Renowned development economist Professor Chiwuike Uba has revealed that the coming year will bring with it lots of economic hardships and has urged Nigerians to be prepared for them, News About Nigeria reports.
The Executive Director of the Amaka Chiwuike Uba Foundation (ACUF) Initiative for Policy and Governance made this known while speaking with newsmen in Enugu on Tuesday.
He noted that according to the Bureau of Statistics, at least 133 million people are multi-dimensionally poor and are also facing deprivations that are beyond just financial limitations.
He further noted that the alarming inflation rate of 28.20% as of November 2023 underscores the exorbitant costs associated with necessities and urged Nigerians to adopt a prudent approach to their finances, prioritising essential and budget-friendly spending.
Uba, however, observed that despite the harsh economic climate in the country, Nigerians lacked sufficient financial caution, and most were not prudent with their finances.
He added that most Nigerians tend to spend like government officials, even when facing personal economic difficulties.
He attributed this spending habit to the intricate interplay between cultural practices, economic circumstances, and the tendency to emulate the behaviours of those in power, maintaining that despite the widespread poverty in the country, it was a reminder of the complexities embedded within Nigerian society.
He also noted that while the expected sparingness during the holiday season may seem logical, societal norms often steer individuals down a different path, leading to extravagant expenditures even in the face of adversity, and therefore advised that Nigerians cut down their expenses so as not to be overwhelmed in the coming year.
