Can you imagine this happening in Ghana? Yeah, don’t hold your breath.
The government of Singapore has announced that every citizen in the country would be given some money back after their economy recorded a budget surplus.
Finance minister Heng Swee Keat revealed in a speech Monday that everyone over the age of 21 would receive a sum between $100 – $300.
According to him, the country recorded a much higher surplus than anticipated thus the rest would be given to citizens, after some is put aside for earmarked projects.
The money would be given out based on income — those earning $28,000 or less would get $300, those earning between $28,001 and $100,000 would get $200, whilst those earning above $100,000 or own more than one property would get $100.
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— MOFsg (@MOFsg) February 19, 2018
Singapore recorded a budget surplus of $9.6bn in fiscal year 2017. Of that figure, $5bn would be set aside for the Rail Infrastructure Fund, $2bn for premium subsidies and other forms of support for Singaporeans, with the rest put down for other needs.
The amount being shared to all citizens would amount to $700m.
A budget surplus occurs if a government raises more money than it spends. A deficit is the opposite, when the government spends more money than it raises, thus adding to its debt. Singapore had a budget surplus of $9bn as earlier mentioned; Ghana, in comparison, had a budget deficit of Ghc 8.4bn in 2015.