By Adewale Adeoye
The news is that the Federal Government will distribute N800b to the poorest of the poor Nigerians. I believe President Bola Tinubu initiated this move to meet the immediate objective situation of many poor homes. We can say the intention is good but the outcome and end product may not be as good as planned.
I believe the FG is doing this in its bid to meet the desperate need of many poor Nigerians whose purchasing power has been weakened by a string of economic woes ahead of the 2023 National elections.
Three weeks before the Election, the Central Bank of Nigeria, CBN led an insurrection against the people. The institution carried out measures akin to State Terrorism. Nigerians were stripped of their earnings and savings under the guise of procuring new notes.
The CBN under Emefiele seized private and public funds. Millions became starved, hungry and I believe thousands died.
With subsidy removal by the same Mohammad Buhari led Government, more Nigerians became naked, traumatised and humiliated.
To compound the woes, prices of fuel jumped almost three-fold
However I do not think 8,000 for some Nigerians is the solution for many reasons:
1 The N8000 is not productive. It will mostly go to consumption. It is like a drop of water in a hot saucepan. It is euphoric and will evaporate as soon as it drops. To bring Nigerian back from the brink needs a lot of solemn and critical tactics. The situation on the ground is appalling. Buhari left a car without engine, without tyres and laden with lice and rotten faeces. It takes a lot of courage to even touch the car in the first place. That is what Nigeria has become. Not that Buhari did not achieve anything, but his economic team was barren and arid, bereft of any creativity and Talibanistic in form and content.
2 N8000 is significant but too small to make any impact in the life of any Nigeria beyond one week. What then happens after the maximum of one week when the N8000 is exhausted?
3 The N500b could have been invested in productive ventures. If I were in any position to advise the Federal Government and President Bola Tinubu, the N500b should have been invested in agro products in each of the Local Governments of the Federation in a Special Agro Intervention Fund.
4 The funds should have been invested in agricultural products with possible immediate yields like varieties of vegetables, tomatoes and grain. The government should also invest in silos to preserve these cash crops. Part of the fund should be used to procure fertilisers. The LGs should clear the land and provide tractors for the farmers. If you divide the 500b by 774 local Governments in Nigeria, each LG will have 645million plus. Imagine each LG in Nigeria investing 645m plus in Agriculture and the impact in 6 months?
Some of the LGs have never in the life of their existence seen 20m in bulk in their accounts. It will revolutionised economy at the grassroots. It will also improve the profile of the Government at the Federal level.
The funds should be paid to the LGs through each state. It should be paid in three tranches. Each local government working with states should have monitoring units involving NULGE, NUT and Nigerian Labour Congress, NLC.States that pass the test would receive the three tranches. The project in LGs without land should focus on animal husbandry and fishing
5 This will boost the economy, reduce the cost of the essential food items and also create recircled wealth for millions of Nigerians
6 The FG should have implemented this project in collaboration with Farmers unions and Agro cooperative societies. The Local Governments should then assist by providing the land and clearing of the land for agro products that can meet the current season. Such an investment will also create jobs.
7 The idea of giving outN 8000 to individuals will lead to liquidity problems and a waste of resources in many respects. I can assure that some will spend the N8000 in one or two days. Some will also use the money to drink kain kain.
The prospect that the money will fall into the hands of those that don’t need the N8000 is also real.
We should always build long term strategic interests into any policy initiated by government. N8000 cash for some Nigerians is with good and honest intention, but in the long run, it is nothing but an unproductive and wasteful venture…
Adeoye, the ED, Journalists for Democratic Rights, JORDER, writes from Lagos
JULY 17,2023
