Depending on what side of the spectrum you are standing on, the year 2020 has been both eventful and challenging for households, businesses and governments all around the world. The COVID-19 pandemic has revealed how volatile the global economy is. Coming down home, Nigeria is witnessing a downturn in its economic fortunes, owing to the fall in the price of crude oil, which is the mainstay of Africa’s largest economy. The federal government is in dire straits, hence its aggressive drive to expand its sources of revenue. Sadly, the Nigerian economy is heavily dependent on importation, and this places serious pressure on the local economy and currency.

The implementation of new economic policies is beginning to negatively impact the living conditions of Nigerians, and the citizens have expressed displeasure over the new multiple financial burdens they must endure, even in the midst of the COVID-19 pandemic.

With no significant stimulus packages from government, households have had to rely on savings to get by, some businesses were forced to cut down their workforce, some who survived the workplace fire did so with varying degrees of burns on their pay envelopes. Many argue that the timing of the federal government’s implementation of its new economic policies is ill-advised and will worsen the country’s inflation situation, as the burden of these new fees and utility charges will be passed down to end-users.

Let us take a look at the Top 7 Reasons why 2020 has been Nigeria’s toughest economic year, in a long while:

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