The whooping amount of money Nigeria is set to lose because of the postponed elections, has been revealed.President, National Association of Nigerian Traders (NANTs) Mr Ken Ukaoha says the country will lose more than N140 billion due to the postponement of the general elections, Vanguard reports.
Ukaoha said this in Abuja on Saturday that the postponement would affect the trading sector adversely. Ukaoha noted that the postponement would affect the economy adversely in terms of money that the government, political parties and ordinary Nigerians had already expended on logistics and otherwise.
Ukaoha described the elections postponement as appalling and unfortunate which could make the nation become a laughing-stock in among comity of nations. He noted that many traders did not open their shops due to the election.
“I am not talking of the manufacturing sector, transporters and the farmers; even workers were asked not to go to work.
“We need to be adequately prepared for elections,” he said.
“The loss is monumental if you look at the economic consequences, essentially if you look at the trade, Nigeria depends so much on daily turning of fund through distribution and redistribution of goods and commodity.
“I am telling you that with this calculation I have just done here, we are losing nothing less than 140 billion naira, because all got this information so late.
“If you go round now you will see that the shops are close, so we are losing chunk of money just for this incident.
“We are not talking about the manufacturers and the industrialists because they have all sent their workers away to go and perform their civic duty.
“Farmers did not go to their farms because they want to exercise their franchise. If you do the computation your guess is as good as mine in terms of what the nation is losing, we should learn.