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The Federal Ministry of Interior last week declared Tuesday and Wednesday as public holidays to mark the end of the Muslim fasting.
Nigerians were expected to resume work on Thursday, meaning that they had three days out of five working days. However, and in a remarkable u-turn, the Ministry added Thursday to the mix concluding that declaring Tuesday as a public holiday was an error.
They explained that their inability to sight the moon was the reason for the delay and as such Nigerians will have to simply just take this as one of those things.
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That error like you rightly guessed is costly to you, the organization where you work and to the larger economy. Just how much are we talking about here?
In our estimate, we believe Nigeria may have lost about N247 billion to this mistake. We arrived at this calculation by dividing the Gross Domestic Product for the first quarter of 2016 by 90 days the derive how much we lost in one day. Nigeria recorded a GDP of N22.262 trillion for the first quarter of 2016.
The gross domestic product of any country is the total number of goods and services produced by a country at any given time.
Unfortunately, no one will be held accountable for this loss. Business continues as usual while the economy bleeds and slides into a recession.
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What do expected from a leader that was voted in by almangeri and uuuuuuuu
Your estimation assumes all business activities stop during the public holidays, whereas only formal sectors of the economy will be inactive while you would expect a boost in entertainment, food, retail and travel related expenditure during the period.
This administration can easily be summarised as a Mistake
THE ONE DAY EXTENSION TO THURSDAY MAY NOT BE NECESSARY CONSIDERING SOME ECONOMIC FACTORS. PERSONALLY, I WOULD CONSIDER THE TWO DAYS HOLIDAYS EXTENDED TO ALL IMPORTANT HOLIDAYS AS TOO MUCH AND THEY SHOULD BE REDUCED TO ONE DAY! THERE ARE TWO MAIN RELIGIONS IN THE COUNTRY (ISLAM AND CHRISTIANITY) EACH RELIGION SHOULD CONSIDER ONE HOLIDAY AS REASONABLE CONSIDERING THE ECONOMIC CONSEQUENCES ORIGINATING FROM TOO MANY HOLIDAYS. LET THE TWO RELIGIONS VOLUNTARILY AGREE TO REDUCING THE TWO TO ONE ONE DAY AND SAVE THIS COUNTRY SOME FUNDS IN TERMS OF TIME FACTORS. I WOULD LIKE TO — USE THE NIGERIAN STOCK EXCHANGE AS AN EXAMPLE: A NORMAL WORKING DAY THAT IS UNEXPECTEDLY TURN TO A PUBLIC HOLIDAY WOULD HAVE COST THE EXCHANGE BILLIONS OF NAIRA JUST AS WHAT HAS HAPPENED WITH THE PRONOUNCEMENT FROM THE NIGERIAN INTERIOR MINISTRY! LET US REDUCE OUR SENTIMENT AND WORK FOR THE PROGRESS OF THIS COUNTRY. AS A MATTER OF FACT, THE UNFAVOURABLE ECONOMIC TRENDS THAT ABOUND IN THE COUNTRY SHOULD BE REDUCED AND CURTAILED IF ONLY WE CAN INCULCATE DISCIPLINE IN OUR DAY TO DAY ACTIVITIES. LET THE FEDERAL GOVERNMENT COME OUT WITH A DYNAMIC PRONOUNCEMENT ABOUT THESE HOLIDAYS THAT IS COSTING THE COUNTRY BILLIONS OF NAIRA PER DAY AND LOOK INTO A MORE PROGRESS SYSTEM THAT WILL PROPEL THE COUNTRY TO ECONOMIC HEIGHT!
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