By Eric Elezuo
The Nigerian public was jolted during the week when the administration of President Bola Tinubu announced that it was set to ameliorate the hardship Nigerians were passing through as a result of the unpopular removal of the petroleum subsidy regime with an N8000 per month palliative to families for a period of six months. Yes, for a period of six months, and then what? Unfortunately, the government statement did not expantiate, leaving Nigerians more worried and confused than before.
The government has gone ahead to seek the National Assembly’s nod to borrow the $800 million needed for this venture, which for all intent and purpose, is a white elephant project. Who will it benefit? How many families will be able to assess the paltry sum and how long will it last the beneficiaries.
Tinubu has said that 12 million poor Nigerians will be paid the money, but we ask, to what end? What can 8000 do to a family in one month? Can 8000 last a family of five for one week? Is the administration of Tinubu not inducing more poverty and increasing the depression that has characterised the government since May 29.
Can N8000 buy a quarter bag of rice in the Nigeria of today? How many tubers of yam can the amount buy? Many would have thought that Tinubu will unleash the so called prowess that allegedly saw him transform the economy of Lagos, but this policy remains laughable, and possibly not well thought through before the pronouncement.
Nigerians wondered why borrowing to feast when the $800 million could easily be channeled to more sensible projects that can stand the test of time, and be beneficial to every Nigerian. The lessons of tradermoni, conditional cash transfer and COVID-19 intervention initiative, which were colossal failures seem not to made an impact even as the mistakes were committed by the same All Progressives Congress (APC) party.
A policy that many Nigerians saw as bogus and unimpressive at first sight, is not supposed to have emanated from a administration that pride itself as progressive and prepared. It will do everyone a lot of good if this policy is jettisoned immediately and the fund, if finally sourced, be channeled to more lucrative and people oriented projects.
Tinubu and his cabinet must prove that they don’t lack a clear economic policy apart from taxing Nigerians. Time has come when the word ‘sacrifice’ should stop being a lexicon to chide Nigerians into submission to every draconian pronouncement. The citizens have sacrificed so much, and should be reaping the fruits of their sacrifices. Tinubu should not make it harder to bear.
The N8000 per month palliative proposed is an exercise in futility, will do no one no good, and should be dropped with speed like a hot charcoal mistakenly picked. There are so many areas such amount can be invested in including agriculture, education and technology.
