At the pace at which inflation is
soaring on a daily basis, with the naira
purchasing power being limited and
diminished in the open market, a Lagos
based Developmental Economist, Henry
Boyo, has predicted that the Federal
Government, might have no option
than to introduce an additional
N10,000 note, if the negative trend is
not checked.
It could be recalled, that since 2015,
the naira has been subjected to intense
pressure, due to the introduction of
diverse contradictory monetary policies
by the President Muhammadu Buhari-
led led Federal Government.
The straw that broke the camel’s back,
was the hike in Premium Motor Spirit,
PMS, popularly called petrol, from
N86.50 per litre to N145 per litre,
which has also affected the price of
Diesel, Kerosene and Aviation fuel.
According to Financial Experts, the
spiral increase in energy sources,
coupled with the hike in electricity
price, had triggered inflation across
board, from 11.4 percent in February,
to 16.5 percent in June.
Boyo, postulated that many households
across the country are presently
severely traumatized by the escalating
prices of goods and services,
particularly in the last six months, or
so.
The uneasy feeling according to him,
has probably become common after
every visit to the market, where the
smallest available plastic sachet, may
be all that is needed to pack your
N10,000 purchase (s) from the
ubiquitous street corner medicine stores
in our cities.
posted by: TAGED
