When a weeping child is pointing in one direction, be sure that if its mother is not there, the father is there. Nigerians have been crying and pointing in one direction with his teary eyes – the economy. They have been wailing since President Bola Ahmed Tinubu came on the scene. The crying in this hypothesis is not figurative. Nigerians are crying indeed. It actually looks like Tinubu came to further tighten the squeeze on poor Nigerians. He is daily causing them sorrows, tears and blood á là Fela Anikulapo Kuti. They have been crying bitterly and profusely begging Tinubu to act positively on the Nigerian economy.
As the president of a country, the man you would place at the helm of an institution as strategic as your country’s central bank should have your ears. You should also have his if they were there. Their relationship should be complementary, like the relationship between the masquerader and its moderator. So, President Tinubu and the CBN Governor, Mr. Olayemi Cardoso, are supposed to be in a relationship that moderates the financial life of Nigeria.
But how has Nigeria been since their CBN era relationship began? Their knowledge of each other led to the appointment of Cardoso as the CBN governor. Their monetary and economic credentials were part of the posters Nigerians were shown as they told us we needed them in our country’s life. As we continue on this convoluted, debilitating economic and fiscal journey as a country, some people now look at their advertised expertise as a gimmick to suck them in. the situation in the country justifies their belief.
We may not be experts, but we were taught the roles of central bank in elementary economics to include monetary and price stability and safeguard the international value of a legal tender. It is to also promote a sound financial system. Experts have not told us that these principles have changed; they have also not announced that they have been altered. When we go by the known duties or roles of a central bank, would Nigerians say with confidence that there is a central bank in place indeed? Why would a country’s currency be watched to cascade uncontrollably? Why would food inflation be so rife and unbridled in a country? The central bank is believed to have some of the solutions to these problems, but in Nigeria, the case is different. These ills thrive here while our financial experts fiddle with English.
This might be the reason behind the invitation the National Assembly extended to the CBN Governor, Mr. Olayemi Cardoso and others. The representatives of the people wanted to hear what has been done or what is being done to arrest the economic crisis. The lawmakers know that their constituents are in distress. They suffer from the economic mess too because even if they take enough for themselves and are immune to the searing hardship, their suffering constituents would still reach them. Thus, the invitation to Cardoso wasn’t completely an altruistic move on the part of the lawmakers. The members of the National Assembly would need a visit by Cardoso to tell the world what they did to arrest our crashing economy, question a wobbling government and support their suffering constituents.
The National Assembly knows how deep the economic quagmire we all are in. Some of the members of the legislature are even unwilling to visit their constituencies for this reason. They are often bogged down by the deluge of demands – both genuine and extraneous, from all kinds of people. Some of these people are close to them while others come to their knowledge through their aides. They know that the hardship has sparked protests in parts of the country. Poultry Association of Nigeria said its members lost N33trillion investment to the harsh economic situation. My nephew’s determination when he invested his savings in a poultry business last year has turned to distress. He has abandoned the business after managing to auction his beloved chickens. His little drop of money and efforts are a part of the mighty N33trillion that has gone to ruins in the Nigerian poultry-farming business. This is thanks to Tinubunomics.
Distinguished senators and Rep members too are not finding it easy. They are Mr. Jailer as sung by Asa. They are victims too. They are in distress too…. The rich also cry. This might not be the poster reason for inviting CBN’s Cardoso et al, but it is the foundation for the invitation. They know this and we know it too even if the posters say something else. They know that the reforms by this government are killing Nigerians and that the government and its political party disagree with the Nigerian masses.
We had expected Cardoso to present in clear terms what they are doing to bring the spiraling inflation under control and firm up the Naira. What does ‘unifying foreign exchange market segments’ mean? Would Nigerians still be buying dollars, pounds sterling and Euros on the streets where these currencies are hawked like “pure water”? What would the “new operational mechanisms” portend for bureau de change operators in Nigeria? How would the government control the rocketing inflation by enforcing “net open position limit” for commercial banks? What would adjusting “remunerable standing deposit facility” do in the face of those who only spend dollars? So far, these measures to address foreign exchange volatility aren’t working.
Nigerians expected to hear what the CBN, like a masquerader’s moderator, would do differently. Wasn’t Cardoso’s appearance at the National Assembly an anticlimax? The Minister of Budget and National Planning even said that the economy is now better than how it was when Tinubu came in. That sounds incredible, but Bagudu is only a politician! Wale Edun said we should tarry for a better economy because measures are being implemented. He said oil production has improved but he didn’t talk about increasing theft of the commodity. Edun said palliatives by government were a measure of tackling inflation!? Really? Zack Adedeji was also part of the team. He spoke only to how he would increase tax revenue. That’s his only mandate, abi? Did the National Assembly and the economic team reckon that among 151 currencies tracked by Bloomberg in 2023, Naira is the worst-performing in the world? Do these ugly statistics ever bother our leaders?
Foreign education, medical tourism and personal travel allowances take more dollars than we can muster as a country. Who are the consumers of these? Perhaps, the finance and economy experts that came to the National Assembly might want the lawmakers to act on those. Who will bell cat situation… Cardoso said the $98 billion or so spent on these headings was more money than what we have in our foreign reserve. What shall we do as a government and as a people to tackle these? How do we quench our hunger for foreign goods, including foreign petrol? Did that ceremony and sitting discuss those? How would the moderator reign in the masquerader and still remain in the role?
What Nigeria needs to survive and thrive is clear to our leaders but would they dare touch let alone address the real issues? In the midst of all these, also note that there is no electricity needed by small scale businesses. What exactly was Cardoso’s business at the House of Representatives?
and then