Buhari’s body language in currency swap

Sir: The recent economic policy of the Federal Government has made Nigerians hungry and angry and their hunger and anger have both remote and immediate causes. The remote causes, as “the sleeping dog continues to lie,” are not unrelated to long period of bad governance since inception of Nigerian democracy, especially in the present fourth republic from 1999.

And the immediate causes of hardship which precipitates hunger and anger that do not allow “the sleeping dog lie” are fuel scarcity and new naira notes redesign policy with its numerous adversities. 

The policy is more of a misfortune given the ongoing economic crises, restlessness and tribulations which unequivocally show the policy is defeating (if it hasn’t already defeated) the purpose for which it’s made in the first place.

The current economic situation in the country is best described as a whirlwind that blows nobody any good! The Central Bank of Nigeria (CBN) mopped all naira notes of N1,000, N500 and N200 denominations (now old) from circulation and refused to release a corresponding proportion of new notes back to circulation.

Consequently, commercial banks are starved; thus people don’t have access to their monies; so, the monies in banks to the owners are like corn in bottles to chicken.

If not quickly addressed and if the adversities should persist, the new naira notes policy would defeat its purpose. Yes, vote buying is wrong and condemnable. However, formulating an economic policy that brings about a large misfortune of great magnitude to the generality of Nigerians with a view to thwarting vote buying is also wrong and condemnable. So, these are two wrongs that do not make a right. Why must you use a wrong approach for the right cause?

I could not fathom whether the President’s hasty concession of defeats and acceptance of responsibility for his party’s losses at past elections was a demonstration of good leadership that transcends partisanship or a sinister sacrifice of the APC’s fortunes for personal integrity gain.

Unfortunately, the current scenario is showing a red flag, recording more pains than gains! As long as the current parlous economic situation of Nigeria with his untold hardships are left unaddressed, his integrity is already at stake.

Dr. Jimoh Olorede (PhD) wrote in via [email protected]/(08111841887).