The year 2023 will go down in history as one of the most difficult years ever faced by Nigerians. While it is true that the Nigerian economy has not been in the best of shape for some years, strange economic policies and the Naira redesign by the Muhammadu Buhari government brought a lot of suffering of unimaginable magnitude on Nigerians.
While Nigerians were yet lamenting over a downward slide in the economy, the Central Bank of Nigeria, under Godwin Emefiele, introduced the new Naira redesign policy with some strange strings attached. The redesign also sought to mop up the old currency in circulation with a short term deadline for the validity of the old currency to expire.
With a clear non-availability of the new naira notes, Nigerians were plunged into confusion and hardship occasioned by the lack of money in circulation. Banks and other allied financial institutions made the situation worse for the common man through various sharp practices. To survive, Nigerians resorted to buying naira from the black market! It was really strange as the trend defied all economic theories. Hunger trailed and businesses crashed as cash could not be easily assessed to fund activities. There was a legal battle to checkmate the CBN and extension of use of the old notes was finally granted by the Supreme Court granting citizens some respite.
While Nigerians were still trying to grapple with the huge problems created by this naira scarcity, the new President of the Federal Republic of Nigeria, Senator Bola Ahmed Tinubu, on assumption of office on May 29, announced the total removal of fuel subsidy. That very day, pump price of petrol (PMS) went up to over N600 from about N200 and has been on the increase. As at press time, pump price for premium spirit stood at between N640 and N650 at filling stations in the cities and higher in some interior areas with harrowing experiences for the people.
Since fuel drives the Nigerian economy, the fuel subsidy removal destabilized the local economy and throw the vast majority of lower income citizens into misery and deeper poverty.
Prices of commodities immediately shot up with about 300 percent increase while transportation became the worst hit by the new government policy.
In the midst of this pain, the federal government promised palliatives to Nigerians to help cushion the effect of the difficulties created by the fuel subsidy removal.
Accordingly, the federal government gave money to state governments to share out the palliatives.
On their part, various state governments came up with measures to address the sufferings of the masses and the Executive Council of the Delta State Government announced the approval of the sum of N10billion as Social Investment to fund palliatives for its people as cushion for the effect of the fuel subsidy removal.
In addition to other palliatives, the government has reduced the number of working days for civil servants in order to reduce their cost of transportation to work. Civil servants now go to work three times a week.
Investigation reveals that the state government has taken delivery of over 20,000 bags of rice, 6,750 bags of maize from the 106 truckloads of maize expected from the federal government.
Investigation also revealed that committees were set up in each local government area to oversee the sharing of the palliatives. These committees are allegedly made up of non-politicians and headed by notable persons in the society such as professors, bishops and other clergymen.
However, the expected seamless delivery of the palliatives seem not to have materialized.
National Point went to some the markets in Asaba Capital Territory to speak with market women, who opened up on their struggles with the current economic trend and other allied matters including the much advertised palliatives. From the conversations with them, the palliatives appear to still be in transit, reminding one of the huge stored palliatives uncovered by ENDSARS demonstrators in 2020.
