HOW INFLATION AFFECTS SOCIAL AND ECONOMIC WELL BEING OF NIGERIANS
A man complained he spends close to N300,000 monthly on fueling his car when fuel price was increased to N511 after Buhari handed over power. Imagine what he would spend after it later increased close to N700. He confessed to using public transport to work and abandoned his car.
Many persons resigned from their work place in Lagos because transportation cost have diminished drastically possibility of saving money.
Reducing EXCHANGE OF Naira to Dollar have impacted on prices of goods imported in Nigeria. A sumec 2000 generator was N44,000 in 2014, about N85,000 during Buharis regime but now about N250,000 in current administration.
Because of fuel price increase and dollar to Naira devaluation prices of essentials like food, and amenities have also increased.
On the other hand, companies who run on energy because of electricity issues in Nigeria have seen their energy costs increase so much and impacted on their revenue. So many have cut down on work force, and this have increased unemployement.
Because of increasing prices of goods and services employees who salaries have remained static have faced a reduced purchasing power leading many to go into the under-employment bracket, and a significant number of persons falling below middle income bracket, and many above middle to now come down to middle income.
I just painted a picture called inflation.
Ways to fight inflation is saving and investing in opportunities and businesses, going for high income skills
Amutah CHUKWUDI is a Financial Coach and Business Advisor,
Whatsapp,08137701720