The Naira falls further against the Dollar. The calamitous effect of this disaster is creeping in gradually on Nigerians yet, they seem unperturbed and dont know. One of the manifestations we are beginning to see. Some States are beginning to find it difficult to meet up with their financial obligations to the workers. The price of crude has now dropped to an all time low. Below 60 dollars from 110 dollars. Expect the price of refined fuel to go up next year. There is nothing we can do about it. When that happens, watch out for the spillover effects. Will rent go up? Will price of foodstuff go up? School fees, medicals, transport? My guess is as good as yours. Will salary go up? Good economic practice says it make no sense to increase wages lest the currency become even more worthless, and inflation spiral high. They will tell you to tighten your belt and sacrifice. The more you tighten your belts, the more you lose weight, and continue to tighten even more until you have no strength left. Will they sacrifice and tighten belts? Of course not. They will continue to feed fat on our backs.
Posted on: Thu, 25 Dec 2014 16:05:55 +0000
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