STATE OF THE NATION: I Don’t Envy CBN Gov, Yemi Cardoso

Questions and Answers Time with Dr Bolaji O. Akinyemi, an Apostle and Nation Builder, Convener Apostolic Round Table, ART. Also the Chief Executive Officer of Masterbuilder Communications and the BOT Chairman Project Victory Call Initiative, AKA, PVC-Naija. He can be reached @
bolajiakinyemi66@gmail.com
08033041236.

1 What is your view on the recent Supreme Court ruling on the 2023 presidential election?

Ans: The court ruled based on the laws of the land and how judiciary procedures are structured. Possibility of a successful appeal was already compromised at the Tribunal. The inefficiency of our electoral laws thus exposed. We are doomed if oath of office will be administered to anyone in the future when the process has not been rested!

2 How do you think the issue of certificate forgery and perjury that came up in the presidential election matters will affect Nigerians, home and abroad and the image of the country?

Ans: Ours is a nation believed to be fantastically corrupt. That we have proven beyond every reasonable doubt. Documents emanating from Nigeria can’t be trusted. Our Institutions have lost credibility before us same for our judiciary. How do you explain the quest by our politicians to take the search for truth regarding a college certificate to America?

3 What is your take on the monetary and fiscal policies so far enunciated by the Yemi Cardoso’s CBN and why are they not effective in checking inflation and restoring the value of the Naira so far?

Ans: Fiscal policy is the pristine desk job of the federal ministry of finance (FMF), let’s not confuse ourselves, while CBN has monetary policy as its core job!

Our confusion however is informed by the streets that care less of intellectual details of how things work. They just want to see things work!

Someone said an hungry man listens with his stomach. That leaves us with over 135 million Nigerians with their ears in their stomach!
I will cite a street case, there is a fish seller adjacent to my home, who seriously was requesting of me an assistance to help her japa. I initially thought she was joking but noticing her seriousness, I confronted her with her inability to read or write, she told me of her friends who have traveled to pick up nanny Jobs. I then asked her the reason for opting to japa knowing that she’s heavily patronised in her business. The exchange rate was her reason!

According to her, there are times they pay for stocks in the morning and by afternoon the price has changed because naira has fallen against dollar!

Profit margins are at the mercy of the exchange rate, daily sucking their profits and sometimes eating into even the trading capital.!

The streets have become proof of how well the CBN is doing and point to our economy in the days ahead!

4 What is your view on the NASS members CVU cars that cost fortunes when the nation’s economy is down and the Senate response that critics should direct their attention to the ministers and not the lawmakers?

Ans: Insensitivity is the word that best describes the attitude of the hustlers that filled our chambers. Our exchange rate is enough a reason to shun the idea and if they must have new SUVs, one would expect that Akpabio and other leaders of NASS will take the lead by opting for made in Nigeria!

For me, it is the supply of ink to their rubber stamping status. So sad. The preparation of appropriation list is on and rumours are out on the priority of the executive. Goodnews, that 5.5 billion will equip the Navy effectively to take our President on periodic adventure of our water ways and high sea, “se iyen lokan fun emilokan”, is that the next thing for Mr President of all our challenges!

How much is voted for the Surveillance drones that should periodically hoover over our forests? When 13.5 billion will renovate the official quarters of the President and the Vice President? NASS is not alone in the quest for luxury cars! The Executives are equally driven towards mundanities!

I would have expected the President to challenge Automobile manufacturers in Nigeria to come up with a special design car to be called BAT, with special features as specified. That would have been opportunity to access the Presidential market of ECOWAS member nations. If Nigeria is not buying made in Nigeria, who should. Compulsorily memo should by now be out to all Ministeries and Agencies of Government without leaving out all our Mission across the world to fleet their logistics department with made in Nigeria vehicles only. That is the way to grow!

5. From what you know of Imo State and South East in recent times, do you think that the coming election will just be a walk-over for Governor Hope Uzodimma?

Ans: foundation is of essence in everything. Though, the last Supreme court ruling on his election has been deprived the privilege of precedence. That for me is a confirmation of the judiciary brigandry that saw Hope to power. He will walk himself back to power. Assisted by the same constitution and laws which are the basis for the process. Same INEC headed by Yakubu, same security agencies. Signs of what to witness were unleashed against the NLC!

Hope was planted in the South East for strategic political operations by the then National Leader of APC. APC and Hope will do whatever has to be done to retain Imo State. Election officials and Observers are stranded in Imo already, as all hotels in Owerri have been booked by Imo State Government for a whole week!
The implication is you will be compromised to have a room to stay in Owerri!

6 How concerned are our security before, during and after the Nov 11 governorship elections in Imo, Kogi and Bayelsa states, all volatile states?

