Surviving Amidst The Peaceful Crises In Nigeria

Good standard of living seems to be a difficult thing to achieve in this period of inflation in Nigeria’s economy. Overtime, the socio-economic status of an individual is either to belong to the rich, average or poor class. Unfortunately, the average class seems to have been eradicated from the surviving equation of Nigerians. It is either you are rich or you are poor

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The peaceful crisis which started, with the devaluation of Naira to other currencies. The fall of Naira against dollar which was previously N471 to 1dollar but now N750 to 1 dollar and Pound which was N589.4 to 1Pound but now N957.2 to 1Pound became aggravated when President Tinubu during his Inaugral speech announced the removal of fuel subsidy.

The removal of the fuel subsidy resulted in a hike in fuel price all over the nation. Although, it is being said that the removal of the fuel subsidy is a process that must be experienced for the betterment of the Nation’s economy. Even though, the negative effect which we hope to be temporal on the Nigeri a economy cannot be disregarded.

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The effect of the economic downturn of the country has led to an increase in the prices of all commodities in the country as even “the poor can no longer breathe”. The economy has been so suffocating, that the poor can no longer brag of sending their children or wards to school as there has been an outrageous increase of tuition fees in Federal Universities, which happens to be the hope of the common man that he can afford to give his children or wards the quality education that they need

Amidst all these imbalances, the Nigeria Labour Congress, has entered into a Tug-of-war with the Federal Government regarding the removal of fuel subsidy and every other policies, which are not in favour of the masses. However, the Presidential speech yesterday gives signal that the fuel subsidy which has been the genesis of this problem won’t be removed anytime soon or even at all.

As we remain hopeful for a better tommorow, it is expected that we are conscious and make sure we survive this hard times. Therefore, we must live even amidst this crises, to ensure we do not get drowned before the whole situation is restored. Every Nigerian must make budgeting and planning part of their life. Impulse spending and buying must be avoided and everyone must identify the less expensive and always figure out alternative to keep them in check.

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Every budget and planning made should not be based on previous spending habit, but it should be based on the recent income. Building of budget must be in a way that every Naira earned or gotten is allocated to a line item in the budget to help spend consciously and wisely in order to ensure that one do not spend beyond his or her limit.

Finally, to compliment the budget, it is important to plan ahead as it help one make intentional decision when it comes to expenses. Look for areas where good alternatives can come in without negative effect and employ it to the situation so the expenses can be reduced, save more and get out of debts. Even though reducing expenses is not an easy step, because it requires sacrifices most time, but this is a sure way to living within one’s means and spending less.