…economy may lose up to N50bn daily
…protesters hope for reforms
There is palpable anxiety among Nigerians as the long-anticipated #EndBadGovernance protest scheduled to hold for 10 days begins today, Thursday, August 1 across the country.
There are concerns around uncertainties that typically attend such protests. There are likewise concerns about security and ensuring that the incident does not spiral out of control and is not hijacked by miscreants and mischief makers. There are also considerations about economic losses which will accrue to the country on account of lost man-hours, as many workers may stay home while businesses shut their gates on account of security fears.
Referencing figures from the Nigerian Bureau of Statistics (NBS), industry stakeholders say businesses and households across Nigeria typically lose an estimated N50 billion in revenues per day from shut-downs in economic activities for whatever reasons. Losses from today’s anticipated protest are expected to fall within that range as most businesses are expected to close their shops to avoid collateral damage. If the protest persists for 10 days as planned, the losses to the economy would be in the region of N500bn.
The #EndBadGovernance protest seeks to highlight to the Federal Government mounting discomforts being endured by the general populace as a result of economic hardship occasioning the rising cost of goods and services, including food, and seek reliefs.
Much of these hardships come on the back of the withdrawal of the troublesome fuel subsidy regime and the free float of the national currency, the naira, by the Federal Government at the inception of the President Bola Tinubu administration in May 2023.
Economists say both moves will bring repair to the national economy in the long run but are fraught with grave hardships in the short term.
While there have been appeals for a standing down of the protests from government, security agencies and other interest groups, rights groups who are promoters of the protest had said there is no going back.
Several groups are reported to have come up and identified themselves as organisers and intending participants in the protest. The groups include Concerned Nigerians, Nigerians Against Hunger, Initiative for Change, Take it Back Movement, Revolution Now, Human Rights Co-Advocacy Group, Nigerians Against Corruption Initiative, Citizens for Change Advocacy Initiative, Timely Intervention, and Active Citizens Group.
Others include Students for Change, We Coalition, Total Intervention, Refurbished Nigeria, Tomorrow Today, Our Future in Our Own Hands Initiative, Youths Against Tyranny, and Call a Spade a Spade Movement, among others.
Economists say there are no short-term measures to bring immediate and lasting solutions but that palliatives and short-term measures would open windows of relief.
To this end, the Federal and states governments have over the months served up cash and food handouts, as well as transport subventions to Nigerians.
Three weeks ago, the Federal Government announced several measures including a 150-day duty-free import window for food commodities in a new move to address the increasing cost of food prices.
The Minister of Agriculture and Food Security, Abubakar Kyari, who made the announcement in a post on his X handle, said the measures introduced will be implemented over the next 180 days.
According to the Minister, this will involve the suspension of duties, tariffs, and taxes for the importation of certain food commodities through land and sea borders.
These commodities include maize, husked brown rice, wheat, and cowpeas.
Kyari also disclosed that the Federal Government would import 250,000 metric tons of wheat and 250,000 metric tons of maize.
These semi-processed commodities, Kyari added, will be supplied to small-scale processors and millers across the country.
Other measures to be implemented by the government include engagement with relevant stakeholders to set a GMP and purchase surplus food commodities to restock the National Strategic Food Reserve, renewed Hope National Livestock Transformation Implementation Committee and enhancement of Nutrition Security.
Similarly, a fortnight ago, the Federal Government said it had dispatched 20 trucks of rice to each of the 36 states of the federation and the Federal Capital Territory, Abuja.
It said the new move was part of measures to ease the economic burden of Nigerians.
Minister of Information and National Orientation, Mohammed Idris, disclosed this to State House correspondents at the end of a Federal Executive Council meeting.
Idris said each state has received truckloads of rice, each containing 1,200 bags of 25kg rice for onward distribution to the most vulnerable persons and families.
In one of the fliers posted on social media, the protesters demand an end to anti-people policies, overtaxing, and electoral fraud, which they say have caused widespread suffering and frustration.
They are likewise calling for the reversal of the fuel price hike to below N300 per litre, the restoration of affordable electricity tariffs, and the reduction of import duties to their previous rates.
They also demand the reversal of the hike in tertiary education fees by many institutions.
The protesters are also demanding transparency and accountability in governance, including the public disclosure and reduction of public officials’ salaries and allowances and an emergency fund to support SMEs.
They also call for electoral reforms, including the autonomy of the Independent National Electoral Commission (INEC), electronic transmission of live electoral results, and the reopening of national borders.
