I do sound like a broken record now, but it is the dire state of things here. A week ago I wrote about the frailing state of things and how the newly elected government has taken a rather outlandish step to make the life of the common folks worse. Let me break it down for you guys. The newly elected Nigerian president, Bola Ahmed Tinubu, decided to take out subsidy from the pump price, which made the price of fuel go high x3. I wrote all about this in my earlier reference post. Obviously, this means folks have to pay more, but this could also mean that the overall economy could take a giant leap for the better if the decision is made with the people in mind. Let me break it down then actually explain all that gibberish.
EFFECTS
After the decision was made, there was an incredible scarcity of fuel. The price soared, vehicles went off the street and transportation prices were off the charts. It just felt like an opportunity for commercial bus drivers to extort people now. Commercial banks are completely failing. Inflation is at its peak. According to world of Statistics, inflation hit a new forty-year high, with fuel prices taking a +106.7% leap. Same as food inflation, which saw a 24.6% leap. Interest rates are the highest they’ve been in years. Companies are laying people off round after round layoffs. When you check out the grocery store, you can’t help but sigh at how insanely high the prices of goods are these days, and to top it all off, Nigeria tops the list of unemployment rates with 33.3%. With us being in such scary times, you'd think the Oligarchs and elites would make policies and rules that'd be in favor of her people; WRONG.
Now what I'd expect is that before these decisions are made, a plan is in the works to cushion the effects of them, but apparently there are none at the moment. There are a few things that could possibly make the whole thing easier and less severe on the people, hear me out;
Increasing the minimum wage - The current minimum wage in Nigeria is roughly around $65 dollars. That is the lowest in the world. Taking our fuel subsidy, (one of the few things people actually benefit from the government) while giving people $65 is just insane. This has caused a ruckus amongst the people, demanding a review of said amount. I mean, why the eff would you pay such an amount to people.
Stimulus checks or similar support - lots of Nigerians pay their tax on time. It's even deducted before their pay is been remitted. This includes civil servants and private workers. You'd expect the government to payout checks to these lots to support and alleviate the harsh effect of their decision.
Subsidizing other commodities - so apparently fuel is not the only thing that can be subsidized, but the energy industry has a major impact on any economy. The government could subsidize other commodities including food production.
Sending out palliatives to citizens - if you think back to 2020 when COVID hit hard and there was an elongated lockdown of business and a mandatory stay-at-home, one wouldn't want to use that word, as it brings back bad memories for Nigerians. Still, sending out relief packages would go a long way to carter for the lower-class citizens in times like this.
Alternative transport route - Albeit there are measures like this already put in place (BRT). It would be a good measure to revise the price of these buses and provide added buses or alternative means.
All these amongst others
If there is anything I learned from my high school days while studying government is that its functions include but are not limited to; the provision of national security, provision of economic security, provision of economic assistance, etc.
Presidential Election Petition
Albeit the result of the just concluded election has been determined and a decision has been ruled; the opposing party's candidates; Atiku Abubakar (PDP) and Peter Obi (LP) are still disputing the results at the supreme court. The hearing has been going on for weeks now with the disputing parties presenting an avalanche of evidence that the election results were fraudulent and that the currently elected president was involved in election malpractice. Before and during the elections, an outsider could easily have guessed who the winner would be, with the majority of the youths seeking a change in the government that the nation so dearly needs. During the election, different content and media kept flying around about violence against electorates for their choice of candidate. The nation is at the precipice of collapse and yet we are divided. Martin Luther King once said;
Oppressed people cannot remain oppressed forever. The urge for freedom will eventually come.
This was evident in the #endsars protest. A decentralized social movement against police brutality, which saw young people being profiled as fraudsters; harassed, and extorted. It was a nationwide movement that garnered attention from international bodies. I fear a similar occurrence as it seems a country of over 200m people is without a genuinely capable leader. It seems the country is currently misguided and currently without direction, with over half the population living from hand to mouth. I fear for the fate of my people.
Thank you for reading my two cents on the issue. I am not a political guy, but I will always speak out in the face of injustice and oppression. The foreseeable future is looking bleak, but we continue to hope for the best. If you have any feedback, I'd love to hear from you. Till next time. Cheers.