By Isaac Asabor
Without recourse to sounding immodest in this piece you are about to read, permit me to confess that when I read Martha Moody’s book aptly titled “Best Friends” alluded to the fact that “Sometimes the cure is worse than the disease” that it never occurred to me that Nigeria’s situation will one day manifest in the exactitude of the idiomatic expression which is unarguably the thematic perspective of the book that is reputed to be a magnum opus.
For the benefit of those that do not belong to the literature class that are at the moment perusing this piece, it is expedient to elucidate that when a work of art, music, or literature, such as “Best Friends”, authored by Moody is described to be a Magnus Opus, which means that such literature is the most important or best work that an artist, composer, or writer has produced, particularly when reviewed from the backdrop of the fact that she also authored other books that cut across “The Office of Desire”, “Sometimes Mine” and “Sharp and Dangerous Virtues” that are not as stimulating as “Best Friends”.
Without a doubt, the theme of the book finds expression in Nigeria’s situation at the moment, particularly as President Bola Ahmed Tinubu and his team have since May 29, 2023 been initiating and implementing policies to see that Nigeria, as a country, becomes a better place to live in.
Against the foregoing backdrop, it is not out of place to say that the Nigerian Government often deals with problems through the use of strategies that create new problems that dwarf the problems they are intended to solve as presently been experienced by not a few Nigerians due to President Bola Tinubu’s administration’s sweeping reforms in the nation’s foreign exchange market and the abolition of the fuel subsidy regime.
Although, while some Nigerians who seemingly spoke from the perspective of Economists, and others who spoke from partisan perspective applauded the president for the policies so far made under his administration, as they believe that the removal of the heavy subsidy would free up funds for other public services, including health and infrastructure projects, the liberalization of the fuel industry, and on the other hand praised his administration’s decision to eliminate the multiple foreign exchange rates for the introduction of a unified exchange rate in the country, he should also be frankly told that the people are at the receiving end. He should be told that Nigerians are dying by each passing day.
In fact, it is expedient to urge him to implement policies that have human face as not all Nigerians are Economists or enlightened enough to understand what he is set out to achieve at the end of the sufferings which millions of Nigerians are at the moment passing through.
At this juncture, it is expedient to let the government understand that the cures that are literally been administered on Nigeria, seemingly as a sick nation, particularly in a bid to boost its economic growth is increasing the cost of manufacturing, and at the same time harming competitiveness and inhibiting the economy’s ability to grow.
Despite the policies and plans the president has so far put in place to rejuvenate the economy, and direct the ship of state towards the right direction, the naira has continued to depreciate at an unprecedented level. For instance, as of September 26th, 2023, the dollar to naira exchange rate is 1 USD to 995 NGN at the black market. This means that for every one US dollar, you can exchange it for ₦995,
Without a doubt, Nigeria is facing unprecedented economic hardship that has left millions of its citizens struggling to make ends meet. The confluence of various factors, including the global economic downturn and soaring unemployment rates, and rising inflation are unarguably making it increasingly difficult for not a few Nigerians to afford the basic necessities of life. Frankly speaking, families are struggling to put food on the table, and access to healthcare and education so much so that life is becoming unbearable.
Without any iota of exaggeration, the economic hardship has left vulnerable populations, such as widows, orphans, and the elderly, in dire straits. In fact, in these trying times, it is imperative the government admit that “The cures are more than the diseases” as the headline of this piece invariably implies.
Though, President Bola Tinubu had in July pleaded with Nigerians to exercise patience with the economic challenges the country is facing, even as he unveiled policy measures to tackle them. In the same vein, his spokesperson, Ajuri Ngelale in early September disclosed the plans of the federal government to ease the pains caused by the fuel subsidy removal and other policies of the government.
Ngelale, speaking to Channels Television said the challenges faced by the country have been built for over a fifty year period, stating that there are no magic solutions for the challenges.
While pleading for patience from Nigerians, the president spokesperson said the president just like he did during his time as the governor of Lagos is preparing a master plan for the development of the nation.
When asked about the timeline for the end of the suffering currently faced by Nigerians, he stated that the government has a plan to crash the hike in energy sector with an eighteen-month project.
He added that the government also had plans to crash the hike in the transportation sector with a plan to construct a transit station in every state, noting that the buses will be running on CNG which will be sold at about one hundred and fifty to two hundred naira per litre as against the over six hundred naira per litre petrol is being sold.
Ngelale further stated that the government is planning a new minimum wage, and noted that governments have agreed because they now have more money due to the savings from the removal of fuel subsidy.
At this critical juncture, wisdom demands that while the government continues to struggle to rescue the economy from the doldrums, well-to-do individuals in Nigeria have a moral obligation to extend their resources to help those in need. Philanthropic gestures from individuals and private sector entities can make a significant impact on alleviating suffering. This includes providing financial aid, donating food and essential supplies, and supporting local initiatives that aim to empower communities.
Furthermore, successful business leaders and entrepreneurs can create job opportunities through investments and expansion, thus contributing to reducing the alarming unemployment rates in the country. By doing so, they not only aid the needy but also strengthen the economy in the long run.
At this juncture that Nigerians are literarily gulping bitter economic pills been administered on them by President Tinubu and his team, it is salient to ask, “What’s wrong with Nigeria’s economy?” In providing the answer to the foregoing question, Mike Cohen of Bloomberg in an analysis, and published in the online edition of Washington Post of September 22, 2023 which states thus: “About 40% of Nigeria’s more than 200 million people live in dire poverty, according to the World Bank, with just 11.8% of the labor force involved in wage employment, according to the nation’s statistics agency. Inflation climbed to an 18-year high of almost 26% in August, with food costs growing 29%. Corruption is endemic, many state institutions are dysfunctional and armed bandits and Islamist militants have free rein across swathes of the country’s north. The government spent 96% of the revenue it collected in 2022 on servicing its loans. Oil production — the lifeblood of the economy — has reached lows last seen in the 1980s. In August, Nigeria produced only 1.18 million barrels of crude, nearly 500,000 barrels below its allotted OPEC quota, which it has been unable to meet for at least two years. In June, the World Bank forecast that Nigeria’s gross domestic product would only expand by 2.8% this year, barely keeping pace with the increase in the population, and “far slower than needed to make significant inroads into mitigating extreme poverty.”
However, while it is enough to admit that the task of rescuing Nigerian Ship of State from hitting the rock, it is enough to advise the captain of the ship and other co-sailors, literarily speaking in this context, on the voyage that may be on the high sea for the next 8 years to devise policies that are not anti-people, and should in the same vein have it at the back of their mind that “The cures are more than the diseases”.
