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Babachir says the shoe he bought for ₦78k 3 years ago now costs ₦1.3m

Babachir says Nigeria’s economy does not normally follow the known pattern of economic operations in textbooks.

The former Secretary to Government of Federation (SGF), Babachir Lawal,

Lawal decried the current economic situation of the country, saying it defies textbook economics.

Speaking in an interview with TheCable, the former SGF said the naira continues to fall despite several moves by Yemi Cardoso, the Governor of the Central Bank of Nigeria, to rescue it.

According to him, the pair of shoes he bought for ₦78,000 some three years ago is now worth ₦1.3 million, due to the fall of the naira.

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He said, “I went to a shop two weeks ago to buy a suitable canvas for farm work because the one I have is worn out. I went to Shoprite to buy a replacement and some T-shirts that are good for farming. The shoe that I was using, which is now old, I bought for 78,000 some three years ago. That same shoe is now worth 1.3 million. I went round the shops to see if I could find it less, but the only one I got, which I could manage, was 780,000. I am sure the price must have gone up today. I made a decision that I would not buy anything in Nigeria again and would manage whatever I had, except maybe drugs for my health.”

Lawal, who fell out with President Bola Tinubu during the build-up to the 2023 presidential election because of the ruling party’s choice to fly a Muslim-Muslim ticket, said he believes the president has the requisite skills to rule Nigeria, but his appointees have built a wall around him, preventing him from assessing the true situation of the country.

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