TOOL · GROSS COST

How much would a basic income cost in Nigeria?

Calculate the gross annual cost of paying a monthly amount to the country’s adult and child population.

Country

Adult population 133,329,232child population 94,553,713year 2023World Bank WDI

Monthly amount per adult

Monthly amount per child

GROSS ANNUAL COST

1,733,818 million

in NGNNGN 1,733,818,449,600

Equal to 0.6% of reference GDP

Population covered: 227,882,945 people

Adults: 133,329,232 × NGN 800 × 12 = NGN 1,279,960,627,200

Children: 94,553,713 × NGN 400 × 12 = NGN 453,857,822,400

NGN 1,279,960,627,200 + NGN 453,857,822,400 = NGN 1,733,818,449,600

Offset benefits, recovered tax, administrative savings and later economic effects are not deducted. This is a gross cost, not a net cost.

Sources and method

Population 2023 · World Bank WDI

GDP 2023 · $487,387,801,878 · World Bank WDI

Currency NGN · exchange rate 645.1941 NGN/USD (2023)

Converted cost $2,687,282,069 for the GDP share.