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Opinion

Government Panics as Cost of Living Crisis Deepens

Published

1 year ago

on

Professor Jibril Ibrahim

 

Jibrin Ibrahim

The Tinubu Administration is a fanatic believer in economic liberalism and market forces. Based on its belief, it cancelled fuel subsidy and floated the naira so that it can find its true value. The naira played its part and has been rising steadily desperately searching for its true market value, which it turns out, is still very far away. The result is a “misery crisis” as food prices rise beyond the incomes of ordinary citizens whose naira is too small to enable them purchase food and hunger and anger spreads throughout the land. The President who always tells Nigerians that he understands their pains then offers a solution and orders distribution of free grains from the Strategic Food Reserves. It turned out the civil servants forgot to brief him that the reserves are empty.

Over the past few weeks, hunger and anger have led to street protests all over the country and strike threats. Our politically savvy President sensing the danger decides that since the stupid market forces are now threatening his turn to rule in peace, he must find a diversion. If you search, you will find. The Bureau de Change operators, the “Mallams”, are responsible for destroying the capacity of the “market forces” he unleashed to bring down the cost of living. He therefore got the EFCC to establish a Special Task Force across its commands, to clamp down on individuals “dollarizing” the Nigerian economy. The gun trotting operatives of the Economic and Financial Crimes Commission have since Monday been raiding Bureau de Change operators and arresting them all over the country. The task force which was inaugurated by the Executive Chairman of the Commission, Ola Olukoyede, was raised: “to protect the economy from abuses, leakages, and distortions exposing it to instability and disruption”, we were told.

Those of us of a certain age were brought up in an era in which the dollar did not circulate as a means of exchange or store of value and we used our currency, the naira. Did our Afrobeat hero Fela Kuti not do to jail for having dollars cash that he wanted to travel out of the country with to perform in a concert? Then the neoliberals told us it was imperative to allow free purchase and sell of foreign currency. They even encouraged us to open domiciliary accounts in our banks to store foreign currency which government guaranteed will be safe as the ideology of free markets requires the assurance. The Central Bank of Nigeria licensed thousands of BDCs and asked them to trade in currencies. Why the hell are they being arrested today for doing what the law asked them to do? The other panic move is to place the blame on crypto-currency websites for stealing the value of the naira. The issue is that the few people with naira, conscious of its steady and daily loss of value, would seek to protect their asset anyway they can, won’t they?

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The fact of the matter is that we are simply not earning enough foreign currency to meet our high demands for imported goods. In so doing, for decades, we have relied on petroleum rent as our major source of foreign currency. Then to our shock, in 2022, the Group Managing Director of NNPCL, Mele Kyari, explained to us in a State House media briefing that most of our petroleum was being stolen so the dollars are no longer coming in. Mr. Kyari blamed various sections of the Nigerian society for being complicit in the theft of millions of barrels of crude oil, mentioning even that make-shift pipelines and stolen fuel have been found in churches and mosques.

We were told that between January and July 2022, Africa’s biggest oil producer lost an average of 437,000 barrels of oil a day to criminal entities and individuals who illicitly tap pipelines onshore and offshore in the Niger Delta region. The solution to the problem is therefore clear – stop the oil theft and more dollars will come in. The bigger issue is that for a rentier State, safeguarding the source of rent is an existential problem and simple logic should have prevailed and made the state stop the theft. The underlying reality, as we all know however, is that our political leaders and upper echelons of our security forces are beneficiaries of the oil theft. They have taken the decision to eat the goose that lays the golden egg and move to Dubai thereafter as rich refugees.

