By Abdullahi Muhammad Sheka
Katsina State elder statesman and member of the Peoples Democratic Party (PDP), Zahraddeen Babba Mazoji said Nigerians are of the whereabouts of the policies of incumbent President Bola Ahmed Tinubu.
Mazoji who made this known during a Media chat this said Nigeria, the country with the largest population in Africa has experienced several economic difficulties over the past 20 years.
The unstable exchange rate between the US Dollar (USD) and Nigerian Naira (NGN) is a significant element that has constantly impacted the country’s economic stability especially less privileged by people.
Babba Mazoji said, we have come to a journey inside the core of Nigeria’s economy, where one decision can have an impact on every aspect of our financial system.
“Consider the dollar exchange rate as a stone dropped into the serene waters of our economic pond. The way these ripples affect how we live, trade, and our daily activities. The President should be reminded to consider the metaphorical term “ripple effect” to show how even a minor change in the exchange rate can set off a chain of events that will have an impact on every part of the nation’s economic system. Imagine those waves starting from one point, moving outward, and affecting every aspect of our daily lives.”
Hon Mazoji emphasizes that the purchasing power of customers especially poor people declines as prices rise due to inflation. Therefore, with the same amount of money, regular people can only afford less, which lowers their standard of living which makes life very difficult.
“Economic uncertainty brought on by currency depreciation might discourage long-term planning on the part of both enterprises and households. Major financial decisions are postponed by people’s reluctance, which slows down the economy.
“To be sincere Nigerians are facing More worrisome in the fact that the nation’s currency, Naira, has continued its depreciation trend against the Dollar in the foreign exchange market. Naira’s free fall has continued weeks after the Central Bank of Nigeria lifted forex restrictions on rice, cement and 41 and other items.”
Mazoji said, a petty trader who lives in the Federal Capital Territory, Abuja, counts only on God for survival.
He lamented that he could barely feed twice in a day. However, President Bola Tinubu has continued to reassure Nigerians that his administration was fully aware of difficulties and pains being faced as a result of its ongoing reform, saying the economy will soon bounce back.
However, Mazoji has warned the misery index, a metric that determines the overall economic performance of an average citizen, could spike in the coming months and undermine whatever long-term gains the ongoing reforms hold for the country. This they believed is because the government has continued to delay on the implementation of palliatives to cushion the impacts of the subsidy removal, which the World Bank said could push as many as 7.1 million Nigerians into deeper poverty.
According to him, “Nigerians are no longer waiting; they’re now weakened, forlorn, downtrodden, depressed, and left with a feeling of loss.”
Babba Mazoji further advised that leaders should always know that what is good for them is also good for every Nigerian down in the street.
He said, “The current economic situation in the country has left Nigerians in a state of confusion. It’s not just hardship; it’s a situation where citizens are working harder but they are not sure their sweat is enough to get them food to eat.
“Everyone is involved. Big men are crying. They are also depressed by the current economic condition, Many are sleeping and waking up with empty stomachs.
He Said ,“The big boys are weeping because Naira can no longer afford them the life they had. Imagine that not long ago, two million naira was enough for someone to go on vacation abroad. Today, that amount can barely buy a one way ticket.
“Both business owners and salary earners are in pain. The harsh economy has eroded the purchasing power of the people. That in turn has crippled businesses. Some have closed down. Operating cost has never been this high. Yet, customers have no money to buy goods and services.
“But the most painful part of this harsh economy is that those responsible for managing the economy pay lip service. They gaslight Nigerians to accept and endure the hardship, that it’s a necessary pain that would birth a brighter future. Said Mazoji
Hon. Mazoji appeals to the Government as well as all stakeholders as a matter of urgency try to find a lasting solution on the current hardship experiences by the majority of Nigerians less privileged and poor people.”