The presidential candidate of the ruling All Progressives Congress (APC), Asiwaju Bola Ahmed Tinubu, has alleged that the current fuel scarcity rocking the country is a ploy to scuttle the 2023 general elections.

Tinubu made the allegation in Abeokuta, the Ogun State capital, during his campaign on Wednesday. He said besides the fuel scarcity, the Central Bank of Nigeria’s decision to redesign the naira is also part of the plan.

Nigerians are grappling with months-long fuel scarcity that has impacted life and businesses, compounding the already bad state of livelihood in the country. Besides that, the CBN announced the redesign of naira notes and new cashless policy late last year, a set of monetary policies that has pitted the apex bank governor against politicians. The central bank gave a January 31 deadline to phase out the old naira notes.

Tinubu said the developments are deliberate attempts by mischief makers to cause disaffection among the citizenry towards the APC. He said the naira redesign is part of the conspiracies and mischief from certain elements within the corridors of power, who want to frustrate the citizenry.

“Even if they said there is no fuel, we will trek to vote. They have a lot of mischief; they could say there is no fuel. This one too, they think they can cause crisis by sabotaging fuel supply,” he said.

“They are sabotaging fuel supply. Whether there is fuel or not, whether there is Okada (motorcycle) or not, whether there is tricycle or not, we will go and vote and we shall win. This is a superior revolution and when I tell you, you know what I mean. You know me, we are going there to win.

“They have been scheming to create fuel crisis, but forget about it. Relax, I, Asiwaju have told you that the issue of fuel supply will be permanently addressed. Whoever wants to eat the honey embedded in a mountain won’t worry about the axe. Is that not so? And if you want to eat palm kernel, you would bring stone and use it to break it, then the kernel will come out. It’s not easy.

“Let them increase the price of fuel, only them know where they have hoarded fuel. They hoarded money, they hoarded Naira; we will go and vote and we will win. Even if they change the ink on the Naira notes. Whatever their plans, it will come to nought. We are going to win. Those in the PDP will lose (wón ma lu lè).

“This is a revolution. This election is a revolution. They are plotting, but they will fail. They said fuel price will increase and reach N200 per litre. Go and relax. They don’t want this election to hold, they want to scuttle it,” Tinubu lamented.

The naira redesign, which comes with a withdrawal policy that limits how much both individuals and corporate organizations can withdraw per week to N500,000 and N5 million respectively, has been hailed as a practical idea to stop politicians from buying votes in the forthcoming election.

However, Tinubu’s outburst has been described as an attack on President Muhammadu Buhari, who doubles as the petroleum minister. Buhari, who has failed to solve the lingering fuel scarcity challenge, has repeatedly said that the central bank governor Godwin Emefiele has his backing in his policies.

Responding to Tinubu’s allegations, the Peoples Democratic Party (PDP) presidential candidate, Atiku Abubakar, said the APC’s presidential flagbearer is frustrated that he would not be able to induce voters with money due to the CBN’s policy.

In a statement on Wednesday in Abuja, the Special Assistant, Public Communication to Atiku, Phrank Shaibu, said Tinubu is pained that the CBN’s cashless policy and currency redesign would curb vote buying and enhance the credibility of next month’s election.

“Even though the CBN policy affects all 18 political parties, Tinubu is the only one frustrated because his plan to deploy bullion vans and bribe poor voters and security agents on the day of election has failed woefully.

“Recall that on the eve of the 2019 Presidential election, two cash laden bullion vans were pictured entering Tinubu’s premises located on 26 Bourdillon Road, Ikoyi. Several petitions were written to the Economic and Financial Crimes Commission (EFCC) but nothing was done.

“Also frustrated by President Muhammadu Buhari’s unwillingness to attend some of his insipid rallies, Tinubu launched an attack against the President who doubles as the Minister of Petroleum.

