Libyan leader Muammar Gaddafi has said oil profits should be given directly to citizens, as part of sweeping economic and political reforms.
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The Libyan leader said society would "reformulate itself in a new, free, and democratic way".
The changes will take place in the next four months, he said.
"The money that we put in the education budget, I say let the Libyans take it," Col Gaddafi said in a televised speech.
"Put it in your pockets and teach your kids as you wish, you take responsibility."
"As long as money is administered by a government body, there would be theft and corruption".
The BBC's Rana Jawad in the capital, Tripoli, says a leader who once favoured socialism seems to be fully embracing capitalism.
If the announced reforms are applied, Libyan families will soon be due to receive their portion of the distributed oil wealth in cash and they will witness the privatisation of all the traditionally state-owned sectors like health and education, she says.
Much of what Col Gaddafi said endorsed the recent calls made by his son, Sayf al-Islam Gaddafi, our correspondent adds.
Sayf al-Islam Gaddafi has been a leading proponent of reform, but announced his retirement from politics last month.
(BBC)
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