By Eric Elezuo

Following the announcement of the President Bola Tinubu-led Federal Government of Nigeria of its intention to distribute N50,000 to 3.7 million homes/persons across the country among other cash induced benefits to cushion the effects of the over one year hardship that erupted on the first day of the administration, most prominent Nigerians have risen to condemn the move.

Among the loudest of voices against of the voices is the celebrated journalist and former presidential aspirant, Aare Dele Momodu, who described the move as the latest bazaar of the Tinubu administration, adding that it is subject to weaponizing poverty among the already very poor and anguished Nigerians.

The Chairman of Ovation Media Group took to his Instagram handle to caution the government against throwing money at anything and everything, stressing that it’s never the way to go,  in an article he titled ‘Tinubu’s Latest Bazaar’. He took a swipe at successive administrations, tracing back to the days of former President Goodluck Jonathan of presidents, whose stock and trade has remain doling out money to to people as if it is confetti, without enabling environment of utilisation.

The revered community leader, who has been honoured with various titles across the Nigerian traditional and ethnic divide, analyzed the length 50,000 can go in the present economic dispensation, informing that the amount is just an equivalent of US$30, and cannot, on its own, buy a small quantity of tomatoes, rice, beans, garlic, elubo, yam, fish or any other stable food. He therefore, queried how the government expect the money to go a long way.

Proposing a way forward however, Momodu advised the government as matter of urgency to produce a million millionaire entrepreneurs with one trillion Naira, who in turn will churn out more entrepreneurs through employment and training, and so the circle will continue.

He further suggested that the measure can be achieved through a setting up of a non partisan committee, who will conduct a meticulous screening of presentations from applicants.

“Each applicant would be expected to employ minimum of 5 others in their chosen vocations. Another trillion can go into vocational trainings. Nigeria must focus aggressively on vocational revolution. Our youths are extremely gifted and hardworking. Throwing peanuts at them is only an extension of hopelessness. We can do much better,” the media entrepreneur said.

Below is Momodu’s detailed statement:

TINUBU’s LATEST BAZAAR…

For anyone who knows how to weaponize poverty, throwing money at anything and everything becomes an addiction. It is so disheartening seeing how government after government in Nigeria continues to spend money as if it is mere confetti. This is not the first time I’m complaining before the defenders of bad policies descend to accuse us of anti-Tinubu criticism. My position has been consistent since President Goodluck Jonathan started distributing telephones to farmers. Not that it was a totally bad idea, but knowing my country well enough, it was an invitation to free food. The logistics of it alone was dizzying. The originators had fantastic ideas but the executors were, majorly, artful Dodgers.

When PRESIDENT MUHAMMADU BUHARI came, the principalities managed to convince him to spray cash in parts of the country, even if it will ultimately get to less than one percent of the populace. The BUHARI bazaar was so obscenely bizarre that Nigerians queued in public places to collect raw cash. I have never seen anything so demeaning…

It is now the turn of PRESIDENT TINUBU. Just in case he is not aware, let me break it down. N50k is approximately 30 USD today. A scanty basket of tomatoes the last time my wife checked in Ibadan was N140k. We are not talking of pepper, onions and vegetable oil yet. Oh, we are yet to add gaari, elubo, rice, beans, yam, semovita, meat, fish and sundries. In my view, distributing 50k in many homes will only create further frustrations, big in title but useless in the market place.

So, my humble suggestion is that we can produce a million millionaire entrepreneurs with one trillion Naira. A non partisan committee can achieve this through meticulous screening of presentations from applicants. Each applicant would be expected to employ minimum of 5 others in their chosen vocations… Another trillion can go into vocational trainings. Nigeria must focus aggressively on vocational revolution. Our youths are extremely gifted and hardworking. Throwing peanuts at them is only an extension of hopelessness. We can do much better…

It would be recalled that President Tinubu on Thursday, gave the directive at the 142nd National Economic Council meeting attended by state governors and some deputies at the State House, Abuja, announcing a National Construction and Household Support Programme which will see 100,000 families in each state getting ₦50,000 federal government grant for three months, ₦155,000,000,000 to be disbursed for assorted foods, ₦540,000,000,000 for household grants even as 36 states and the Federal Capital Territory will get ₦10,000,000,000 allocations each for Compressed Natural Gas (CNG) buses.

The ₦50,000 federal government grant planned for 3,700,000 households across the 36 states and the FCT, the ₦10,000,000,000 allocation each for CNG buses in the 36 states and the FCT, as well as the ₦155,000,000,000 spending on assorted foods, are estimated to cost over ₦1,000,000,000,000.

While emphasising the urgency of boosting food production in the country, Tinubu urged state governors to work together to meet the needs of Nigerians, stating his willingness to provide the needed support to ensure that Nigerians are relieved of hardship.

“We must deliver on our targets at all levels. Please report back following your consultations and submit it to my office within seven days.

“How much support do you need from me and in what form? I am prepared to provide it. But we must achieve the result.

“There is nothing we are doing that is more important than producing high-quality food for our people to consume, buy, and sell. We create jobs in the production of it. And that is before we generate wealth by exporting the excess. It is not beyond us to achieve this for Nigerians,” President Bola Ahmed Tinubu said.

In recent times, multiple economic challenges have bedeviled the country with high inflation driven by the removal of fuel subsidies and exchange rate depreciation reached 27% year-on-year in October 2023.

This price surge, coupled with high food insecurity has increased the cost-of-living crisis, leaving Nigerians struggling to afford necessities, and languishing in abje t poverty, and increasing the rate of crimes.

In spite of certain policy reforms like fuel subsidy removal and exchange rate unification adopted by the Tinubu government, the challenges of poverty, stalled per-capita growth, and a weak business environment persist.

Also in July 2023, Tinubu announced the sharing of eight thousand Naira to 12 million vulnerable families for six months.

Again in October 2023, Tinubu announced another conditional cash transfer to 15 million households. The announcement coincided with the celebration of World Poverty Eradication Day.

There had been more and more cash  intervention programmes since the May 29, 2023 ‘Subsidy is Gone’ infamous declaration, and none is yet to lift Nigerians out poverty as economic realities continue to bite harder, and the Nigerian public coming out worst on a daily basis.