Rewane alerts scam of public servants buying ‘Tinubu rice’ at official rate, reselling at “parallel market” rate
By Jeph Ajobaju, Chief Copy Editor
Financial Derivatives Company Executive Director Bismarck Rewane has alerted on how some public servants bought for N40,000 the 50kg bags of rice distributed by Bola Tinubu and resold them for N85,000 to defeat what was intended to be part of subsidised presidential palliatives to cushion the pangs of hunger across the country.
Rewane, an economist – who once warned that “you can fake news but you cannot fake prosperity” – disclosed on Channels Television the price of rice in the “Parallel market” has risen 3.62 per cent from 83,000 to N85,000 which is more than double the subsidised price of N40,000.
His words: “Our team went into the market [on Wednesday] .… The price of rice coincidently went up by 3.62 per cent 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.”
Abuja on Thursday announced the suspension of the sale of 50kg bags of rice to civil servants at N40,000.
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