By Ugoji Egbujo
If they leave the major bleeding points oozing to fan the man because he is sweating, then they are like our government that has left crude oil thieves to chase BDC operators.
The country is in shock. Shock is what happens when circulation fails and systems start to shut down. Our country lies prostrate, bleating, like a man run over by a hit-and-run truck. Our foreign reserves are empty. The poor can’t buy food. The government is running helter-skelter to pander to the angry masses and save itself. Truth has been sacrificed. But that won’t do. So, scapegoats must be found. Perhaps, as the Igbo say, a desperate man is entitled to act a little crazy.
Governments
at all levels have gone from slumber to bulging eyes. They are now actively
looking for scapegoats at every turn. The presidency wears the crown. So it’s
understandably particularly unease. One moment, it’s all mad Meffy. He
singlehandedly upended the country. But since the now bible-carrying man has a
head too small for any national atonement because he was never a president,
other lines have to be explored. Buhari can’t be mentioned by name. Apart from
being a saint, he belongs to the party. They can’t indict the party because
only the Poverty Development Party failed the country.
So, sometimes, they reel out specious figures to point to a global recession. But the public knows that despite the downturn in Japan and the UK, being there would be bliss. A global recession isn’t why they can’t feed. The poor folks in Japan eat good food and have healthcare. The wish-washy comparisons underline the shallowness that marches around as intellect in high places.
The Senate President has a
reputation for self-harm. He believes that those protesting were sponsored by
political opponents. So perhaps, there is no hunger or food prices aren’t that
bad yet. That statement confirmed the long-held suspicion that the ruling class
regards the masses as no more than flocks of sheep. If there is hunger in the
land, they are expected to die quietly.
While some government agents are
parroting global incoherence, others are hounding bulk traders. In the olden
days, farmers had barns. Traders stored in warehouses. Our grandfathers used
barns to store yam and produce, keeping them for months till the dry season. It
wasn’t called hoarding. Commodity traders bought bulk beans from Chad and
stored them in warehouses in Alaba Rago in Lagos and Kano. It was called shrewd
business. But now the president has asked security agents to look into
hoarding, and some governors have taken thugs to warehouses. The idea that
storing food is the cause of high food prices in the face of dwindling naira is
comical.
When innocent traders aren’t
taking the potshots for hoarding, they are being bashed for changing prices
arbitrarily. Before the naira became confetti paper, the govt didn’t care about
how and when a tomato seller sold. Because demand and supply would check
arbitrary prices in an open market. But since neither the ruling government nor
the party wants to take responsibility for adopting policies without thinking,
they will tell all tales and find enemies. Yet no entity has changed prices
more than the Customs recently. The Customs all but charges in dollars. Because
between January and February, it has changed custom duties thrice, mimicking
every hop of the dollar.
Traders must endure because
manufacturers have also been fingered. Cement producers were summoned to a
meeting. Cement prices have tripled. The government said it wanted to know what
the trouble was. The government knows that the official exchange rate of the
naira has tripled in the last 8 months. But since the govt is playing ostrich,
it must invite the cement producers and threaten to import cement massively.
With that public display of righteous anger, when all construction works across
the country come to an inevitable halt, the blame must belong to the cement
manufacturers, not the politicians who use dollars to buy party delegates
during party primaries.
The rambunctious search for scapegoats took a new but expected turn this week. The EFCC went after BDC operators. These folks have been in this business since Lord Lugard. They have always done it in the open. In many government agencies, where contractors pay heavy bribes to officials, everything happens in dollars. BDC operators are given office spaces in the buildings for ease of doing business.
However,
it is the BDC fries, not the big fishes in the government, who were harvested
and later released. The govt that said it wanted the naira to float freely and
find its level now believes the BDC guys might be the witches behind the
naira’s predicament. The government thinks that arresting them rather than
flushing the market with dollars will stem speculation. The government has to
be seen as doing something drastic. But interestingly, no bank managing
director has been arrested yet. Small fries are good for the show.
While using one hand to scratch
the BDC guys, the government was using the other to punch the crypto and forex
traders. The authorities believe that some of these lazy youths and their
sponsors have used the forex platforms to cast a spell on the naira. The
authorities believe that these small markets of frivolous speculators play
magical roles in dragging down the naira in the black market, indirectly exerting
a pull on the official rates. If the government understands this juju this
well, then why can’t it drown the speculators in these ponds by flooding it
with dollars? The volume of dollars needed to fill up these ponds is small
compared to what we spend daily on estacodes for frivolous trips.
When a man is in shock because
he has bled copiously, an urgent transfusion to retain circulation is
mandatory. While the major bleeding points are being secured, an infusion of
water and salt must commence. But as soon as possible, blood must be
transfused. That man can’t be expected to make sufficient blood in his marrows
until stable circulation is restored. Mosquitoes sucking on him are not even
his problem. That is the predicament of our economy.
If the people around the man choose to pour cold water on him, as many do to accident victims, then they are chasing shadows. If they leave the man in shock to pursue the old truck driver and his motor boy for causing a needless accident by driving against traffic, then they have left the elephant in the room to sweep cobwebs. If they leave the major bleeding points oozing to fan the man because he is sweating, then they are like our government that has left crude oil thieves to chase BDC operators. If they haven’t called an ambulance but are taking pictures of the dying man and crying, then they are like the politicians breaking into warehouses and talking about hoarding.
This is an
emergency. The government has the instruments. It must source dollars in
sufficient quantities to save the country. Then it can remove its shirt to
fight crude oil theft and banditry with all its might. But playing Baba Suwe
and parading scapegoats won’t work. Too many are too hungry.
*Dr. Egbujo is a commentator on public issues
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