COVID-19: If I were the President - THE BUSINESS PACKAGE


Friday, March 27, 2020

COVID-19: If I were the President


First I would move that the government create intervention to support Nigerians and the support would be holistic. I would ensure that the poor be given a subvention support called COVID-19 Family Support Fund. This amount would equate the current minimal wage or benchmark the monthly allowance of the serving youth corps member. 

For the working class, I would in conjunction with the National Assembly work to make a law that enables a portion of the Pension Funds to be paid to contributors. This would be graduated based on the contributed amount. The least amount contributed would have 25% of their contributions to date and the highest amount to be 10% of their contributions to date. All COVID-19 Family Support Funds would be paid direct to bank accounts of the contributors. 

For small business, I would work with the National Assembly to give a rebate to all complaint companies in their tax remittances and then give them 50% of their contentions for the last 3 years. 

Because I know that most of the poor, those at the bottom of the pyramid do not have bank accounts and it would be a challenge to give room for corruption if monies were shared physically, I would partner with the telecoms companies while the biggest e-payment company would be an electronic wallet system allowing them to use their already registered mobile numbers which are their wallet account. And the accounts would be funded so that they cash out from agents closets to them or from an ATM. 

Only if I were the President!

*Lanre Oyegbola is Chief Executive at Boomerang TTL

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