There is still an explanation needed for the astronomic collapse of the Naira over the past few weeks. What the hell is going on? The answer, says the research done by Business Day is that we should look at those with a lot of naira – government. Since the removal of fuel subsidy, the Federal and State governments have been receiving massive amounts of naira through the disbursement of money by the Federation Account Allocation Committee (FAAC). BusinessDay learnt that portions of the funds from FAAC were often changed to dollars by some governments at the parallel market, putting more pressure on the naira. Their analysis shows that from July 2023 to January 2024, the naira depreciated in the black market for the six months immediately after the FAAC shared money to the federal, state and local governments:

“With the removal of fuel subsidy, more volumes of naira are being shared by the federal, state and local governments and some of these monies are changed to dollars at the parallel market.” BusinessDay has asked us to open our eyes from now on. We should note the price of dollars one week before FAAC allocation, check back the price after the allocation and you will see clearly the difference. Let’s all do that and know that those who should go to jail are some of our governors and ministers. President Tinubu, please stop panicking, just look around you and you shall see.

Professor Jibrin Ibrahim
Senior Fellow
Centre for Democracy and Development, Abuja
Follow me on twitter @jibrinibrahim17

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Opinion

Ganduje’s Visit of Shame, By Adnan Mukhtar

Published

2 days ago

on

April 12, 2025

By

 

The visit of Alhaji Atiku Abubakar to former President Muhammadu Buhari has given the All Progressives Congress a sleepless night.

At a time when the party should focus on how to better the life of Nigerians as a result of the hardship since the inauguration of President Bola Ahmed Tinubu; the party has resorted to acting like an opposition.

It’s obviously clear that Atiku is setting a precedent for the party to follow. Even though he has told the world that his visit to the former President is a personal one, a post sallah visit as he told Nigerians on his Facebook Page; the former Vice President has reiterated his commitment to forming a formidable coalition that will defeat President Tinubu in 2027.

Shortly after Atiku’s visit, Ganduje rushed to the Kaduna residence of Muhammadu Buhari to visit him alongside some members of his National Working Committee.

When asked by journalists about his take on the Coalition; he replied, “We are not concerned about any coalition.”

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If they are not concerned, then why the rush to visit Buhari after Atiku’s visit. It was the APC governors in the first place, as reported by some national dailies. The visit was to persuade Buhari to stop his people from joining the coalition.

Whatever, the upcoming coalition is for the good of this country, it is an effort to rescue the country in the hands of President Tinubu, who has inflicted hardship in all ramifications to Nigerians

There is kidnapping in the land, of recent bandits kidnapped a retired major General and former head of one of our critical national institutions NYSC, what confidence would it give our corps members.

The government is taking credit of his release, to this moment, the truth of the matter hasn’t prevailed. Was General Tsiga released after payment of ransome or rescued by security agencies?

Every well-meaning Nigerian should support the coalition, it’s is not about Atiku or El-rufai; it is about the future of Nigeria as a nation.

The APC as a party should call it’s son President Tinubu, to order so that he can do the needful to fix this country from the current mess, not following every footstep of Atiku.

Atiku is indeed a powerful opposition figure.

Atiku’s Visit to Binta Yar’adua

Shortly after his visit to former President Muhammadu Buhari, Atiku visited the wife of his lifetime mentor, General Shehu Musa Yaradua.

The visit symbolises Atiku’s loyalty to his mentor Shehu Yaradua even in death. I read in his autobiography how Shehu not only helped him but has later become his business partner. Shehu Yaradua was part of Intels, an investment where Atiku is a major shareholder.

It’s good to be loyal, Atiku is a loyalist of Shehu; a loyalty that should inspire the younger generation.

May our loyalty never be tasted!

Adnan is a university lecturer and a communication strategist

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Opinion

2027:Why Fa’izu Alfindiki Is Municipal’s Best Choice For Reps

Published

4 days ago

on

April 10, 2025

By

 

From Danlami Gandun Albasa

There is no doubt that the former Chairman of Kano Municipal Hon Fa’izu Alfindiki (Jundullahi) can make a better candidate for the position of House of Representatives, in the forthcoming 2027. His name alone rings bell and sends fear to the ears and hearts of his political opponents. Kwankwasiyya especially and their hidden supporters.

It is very clear for all to come to term with me when I argue that Alfindiki is not only composed, but he has clear understanding of voters behavior in his constituency, Municipal local government and other Metropolitan areas.

I have my concrete reasons why Alfindiki stands better chance to be the candidate for House of Representatives seat from Kano Municipal, in 2027.

