Sillynomics By Cheta Nwanze | Sahara Reporters

COVID-19 hit harder than Mike Tyson in his prime. Everything from manufacturing, retail, oil and gas, hospitality, aviation, hospitality, and construction got hit hard. The economic shutdown brought about lower production, supply, and demand.

The price of petrol went from ₦123.5 to ₦143.5. In less than a year, food prices have risen by over 50%. As per the SBM Intelligence Jollof Index, the cost of rice has risen by 78% over the past four years. Let us start with devaluation: when a devaluation happens, exports should become cheaper to foreign customers and imports become costlier to those bringing stuff in. We should be seriously working towards drastically improving our export rates. But this devaluation will only make more sense if we have policies in place to encourage businesses to flourish.

It is said that President Muhammadu Buhari has backed the implementation of a cost-reflective electricity tariff structure that will kick in tomorrow. Another contentious issue is the government electing to viciously raise the tax burden on the economy.

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