Cut Your Expenses To Survive Economic Hardship, Expert Tells Nigerians

A tax expert, Mr Oluwatobi Abiola, has advised Nigerians to diversify their income streams and cut expenses as ways out of the nation’s economic challenges,

Abiola, Director, Chairman Office Group, Federal Inland Revenue Service (FIRS) gave the advice on Tuesday in Ede, Osun state while delivering a public lecture at the Redeemer’s University’s Bursary Week.

The theme of the public lecture is,“Surviving in a Challenging Economy”.

Abiola, an accountant, said the present reality was that the harsh economy was affecting both the rich and the poor.

He said one of the measures Nigerians could take to mitigate the harsh economy was to prioritise their expenses.

According to him, in a challenging economy as we have in the country, there would be little opportunity for employment, as many manufacturing companies were down with loses.

“The strategies to apply to survive this economic hardship include, reviewing your expenses, tracking your expenses over a period to understand where your money is going.

“Individuals must manage their portfolio (spending and income) very well, avoid unnecessary financial risks and reduce debts.

“Entrepreneurs should retain their earnings and engage in sustainable operations to weather the challenging economy.” he said

In his remarks, Prof. Ahmad Yerima, the acting Vice-Chancellor of the university stressed that Nigeria was going through a challenging economy.

Yerima, said the economy is tough and many Nigerians are having hard times to survive.