Let’s have a simple look at those reasons. See below for your perusal :

1. Apart from being the immediate past local government Chairman, whose understanding of grassroot politicians (yan dangwale) their needs and behaviors, become part and parcel of his political experience, his relationship with many categories of people gives him an edge over many others, who recently indicate their interest,

2. Alfindiki’s visibility in the social media, as both active user and active contributor in political discussions in the social media means a lot for his breakthrough,

3. Coming from Bakin Kasuwa side of the Municipal local government, will give headache for Kwankwasiyya or NNPP people. Who are densely populated there. So when Bakin Kasuwa politicians see their son contesting for the position, they will rally behind him for popular support and endorsement at all cost,

4. Fa’izu has no hidden relationship with Baba Ganduje’s enemies and political opponents. You cannot pinpoint any figure within Kwankwasiyya circle and get any link with him or her and Fa’izu Alfindiki. He is always straightforward,

5. Alfindiki has no history of abusing our pillars within APC or their families. He still believes, our pillars, ranging from Baba Ganduje, Abdullahi Abbas and the like, are still reliable and dependable. Nowhere in his political history, where he resorts to abusing the families of our leaders, at whatever rate and range,

6. Alfindiki is always up and doing in coordinating all parts of our great party APC to be strong and reliable political platform, and

7. Without any fear of contradiction, Alfindiki is responsible without pretending. He unifies supporters and does not believe in creating factions within the larger body of our great APC

TO BE CONTINUED

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Opinion

Letter To IGP On Reaffirming Respect For Traditional Institutions And The Role Of The Nigeria Police Force In Upholding Justice

Published

4 days ago

on

April 10, 2025

By

 

 

Sir,

We acknowledge the Nigeria Police Force’s recent decision to withdraw its invitation to the Emir of Kano, Mallam Muhammadu Sanusi II PhD, in connection to an incident during the Sallah celebration in Kano on March 30, 2025. While this move is appreciated, it is important to highlight that the Nigeria Police Force (NPF) is a noble institution revered for its commitment to maintaining law and order.

As such, we believe that the leadership of the NPF, particularly the Inspector-General of Police (IGP), should not be utilized as a tool for actions that could be construed as undermining this esteemed institution. The primary responsibility of the NPF is to maintain law and order in society, not to engage in actions that sow division or disrespect for the country’s revered institutions.

We wish to respectfully draw the attention of the IGP to certain issues that require immediate attention. First and foremost, addressing an Emir without the appropriate protocol is a sign of disdain, not only to the individual Emir but to the entire traditional institution. An Emir, whether alive,deposed, or deceased, should never be referred to without the prefix “Emir” or “His highnerss. Referring to the Emir as “Alhaji,” “Mallam,” or “Dr.” without the appropriate title raises concerns and may lead to suspicions regarding the position of the NPF toward the Emir, His Highness, Mallam Muhammadu Sanusi II PhD.

Additionally, we believe that the question of whether the NPF’s press release, demanding that the Emir provide a statement, was necessary is a matter of concern. The state police command had already made arrests and issued an invitation to Sallaman Kano, the most senior aide in charge of palace affairs

This action should suffice for the continuation of the investigation without the need to escalate matters by seeking the Emir’s direct involvement. Further engagement with the Emir, if necessary, can be carried out through appropriate channels, in line with the traditional and legal protocols.

While we appreciate the IGP’s prompt action in withdrawing the invitation, we would like to emphasize the importance of maintaining respect for the traditional institution and ensuring that police actions do not inadvertently politicize or disrespect any parties involved. We trust that the IGP will take this into account as the investigation progresses and that professionalism, neutrality, and justice will guide the NPF in handling this delicate matter.

In conclusion, we hope that the NPF continues to uphold its role in a manner that respects the traditions and laws of our nation. It is essential that such matters be handled with the utmost care, respecting both the rule of law and the sanctity of the traditional institutions.

Tijjani Sarki
Vice President
Human Rights Watch and youth empowerment foundation, Kano, Nigeria
7th April 2025

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