“It is funny that Tinubu is just commenting over the fuel scarcity which started in different parts of the country as far back as February 2022. In Lagos, where Tinubu claims to be the landlord, the state has been witnessing fuel queues since last November. It is therefore dubious of Tinubu to try to extricate himself from the failures of his party because elections are 30 days away,” Shaibu said.

He added that Tinubu is making spurious statements because he knows he wouldn’t win, which makes him paranoid.

“Besides, the so-called Lagos godfather, who says he will remove petrol subsidy on his first day in office if he wins, told the people of Ogun State that he will push the price of petrol below N200 per litre. It is obvious that he has not even read his own manifesto.

“Tinubu’s paranoia is clearly getting the best of him. He has gone from attacking the leader of his own party to Igbos and northerners all because he believes they are not supporting his failed Presidential ambition.

“For a man who claimed to have single handedly made Buhari President, it is funny that he is now running from pillar to post all in a bid to save what is left of his failed campaign.

“Having seen his imminent defeat at the polls, he is already using the fuel scarcity and naira redesign as excuses,” he said.

I do not know the possibility but we may still have the time before the current session of the Nigerian parliament concludes. Yes, I have posited that Nigeria should have an improved unemployment insurance scheme – “cash benefits payable to individuals with respect to their unemployment” –  where people who lose their jobs can be paid a certain amount for 6 months, after they have worked consistently for a couple of years, and paid into the pool. 

As the painful paralysis of unemployment, arising out of layoffs,  ravages homes and families around the world, we’re learning that losing a job is no more because of lack of competence. Rather, there are many reasons competent, efficient, dutiful and amazing people could be asked to go these days. And if that happens, how can we ensure parents can put food on the table, sons and daughters can afford basic things they need, and indeed, life can go on, untethered wholly on an immediate job.

I am a democrat, and I dream of a time when where we work or the job we hold will not define our status in the society. And if we extrapolate, the job we hold or company we work for or not work, will not drastically affect what it means to be a human. That someone has lost a job must not mean that a person’s life should pause!

The United States has a decent system  but Nigeria has none of value. Fascinatingly, I do not think the government should lead this process in Nigeria. I am hoping that we can have an ordinance, enacted by the National Assembly, to enable private companies to offer products with mandatory requirements for companies and workers, regulated by a government agency. Note: this is not pension; this is unemployment insurance.

As we continue to see turbulence in the world of business, we’re entering an age where being out of work, seasonally, will become common – and if that is the norm, Nigeria must have policy tools to help workers recover. The big part: this unemployment insurance payout will be  money the workers have contributed into the pool when they were working, implying that the government is not doing any saraka or giveaway.

Unemployment insurance (UI), also called unemployment benefits, is a type of state-provided insurance that pays money to individuals on a weekly basis when they lose their job and meet certain eligibility requirements.

Those who either voluntarily quit or were fired for a just cause are usually not eligible for UI. In other words, someone separated from their job due to a lack of available work and at no fault of their own usually qualifies for unemployment benefits.

Each state administers its own unemployment insurance program, despite it being federal law. Workers must meet their state’s work and wage requirements, including time worked. The benefits are primarily paid out by state governments and funded by specific payroll taxes collected for that purpose. (Investopedia)

Comment on Feed

Comment 1: Allocating money into the unemployed segment makes a lot of sense and helps the government in many ways.

One it channels money into a low productive segment. Since the unemployed has reduced or no economic activity, little cheques from government can be channeled back into the economy and help spur economy activities.
With increased economic activities, businesses can make more money which can help increase tax collection from government.
Also it helps reduce crime and government spending fighting crime. With regular Cheques from government during unemployment and hardship the tendency to commit crime reduces significantly.
Also, it create a social balance in the society. Keeps family going, reduced chances of separation and children going into the wrong acts.

A well thought out unemployment insurance scheme in Nigeria should be a blessing. However looking at recent social intervention scheme in the country and the corruption that plaqued it we may begin to have a second look.

