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.

Bobloco:
↪ 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.

Kobojunkieee:
These people are a bunch of fraudsters!

This is rice that one Monday this government announced would only be available to civil servants and via a website. I checked the website on that day and searched for rice but came up with no results. Now today Thursday, still unable to purchase the rice, we are told the program has been shut down for some stewpid reasons. This government never planned to send the people rice to begin with. This was all part of Tinubu's many lies/frauds against the Nigerian people.

thesicilian:
One thing I've come to find out is Nigerians are worse than the government they criticise

Legendguy:


Nope, corruption start from top to bottom. So anything citizens do they copy from government.
If the government are corrupt free and honest. Corrupt citizens will find it difficult to operate as the law will always go after them. But when the head ( government ) is corrupt the the whole body ( citizens ) will be corrupted, except if they have conscience to know what is bad and not do.

So stop saying citizens are worst than the government. Corruption start from top the bottom

thesicilian:

You mean the government officials became corrupt when they got into office?

thesicilian:
One thing I've come to find out is Nigerians are worse than the government they criticise

Acidosis:
There is nothing illegal or immoral about their decision to resell these bags of rice at the current market price of 85k. We should ask Tulumbu why he remains so ignorant as to think he can sell bags of rice to some Nigerians at half the market price and expect them not to resell it for profit to meet their other household needs. Shey those of us buying for 85k are d v m b abi? LMAO!

No poor, struggling Nigerian today would resell a bag of rice they bought for 40k at the same price in a market where everyone buys for 85k wen no be say they're d u m b. Did these people beg you for rice?? Will rice solve their energy, electricity, school fees, rent, and other inflationary issues??

Until Tulumbu and his arch demons in power abandon the idea of trying to solve every systemic problem in Nigeria with skewed palliatives, nothing will change.

adebayo201:


Is it not from the Nigerians you make the government?

So, don't be surprised.

Betanaija42moro:
This news is fake.

FG has not sold any rice to civil servants for now and the program has been shutdown.

Slytiger:
The average Nigerian is corrupt and criminally minded. These ones will blame the FG too. Ordinary transcript to collect na war in most public universities in Nigeria because of these same corrupt civil servants.

thesicilian:

You mean the government officials became corrupt when they got into office?

thesicilian:
One thing I've come to find out is Nigerians are worse than the government they criticise