Letter to Tinubu on cost of living

Sir: In my wide memo to the then newly President-elect on March 2023, published by print and online media titled, ‘The task before the incoming administration,’ I reminded Mr President on the need to have a team of competent people toward Renewed Hope and to roll out the administration’s Economic blueprint.

Your Excellency, your administration inherited bankrupt country by the way: Buhari’s administration badly managed the economy and left the country neck-deep in local and foreign debt. But in fairness to Justice, current hardship experienced by citizens in the country is largely caused by your administration’s petrol subsidy removal, Economic Liberalism, Market Forces and currency floating.

With all sense of respect to you and your office, there is difference between admitting of the problems and bringing a lasting solution. Taking personal responsibility for the pains poor people are going through is courageous but offering lasting solution toward alleviating the problems is most needed.  Several attempts made to cushion the effect of the removal of subsidy all went in vain.

In a national broadcast on July 31, the President announced first sets of palliatives, which include a N500 billion palliative plan that included N100 billion to acquire 3,000 units of 20-seater CNG-fuelled buses, N200 billion to boost agriculture production, N75 billion for manufacturers, and N125 billion for micro, small and medium-sized enterprises, and the informal sector.

The administration also pledged to invest N50 billion each to cultivate 150,000 hectares of rice and maize. All announced palliatives to Nigerians by the administration have not yielded any impact as each passing day the suffering reaches unbearable point. Some weeks ago, the President ordered distribution of free grains from the Strategic Food Reserves but  civil servants forgot to brief him that the reserves are empty.

With the removal of fuel subsidy, more monies are being shared by the federal, state and local governments and some of these monies are changed to dollars at the parallel market. Business Day has asked us to open our eyes from now on the price of dollars one week before FAAC allocation, check back the price after the allocation and you will see clearly the difference.

The present administration fanatically believes in Economic Liberalism and Market Forces. But forget that U.S. recently allocated over $300 billion on fuel subsidies and UK spends 23 per cent of its public expenditure on subsidies. Yet, the administration ended fuel subsidy, and will soon end electricity subsidy while Ghana has reduced electricity tariffs to her citizens.

Nigeria is facing one of its worst economic crises in years with the country currency hitting an all-time low. The inflation reached up to 30 per cent according to National Bureau of Statistics.  I am not predicting doom but we are living on a gun powder with potential to explode if care is not taken. Nigerians want to have a relief not Mr. President taking responsibility for the hardship the citizens went through.

Abba Dukawa is a media practitioner.