The Dwindling Value of the Naira; Its Effect on Nigeria Economy and Social Relation.

It is no news that the state of the Nigeria nation requires proper diagnosis and special attention.
The value of naira has continued to fall compare to the dollar, this is as a result of the fall in the price of crude oil in the international market. As we all know that the main stay of the Nigeria economy is crude oil; as it constitutes about 90% of the Nigeria source of revenue. Ever since the time the Nigeria government shifted majorly from agriculture, which use to serve as the major source of revenue for the government in the pre-independence era and also some time after the independence i.e before the oil boom, the Nigeria economy has continuously face a lot of hiccups. This has greatly affected several sectors of the economy. The number of unemployment is rising sporadically everyday; thereby creating millions of jobless youths who continuously roam about the street; they also have ample time to engage in irrelevance act, this may include activities that does not have a positive impact on the economy, rather an increase in daily crime rates recorded.
This major economic set back has also have an adverse effect even in the family. The father who is the bread winner of the family, now find it difficult to even provide three square meal and a good shelter for his family as a result of retrenchment from government work; which came as a policy of the government to reduce their spending due to reduction in government’s income.
The reduction in the revenue of the Nigeria government has also led to an increase in the level of corruption in the country. Corruption which is a cankerworm that has eating deep into values of Nigeria has taken a sporadic increase since the reduction in the government revenue; has those bourgeoisie who have benefited from the economy continually find a way to stay at the upper structure of the social class; this may involve them embezzling part of the little revenue that get to the purse of the state, Instead of them redistributing the revenue among the populace of the country.
As result of the fall in oil price at the world market, which was the major cause of the reduction in the revenue of the Nigeria government; as Nigeria is a mono economy state? The net migration of the country has increased, because the number of emigrants is more than that of the immigrants. People now move to other neighboring countries like Ghana and South Africa; some even travel across the Atlantic Ocean to Europe in search of greener pasture.



The value of the naira has also affected other social institution, such as the political institution. The struggle to control the economic power of the state has heightened up; the struggle to control the few available revenue of the government is nothing to write home about. Several government institutions even find it difficult to pay the salary of their workers. In December 2014, the federal government literarily fined it difficult to pay the salary of the workers of some government parastatals. This has affected money in circulation; as people have little money at hand, which transcends to the reduction in purchasing power of the populace. The market woman now find it difficult to provide for her family as a result of the fact that the demand for her commodity is low, thereby leading to a reduction in her income.


In addition, the educational institution is not left out of this issue. There has been an increase in the cost of education in the country. The allocation that comes to various higher institutions has now been reduced; the reason for this is the decrease in the revenue that accrues to the government. The ministry of education now gets little allocation from the government as a result of the austerity measure embarked upon by the government. This reduction in the allocation to the Vice Chancellors of various Universities in Nigeria, has led to the reduction in the developmental projects embarked upon by Vice Chancellors of various Nigerian universities .


The governor of Niger State Babangida Aliyu said in the year 2014 that if care is not taken, several states of the federation will find it difficult to sustain themselves, Governor Ayodele Fayose also recently asserted that if care is not taken, the country may run into huge debt.
It is high time the menace of dwindling economy which is as a result of a massive drop in oil price in the international Market be salvaged by the Nigeria Government. Many state Governors have already used as a major reason why they are owing the state Civil Servant salaries of many month, even when the federal Government have deemed it to come to their ad through the bailout fund, as this has already cause a lot of chaos in many families and it has affected social relations in Nigeria…. #SaveNigeriaEconomy


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