2023 polls, fuel scarcity and New Naira Note brouhaha {OPINION}

By Kehinde Aderemi

The last two weeks have been very tough for Nigerians. It has been a hell living in Nigeria as protracted queues resulting from the increase in the price of Premium Motor Spirit, also known as petrol, has left us without hope. It has never been this bad in this country as Nigerians have been pushed to the limit.

For instance, in Lagos State, fuel is sold between N300 and N350 per litre and yet nothing seems to be working.

Apart from the initial January 31 deadline, the Central Bank of Nigeria had last week announced another 10-day extension for the New Naira Notes swap, which, to me, was nothing but a ploy to buy more time for a failed approach. It was a failed approach because the February 10 new deadline for the exchange of the New Naira Notes had also created another major problem.

Sometimes government policy like this calls for reconsideration and review for everything to work out well. Our experiences in the banks these days were nothing but painful as the banking activities and system are collapsing by the day.

The banking measures, including online applications, are not working.

Daily, the bank applications decline operation and customers’ hopes hang in the balance.

For instance, the viral videos of a woman and a man that went naked in banks were not too good for the image of Nigeria. The story of a man in Delta State who slumped and died while waiting to collect his Automated Teller Machine card was also very pathetic.

The protest that erupted in Ibadan over the weekend that led to the death of one man was as a result of the scarcity of naira and fuel. And sadly too, the viral video of a leader of a terrorist gang displaying wads of NNN was nothing but a shame to the nation. Where do they get the money when even the banks are handicapped?

Our banks could not help the situation because the demand for the new naira notes is higher than what is available in circulation. All the commercial activities across the nation have been paralysed as nothing seems to be working.

The reason for saving your money in the bank is for safety and proper accountability, but Nigerians are now being punished for depositing their money in the banks. But it seems very difficult when you get to the banks and could not get your money back. Many suffer staying on a long queue in the banks and even at the Automated Teller Machine point for them to get the new notes, but couldn’t.

It is unfortunate that racketeers are selling the new naira notes outside the banks and even at the parties at very exorbitant prices. Where in the world does this happen? Operators of Point of Sale make more money as they charge ridiculous amount of money simply because of the scarcity of cash.

I think there is a conspiracy between the banks and PoS operators. How can you explain a situation where a bank couldn’t dispense cash, but a PoS operator in front of the bank was dispensing cash in thousands? Who actually owns the PoS stands?

Certainly, Nigerians are now in heat of a possible crisis because both the fuel and cash scarcities are biting harder on the ordinary citizens. We are most hit by the present situation in the country.

In truth, the policy emanating from the naira swap is nothing but an attempt to introduce cashless regime that could stabilise the ailing economy. The policy was also targeted at corrupt politicians and those financing terrorism in Nigeria.

However, the approach and timing were very wrong because it directly affects the mass of the people whose lives depend largely on daily business. Though the new directives by the apex bank pegging daily withdrawal across counter at N20,000 was a temporary measure.

We hope that the seven-day room appealed for by President Buhari to cushion the negative effect of the scarcity of naira and also save the situation works miracle. This is the truth because many of his previous promises were laced with intrigues and untruthfulness. In fact, failure to fulfil promises has become the signature tune of this administration.

There seems to be hope in the coming weeks on the prolonged increase in the price of fuel. The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Malam Melee Kyari, last Thursday, said the reality of the market forces were the major issues affecting the distribution of fuel. He identified panic buying, greed and consumers’ behaviour as the challenges fuelling petrol scarcity across the country.

As far as the NNPCL boss is concerned, there was no fuel scarcity as the country currently has over 28 uninterrupted days of supply. He said even if they didn’t bring any drop of fuel into this country in the next 28 days, Nigeria will still have 60 million litres to give out to Nigerians on daily basis.

Kyari added that whenever there was a glitch, people take advantage of the situation. He stated further that for marketers to meet the over 60 million litres demand for PMS daily, over 1700 trucks are needed on the road on daily basis.

The attendant increase in the price of fuel has turned out to be a grand conspiracy against Nigerians. We couldn’t breathe as everything has remained standstill.

Our experiences in Nigeria at the moment portend grave danger as the February 25 election period approaches. Nigeria is on the brim and nothing is sure. The only thing that is very sure in Nigeria is suffering and death, nothing else.

Power supply, good health facilities, effective security, good education and other infrastructure are not certain. We have been thrown into poverty by this administration than any other time in the history of the country.

Moreso, the result of the prolonged increase in the price of PMS has left us with little or no hope and I am afraid if this continues till the Election Day, it will definitely affect the outcome of the election. I don’t know if this is a ploy to reduce the number of voters or disenfranchise Nigerians from performing their civic rights and responsibilities, however, there are pointers to this.

In a situation whereby the election is about three weeks away and the citizens are being pushed to the limit, as per what we are experiencing now, shows to a large extent that our leaders have lost touch with the reality of the present situation. If the Independent National Electoral Commission must deliver and conduct a free and fair election as it has promised, one of the issues that must be sorted out before the election is that of the logistics.

How do we get sensitive election materials to the polling units with the present scarcity of naira and fuel? Most times, INEC hires commercial buses to get to remote areas where and when necessary.

However, it is a matter of necessity and the Federal Government must look into this and get it right before it is too late. Preparations for the general election must start in earnest and whatever problems that came up as a result of the delay in the distribution of sensitive materials must be sorted out before the election day.

Finally, Nigerians are in the best position to judge President Buhari’s administration. I know for sure that he has tried his best, but his best is actually not the best for Nigeria.

And as he prepares to leave the stage for the incoming president, the only thing he owes the nation is for him to allow the will and wishes of Nigerians to prevail through a free and fair election. With a free and fair election, it is no doubt that the tenure of the cabals that had been holding this country backward will surely end with his administration.

.Aderemi is the Special Assistant on Media to the Aare Onakakanfo of Yorubaland.