Four Important financial impacts of Covid-19 on Nigerians

Since the outbreak of the global Covid-19 pandemic, things generally are no longer the same due to the effect of the pandemic.

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Since the outbreak of the global Covid-19 pandemic, things generally are no longer the same due to the effect of the pandemic. As at Monday night, the world has recorded more than 5 million cases of the Covid-19 cases which already thousands of people have died and still dying from it.

In Nigeria already we have recorded about 8068 cases and 233 deaths from the virus. There is a rising fear that the number of people who will contract the virus will still continue to rise if there is no known solution to it yet.
The pandemic coupled with the lockdown orders have drastically taken a toll on the finances of Nigerians. Below are four ways Nigerians are affected financially by the health crisis;

1. Increased fare: According the health agency, one of the ways of preventing the spread of this virus is through social distancing. So in order for individuals to avoid direct contact with one another, the government have placed orders in the transport sectors given to the drivers to avoid congestion of passengers in their vehicles and to carry lesser number of people which means that price of transport fare will increase so that they could meet up to the amount that they used to make before the pandemic.

2. More consumption of food: What were you expecting before when you tell grown-ups and most especially children to stay at home probably doing nothing. Of course, the level of hunger will increase and there will be more need for people to consume food, so in order to satisfy themselves they will end up with little or no income trying to get food.

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3. Salary cuts: This particularly one is the most painful, can you imagine the mist of difficult times the government is seen cutting the small salary that they used to pay into half or even quarter and some sectors have to even lay off staffs. So sad and depressing.

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4. Fewer working hours: To ensure the safety of people, government has made it a mandatory to reduce the working hours of workers which means that the level of productivity will also have to reduce too and when there is less productivity it affects the revenues of such work places.

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