One of the most anticipated events in 2024 is the presidential election in Nigeria, which has significant implications for the country's economic policies. President Tinubu, a prominent candidate, has already made some landmark economic policies that are expected to have a direct impact on the people, including their spending during the Christmas season.

One of the most anticipated events in 2024 is the presidential election in Nigeria, which has significant implications for the country's economic policies. President Tinubu, a prominent candidate, has already made some landmark economic policies that are expected to have a direct impact on the people, including their spending during the Christmas season.

One of Tinubu's economic policies that is likely to affect Christmas spending is the attempt to float the naira against the dollar at the foreign exchange market. The decision to float the Naira was made in an effort to diminish the premium existing between the official market and the parallel market. However, this move has caused the headline inflation to stand at a staggering 28.28% against the greenback. This high inflation rate has led to a significant rise in the cost of living for Nigerians, making it more challenging for them to allocate funds for Christmas expenses.

Moreover, the removal of fuel subsidies by President Tinubu has further exacerbated the financial burden on Nigerians during the festive season. The age-long fuel subsidy was eliminated, resulting in a 152% increase in the pump price of fuel, according to the National Bureau of Statistics. This sharp increase in fuel prices has a ripple effect on transportation costs, staple food items, clothing, and other goods, all of which skyrocket to a record high. As a result, ordinary Nigerians find it increasingly difficult to afford the necessary items for celebrating Christmas.

Furthermore, small business owners who rely on petroleum motor spirit (PMS) to power their businesses will also be negatively impacted by Tinubu's economic policies. With the removal of fuel subsidies and the subsequent increase in fuel prices, these business owners will face higher operational costs. This, in turn, may result in higher prices for their goods and services, which can deter consumers from spending on Christmas-related purchases.

Despite the challenges posed by Tinubu's economic policies, Nigerians are resilient and will find ways to celebrate Christmas, although their spending may be dramatically affected. One possible outcome is that people will focus more on essential items and prioritize their spending on necessities rather than luxury goods. This shift in spending behavior can have implications for businesses that rely on Christmas sales, as they may experience a decline in demand for non-essential products.

Looking ahead to 2024, it is crucial for Nigerians to adapt to these economic changes and find ways to mitigate the impact on their finances. Here are three actionable pieces of advice for individuals and small businesses:

• 1. Budget and prioritize: With the rising cost of living and the potential limitations on Christmas spending, it is essential to create a budget and prioritize expenses. Identify the most important items and activities for your Christmas celebration and allocate funds accordingly. This can help ensure that you make the most of your available resources and avoid unnecessary financial strain.

• 2. Explore alternative income sources: If you are a small business owner or an individual looking to supplement your income, consider exploring alternative income sources. This could involve taking on part-time jobs, freelancing, or starting a small side business. Diversifying your income streams can provide additional financial stability during challenging times.

• 3. Support local businesses: As the cost of imported goods may rise due to economic policies, consider supporting local businesses and entrepreneurs. By purchasing locally-made products and engaging the services of local businesses, you can contribute to the growth of the local economy and help sustain livelihoods. Additionally, local products may be more affordable than imported alternatives, making them a viable option for cost-conscious consumers.

In conclusion, President Tinubu's economic policies in 2024 are expected to have a significant impact on Christmas spending in Nigeria. The attempt to float the naira against the dollar, the removal of fuel subsidies, and the subsequent rise in inflation and transportation costs all contribute to a more challenging financial environment for Nigerians during the festive season. However, with careful budgeting, exploration of alternative income sources, and support for local businesses, individuals and small businesses can navigate these economic changes and still enjoy a meaningful Christmas celebration.