A 36 years old Mathematics teacher at an Ondo High School, Mr. Patrick Bamidele Oludare Jnr, on Sunday,
at a press conference announced plans to join the Presidential race, identified the economy as needing a fix that would impact every folk.
Patrick Bamidele Oludare Jnr, one of the many Nigerian young professionals accepting the challenge of a new bill recently signed into law by President Muhammadu Buhari, with the tag “Not too young to Run” threw his net into the presidential ring promising to “geo-fix the economy through improvement in credit status” and “financing solutions to create crunch”, a banking initiated market to sustain capital growth in the economy.
The presidential aspirant promised to create 500,000 businesses at the take-off, he would offer himself for the coveted office on the platform of Youth Democratic Party (YDP).
Mr. Oludare ,also an organizational consultant explained that the hardship often experienced before loans could be assessed by entrepreneur would be first disrupted and removed before the economy could be structured, so that prospective business owners could be advanced and trusted with larger sums, as they demonstrate trust and credit worthiness from time to time.
He elucidated more on the funding solutions to create crunch that banks must work with manufacturers, wholesalers, retailers and consumers to create a value chain of patronage from loan asses until goods are finally brought to the end users.
He described Nigeria as a nation with strong and capable population that can work productively to sustain an economy and generate revenue with a view to end various problem plaguing the nation.
The school teacher explained that the inability of many Nigerians to have easy access to loan facilities has worked against the economic development of the nation, noting that the GDP has continued to suffer for this economic infraction.
“If this loan system is put into practice, Nigerians would be able to create ten million thriving businesses that can provide employment to the citizens and generate income for families and pay meaningful tax to the government.”
“The government will not place a tax levy on these businesses until they started generating a considerably high amount of monthly income.”
It would be recalled that over 40years ago a school teacher in the person of Alhaji Shehu Shagari, joined the presidential race. Many Nigerians did not give him any considerable chance of emerging as his party’s candidate, yet he won the election to become an Executive president of Nigeria.
Read full text below:
PATRICK VISION NIGERIA
I WISH TO CONTEST AS A PRESIDENTIAL ASPIRANT FOR THE PURPOSE OF IMPROVING AND CHANGING THE POOR LIVING CONDITIONS OF PEOPLE IN NIGERIA TO BETTER LIVING CONDITIONS AND TO IMPROVE THE QUALITY OF LIFE OF EVERY HUMAN BEING IN NIGERIA
In order to achieve our aim, there are things that we will do and they are outline below.
1. We will treat every human life in the country as equally important.
2. We will develop the human potential of every human life in Nigeria.
3. We will make sure that every individual in Nigeria is well sheltered.
4. Our government will make healthy and proper varieties of food available to individuals in Nigeria.
5. Our government will make safe and good drinking water available to everyone living in the country.
6. This government will work to challenge mental illness in Nigeria and also work to ensure that no one walk through the streets as mad individual.
7. Our government will work to ensure universal health coverage for people living in Nigeria.
8. Our government will improve the access of individuals in Nigeria to basic health facilities and primary healthcare.
9. Our government will work to keep our environment clean and decent.
10. Our government will work to protect and preserve the human right of every individual living in Nigeria.
11. Our government will work to make formal education become available, accessible and affordable to everyone in Nigeria.
Nigeria today is faced with a lot of problems, the most reason for the lingering of this problem is lack of adequate revenue to combat many of the problems, we cannot continue to mention these problems, because they are so numerous and Nigerians are aware of them. What we intend to do is to proffer right solutions that can take out these problems. Without funding, there is little or nothing that we can do. The economy of a nation is very relevant to the well-being of a country. Nigeria will have to generate enough revenue from different sources to be able to help its citizens, and raise the level of its GDP. Nigeria is a country with several millions of strong and capable individuals that can work productively to sustain an economy, generate revenue, and put an end to various problems of the country. A lot of Nigerians lack access to funding and credit facilities. These are men and women that have skills and have gained enough expertise in their chosen field, but are not able to find a means to finance their business. Millions of young-men and women have things they want to do to generate income for themselves and sustain their families. It is also important to let you know that many of these aspiring business people do not need millions or billions of Naira to set up a small business enterprise. Amount as low as N 25, 000, N 50,000, and N 100,000 could make a big difference in their lives.
I can say with confidence that the Nigeria economy will be better if one million Nigerian citizens, with business intentions, receive N100, 000 each to fund their business, If these businesses receives this amount consistently, the GDP of the country will make a significant improvement and government at all levels would be able to raise enough revenue to finance various government business and development projects.
One of the things we plan is to release N25, billion Naira as loans, and give N 50,000 to each of the 500,000 businesses that would be created. If a businessman is able to pay back, his business would be promoted to a higher credit status, this means the business will receive
N 100,000 or more as loan from government. If N 100, 000 is paid back again to the government, the business will get another promotion to a higher credit status, and he may receive the triple of the amount he received earlier, for example, it may be given N 300, 000 or more as loan for being to pay the N 100, 000 to the financial institution or government. This process will continue till the business is capable of approaching the bank to secure a loan. Then, it will be removed from the credit system to allow other individuals to take part in the scheme. If a businessman fails to pay his loan, he will not be able to get another one from the government.
This program is called improving credit status, or geometric improvement of credit status. It has been proved that loan seekers would strife to pay back their loans if they are guaranteed of getting seekers will be rated and be given a credit score for being able to pay. Several factors, like duration of loan, asset acquired, are what will determine these scores. These information will guide the banks in extending loans to these customers. If these loan system is put into practice, Nigerians would be able to create over ten Million thriving small businesses that can provide employment to the citizens and generate income for families and pay meaningful tax to the Government. Government would also be able to generate enough fund and revenue with no dependence on crude oil and other natural resources. The government will not place a tax levy on these businesses until they have started generating a considerably high amount as monthly income. The government will not go after those that fail to pay their loans but will only deny them the opportunity of getting another loan and getting promoted to a higher credit status. If a business cannot pay a loan, it will be taken out of the loan book and given another loan for it to finance the business, but these can only occur once, the business would not be able to receive another loan again until it is able to pay back. These loans required no form of collateral, the only requirement is your interest to seek a loan to establish and support your business. The interest rate would be as low as 0.5%. It is expected that every loan user would have recorded a high credit rating and strong credit history that would make the bank to approve loans for them.