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Global Financial Meltdown: Is Nigerian Government In Control of the Situation?
The title is an assignment being researched by the students of Kaduna Polytechnic HND1 (Higher National
Diploma) Mass Communication Department. The curious students had sent "mails of this nature to national
commentators" like me to respond, trusting that I would reply to the topic accordingly. The deadline is less than two
weeks, for they must submit their findings within that time range. In this essay, I intend to use anecdotes and
retrospect to drive home my point. I am going to argue that, since the Nigerian government is unable to manage or
control economic, religious, political and social crises before the advent of the global one, then it is impossible for
such government to control the situation now. I may draw references even from the government to buttress my
point. I will embed my thought and opinion and then round it up with an expert opinion - a renowned economist.
The question being asked by these student communicators is as interesting as is timely. It is a question I believe
should be on our lips - every minute if possible. As part of my own way of contributing to the Nigerian nation, I have
already dealt with this question in my article, Salary Cut Meaningless Without Seriousness. The bottom-line as far
as I am concerned is about seriousness and honesty, which unfortunately have never been in the dictionary of any
Nigerian government. It is a fact that every government we have had, including the present one, is in the habit of
entertaining the citizens with rhetoric. Instead of being sincere and thoughtful, Nigerian "leaders" prefer to be
frivolous and playful. Notice my emphasis on leaders. I guess Nigerians are tired of their empty and loud and
confused talks. Even with the recent 20% cut in the salaries of the president, vice-president and others, I still doubt
the government ability to control the situation in question. They definitely know where to get back the cuts such as
the bonuses which are in fact ridiculous. But then RMAFC, according to Punch says Yar'Adua can't cut salaries.
To justify my claim, virtually every Nigerian government on assuming power always promise the nation to make
things work, only to abandon such assurance before passing the baton to other equally dashing hopes
administrators. It seems to me that Nigerian governments enjoy playing with the nation. Otherwise how could one
describe their atrocious method - of governance? First, it was vision 2000, then 2010 then 2020 and then it would
be 2050. Each government must say something in order to be accepted by the public. But is the public getting wiser
or still naive about the truth concerning those at the elm of affairs? Are the citizens following the systematic way
their "leaders" destroying virtues as the latter pretend to be patriots? Whenever they form a committee to find
solution to a problem, such committees often end in chaos and abandonment. The present situation of global
financial meltdown won't be different. The government simply does not know how to control any crisis - be it
religious, economic or social. For example, FRCS (Federal road Safety Commission) claimed thousands are dying
on our roads - obviously due to lack of maintenance. Is this the kind of government that we expect to control global
financial meltdown? Go to our hospitals and your findings may convince you.
For me, everything comes down to the basic things. I passionately believe that a government that finds it impossible
to provide basic amenities to its citizens cannot be in control of anything. Perhaps I am exaggerating but can
anyone tell me exactly the reason why Nigeria, a potential great nation which was once called Giant of Africa is
unable to cater for its citizens? Whereas "leaders" in this country swim in money - looted money! They have
succeeded in making corruption and stealing a fad of the moment. They are misleading our youths by their
wayward life style. The youths do not believe in hard work, after all, their leaders don't. The youths have realised
their country do not respect industriousness but hooliganism and mediocrity. Look at the characters of most of
those vying for the nation top offices and you shall find the answer: from the late Adedibu to Uba to Andy to
Obasanjo and many others.
Their vision-less approach to governance has crippled nearly every infrastructure. In the 70's and early 80's,
Nigerian education could be described as one of the best. There was a time in this country that public tap water
could be found everywhere. Though we have never had uninterrupted electricity, it was not as epileptic as now.
Even our roads have become death traps for motorists. Obviously, nothing seems to be working in Nigeria and it is
not that things can't work rather the "owners of Nigeria" (apology to Seyi Oduyela) do not want it to work.
Governments in Nigeria have always engaged in personal business instead of public service. They hardly know the
difference between the two. This is quite unfortunate. So Nigeria has been in a financial meltdown long before the
global financial meltdown. Nigerians have been saying, "E go better" long before I grew up, and we are still saying
the same thing. And many of those chewing the words have died without seeing the better day. We need to ponder
on this aspect of our life why we always allow every government to get away with inefficiency and looting, which is
telling on the country.
