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Home Economy

Breathing with 8k

by Joel Nwankwo
August 4, 2023
in Economy
0
Breathing with 8k
UBA
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Why is eight thousand Naira, not enough? It should be enough to cater to symptom management and provide emotional support for the effects of the removal of fuel subsidy.

President Bola Ahmed Tinubu in June in Paris–France assured Nigerians of repositioning the education and health sectors, while the ongoing reforms on the economy will be sustained and expanded, to relieve families struggling with the burden of poverty and insecurity.  

President Tinubu’s earnest desire to better the fortunes of Nigerians triggered the decision to disburse N8,000 monthly palliative care for 12 million vulnerable households. Wow!!!

The President said that the transfer of funds to low-income households would benefit an additional 60 million people. He claimed that the funds would be distributed to the households digitally to lend credibility.

Tinubu’s letter reads: “Please note that the Federal Executive Council (FEC) led by President Muhammadu Buhari approved an additional loan facility to the tune of $800 million.

“This is to be secured from the World Bank for the National Social Safety Net programme. You may also wish to note that the purpose of the facility is to expand coverage of shock-responsive safety net support among poor and vulnerable Nigerians. This will assist them in coping with basic needs.

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The planned monthly stipend was attacked by many Nigerians as being insignificant, and the N70 billion budgeted provision for legislators was criticized as being insensitive to the financial difficulties that many Nigerians are currently experiencing.

While some Nigerians argue that the funds would be better used to build infrastructure because there isn’t a reliable data system in place to carry out a transparent, effective process, others worry that if the initiative is implemented, the All Progressives Congress (APC) and its supporters would be the primary beneficiaries.

Breathing

Every government in Nigeria has advised citizens to be patient, support their initiatives, and endure hardship because things will get better. Just like the governments, the numerous tomorrows have come and gone, and their lives are now worse than ever.

The most shocking information then surfaced: “Fuel subsidy is gone.” The decision of President Tinubu was praised and the subsidy was agreed upon by many. Every contender agreed during the campaign that subsidies are a “scam” and should be eliminated.

The underprivileged believed they would finally have some breathing room as they felt the current administration would implement its policies more effectively. However, the news of a meager N8,000 came afterward. As a palliative after the subsidy removal, the money was to be distributed to 12 million underprivileged Nigerians over six months.

The Human Rights Writers Association of Nigeria (HURIWA) bemoaned the incomprehensibility of politicians being so blatantly cruel in an environment where over 50% of the population is multidimensionally poor and there is abundant evidence of sanitation, healthcare, food, and housing shortages.

Just 8k

It was simple to eliminate subsidies. Relief in the form of improved transportation infrastructure is what Nigerians are seeking.

Nigerians are now searching for respite in areas with prospective services like steady electricity, in locations where they may invest in food production, and in locations where they can receive relief in terms of healthcare. 8k relief fails in all ramifications.

The sharing economy doesn’t function in Nigeria, according to history, in addition to all the other things. From Buhari’s Conditional Cash Transfer to the distribution of COVID-19 food palliative, neither sharing money nor tangible things would ever reach the end-user—the Nigerian poor—due to the country’s ingrained and institutionally supported corruption. Because of this, the Nigerian population will never be enthused with the idea of sharing money.

The poorest people in Nigeria living in far-flung communities thousands of kilometers from the capital, are aware that their State and Federal Governments are out of their reach and out of their sight, and they will never be able to obtain the meager N8,000 sum.

Giving N8,000 a month is equivalent to giving N266.67 per day, assuming they receive the money. If it is anticipated that the so-called poor will eat three meals a day, then this will not have the desired effect as it would require giving less than N90 per meal. Can we breathe with that?

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Author

  • Joel Nwankwo
    Joel Nwankwo

    Joel Nwankwo is a tech journalist. He is passionate about telling stories as it relates to Africa's social and financial tech advancements. You can reach him at joel.nwankwo@techeconomy.ng

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Joel Nwankwo

Joel Nwankwo

Joel Nwankwo is a tech journalist. He is passionate about telling stories as it relates to Africa's social and financial tech advancements. You can reach him at joel.nwankwo@techeconomy.ng

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