Dear Subscriber,
Make personal budgeting a habit
Rosette Mugidde Wamambe, a renowned Ugandan commercial lawyer, once said, “Budgeting is not just for people who do not have enough money. It is for everyone who wants to ensure that their money is enough”.
With a lot of financial responsibilities lining up and requiring our attention, it gets overwhelming to decide which to prioritize. This is where budgeting comes in. No doubt, times are hard, especially with the rising prices of necessities, and it becomes very challenging to stick to a budget. However, even in these tough times, money management becomes necessary. In the lifestyle section of this Unity Bank digest, we share some helpful tips for first-time budgeting.
Prices are on the upswing – Inflation to edge higher
Consumers are reeling under intense pressure from the rising cost of living in the country. Disposable income continues to shrink owing to higher food prices, a hike in the price of petrol, and electricity tariff adjustments. In the past 5 weeks, the price of petrol has spiked by 150% to ₦500/litre, while the price of a basket of tomatoes has jumped by 45% from ₦55,000 in May to as high as ₦100,000 before trending downwards to ₦80,000 in July. Also noteworthy is the direction of the price of bread. The bread price increased by 11% in one month to ₦1,000 from ₦900 due to the exchange rate pass-through effect and elevated logistics costs.
Lagos, the mega city that needs an upgrade
The Economist Intelligence Unit (EIU) ranked Lagos in its 2023 Global Liveability Report as the fourth worst city (after Algiers, Tripoli, and Damascus) to live in the world. The report, which surveyed 173 cities based on 30 qualitative and quantitative measures, scored Lagos low in healthcare, education, environmental sustainability, infrastructural development, and socio-political stability. This means that the Lagos metropolis will need to ensure the speedy completion of its monorail services, among other initiatives, to make life more amenable to its numerous residents, who are mainly living on the fringe.
In this edition of the Unity Bank Digest, we analyse these economic issues, including lifestyle and entertainment stories, for your reading pleasure.
Please enjoy your read!
