By Aliyu Nuhu
The federal government of Nigeria has approved DISCOS to increase the price of electricity in September. It could be as early as Monday. Already Lagos DISCOS had issued notices to that effect. It will interest you also to know that NNPC will increase the price of petroleum anytime. It could be in a matter of weeks.
The implications are so many. Inflation that is hovering around 100% will be on the rooftop. About 90% of Nigerians are already finding it difficult to feed. Salary earners will turn to beggars as inflation without a commensurate salary increase will see them working for peanuts. Life will be worse off for those that earn nothing. Businesses will be running at a loss. Even before the electricity price increase, most companies said they were working for DISCOS. This is because electricity prices by far outstrip their net profit.
The government said it wants to reduce poverty, but the major component of poverty is hunger. No man with an empty stomach can claim to be rich. The government wants to revive the economy and restore the strength of the Naira. There is no faster way to kill the Naira than allowing inflation to run unchecked.
Prices of cooking gas, kerosene and diesel have long been increased. Poor Nigerians will surely be in a sorry state by the time the government completes its increments in energy prices.
With his harsh economic policies, President Buhari is becoming the undertaker of the poor Nigerians that helped put him in power. Some of them used their last savings to buy his campaign cards that gave him the money to spend on his election, and this is how he is paying them. It is so bad.