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(Wednesday),… 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.
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