I once lived on N100.00 a month. For 4 years between 1986 and 1990, my monthly allowance in University was N100.00 (One Hundred Naira Only).
The frequent devaluation of Nigeria's Naira since 1986 would make it impossible for an undergraduate to live on N100 a month today.
In 1986, after the first devaluation of the Naira, it went from N1 to $1 to N3 to $1. Now we are at N1,705 to $1.
Where are the gains of Naira devaluation?
In 1986, they said devaluation of Naira would promote export. That Nigeria would stop being a mono economy. Almost 40 years after, we are still a mono economy! That should tell us that there is a strong probability that if we continue with all these anti-people policies, Nigeria might be worse off in 15 years.
There is a strong possibility that in 15 years Nigeria may be a crisis zone like Lebanon or Sudan.
Nigeria's economy gets worse off whenever the government implements these recommendations from The World Bank and IFC - International Finance Corporation. That means it is not working for us or we are not doing exactly what they said!
We need to stop listening to these recommendations that keep impoverishing the people or we implement reforms in a way that prospers and not punish the people!
As for me, I am constrained on all sides by the high cost of living. "E choke"!
I am cutting all non essentials including eating out at restaurants and buying new clothes. I am thinking more creatively of how to add value and get more customers. I am cutting my business expenses to the barest minimum. 😑
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