In view of this, I posit here that the Nigerian government is not in control of the global financial meltdown. Like every
other thing, this administration does not even know what the global financial meltdown mean. For example, the
Central Bank Governor, Charles Soludo, told the nation at the beginning of this meltdown that it would not affect
Nigeria. Now they are saying something else. The Federal Government recently expressed fears that the global
economic crisis will hit the country very hard later, even though the country seemed not to be feeling the impact
now, according to the Nigerian Tribune. Thank God they are now saying what many of us had suspected long time
ago even though it is somehow late for such tacit admission which in itself cannot be a solution to the global
financial meltdown.
By the way, have you heard this report from the Guardian? "If the National Assembly passes a proposal from the
Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), former presidents Shehu Shagari, Olusegun
Obasanjo, and their deputies while in office - Alex Ekwueme and Atiku Abubakar - will earn the annual basic pay of
a president and his deputy for the rest of their lives". Fellow Nigerians, although it has not been implemented, this is
the typical approach of our government to solving global financial crisis. The rich getting richer while the poor
getting poorer. Why should the National Assembly worry itself over such spendthrift thought? I consider it a reckless
waste to be talking of permanent salary for former presidents and their deputies who obviously had looted the
treasury while in office, and whose ineptitude have contributed immensely to the mess we are in. They are talking
about permanent salary for former presidents and their deputies while the government cannot pay its pensioners
and teachers. I ask, is this the way to control the global financial meltdown?
Is the Nigerian government taking appropriate measure to combat the meltdown? The best it has come up with is
setting up steering committee to look at the impact of the economic crisis. According to Minister of Labour, Prince
Adetokunbo Kayode, the committee is "to draft a Social Security Policy for our country and the framework under
which they would operate". Fellow Nigerians, is this supposed to be the step in finding solution to the meltdown?
Although I am not a financial expert, but I believe cutting salaries of public officials is not a solution to the current
global meltdown. Whilst the government is busy cutting salaries of public officials, senators and others are receiving
fat bonuses. Newspaper reports had it in November 2007 that "Aso Rock budgets N2.3million daily for
refreshment...N1.5m for eye glasses". This is one example of profligate spending by the federal government and its
components.
The best approach, I think, would have been immediate reprioritise of government projects and waste elimination,
banning of all unnecessary foreign tours, medical visits and workshops, particularly by indolent legislators. Job-cuts
is another measure being implemented by the government to beat the meltdown, and it is heightening the already
high rate of unemployment, says one Jide Owatunmise, adding that governments should ensure that job creation
and the provision of basic infrastructures for economic growth must be given priority attention. He predicts danger
in a situation whereby governments fail to create employment. "If the public and private sectors fail to create jobs
for the unemployed youths in Nigeria under the guise of global economic meltdown, the unemployed youths will turn
around to become a thorn in the flesh of the government officials and chief executives of organisations thereby
threatening their peace and security as it is happening in the Niger Delta region now".
Prof. Sam Aluko, Nigerian foremost economist, put it succinctly in an interview he had with The Sun. "There is
nothing we can do (about the global financial meltdown) because we are not even agriculturally self sufficient
nation; we are not even commercially self sufficient nation. We are at the mercy of the world," says the former
chairman of NEIC. "If during a depression, you continue to reduce wages, you continue to reduce employment, you
are deepening the depression. That is wrong method. Even the idea that salary of public officers will be reduced will
not work. You are aware that these public officers are very extravagant. For example, we spent about N260 million
on each Senator today in a country like this. We spent about N135 million on each member of the House of
Representatives. Even cutting this by 25 percent has no meaning because in the first instance, they ought not to
be earning what they are receiving. To now cut salaries of civil servants or retrenching them is uneconomic".
Copyright 2009
mysmallvoice@yahoo.com
my smallvoice
by Hakeem Babalola
location: Hungary
mysmallvoice@yahoo.com
by Hakeem Babalola
location: Hungary
mysmallvoice@yahoo.com
