By Philip Ibitoye
Before President Muhammadu Buhari was sworn into office in 2015, Nigerians experienced an annual ritual of queuing at the fueling stations towards the end of the year. This tedious ritual almost became history during the tenure of Buhari, or so Nigerians thought.
In November 2022, the old demon reared its ugly head again as Nigerians struggled to access premium motor spirit (PMS), better known as petrol. Three months later, petrol scarcity is still rife across the country. Unlike the fuel scarcity cases of the past years, the current predicament has outstayed its welcome and shows no signs of dissipating any time soon.
EDITOR’S PICKS
As fuel scarcity rages on, Nigerians are contending with the scarcity of another vital commodity; cash scarcity. In December 2022, the Central Bank of Nigeria (CBN) started releasing redesigned N200, N500, and N1000 notes. The apex bank said it redesigned the notes to stop counterfeiting and reduce the number of notes outside the banking system. The CBN noted that the hoarding of naira notes fuels terrorism and money laundering.
Without any doubt, the objectives of the naira redesign policy are noble, but the policy has been poorly executed. Months after the CBN introduced the policy, the new naira notes are yet to circulate. Nigerians spend several hours queuing to withdraw cash. Banks are rationing the amount customers can withdraw from their accounts, inflicting hardship on the masses.
The twin crises of fuel and cash scarcity have forced the presidential candidate of the All Progressives Congress (APC) to air his concerns. During a campaign rally speech in Ogun State last month, Tinubu suggested that some people in the Presidential Villa orchestrated the scarcity of fuel and cash to hurt his candidacy. That makes sense considering the fact that he is the candidate of the ruling party, and he would be the biggest victim of the people’s anger. This realisation has put him on the attack.
Recently, Kaduna State Governor, Nasir El-Rufai, echoed Tinubu’s claims, saying there are “saboteurs” in the presidential villa. He alleged that these elements are trying to make the ruling APC lose the presidential poll. First Lady Aisha Buhari endorsed his message.
Tinubu and El-Rufai, however, stopped short of pointing fingers at Buhari himself. The APC presidential candidate has clarified that he was only warning the president that he had bad apples in his government. If recent events are to go by, the relationship of both men has only grown stronger. In the past week, Buhari has joined Tinubu on the campaign trail from Nasarawa to Katsina and Sokoto States. The former Lagos governor is doing everything to ensure that his campaign does not lose steam despite the crises that the administration has generated, and he seems to be doing a great job.
Tinubu has been outspoken about being on the side of struggling Nigerians. Even though he has a close relationship with the president, he has made clear that he does not agree with the administration’s short deadline to phase out the old naira notes. This distinction could benefit the APC presidential candidate and ensure that he does not wrongly carry the blame for the actions of other people.
If there is truly a cabal in the presidential villa engineering crises to plague the Tinubu campaign, they are doomed to fail as the candidate continues to clearly state his position—that he is with the people.
FURTHER READING
With the admission of the CBN governor, Godwin Emefiele, on Friday that the Nigerian Security Printing and Minting Plc (The Mint) has limited capacity to print adequate naira notes, Tinubu now has greater motivation to call for a much longer extension for the phasing out of the old naira notes. The more the APC candidate shows that the welfare of Nigerians is his priority, the more he neutralises the threat of the saboteurs.
Philip Ibitoye writes for Eko Hot Blog. This media platform reserves all rights to this article.
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