That Nigeria is bleeding from the avarice of its rulers—who show no sympathy for the majority of citizens—and that most traumatized Nigerians are suffering from extreme lack, poverty, and hunger, are no longer news. That the Villa and some of the country’s unfeeling rulers keep telling us that all the negative economic policies of the current administration are only for a brief period of no more than two years is also no longer news.
By Abdu Labaran
What is, however, new and newsworthy is the recent declaration by the World Bank that Nigerians would have to endure at least the next 15 years for the unfriendly economic policies to turn the economy around, leading to the emergence of the country as a Sub-Saharan economic giant. It is a long wait for the dying poor of the country to endure.
Statements by two key officials of the World Bank, Vice President Mr. Indermit Gill and Country Director Dr. Ndiame Diop, extinguish any hope poor Nigerians might have entertained for an immediate reprieve from the suffocating economic hardship they face in the country.
The severely biting economic policies of the present administration appear to be an import from the World Bank’s bad books. Mr. Indermit Gill, World Bank Vice President and Chief Economist, congratulated Central Bank Governor Dr. Olayemi Cardoso at the 30th Nigeria Economic Summit (NES30) in Abuja, Nigeria, for implementing harsh economic policies, urging him to continue for the next 15 years, after which he believed the patience of Nigerians would pay off. Meanwhile, Dr. Cardoso has been accused of being one of Mr. President’s worst advisers—an allegation made on television by a woman claiming to be the President’s ‘daughter.’
The Country Director, during the launch of the Nigeria Development Update (NDU) in Abuja a week later, emphasized that the country’s economic team must persist with reforms until 15 years from now when the benefits of these efforts are expected to manifest.
In Nigeria, leaders rarely fight for the ordinary citizen; instead, they fight for themselves. If you see them fighting, it is to protect their turf or ‘right,’ and they fight dirty. Take Kano State, where battles over resources and power rage, including those over the emirship of Kano and supremacy struggles between a master and his ‘boy,’ incited by supporters on both sides.
One of the combatants is known for championing the suffering of the ordinary Nigerian. He once advocated for the removal of the oil subsidy, and now that his wish has come true, he seeks approval from foreign patrons, leaving his suffering supporters to their fate.
For President Tinubu, ‘removal’ seems to be a middle name, as he has removed one subsidy after another, creating hardships for most Nigerians since taking power on May 29, 2023 (15 months ago). The removal of petrol subsidies was quickly followed by hikes in electricity tariffs and taxes, based on the advice of prominent foreign influences, including the billionaire Bill Gates, whose attendance at a Federal Executive Council (FEC) meeting signaled external pressures on Nigeria’s policies.
As of November 1, 2024, Nigerians will face increased costs for driver’s licenses and vehicle papers, a grim situation for many who already struggle with the prohibitive cost of fuel.
Mr. President has frequently urged Nigerians to exercise patience with the economic reforms his administration has implemented. In early September, he said:
“We have taken bold steps to reform the microeconomic environment. Our focus is on restoring confidence in the Nigerian economy through measures aimed at reducing inflation, stabilizing the foreign exchange market, and improving fiscal management.”
Speaking through the Vice President at the 17th Annual Chartered Institute of Bankers of Nigeria (CIBN) Banking and Finance Conference in Abuja, President Tinubu added that “though painful in the short term, the removal of fuel subsidies is designed to free up budgetary resources for critical investment in infrastructure and social services.”
However, most federal and state authorities live ostentatious lifestyles far removed from the hardship they ask the people to endure. Recently, the government purchased a new aircraft, yacht, and official car for the President. His Chief of Staff, former House Speaker Rt. Hon. Femi Gbajabiamila, absurdly claimed these purchases were made with Mr. President’s funds. The Villa reportedly spent $200,000 to replace four tyres on one of the President’s vehicles, with additional orders for these high-cost tyres from a suspicious supplier.
National Assembly members receive at least N500 million yearly in salaries and allowances, according to a House of Representatives member, excluding additional oversight earnings. Only God knows the full extent of funds allocated to top officials like the Senate President and House Speaker.
It seems Nigeria is a testing ground for failed economic policies prescribed by the Western powers. Everything the World Bank prescribes is implemented without question by current leadership, despite the adverse effects on the people.
Despite Nigeria’s enormous potential, it continues to struggle with power shortages while neighbouring countries provide adequate electricity. Due to its leaders’ greed and indifference, Nigeria has been reduced to a ‘big-for-nothing’ nation.
While poverty and malnutrition threaten the lives of ordinary Nigerians, the political elite focus on amassing limitless wealth, with only the support of compassionate business elites preventing many from early demise.
President Bola Ahmed Tinubu appears to be aligning with certain Southern voices calling for the excision of Nigeria’s northern region, which they view as a burden on the nation. I deduce this from the frequent collapses of the National Grid, disproportionately affecting the north. In just the past week, the grid has failed four times, with northern Nigeria now enduring five days without power.
Let’s hope to hear directly from Mr. President on this pattern of lopsided power outages.
May God protect His faithful servants from the schemes of the wicked, wherever they may be.
Labaran wrote from Katsina.
