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The widespread discontent over the rising cost of living and escalating prices of food items is understandable. Most Nigerians are finding it extremely difficult to feed since the new administration introduced some unpalatable economic reforms. There is no doubt that Nigeria is in dire need of some economic reforms to rescue the country from years of Muhammadu Buhari’s mismanagement of the economy and the country’s diversity. However, the reforms must have a human face. They should not be made to scorch Nigerians out of existence.
Interestingly, President Bola Ahmed Tinubu is aware of the impact of his economic reforms on the people, hence, he came up with some palliatives to cushion the effects of the removal of fuel subsidy and unification of the exchange rates. The palliatives were not far-reaching enough. In fact, they did not get to the people who actually needed them. The government can review some of these policies and tinker with them where necessary. The government must subsidize some aspects of our life, including our food and energy needs. Governance is not about building good roads and bridges alone, it is also about grooming and caring for the people as well. Of what use is democracy if people are languishing in misery because of government’s harsh economic policies?
The widespread protest over scarcity of food items and rising cost of living in Niger State and other parts of the country is real and must be quickly addressed to avoid its further spread to other parts of the country. The brazen devaluation of the naira has eroded the earning and purchasing power of millions of Nigerian workers. It is sad that a 50kg bag of rice that was sold N50,000 or slightly above during the Christmas is now sold N70,000. A tuber of yam that was sold N1,000 a year ago now sells for between N2,500 and N3,000. House rents have been increased astronomically by home owners to the extent that many Nigerians can’t pay their rents anymore.
Universities and other schools have equally increased their tuition fees and other services. Transport fares have been increased by more than 100 percent. The unofficial dollarization of the economy by the political class and other affluent Nigerians has further eroded the value of the naira. In all of this, the middle class are the worst hit.
While their income is static, the cost of their needs has so much increased. They have been further pauperized by the economic policies of Tinubu administration. The dollarization of the economy will ruin the country and its nascent democracy if nothing is done now to checkmate it. Only poor Nigerians now use the naira. Our big men and politicians now use the dollar as if it is our national currency.
The APC-led administration should stop regaling Nigerians that the current protest over food shortage and rising cost of living is sponsored by the opposition. That is a lie from the pit of hell. The anger over the prevailing economic hardship knows no political party, tribe or religion. In fact, hunger knows no gender or party, it affects all Nigerians, irrespective of their party affiliations. The APC government must review some of its economic policies, they are not working. Any economic policy which impoverishes the people is anti-people and should be jettisoned or skewed in favour of the people.
Inflicting hardship on Nigerians in the name of economic reforms is unacceptable. Nigeria before Buhari assumed power in 2015 was far better than Nigeria under Buhari. President Tinubu should not make Buhari era appear better than his own because of bad policies. Buhari era is the worst Nigerians have had in recent times. It was so bad, parochial and nepotistic. In fact, it has no redeeming features.
Tinubu’s ministers and other appointees should help him resolve the economic woes facing the country. They should stop blaming political opponents or economic saboteurs for sabotaging the government or being responsible for the protests over food shortage or scarcity of the dollar. If it requires massive importation of rice, beans and wheat, the government must do so to douse the raging anger over food crisis.
The government can release grains from the national food reserve to douse the raging anger in the land over food scarcity. Although the food shortage can be caused by hoarding and other sharp practices, the reality is that the prices of food items are rising and many Nigerians cannot food basic food items. After all, the essence of government is to ensure the welfare and security of the people. Let government not abdicate this vital function.
Right now, many Nigerians lack welfare and security. They cannot afford a three square meal a day due to extreme poverty and deprivation. Recently, the government blamed the rising foreign exchange crisis on foreign students’ school fees and medical tourism, which it claimed has gulped $40 billion dollars in the last 10 years.
Agreed that education and medical tourism drain available foreign exchange, the banks, the bureau de changes and some businessmen and politicians should take a greater blame for the forex crisis. A country where people make a lot of money through the sale of dollar or other foreign currencies is bound to have forex crisis. A country where the economy is dollarized unofficially, there is bound to be forex crisis.
A country where the political class prioritize foreign education and medical tourism, that country will suffer forex crisis. The current get rich quick syndrome among Nigerians encourages dollar speculation and racketeering. Our businessmen are among the worst profiteers in the world. Their penchant to make profits out of every situation is legendary. They must exploit any situation to make money.
The brain drain in the health sector occasioned by exodus of health experts to foreign countries in search of greener pastures must be tackled urgently. Medical tourism, especially by the political class, will continue until we begin to address the inadequacies of our health sector. Without fundamentally addressing them, Nigerian doctors, nurses and other health professionals will always like to practice abroad where they will earn competitive wages and enjoy better conditions of service.
Our lecturers have now joined the bandwagon. The so-called japa syndrome among our youths will continue because government is killing varsity education with poor funding and unbridled opening of new private universities without commensurate manpower to service them. Many of the private universities are poorly equipped, staffed and funded.
The rising unemployment among the youths is tacitly encouraging the migration of Nigerian youths to United States (US), United Kingdom (UK) and Canada. Why should parents send their children to Ghana, Togo and Benin Republic for university education? They do so because of the stability in their academic calendar and not necessarily because of high quality. To avert the death education and health sectors, government must revamp the ailing two sectors that have played and will continue to play significant roles in our national development. The advice on government to fix food prices may not work, although desirable. Nigerians, especially those in business will circumvent it and create artificial scarcity. We have gone through that route before and it didn’t work.
Let the government diversify the economy through agriculture and manufacturing. As long as the economy is import-dependent, so long will prices of goods continue to rise and the value of the naira continue to slide. The sliding value of the naira must also be addressed. Government should stop politicizing the food crisis and the attendant economic hardship.
