By Bayo Fasunwon

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Last week was full of intrigues, pains, sighs and despair for many Nigerians. The suffering and smiling masses had their share of lamentations in their tiresome experiences at the various fuel stations, PVC collection centres, and the banks. It seemed to many that the incumbent government is bent on celebrating its exit in a pool of citizens’ tears. As at the time of writing this piece, many are suffering in fuel stations despite the fact that the prices have been indiscriminately hiked. The scarcity of the PMS bites harder causing many to buy as low as N400 and high time rate of #800 pump price. Not only have the prices increased, but getting it is a tug of war, where only the violent are able to forcefully get it. 

This alarming price volatility has impacted on the cost of living of Nigerians. The cost of transportation, production and livelihood has skyrocketed beyond the financial capacity of most salary earners and informal sector business practitioners. The inflation that Godwin Emiefele’s new currency innovation tried to curtail is fast becoming cancerous. The irony in the Central Bank’s policy is that it is fanning the embers of the fire it sought to quench. Just few hours to the deadline, the expected custodians of the ‘outlawed’ currencies have found it difficult to cut short their romance with it.

So, instead of dolling out the new naira notes (in order to phase out the old currencies), they still dispense the new version of the old notes. Now, Nigerians are besieging the banks in droves to open accounts and deposit their currency. Unfortunately, since the CBN’s policy is skewed towards increased savings as against cash flows, those who have deposited have few cash to spend. So, the highest bidder acquires the available goods. Inflation is therefore reloaded.

Those who used the public holidays to acquire their PVCs have their stories to tell too. But, trust Nigerians, many jokes have been created from these harrowing experiences. Someone wanted both the Federal Government and United Nations to declare January 22 to January 27 of every year a national queuing week to commemorate Nigerians’ experience. Others felt that a golden excuse to refrain from giving in the places of worship had presented itself.

Those who are owing (government, businesses and individuals) have also refused to pay citing the fact that they wanted the new notes in circulation. Someone had also asked those involved in money rituals what currencies their demons would be supplying them, or are there currency swap in the spirit realm too?  So here we are, suffering and smiling.

Many reasons have been given for the illegal increases in the pump price of PMS across the country. The Major Oil Marketers Association of Nigeria, (MOMAN) for example had hinted that the high costs of vessels and the shortages of delivery trucks from depots to fuel stations contributed in no small way to the lingering fuel These coupled with fluctuating and increasing exchange rates have contributed in no small way to the crisis.This crisis could therefore be nipped in the bud with increases in the numbers of delivery trucks as well as increased supply of the products.

For the Independent Petroleum Association of Nigeria (lPMAN) the current fuel scarcity is traceable to the twin challenges of the unavailability of petroleum products and difficulties in accessing foreign exchange by marketers. They have unequivocally stated that the Nigeria National Petroleum Corporation (NNPC) Ltd., had stopped importing enough petrol to meet nationals’ demands. The unsteady supply of the products has therefore yielded to the laws of demand and supply, thereby resulting in higher prices of between N205 and N210 at the depots. Given the dynamics in the international milieu, and scarcity of funds, NNPC may not be able to import enough fuel for the nation.

It is a shame that a government whom many believed would build refineries have not been able to repair just one having being in the seat of power for more that seven years. It remains absurd and signals of disloyalty that the government of one of the largest oil producing nations in the world lacks the power to refine part of its products. As it is, and given the paucity of funds, the harrowing experiences would continue until Nigerians decide that they can take it no more.

Apart from Mr. Godwin Emiefele and his board, many Nigerians are convinced that the new currencies are very scarce and outrightly unavailable. A stroll to the banks revealed that as at the time of writing this piece, the banks were still dispensing old notes both across the counter and at the Automated Teller Machines. The ‘massive’ supply of new notes reported by the Governor of the Central Bank may either be an illusion or that his efforts are being sabotaged by all banks in the country, However, if what happens in the oil sector is anything to go by, there should be a ‘BOVAS’ amongst the banks who would love the nation above material gains. But as it is, there is none.

Could all the banks be wrong, while the Governor is right? If the people in the urban centres are lamenting, what do we expect of those in the rural areas. The stubbornness of the CBN Governor in the sight of grave realities seems to corroborate the insinuations that the currency change was borne more out of political interests than the ‘coloured’ economic reasons. It is therefore unamazing that the Presidential candidate of the All Progressives Congress (APC), Senator Bola Ahmed Tinubu, had alleged that the current fuel scarcity and naira redesign were parts of the plan by some powers-that-be to sabotage the 2023 general election.

In Abeokuta, he declared that the fuel crisis and the scarcity of the newly redesigned Naira notes were artificially created to discourage Nigerians from voting for the APC. Could he be insinuating that there are saboteurs in the APC as the policies that brought up these oppressions emanated from his party. The truth however is that everybody, everywhere is feeling the heat.

Yours truly is however concerned that government due to its estrangement from the governed is heating up the polity. The present administration had loaded its last lap in office with too many programmes that impinge on the sanity of Nigerians. Unfortunately, many of these programmes are ill-timed, and shoddily executed. The implication is that there remains just a little spark of anger before the nation goes into flames.

 The doggedness and resilience of Nigerians are being taken for granted, and it would be the shock of the world when things eventually fall apart. One common characteristics of this government is placing the cart before the horse, thereby flying without looking. They allowed increases in electricity tariff without providing electricity; borders were shut before cultivation of rice, and now currencies are inaugurated without immediate supply to all banks.  It is high time the NNPC and the CBN bowed to reason. A good intention with a bad outcome is a catastrophe.