.
This government tax system would
determine the success of new note,the advantages are enormous ,the
would encourage investors and make there market more valuable.
Please I would be gratefull if You
respond to this initiative .
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