MoneybyZikoko: Your Big Break Might Be One Business Idea Away

Good morning,

Last year, the Nigerian government removed subsidies on petroleum products, leading to a sudden hike in the price of fuel, transportation, and even food items. Nothing remained the same.

However, according to a government document, the Accelerated Stabilisation and Advancement Plan (ASAP), the government is still paying subsidies. It’s more interesting that they might spend up to ₦5.4 trillion on petrol subsidies this year, a considerable increase from the ₦3.6 trillion that went into the same expense in 2023.

The government maintained that the petrol subsidy was gone following President Tinubu’s May 29, 2023 announcement. But now, Finance Minister Wale Edun says the subsidy removal ” is an ongoing process” and that the government is still working to ensure a complete removal in the country’s economy.

Does this mean the fuel price will likely shoot up again like last year?

Fascinating, isn’t it? But let’s get into today’s dispatch.

In this letter:

• #NairaLife:The Business Owner Who Struck Gold Selling Sex Toys
• What to Do During the Notice Period, According to 7 Nigerian 9–5ers
• Aunty M: How Do I Tell My Girlfriend to Decrease Our Living Expenses?
• #ZikokoMoneyVideo:How Long Will ₦100k Last You With Your Current Lifestyle?
• QUIZ: If You Relate to 8 Things on This Quiz, You’re Definitely Rich
• Where The Money At?!

The 26-year-old business owner in this #NairaLife tried different business ideas before getting a break with sex toys in 2021. She’s tried to replicate her success with another mini-importation business but has now decided to stick to the toys.

According to her, it’s easy money.

Read her #NairaLife here

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Resignations and layoffs aren’t strange terms in capitalism, and while the latter usually comes as a surprise, it’s not often immediate. There are often a few days or weeks to tie up loose ends — the notice period, AKA that “hanging around” period when you’re not really working but still “working”.

We asked some 9-5ers who’ve been in this situation to share what they did — or didn’t do — during this period. Think of it as a guide.

What they said

Hi, Aunty M.
How do I tell my babe we have to decrease our living expenses (hers, Lol)? She’s already become used to the lifestyle I provide for her. I give her ₦300k monthly. But now, that’s exactly how much I make every month. I’m now dipping into savings to fund her. And it’s in the red now.
Her birthday is coming up soon, I don’t know how I’ll gift her knowing she has some rich friends who will probably give her more expensive things. – Asake, 23

Hi Asake.

I’m sorry this is happening. But you need to have a conversation with her. I would sit her down and tell her:

“Hi babe, I want to have an honest conversation with you. I love spoiling you and providing for you, and I hope to be able to do it for a long time. As you know, my financial situation has changed a bit. Right now, I’m dipping into my savings for your allowance, which is impacting my ability to save for both the long terms I have for myself and for us. I’m going to need to reduce your monthly allowance to ₦100k (or whatever you can afford without impacting your finances) until I can increase my income. How do you feel about this? I value you and your input, so let’s talk.”

As for her birthday, ask her what is on her wishlist or what activity she’d like to do for her birthday. Choose what is within your budget. Try not to compare yourself to her rich friends. You occupy a different place in her life. Have her rich friends been giving her ₦300k a month for God knows how many months?

I know this is a scary conversation, but you’ve got this! If she reacts well, you know she is a good partner for you. Also, you’re only 23; you need to be preparing for your future, abeg.

Xoxo,
Reni

• Have a money question? Ask Reni here and we’ll take it from there

Watch the video here