The present administration fanatically believes in Economic Liberalism and Market Forces. But forget that the US recently allocated over $300 billion on fuel subsidies and the UK spends 23 percent of its public expenditure on subsidies. Based on his belief, the administration ends fuel subsidies, and soon Electricity subsidy will be removed while Ghana reduces electricity charge to its citizens.
In my wide memo to the then newly President-elect in March 2023, published by print and online media titled, The task before the incoming Administration.
I reminded Mr President on the need to have a team of competent people toward Renewed Hope and rolled out the administration Economic blueprint.
Your Excellency, this open letter neither on personal sentiment nor an open criticism at your administration but a gospel truth to your sight or ears if it reaches you.
Your administration inherited bankrupt country’s by the way, Buhari’s administration badly managed the economy and left the country neck-deep in local and foreign debts.
But in fairness to Justice, current hardship experienced by the citizens in the country is largely caused by the administration’s removal of petrol subsidies. You are a keen believer of Economic Liberalism and Market Forces but nation’s captains of economy are heartless capitalists who careless about well being.
Nigeria is facing one of its worst economic crises in years; the country’s currency hitting an all-time low, and Nigerians have never witnessed currency floating in years like now.
With all sense of respect to you and your office, there is a difference between admitting the problems and bringing lasting solutions. Taking personal responsibility for the pains poor people are going through is courageous but offering lasting solutions toward alleviating the problems is most needed. Several attempts have been made to cushion the effect of the removal of subsidy but all in vain.
In your National Broadcast on July 31, 2023, announced first sets of palliatives, revealed a N500 billion palliative plan that included N100 billion to acquire 3,000 units of 20-seater CNG-fuelled buses, N200 billion to boost agriculture production, N75 billion for manufacturers, and N125 billion for micro, small and medium-sized enterprises, and the informal sector. The administration also pledged to invest N50 billion each to cultivate 150,000 hectares of rice and maize. All announced palliatives to Nigerians by the administration have not yielded any impact, as each passing day the suffering reaches unbearable points. Some weeks ago, the president ordered distribution of free grains from the Strategic Food Reserves but civil servants forgot to inform him that the reserves were empty. Instead to tone down the agony of Nigerians, the palliatives have not alleviated the suffering of impoverished Nigerians. Efforts seem like chopping off a person’s legs without giving them anesthesia nor providing drugs to prevent inevitable infections.
With the removal of fuel subsidy, more monies 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 the price of dollars one week before FAAC allocation, check back the price after the allocation and you will see clearly the difference.
The inflation reached up to 30 percent according to the National Bureau of Statistics.
The administration had a genuine intention to restructure the economic sector, but it seems the policies were not being implemented with a human face because the administration did not feel for Nigerians in this kind of abject hardship. I wonder why in the 21st Century Nigerians are talking about daily survival while Ghanaians and Beninese have passed the level of hunger and can afford three meals per day. Nigerians are crying about food prices beyond their affordability. I am not predicting doom but we are living on a gunpowder potential to explode if care is not taken. Nigerians want to have relief not Mr. President taking responsibility for the hardship the citizens went through.
Dukawa is a media practitioner
