Bismarck Rewane, a popular economist and the Executive Director of Financial Derivatives has alleged that some civil servants bought 50kg bags of rice at N40,000 and resold it at N85,000.
Rewane disclosed this on Thursday in an interview with Channels Television According to him, the price of rice which he described as a 'Parallel market' increased by 3.62 percent to N85,000 from 83,000 despite the government's subsidized price of N40,000. 'Our team went into the market Yesterday,... The price of rice coincidently went up by 3.62 percent to N85,000.
This is happening at the time the federal government is selling rice to public servants at N40,000 per 50-kilogram bag. While in what I can now describe as the parallel market for rice stood at N85,000. What happens is that the civil servant will buy at N40,000 per bag and sell at N85,000, that is inefficient', he said. This comes as the federal government on Thursday announced the suspension of the sale of 50kg bags of rice to civil servants at N40,000.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
N40,000 per 50kg bag of rice already available – Nigerian govt assures citizensThe Nigerian government has assured its citizens that its N40,000 per 50-kilogram bag of rice is already available across locations in the country. Minister of Information and National Orientation, Mohammed Idris made this known while reacting to questions by Journalists during a press briefing on Wednesday in Abuja.
Read more »
FG begins sale of 50kg rice for N40k to address rising cost of foodThe federal government has announced the sale of a 50kg bag of rice for N40,000.
Read more »
Nigerians can now buy bag of rice at N40,000, no need for protests, says FGWith 48 hours to go in the countdown to the nationwide protests against hunger, Nigerians planning to join should begin to rethink their stance.
Read more »
Minister: Why FG hasn’t announced centres for sale of N40,000 riceThe Minister of Information and National Orientation, Mohammed Idris, has said that although the bags of rice to be sold
Read more »
Hunger: Nigerian Govt suspends plan to sell 50kg bags of rice to civil servantsThe Federal Government has suspended the plan to sell subsidised 50kg bags of rice to civil servants for N40,000.
Read more »
Reps monthly salary is N600,000, not N900,000, says SpokespersonThe House of Representatives’ monthly salary is N600,000 as against the N900,000 that is being speculated, says Rep. Akin Rotimi.
Read more »