The Federal Ministry of Interior last week declared Tuesday and Wednesday as public holidays to mark the end of the Muslim fasting.
Nigerians were expected to resume work on Thursday, meaning that they had three days out of five working days. However, and in a remarkable u-turn, the Ministry added Thursday to the mix concluding that declaring Tuesday as a public holiday was an error.
They explained that their inability to sight the moon was the reason for the delay and as such Nigerians will have to simply just take this as one of those things.
That error like you rightly guessed is costly to you, the organization where you work and to the larger economy. Just how much are we talking about here?
In our estimate, we believe Nigeria may have lost about N247 billion to this mistake. We arrived at this calculation by dividing the Gross Domestic Product for the first quarter of 2016 by 90 days the derive how much we lost in one day. Nigeria recorded a GDP of N22.262 trillion for the first quarter of 2016.
The gross domestic product of any country is the total number of goods and services produced by a country at any given time.
Unfortunately, no one will be held accountable for this loss. Business continues as usual while the economy bleeds and slides into a recession.
The post above and its ensuing comments, if any, is purely the opinion of the writer(s). It therefore should never be considered as an investment advise of any sort. If required, readers should please consult a competent professional financial adviser for any investment decision.