Four Financial Effects of Covid-19 On Nigerians

Things are no longer the same all around due to the coronavirus pandemic. As at Monday night, more than five million cases have been recorded all over the world with thousands of people dying from it.

In Nigeria, as at Monday night, 8,068 people have contracted the virus with, with 233 deaths. There are fears that this figure will continue to rise, until a lasting solution is found.

The pandemic has also taken a toll on the finances of Nigerians. Here are four ways Nigerians are affected financially by the health crisis:

1. Increased fare

One measure to prevent contracting COVID-19 is social distancing. This means one has to be two-meters apart from the other person. Transporters have been forced to adhere to this “new” rule and as such they have increased the transport fare of the few passengers that board their vehicles.

2. More consumption of food

It is becoming increasingly difficult for people to eat three times in a day during coronavirus crisis. Prices of foodstuff are increased, leaving people with little or no income.

3. Salary cuts

This is one sad reality coronavirus has brought to many Nigerian workers. Companies and industries have explained the difficulties they are passing through to operate and have no option than to either lay off some staff or cut salaries. This has left a sour taste in the mouth of Nigerian workers.

4. Fewer working hours

The Federal Government has mandates offices to open only between 8am and 3pm, meaning people work less hours with fewer productivity. When productivity is lower, revenues will be affected, leading to salary cuts and less fulfilment.

One comment

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.