Written by TonyeBarcanista
It was on October 26th the Central Bank of Nigeria announced the introduction of redesigned 200, 500 and 1000 naira banking notes into Nigeria’s financial system. The apex bank equally announced January 31, 2023 as terminal date for the demonetisation of the old 200, 500 and 100 naira notes. That move by CBN has become one of the greatest economic calamity that has befallen our country.
On January 25th, the presidential candidate of the ruling party, Asiwaju Bola Tinubu, literally told people at the venue of his campaign in Ogun State that the CBN new policy was targeted at him by the presidency to sabotage his ambition. His self victim claim was equally echoed governors elected on his party platform - their sole aim is to pose as the political party that is standing with the masses, and also divorce themselves from the failings of the implementation of the policy by the Buhari/Osinbajo led administration. But can they rewrite history? No
When CBN first announced the planned Naira redesign, only the PDP Campaign Council though a Spokesman, Mr Charles Aniagwu, faulted the move by the CBN. The PDP Campaign described it as window dressing a bad economic situation.
Similarly, the PDP through its National Publicity Secretary, Hon. Debo Ologunagba, at different fora had called the attention of Nigerians of move by politicians of the ruling APC to use their privileged positions to corner billions of the new Naira notes to themselves for the purpose of mopping up cash to purchase votes of Nigerians at the general election.
Thirdly, Governor Godwin Obaseki was the only vocal governor that alerted Nigerians that the CBN move to redesign the naira was in a bad faith [/b]to put the masses in difficult economic situation.
[b]Fourthly, while Tinubu was playing politics, Atiku Abubakar was the only presidential candidate that looked beyond politicking to appeal to CBN to extend deadline for the de-legalisation of the old 200, 500 and 1000 naira notes. Neither Bola Tinubu, El-Rufai nor any of the APC Governors expressed concern until January 25th. They have resorted to playing politics using their internal political disagreement as tool to in their attempt to deceive unsuspecting Nigerians.
Looking at the situation who should be blamed for this new economic woes?
Truth is that all the policies implemented by APC since 2015 has resulted in chaos, pain and sorrows. Like the new naira notes, Nigerians passed through hell during implementation of NIN registration/policy that it became a source of racketeering for corrupt officials. Similar to NIN policy, Nigerians are passing through pains to obtain an international passport - something that was hitherto obtained with ease before 2015.
Unlike what is obtained under the APC, when PDP government of Obasanjo/Atiku introduced the N100, N200, N500 and N1000 notes in December 1999, November 2000, April 2001 and October 2005 respectively, Nigerians accessed the new notes with ease. There was no case of hoarding or racketeering because the PDP government meant well for everyone and had the political will.
The PDP government of Obasanjo/Atiku equally introduced a redesigned N20 note on polymer (for the first time) in February 2007 (few weeks to election). The government also redesigned N5, N10 and N50 notes. There was no attending economic hardship, no hoarding nor racketeering.
In September 2009, the PDP government of Yar'adua/Jonathan converted the N5, N10 and N50 notes to polymer, there was no money shortage, neither was there long queues at banking halls and ATMs.
In September 2010, the PDP government of Jonathan/Sambo redesigned the N50 note, there was no crises nor economic meltdown in country. Jonathan/Sambo government also redesigned the N100 note in December 2014 (ahead of 2015 general election), as with others, the note was accessed with ease.
In addition to these, when the PDP government of Obasanjo/Atiku introduced the e-Passport on 17th May, 2007 Nigerians did not spend weeks to get the passport. The passport was literally ready within few days. But now it takes 3-6 months to get same e-Passport.
The current Naira shortage is not the only economic woes facing Nigerians at present. At present Premium Motor Spirit (PMS) otherwise known as petrol has been extremely scarce for over twelve months with some marketers selling as high as N500 - N700 a litre in many areas.
Clearly, the problem of Nigeria is beyond Godwin Emefiele, the CBN Governor. It is actually the APC and all it represents.
TonyeBarcanista writes from Okrika, Rivers State
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