The day the beleaguered administration of President Bola Tinubu announced it was “freeing” the country’s currency from the encumbrances of forex market forces, I was in the office of a top government official in Abuja, conducting official business. An obviously-educated lady from the North, a high-profile restauranteur had a business trip to the office and Nigeria, as usual, came up for discussion. Of course, the hot-button of the day, was the “amalgamation” of all parallels in the opaque and proven fraud-ridden Nigeria’s FX sector. I was quiet as she tried to respectfully prove that the big man’s excitement, was misplaced, while my host kept citing figures and blaming the “enemies” of Nigeria, particularly Goddy Emefiele, for the Naira trouble. In a soft but very confident and conclusive tone, the lady, now trying to get me fully into the conversation by slightly turning her gaze on me, said, “Sir, (addressing the big man), this Naira you are seeing bah, will soon trade at N1000 and more before the end of this year”, a prediction the inattentive big man met with raucous (demonstrating incredulity) laughter.
But something struck me about the prediction. It wasn’t about what she said, which wasn’t exclusive to her, as much as the finite way she said it. It was as if she had privileged access to official information being kept away from the public. Well, her appearance showed being privileged. Where she operates from, shows privilege. She is likely in circles where Nigeria’s future is regularly discussed by those running the country.
A few weeks back when Tribune’s Business Editor noted at an editorial engagement that Naira was trailing Benin Republic’s CFA, I shivered. Today, it is about 81.28 franc to N100. In my early years in Tribune when a friend and I went car-shopping in Cotonou, Benin’s dry-port Capital, about N150,000 was changed into tons of their currency. What the exchange woman offered us, was considered risky to take to our hotel room, because we were passing the night, to pay for the car, the next day. To avoid then rampant midnight attacks on Nigerians bearing “huge” cash over there, we had to agree with the woman to keep the money till daybreak. She obliged.
It is going to be unfair claiming the current administration is doing nothing about the doddering economy. But so far, it has been the case of the proverbial hen whose sweltering under the yoke of unyielding efforts, isn’t manifesting, at least, to show efforts are being made, due to its feathers. But what has been substantial in their economic efforts, is policy reversal, either of those made under the immediate administration, or by themselves. The FX ban on the “famous” 34 items, was initially sustained by Team Tinubu, only for the administration to set everything free, including the importation of wheel barrows.
The Naira is practically dead, and only a miracle can resuscitate it. I’m neither being sarcastic nor being pessimistic. If a yesterday keeps getting better than today for a thing or a man, it is a dead situation or at least, a deadening situation. Whatever should grow that isn’t, is bound to die someday. Economic growth is a global phenomenon, which is also Biblical. In the Parable of the Talents, the money given out by the master, was meant to be grown by the servants and the two profitable guys, were 100 percent rewarded, because they grew their money 100 percent. The unprofitable guy also had the money he couldn’t grow, taken away from him and handed over to the excellent grower. (See Luke 19:11-27, Matthew 25:14-30).
Scholars hold that a talent in the context of the proverb, was worth about 20 years of a day labourer’s wages, which means not growing it, is holding a life down for 20 years! Unfortunately, that has been the story of Nigeria in the hands of those running it and have run it. The grace to grow the country, especially her economy, hasn’t just been there and it’s God’s principle that economies must grow as exemplified by the parable.
Is it likely that the hand of God isn’t just on our leaders, past and present? Why is the country’s yesterday keeps looking better than her today, which is a sign that apart from not growing, the country is likely decaying? It is a terrible curse to have a better yesterday, when God wants growth in things created to grow. A man whose only testimony is about his better yesterday, is a living dead.
The incumbent president is regarded as more brainy than most of his predecessors, yet things are decaying on his watch. Is it a case of sabotage as suspected in the confident prediction of the lady mentioned above or his economic team that reportedly fixed Lagos between 1999 and 2007, and now in charge of Nigeria, now losing the trumpeted Midas touch?.
Maybe Nigerians aren’t patient enough as being argued in certain quarters. Very likely, considering the administration is less than five months in office. But Yoruba have a saying about the morning signposting the day. Agreed, things were bad under Buhari, but they are badder (permit please) now. That was the same argument Jonathan’s government won against Buhari. The supposed clueless leadership kept the economy sane, only for the “righteous” one, to come and mess things up. If you can’t ease a man’s sorrow, don’t add to it, they say. At a point, even Northerners were asking for the return of the Jonathan years.
Just months after the ever-borrowing administration left, supposedly in shame, Nigerians are beginning to mention it in positive, in comparing it, with Tinubu’s.
Mr. President, do something, people are hungry and angry. Or is all this, a confirmation of Proverbs 29:2?
Debo Abdulai and my Dad.
October 12 is the anniversary of my Dad’s passing. This year’s, makes it the 33rd. The date, is also the birth anniversary of my current boss and editor of Nigerian Tribune, Haji Debo Tajudeen Abdulai. On Thursday, felicitation flooded his space. I didn’t dial in, so I could do it from here. Readers of this column, must have come across past acknowledgements of how he gave Gibbers life, as the editor of the Sunday paper. When my Dad was transiting in 1990, I had no clue my path in life would be shaped by someone whose seasonal celebration of being alive, would coincide with my father’s annual celebration of life. The two lives, profoundly interpret October 12 for me. While we treasure the memories of the dead, we must celebrate the gift of life. Soft-spoken even when displeased, may the durable generalissimo of Imalefalafia continue to grow in grace, Amen.
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