Financial Management Analysis of Western World Misleading-cum-Wrong Assessment of Nigeria as a Rich Country in the Midst of Widening Poverty Gap: Proposal for Negative Income Tax Policy
Journal of Financial Management and Analysis, Vol. 25, No. 1, January-June 2012
Posted: 20 Oct 2012
Date Written: 2012
Based on detailed analysis of data from Nigerian official sources on the state of the Nigerian economy, the author has corrected the western world wrong and misleading assessment of Nigeria as a rich country (based on their own unreliable data, especially when the country’s apex bank, the Central Bank of Nigeria has found it hard to obtain data on various sectors of the economy) when in reality, according to the Professor M.R. Kumara Swamy Measure of Welfare Gap, the country has 76 per cent of the population living below the poverty line; and, to give relief to low-income earners as partners in economic development of the country, negative income tax is proposed.
Keywords: Western world, Nigeria, Unreliable data, 76% poverty gap, Negative Income Tax
JEL Classification: C81, D63, E64, H24, I32, O55
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