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.