Some civil servants bought 50kg bags of rice at ₦40,000 and resold it at ₦85,000.
This was the claim of Bismarck Rewane, a popular economist and the Executive Director of Financial Derivatives.
Rewane disclosed this on Thursday in an interview with Channels Television.
“Our team went into the market Yesterday(Wednesday),… The price of rice coincidently went up by 3.62 percent to ₦85,000. This is happening at the time the federal government is selling rice to public servants at ₦40,000 per 50-kilogram bag. While in what I can now describe as the parallel market for rice stood at ₦85,000. What happens is that the civil servant will buy at ₦40,000 per bag and sell at ₦85,000, that is inefficient”, he said.
This is sequel to the suspension of the sales of subsidised 50kg bags of rice to civil servants for ₦40,000.
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