7 hours Ago By Guardian Nigeria
The socioeconomic storm over Nigeria is by no means over, but by all indications, it is blowing away. When I noted in my column titled “Rising Cost Of Living Crisis And Nicknaming Of President Tinubu T-Pain” that our country is on the pathway to regaining its past glory, so it behoves of us to make the sacrifice of leaving our comfort zone to face the reality of our economy which has been in dire straights needing rescue, not many Nigerians were in agreement with me. Infact, some angry Nigerians literarily jumped into my throat.
The gripe of my traducers was that the ice was not thawing in the economy of Nigeria which had become frosty as a result of the ongoing reforms, which some describe as socioeconomic restructuring by another name. Although the journey with President Bola Ahmed Tinubu as the president and commander- in-chief of the armed forces of Nigeria so far can best be described as a rough and tumble ride during which the weak and vulnerable have faced severe hardships, the storm seems to be calming down and all things being equal, the long suffering Nigerians who have been negatively impacted seem to be on the cusp of being able to breathe again-to borrow a phrase attributed to Senate President, Godswill Akpabio. It may be recalled that during a debate session in the red chambers on whether to make a decision that could further exert burden on Nigerian masses, in defense of the vulnerable in our society, Akpabio and other senators quipped “Let the poor breathe” eliciting laughter.
Thereafter the phraseology started trending in the social media to the extent that it has become a popular part of Nigerian lexicon. Today, one can say without equivocation that Nigerians are beginning to regain their breath and there are a plethora of reasons for the assertion above. Amongst them are: The naira-dollar rate of exchange that was at close to N2000/$1 is currently trading at N1,450 or thereabout to $1.
Crude oil production which was at the rate of 900,000 to 1,000,000, per day is currently at a production rate of 1.7-1.8m barrels per day, including condensate.
Petrol pump price which had risen to N1,300 when fuel subsidy got removed on the May 29, 2023, (the day president Tinubu was inauguarated) is currently selling slightly above N900 per litre. lnflation rate which had nearly hit the 35 per cent point a couple of weeks ago is currently 24.48 per cent.
Although the reduction is induced by the rebasing exercise that has just been carried out by government, and it is still more than the 15 per cent that my friend, Dr.Taninu Yakubu, the director of Budget Office in the presidency had projected, its reduction is having a positive impact on the cost of living. Bank interest rate has dropped slightly to 27.
5 per cent with expectations that it will drop further with Central Bank of Nigeria, CBN’s Monetary Policy Commitee, MPC not raising, but maintaining it’s last 800 basis points. Based on data from Bashir Adeniyi Centre For International Trade And Investment (BACITl) investors carefully assess an economy before making investment decisions. Hence it reckons that a combination of the current economic fundamentals may result in: “(i) Lower investment costs, making it cheaper for businesses to access credit (ii) Appreciation of the local currency (naira), as the real interest rate (interest rate minus inflation) remains positive which ultimately raises investors confidence.
” At this juncture l would like to crave the indulgence of readers to reproduce copiously the article published in my column where l made the case that there was no more space for prices to rise up to, so it was bound to remain stable, then startmdropping as it is currently doing. Please find below a reproduction of the nearly three months old article. “Rising cost of living crisis and nicknaming President Tinubu T-Pain.
” To summarise, the extensive socioeconomic reforms implemented by the current administration since May 29, 2023—about 18 months ago—are aimed at resetting our nation. This effort is crucial because we have been on the wrong path since the military coup of 1966, just three years after becoming a republic in 1963 and six years post-independence from British colonial rule, which began in 1885 following the Berlin Conference that partitioned the African continent. In my opinion, the presidency shouldn’t be overly concerned about President Tinubu being nicknamed “T-Pain” by Nigerians feeling frustrated by the hardships.
As humans, we naturally respond to pain and pleasure, so those suffering from the impacts of the president’s stringent reform policies have every right to express their feelings in whatever manner they choose. If calling the president “T-Pain” provides some comfort to those affected by the reforms, even if it seems a bit harsh or playful, then that’s acceptable. Psychologists might suggest that this nickname could serve as a coping mechanism for Nigerians facing tough times.
Perhaps, if President Tinubu successfully navigates the current economic turmoil, he could eventually earn the title of “Miracle Worker” from those who once referred to him as “T-Pain.” Given this context, criticising leaders is part of the political landscape and can serve as comic relief in an otherwise grim situation, even if the humour has a darker edge. Wasn’t it the same Tinubu, during his 2022/2023 presidential campaign, who was mocked for allegedly speaking nonsense, like “bala bulu”? Did he attempt to halt the spread of such disinformation? For many Nigerians, it has been an eye-opening experience to realise that the opposition’s claims about Tinubu’s slurred speech as a sign of a serious health issue were unfounded.
After winning the election in May of last year, he suddenly became articulate. It was as if a magic wand had been waved to eliminate the health issues his opponents claimed he had. It is now evident that the allegations of Tinubu’s incoherence during the campaign were fabricated and part of the political gamesmanship of that time.
I believe that just as he overcame those pre-election attacks, he will also succeed in improving the economy and, consequently, the living standards of ordinary Nigerians in the near future, barring any unforeseen circumstances. Moreover, President Tinubu’s predecessor, Muhammadu Buhari (2015-2023), was also labeled ‘Baba Go Slow.’ Goodluck Jonathan (2010-2015), who Buhari succeeded, was called ‘clueless,’ and his wife, Patience, was mockingly referred to as ‘hippopotamus.
’ Similarly, Gen. Ibrahim Babangida (1985-1993) was nicknamed ‘Maradona’ after the famous Argentinian footballer known for his exceptional dribbling. It’s worth noting that the practice of assigning negative labels to leaders by their constituents is not unique to Nigeria.
Similar instances have occurred in the United Kingdom, where the late Margaret Thatcher (1979-1990) was given the title ‘Iron Lady’ due to her lengthy battle with powerful labour unions that dominated the workforce in the UK before her time at No. 10 Downing Street, the residence of the British prime minister. In the USA, former President Ronald Reagan (1981-89) had the moniker ‘Nuke Head’ attached to his name because of his perceived penchant for starting wars during his tenure.
To be continued tomorrow. Onyibe, an entrepreneur, public policy analyst, author, democracy advocate, development strategist, sent this piece from Lagos, Nigeria. He can be reached via: www.
magnum.ng..
