- ‘ Cases of rape rise to 84% in Nigeria’
- Dana air crash update: 23 aircrash victims’ families yet to receive compensation
- Mimiko inaugurates new Mother & Child hospital today
- N4.56b pension scam: Female accused hospitalised,trial stalled
- Construction workers hail FG’s decision on Lagos-Ibadan expressway
- Senate adjourns plenary for 1 week, dissolves to Appropriation committee.
- Blackout looms as Egbin power plant breaks down
- FMBN, NEXIM, BOA, IB lose N47bn in 6 months - CBN
- FirstBank wins Nigerian Bank of the Year award
- PDP tackles ACN over Tukur’s comments
- Electricity workers threaten strike over Wamakko
- ‘NDIC prosecuted 55 directors, staff of micro finance banks in 2011’
- Judgment in Oni’s appeal stalled, re-fixed for Jan 8
- Slain banker: Deceased had only 3 wounds -Accused’s father
- Appointments: S/West not marginalised —FCC
New coins, N5,000 note will pauperise Nigerians
I am not an Economist, neither am I trained in Business Management, but talking about economic reforms in Nigeria, all we’ve seen so far are bleak promises and fantasies emanating from, and ending only in the reverie of the so - called reformists.
Even little children in primary school are aware that coins are no longer in circulation in Nigeria, as such, items that used to go for five naira have since jumped to five naira for one. Now, methinks turning the N10 and N20 into coins will mean that the cheapest items will sell at N50. Isn’t this sure invitation to inflation?
If this then happens, prices of other items will increase as well, without an attendant increase in the remuneration of workers. What then is in all these so - called reforms for the average Nigerian? The rich will thus continue to get richer while the poor are getting “poorly” poorer.
I think it is time these “foreign” technocrats understand that Nigeria is Nigeria with her peculiar peculiarities. Hence, whatever reform they intend to pursue should be in line with the real realities of our immediate needs.
Areo Samson Kayode,