NASEN has worked out policies that are people-oriented and will encourage the government and its agencies to adopt and accept collaboration with NASEN for the purpose of sustainable economic growth.
NASEN will continue to work with the Federal Government of Nigeria and the National Assembly and other relevant bodies with a view to giving them the real picture of the state of the nation and proffer solutions that could be used to formulate bills expected to be passed.
Some of these policies are as follows:
Apart from the Employment Creation Fund (ECF) that serves as fulcrum of NASEN, and which is expected to be deposited in government financial institution such as Central Bank of Nigeria, CBN, Bank Of Industry, BOI, etc. NASEN further urges the government to put into place what we refer to as “TAX on LUXURY” (TOL)
Tax on Luxury simply means levy on any luxury purchase; any purchase of imported goods termed as luxury will have to attract 5% levy and all money generated from such levy will have to go to NASEN’s (ECF) Account.
Examples of such Items are:
- Imported vehicles excluding trucks
- Imported goods (finished products) excluding some agro-allied products and raw materials
- Registration of imported luxury vehicles
However, NASEN does not have the legal right to handle this aspect, except in a situation where the government will want to use NASEN’s platform to implement it.
NASEN will employ workers who are professionals in various fields that will supervise, inspect, guide and manage her activities, continually proffer solutions to investors and entrepreneurs who are NASEN’s card holders. In other words, NASEN will create massive employment for those who truly want to work where there is work to do.
If this policy is considered and put into law, it will enable NASEN to be independent, while using the court to seek redress on issues of misconduct or other forms of discrepancy; it will also support and possibly make NASEN’s repayment structure possible over time considering the population of “entrepreneurs” NASEN will be promoting and in a case where the bond is used.
The money generated from these levies and in addition to the bond which serves as a lifeline for NASEN will support NASEN’s repayment, good salary structure for NASEN’s workers, straighten business relationships and build trust in case of failure or delay in any of NASEN’s commitment to its partners, e.g. commercial banks, insurance companies etc.
In a case of failure to meet its commitments with partners, NASEN will rely on the CBN to use such funds from levy and ECF to pay the partners upon investigation and proof; such payment will be made directly to the principal, e.g. banks.
After investigation, the CBN will have to pay such principal on behalf of NASEN as a bailout, in which NASEN must return the said amount to the CBN with flexible repayment terms.
NASEN do not need any permission from the government to levy its members on endorsement and other internal transactions. According to NASENs’ Constitution, such funds will be in NASEN’s account and will remain NASEN’s affair.
NASEN will have its yearly budget which will be forwarded to CBN for approval and funding, relying on the deposit with the CBN
Any member of NASEN “individual, group, or company” who is not able to meet up with loan repayment will be given ample time and encouragement to do so, but in a case where all means failed, such person, company or group, will be banned from using NASEN Social Security Identity and whatever that is left of the business/investment will be confiscated by NASEN while other forms of support will be given to such a person to enable him or her complete the repayment.
NASEN will proffer to the Federal Government and the National Assembly a proposal to enact a law that will give NASEN’s policies a legal backing and the need to make its membership identity and social security number mandatory for use in all forms of transactions.
NASEN's Proposed Policies to the National Assembly
One of the policies NASEN shall seek clarification is the Tax on Luxury (ToL). Which percentage is expected to go to NASEN’s account yearly?
- Tax on Luxury
- Compulsory use of NASEN ID card in all transactions and identification process
These sources of funding needs government support through “Bond” which is referred to as a lifeline and serve as a bailout for NASEN, this will promote the activities of self-employed people in Nigeria.
It will also support NASEN in its bid to make Nigerians depend less on the government for job creation; and as well create the largest direct job opportunities, and these jobs must be in areas where there are jobs to do and for those who truly want to work.
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