Naira Drifting And The Clout-Chasing Policy Of The Tinubu Led Administration Of Nigeria

By Maxwell Adeyemi Adeleye

Unpopular, but it is my opinion that even if Legendary brains like Plato, Aristotle, Karl Marx and David Easton, supported by Obama, Lee Kuan Yew, etc are elected as joint Presidents of Nigeria, nothing will make the country grow, as the previous Presidents would always be better than the incumbent President because the more Nigerians elect new Leaders, hoping for a better life, the more poverty boom in Nigeria due to failure of her institutions and governance systems.

The BIG ISSUES:

1. The 1999 constitution of Nigeria needs to be completely jettisoned for a true federal constitution that will advance stronger systems and institutions.

2. Regardless of the economic policies drafted by the new Minister of Finance, Wale Edun and the monetary policies packaged by the incoming Governor of Central Bank of Nigeria (CBN), Yemi Cardoso, naira will continue to fall like the wall of Jericho unless Nigeria moves from CONSUMPTION to PRODUCTION.

Currently, what are we producing for the world outside religion and Afro Beat? Absolute Nothing! Rather than retooling Nigeria towards becoming a producing economy, policies are being designed and announced to further solidify Nigeria as a mono-cultural economy and a dumping ground for products from the West and the Semi-West.

Additionally, contrary to the propaganda that the Buhari led administration acted to punish the Southern Nigeria, the administration actually, in a fire-brigade solution, closed important land borders and placed ban on some products from accessing forex to save Nigeria economy from catching fire and protected naira from becoming an Iranian rials or a Vietnamese dong.

Furthermore, contrary to public expectations, the reopening of land borders by the Tinubu led administration, coupled with the so-called lifting of ban on 43 products by the CBN was more of a CLOUT-CHASING policy than the reality.

Why lifting ban on 41 products and why reopening the border when there's no FX to give to Importers? Higher demand for FX, leading to its Scarcity, has mounted pressure on naira, causing the free-fall of naira, and this shall continue unless the current clout-chasing economy is stopped.

Within five months of the Tinubu administration, a liter of petro moved from #180 to #600; a bag of 10kg semovita has moved from #7,000 to #9,000; a bag of rice has moved from #30,000 to almost #60,000; gaari, yam, etc are now food of the Elites in Nigeria. Tinubu inherited an official exchange rate of £1 to #570 and the parallel market rate of £1 to #920 but it is now £1 to 967 and £1 to #1,450.

The current administration removed subsidy of petrol with a promise to use the income accrued through the policy to improve the country's failed Infrastructures but what we have seen is the largest federal cabinet in the history of Nigeria and a Federal Parliament where each member drives a Sport Utility Vehicle that costs tax payers #160milliom each. I say to Mr. President without any fear or favour or intimidation that it is time to address the drifting of Nigeria into a jeopardy.

Nigeria is currently in a state of quagmire and the panacea to the sorry state of our country is revolutionary, and not the current clout-chasing approach being applied by President Tinubu.

To tackle this menace permanently, i suggest the convocation of a Sovereign National Conference where the representatives of all constituents in Nigeria would meet for the purpose of repelling the 1999 constitution and enact a new federal constitution that will make our institutions and systems very stronger, return powers to the people and structure the country to progress from consumption to production. If that will be impossible, I call for the dissolution of the almagamation of 1914 of the South and North of Nigeria.

President Bola Ahmed Tinubu should decide whether he want Nigerians to celebrate him as the people of Singapore are currently worshipping Lee Kuan Yew or he want to establish a Nigeria where Nigerians would return to the use of Abacha Stove (use of sawdust for cooking).

Adeleye is a Nigerian Communications-for-Develpment Specialist based in Leeds, West Yorkshire, United Kingdom.

Lalasticlala
Mynd44
Obinoscopy
Seun

IPOB don get new member

Na statistics we go chop


Lol

Fool thinks we are in the 80s.

Someone already had a blue print.

Tribalism made some hate him.

Now them dey understand the statistics as food no dey for them to chop

Reality is clearer now. Heroin-sniffing balabloo-blu-bulava itchy hands economy is not intelligence.

1. The 1999 constitution of Nigeria needs to be completely jettisoned for a true federal constitution that will advance stronger systems and institutions.

Words on marble.

Mynd44, Baba this should make FP please. 🙏

I doubted if Buhari will ever be better than Tinubu, but I am beginning to appreciate Buhari as a better president more than Tinubu....

Tinubu who never granted interviews to enlighten Nigerians what they should expect is now dealing with Nigerians as he pleases .....


If you go to the market now, 100k will not fetch you reasonable food stuff for a week.

E no get who Tinubu bad policies no touch . People will begin to regret why they didn't vote for Peter Obi

I am an advocate a better Nigeria.

Give the youths a better working conditions and provide more jobs for them and you will see a drastic reduction in crime and other social vices.

The author is right, bit hen the solution is staring us right in the eye but you cannot give what you don't have in you.

They only knows how to implement bad decisions and then their supporters will find a way to spin funny yarns ro support them on empty stomach while suffering and smiling and they will call themselves patriots.

The real patriots are those who call out government officials on bad policies and proffer better solutions to them.

Fire will burn all agbado miscreants that have refused to repent.

1. Sovereign National Conference will not fix economic issues. It is not a gathering of economic or development experts
2. Breaking up the country will not fix the economic issues of its constituent parts as well. Instead, it will create new economic issues of its own and create new poverty among the broken up states.
3. The writer started well and made some good points but became emotional along the way and lost himself

After tinubu 8years , Nigerians will go to Peter obi s house to beg him to become president by then dollar will be 10,000 naira

Ok