My Response: “Allocating money into the unemployed segment ” – actually you do not need to allocate money from the government budget. This is like paying for your car insurance where from the pooled premiums, many are settled if bad things happen. A good scheme should not task taxpayers.

Comment 2: Very laudable and badly needed initiative for growing army of our out people that have lost their jobs.
But it can only work devoid of government as every previous government initiatives in this regard have been killed by the corrupt officials.
We may not need to create anything new, we can simply tweak the PENCOM Act to accommodate the need to provide succour to contributors that lost their jobs.

My Response: PENCOM should not handle this because these people are not retiring. As I noted, the government should not drive this but regulate it. Think of your car insurance and premium and how it communally insures everyone (sure, debatable in Nigeria, but it works in many other places). Ideally, if everyone does it, there would be a pool for private companies to make this work under government regulation. But it is not going to be a retirement system.

It was in SS2 and the school’s annual science week in Secondary Technical School Ovim. My Chemistry teacher, Mr. Udeagu Jr, had selected me to showcase the reaction which happens when acid and base are added together to produce salt and water. A highly respected and venerable Chemistry teacher in the school, Mr. Ekeabu, had just left for further studies, and a new teacher had just taken over.

This new teacher was to earn his respect in our village and it was the science week; visitors, parents, other schools, etc were going to come, and students would run experiments in Physics, Chemistry, Biology, Automotive Tech, Woodwork Tech, and other subjects in the technical school.

But there was a secret: before the day of the experiment, the selected student would spend time with the teacher to prepare to make sure bad things never happen. Yes, you do not handle acid and base carelessly. In a session, my teacher explained everything; the reaction would reach “equilibrium” and when that happens, everything has attained a “stable state”. Before that happens, there would be a massive effervescence (bubbles of gas) and that is what will get many people excited. Make sure people are watching as that happens. The biggest fun is that effervescent effect; after that, the fun goes.

Tesla went through that process. Many people wrote it off because the high priest, Elon Musk, brought a blue bird (yes, Twitter) home – and many got annoyed. But it looks like Tesla is in a stable state, Elon or not, and that has been validated again as it reported a really decent number during this tough time: “Tesla reported quarterly profit of $3.7 billion Wednesday, a record for the EV make”. Yes, a record and the blue bird did not distract. The stock is up 6% on after hours.

Elon has built SpaceX and Tesla to the level where he does not need to be denied the opportunity to play with his blue bird toy. Analysts should allow the world’s finest innovator to enjoy his life; SpaceX and Tesla have attained equilibrium and are in a stable state! Linear analysts should not be covering an exponential innovator, creating panic daily on how SpaceX is dead, Tesla is lost, etc. Simply, they do not help humanity!

Tesla reported quarterly profit of $3.7 billion Wednesday, a record for the EV maker that just missed analysts’ expectations of $3.8 billion, The Wall Street Journal reports. Still, the company beat guidance on earnings and revenue during a tumultuous period in which investors worried over sinking stock prices — and whether CEO Elon Musk’s takeover of Twitter was damaging the brand. Tesla said boosting production and maintaining affordability will be priorities going forward. It recently slashed prices in several markets, including the U.S., in an effort to boost demand. (LinkedIn News)

Twitter Misses Rent Payments

Meanwhile, the blue bird continues the transformation it is currently undergoing since Elon Musk took over, LinkedIn reports: “Twitter is being sued by the landlord of its San Francisco headquarters for more than $3 million in alleged miss rent. Building owner SRI Nine Market Square says the social media company skipped a $3.4 million rent payment in December and a similar amount in January. In a complaint filed in San Francisco Superior Court, SRI says it used Twitter’s letter of credit to cover some of the missed payments but that the company still owes it $3.16 million. The U.K.’s Crown Estate — which manages a property portfolio belonging to the British monarchy — is also taking Twitter to court for unpaid rent at its central London offices.”