Diesel is about N800 per litre and petrol is N165 per litre. With complete deregulation, petrol will be like N900 per litre. That means, that filling your car with 60 litres tank will cost you N54,000. If you live not far away from the office and a tank can take you for one month, that means, fueling your car will cost you N54,000. You will budget more if you are some distance away from your workplace. Unfortunately, there is no good transport system to abandon your car to use.
Commercialize the university and introduce tuition of say N1m per session. If you have a child in the university, you will have to save N84,000 for a child’s university education every month for one year.
Primary and secondary education is already commercialized as the public primary and secondary schools are already abandoned. If that cost about N300,000 for 3 children, that means you have to save N25,000 per month for that.
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Complete deregulation of electricity will see electricity tariff rise to N120 per kWh or more. If you can manage 150 units for 1 month, that means you will pay N18,000 for energy per month. You may still need to buy fuel of N900 per litre to support your energy need when DISCO strikes.
The deregulated economy will affect rent. Let’s assume your rent will go up to about N500,000 per annum, that means you will have to save N42,000 every month for rent.
The combined effects of deregulation will surely affect living expenses. Let’s set aside N100,000 for a family of 6 (father, mother, and 4 kids) as living expenses in a deregulated economy.
Let’s put N50,000 for calls, data, car servicing, and other miscellaneous expenses per month in a deregulated economy.
That is a total of N373,000 per month.
I hope the incoming capitalist government will pay graduates a starting salary of N400,000 per month to live a life in a deregulated Nigeria and will not assume that a civil servant in the ministry can manage N80,000 per month.
Amoka is a professor of physics from the Ahmadu Bello University
