TINUBU’S GOVERNMENT WITHOUT A HUMAN FACE: CARDOSO BLAMES PALLIATIVES FOR FOOD INFLATION

 

The Governor of the Central Bank of Nigeria, CBN, Olayemi Cardoso, has said the huge purchases of food items by the government as palliatives for distribution to vulnerable citizens is a contributor to the galloping food inflation in the country.

Cardoso made this disclosure in his contributions during the March Monetary Policy Committee meeting, which was published on the CBN website on Monday.

At the meeting, the Monetary Policy Committee, MPC raised the benchmark interest rate to 24.75 percent from 22.75 percent, which it said was aimed at tackling inflation.

The Governor of the Central Bank of Nigeria, CBN, Olayemi Cardoso, said the huge purchases of food items by the government as palliatives for distribution to vulnerable citizens is a major causative factor for the galloping food inflation in the country.

The committee had said that its hawkish stance was to tackle inflation. 

The Consumer Price Index report released by the Nigerian Bureau of Statistics, NBS, in April, stated that the country’s inflation rate increased to 33.2 per cent in March.

The food inflation rate also reached 40.01 per cent, with a year-on-year increase of 15.56 percentage points from 24.45 per cent in March 2023.

According to the CBN governor, inflationary pressure had failed to abate despite notable stability in the foreign exchange market. 

He thinks the Naira exchanging at between 1,200 and 1,400 a Dollar is stability.

He said, “Despite notable stability in the foreign exchange market resulting from decisions taken at that 293rd MPC meeting, inflationary pressure remains unabated. While there is the argument that the significant tightening since the last MPC meeting is yet to fully permeate the system and yield its expected impact, the risk of galloping inflation persists.

“If such a hyperinflationary scenario is to become reality, available options to control inflation could be severely constrained. From the facts presented to the MPC, there is a clear indication that the monetary factors contributing to inflation are diminishing in their significance.

At the inception of the present administration, some far-reaching policies were initiated which resulted in rise in pump price of petroleum products and a drastic fall in the value of the Naira.

The effect on the economy and cost of living was unbearable to the citizens. Food hyperinflation became a scourge and cries went on for government to do something.

Coming up with the narrative that the pains occasioned by the policies were only temporary, the government tried to convince the people that things would soon get better.

In order to cushion the effects of the hardship, government introduced some palliative measures. Food items were procured and distributed through the States and government agencies. 

The fraud and sleaze that accompanied the exercise is a topic for another discussion.

At least the palliatives reached some places. The relief was visible in many places.

The effect of inflation caused by knee-jack policies of government was relatively relieved, if only minimally, by the palliatives.

It is therefore shocking for the Governor of the country’s apex bank to now fault the government policy claiming it is the palliative that is making the food inflation worse.

Mr. Cardoso would rather the people be left to bear the full brunt of the dehumanizing policies of a government he is part of.

This attitude seems to be common with Tinubu’s government and his men.

Recently the Minister in charge of power told Nigerians, when he was questioned about the new electricity tariffs, that they either accept his tariffs or brace up for a national black-out.

His "Electricity Band(itry) policy plans to give 24-hour power supply to the rich; the same people who can afford alternative sources of power. The average Nigerians whose only source of power is the National Grid are condemned to maximum of four hours a day.

Petrol pump price shot up to an all-time high in the last two weeks. Fuel queues returned and people were forced to trek long distances.

The President did not as much as assuage the frayed nerves of Nigerians in his Mayday broadcast.

The Naira which had been valued at about 400 to a dollar went down to almost 2000 to a dollar in less than a year. It now hovers around 1,000 to 1,400 per dollar. The Tinubu government and her apologists think Nigerians should applaud that as improvement and stability.

A refinery was declared repaired and ready and launched will so much funfair only for the nation to discover it was all a ruse. Nobody, government or the NNPCL, has  deemed it necessary to offer Nigerians any explanation.

The “rebranded” Air Nigeria was celebrated with hundreds of millions of tax payers money only for us to discover Nigerians have again been taken for a ride; a whole nation swindled. Heads did not roll and no explanations given.

The story of Betta Edu, the APC “Superwoman” leaves a sour taste in the mouth. We did not even get a small apology.

Government should be about people. What the people being governed feel matters most. Government and government policies must have a human face.

Tinubu’s government, his men and their policies do not have a human face.  Every policy since May 29 has made the lives of average Nigerians more difficult. 

Multinational employers of labour are leaving Nigerian shores in droves for our neighboring countries. The ones that have not left are downsizing. Yet nobody in government thinks that is a problem.

Shall we tell the president, that his government does not have a human face.

Or what do you think we should tell the President? 

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