Dear Subscriber,

Tell your money where to go!

At the heart of a healthy financial life lies a well-crafted budget. Budgeting is not a tedious task that restricts your options. It is a powerful tool that enable you achieve financial goals, allowing your money to work for you. Rachel Cruze beautifully captures this sentiment in her book “Love Your Life, Not Theirs,” affirming that, “A budget doesn’t limit your freedom. It gives you freedom.” The question is, how do you create and maintain a budget that works for you? Good thing the lifestyle section of this Unity Bank digest explores the best practices for creating and following a budget that suits your needs.

From pockets to prices

It seems the FG has heeded the call of Nigerians, to roll out measures that ease their financial woes. With the recent upward review of the minimum wage by 83% to ₦55,000/month from ₦30,000/month prior, demand is likely to increase, fueled by higher discretionary income. Also, the FG temporarily eliminated the 7.5% VAT on diesel for six months to offer some respite on diesel prices. However, global oil prices and Russia’s diesel ban may keep domestic diesel prices elevated. Diesel currently sells for ₦1,030/litre, 37.33% higher from two months ago (₦750/litre).

Elevated diesel prices will worsen the costs of operation for businesses. This will be compounded by the naira depreciation (lost 8.5% to ₦1,013/$ at the parallel market in the last one month), driving the importation costs higher. Furthermore, the upward wage revision might put businesses in a tight spot, potentially leading to layoffs as they struggle to meet salary commitments.

In this edition of the Unity Bank Digest, we bring you an in-depth analysis of these economic issues, as well as some lifestyle and entertainment stories for your reading pleasure.

Please enjoy your read!