By Abubakar Mohammed Sani
It is no longer news that two months ago, President Muhammadu Buhari and the CBN czar agreed to redesign some of the denominations of the Naira because, according to them, a large chunk of the Naira in circulation is not in the banking system. In an interview the president granted to Premium Times, Mr. Buhari made reference to some politicians who used money and thugs to induce and intimidate voters. Clearly, another reason he redesigned the Naira was to make it difficult for all politicians [regardless of party affiliation] who have perfected plans to use money to induce voters to succeed.
Just yesterday night, I saw a clip going viral stating that eight trucks loaded with containers allegedly loaded with old Naira notes belonging to the APC presidential candidate were apprehended by APC-led government security agents. I am not sure of the veracity or otherwise of the report. But I was convinced that the clip might most likely be true because it went viral barely less than 24 hours after the APC Presidential candidate, Asiwaju Bola Tinubu lamented in the Yoruba language that the redesign of the Naira and the current fuel scarcity across the nation were calculated plans to sabotage him in the forthcoming elections.
My worry and even disappointment with the APC is that 90% of the criticism and opposition it has received usually comes from within the APC. For example, it was the same APC led Senate that relied on a DSS report on Mohammed Magu who was nominated to head the EFCC by the same APC government, to oppose his nomination. We can also see how recently, the same APC-led government’s DSS accused the CBN governor of funding terrorism, which is a grave offense. Not long ago, the NSA wrongly accused former service chiefs of misappropriation of funds made for arms procurement. The spokesperson of the APC and information minister have to swiftly react and condemn the false accusations of the NSA against the former service chiefs because the ministry of defense, not the DHQ, did the procurement. It was this same kind of fighting because of conflicting views, opinions, and interests that almost consumed the APC in Kano. Kebbi State is another example, to name a few. It is a party that is still struggling to experience true unity of purpose, harmony, and authentic leadership.
I have been reliably informed that some ministers in the cabinet of the APC led government are working closely with the PDP and Labour Party for reasons best known to them. This doesn’t augur well for the APC. But what is more worrying is the stand taken by the president, who made it clear in the Premium Times interview that he doesn’t care who wins the presidential elections. He said the electorate should be the one to decide who will lead them.
While I don’t believe that the President will deliberately do anything to sabotage the victory of the APC presidential candidate in the forthcoming elections, I am sure that he doesn’t really care who wins. I am certain that he didn’t know that the Naira redesign was going to be complicated and counterproductive, and that it was going to be the greatest factor in demarketing his government and the APC as a party. Just yesterday [ Saturday, 28th January 2023], the Kano State Government, after watching the horrible outburst of people in Katsina against the government because of the Naira redesign and shortage of the new notes, decided to advise the President not to proceed with his planned official visit to Kano simply because they couldn’t guarantee his security.
While all this is happening, the PDP is quiet and waiting to seize the opportunity presented by the mass disaffection of Nigerians, especially in the North, against the government. The APC have finally touched on something that directly or indirectly affects the masses. The economy is something that affects everyone, especially when it affects the ways and means that people use to do trade, which is the major preoccupation of the Nigerian masses, who, despite the stupendous wealth this country possesses, don’t have government jobs or incentives to expand their businesses or start new ones.
Let’s get this clear; we are in a serious crisis that has the possibility of consuming this government. Why? Because the CBN governor has succeeded in setting up all that is needed to instigate a mass revolt against President Buhari and the APC government. Hitherto, the masses were the major bastion of support for the president and have stood by him through thick and thin. Now, the government is losing the support of that critical block, and the PDP is patiently waiting to capitalize on that. Regardless of what anyone will say against the APC, I don’t think the PDP is a better alternative.
It is concerning to consider the potential repercussions of a repeat in the events of 1984, when General Buhari instigated a change in the Naira. This change resulted in a significant amount of hardship for many across the nation, and it is understandable to feel concerned over the potential for this to happen again. While the cause for alarm can be justified, it is also important to proceed with caution and to remain informed of the current situation before reaching any conclusions.
The government of Nigeria should take heed of the current economic crises taking place in Sri Lanka and Peru as a warning of what could happen if the right steps are not taken to address the economic hardships of the country. These events serve as a reminder that civil unrest can arise from economic hardship, and so it is of the utmost importance that the Nigerian government takes proactive steps to ensure the wellbeing of its people and stave off any potential unrest. It is important that the government takes an active role in working to address these issues in order to prevent any further disruption. At the moment, the average Nigerian will most likely jubilate if he wakes up tomorrow and hear that this government has been sacked. The situation has gotten so bad that many Nigerians are now fed up.
For now, it is “rethink, reflect, and act.” The APC government must postpone the deadline for the collection of the old Naira notes or even suspend it altogether and sack the CBN governor. He must be used as a scapegoat so that the image of the government can be redeemed. The APC must do everything to make sure that the country is stabilized. One of the things the party can do is make Mr. Godwin Emefiele a scapegoat and get someone who truly knows what public financial management is to come and steer the affairs of the bank. For the mere fact that the man showed interest in contesting the 2023 presidential elections, the man has no moral right to remain in office.