With more and more Nigerian being financially affected by the COVID-19 pandemic, there are inevitably going to be numerous financial problems in Nigerian households. That is why the news of the Nigerian government giving ₦30,000 to each Nigerian looked so promising. But is it really going to happen? Find out right now!
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1. Is it true?
Last week, several news sites reported the supposed statement from President Buhari’s special adviser on media and publicity, Femi Adesina. The statement said that the government planned to give every Nigerian ₦30,000 as a relief fund to support their basic needs during the coronavirus shutdown.
The news said that every Nigerian with a Bank Verification Number (BVN) was entitled to a ₦30,000 relief package from the government. The relief fund was designed for Nigerians who have been financially affected by the COVID-19 crisis and now had trouble buying food for their families.
However, earlier this week, Femi Adesina used his official Twitter account to disparage the rumours. He said that the reports did not come from him and denied the fact that any relief fund was being planned by the Nigerian government. This means, unfortunately, that there will be no official financial help from the government at this stage of the crisis.
Fake news peddlers have concocted a statement, purportedly issued by me, saying FG will pay N30,000 to each Nigerian with BVN, to help them stock up before an impending national lockdown. Not me. The so-called statement is hereby disclaimed.
2. What is happening in other countries?
As of today, 200 countries have reported coronavirus cases, with some countries like the US, Italy, and Spain being particularly affected by the disease. As the coronavirus pandemic affects not only the health, but also the financial well-being of the citizens, several countries of the world have rolled out their own versions of relief funds.
Countries like the US, the UK, Germany, Australia, and a few others are planning to give their citizens a certain amount of money to help them last through the pandemic. In some countries, the payments will be universal, while others reserved their financial help only to unemployed citizens.
However, Nigeria is certainly not the only country that is not providing financial aid to its citizens, as dozens of other countries are mostly focused on combatting the coronavirus and have left their citizens to fend for themselves in this trying time.
3. How to manage your money during the crisis
Unless you have a constant and unlimited source of income, you are probably going to be financially affected by the COVID-19 crisis, especially without any financial aid from the government. Here is how to make the money you have last longer during the pandemic:
Read more: Where Did Coronavirus Come From?
- Reduce nonessential spending. Right now, you should only spend money on absolute necessities like food, hygienic items, medicine, baby care products, and pet food. Nonessential purchases like clothes, gadgets, beauty products, and home appliances can wait until the end of the pandemic.
- Watch out for deals. Even though many businesses consider the coronavirus crisis a reason to inflate their prices, some stores and online sellers actually want to help people. They offer deals on essential goods that allow you to save some money on essential purchases.
- Consider using loans and credit cards. Credit cards and loans are not a source of free money, meaning they need to be repaid eventually, but they can help you last during the toughest of times. Just make sure you only spend that money on the essentials and pay them back as early as you can.
- Praise yourself for saving. Limiting yourself to only essential purchases may be tough if you are used to pampering yourself with unnecessary spending. Verbally praising yourself for reducing your spending will cheer you up and give you the stamina you need to go on.
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