Ans: the crisis in River State is the answer to your question. The phenomenon called Federal might is about to be understood. Lagos is the example of what the future holds for this country; heading for a one party state. The opposition will be dead in Nigeria before 2027. Ngige as the Governor of Anambra was successfully abducted by federal might by forces rumoured to be loyal to Andy Uba under Obasanjo. Assassination attempt was made on Ortom as a seating Governor by ravaging herdsmen backed by APC led federal might at the centre!

All staggered elections before 2027 will be conducted under federal might. That’s the only way this present party can return to power. A party that lost in Lagos, Rivers, Kano and Abuja in real time but declared winner by INEC and legitimised by the judiciary has a lot of work to do to stay in power and to return to power. The claim by Yahaya Bello of attempted assassination of his person by men in military uniform is a fluke. Intelligence is available that the military are not playing along with the script of rigging he has written.

I hope the military will not leave their duty to just the show of strength carried out by them in Kogi State. They need to see through that strength to ensure a peaceful election!

7. INEC has said that BVAS and IREV will be deployed for the governorship elections in Imo, Kogi and Bayelsa. Considering what happened during the last general elections when the IREV failed, do you think that these INEC technology could be trusted this time around?

Ans: Technology doesn’t fail my dear, machines do occasionally and handlers may. INEC failed! The team at INEC is led by a man whose son has over £90 million paid into his account by a Businessman who is known to be a crony of the President. With Mahmood Yakubu led INEC I have personally lost faith in those elections. Our situation is a revelation of the stupidity of our political parties. Why they will field candidates and go on to participate in an election to be supervised by INEC led Yakubu? This is beyond sensible comprehension!

8. How do you see the new CBN Management Team led by Yemi Cardoso?

Ans: you are back on the CBN. I don’t envy Yemi Cardoso and his team at all! Monetary policies are often at the mercy of the Executive and their underhand operations. The economy was lying facedown when they took over. And contributors to this economy without any exceptions are all in despair. Beyond policies are Executive actions that should restore confidence and renew energy. The Minister of Finance and Coordinating Minister of the economy was written to by Femi Falana, SAN, over unremitted $34.2 billion into the federation account. CBN is the bank of the Federal Government, you can imagine what that amount could do to stabilise Naira against the dollars. But where is that money kept? We all must follow Falana’s footsteps to help this economy in whatever way we can!
There’s no iota of doubt about the competence of the CBN Team and the efforts of the Team Lead to deliver on a monetary policy stance that promotes economic growth and prosperity;
… primarily, inflationary pressures in a domestic economy are subdued by tackling identified pressures based on their source(s);

Which are:

(1) cost push sources (2) demand pull sources (3) import/exchange rate sources.
… inflationary pressures in Nigeria seem to ‘sprout’ continuously from all the sources and are accentuated by the structural rigidities of the domestic economy; e.g. the big policy talk about fuel subsidy isn’t altruistic. The real issue is about the failure to realign a 50-year old policy for domestic pricing of fuel.
… the aforesaid failure has more to do with statecraft and attendant political will than what monetary policy targeted at inflation and exchange rate is capable of providing as a cure.
… So, with due respect and given the ongoing economic hardship and the ensuing loss of value or the purchasing power of the naira, it seems the FGN is still groping for the head of the nail.
… regrettably, the political power game hasn’t abated even after elections and its tendency and potential to abridge incumbency tenure makes survival an overriding objective of statecraft by the administration.
3. In general, the outcome of monetary or fiscal policy is usually anticipatory and suffers considerable lags to fruition; an average lag period of 18 months.

Yet, the incumbent administration is basically just six months in office. If anything at all, the incipient effects of the policy of the preceeding administration are still very much around with us!

4. The best the incumbent administration and its governing organs can do is to mount the saddle for an intensive monetary and fiscal policy communication across national strata in order to mould expectations of firms and households as prime economic agents.

Both CBN and FMF have the capacity and will hone personnel to accomplish the task of policy communication anchored on the philosophy of several voices, same message

5. Policy effectiveness is all about the (i) direction, (ii) sign and (iii) timing of when such a policy is executed/implemented!

9 Do you see Nigerian refineries producing in full capacity within one year?

Ans: how? With the rascals at NNPC refusing to give local refineries crude? We joke too much in this country. The team at NNPC by now should all be answering questions at DSS and EFCC, but we are experts at chasing after ants with sledgehammer. That, should explain the EFCC invasion of a University campus!

10 What is your take on President Tinubu’s appointments so far? Do you agree that the appointments are one-sided and tilted towards his ethnic group?

Ans: I am impressed not necessarily by the appointments but the listening ears the President has maintained. Kudos to him on the withdrawal of FERMA board chairman’s appointment.Ministerial appointments were automatically as prescribed. The philosophy of “Emi lokan” can translate to “Awa lokan.” That is the purpose of the National Assembly. The statistical balancing of appointments is one of the oversight functions of NASS. They should feed us with their records.

11. What is your advice to Nigerians on the state of the nation?

Ans: Nigeria is worth dying for but they shouldn’t come and kill themselves for our reckless political class. Strategic protest through music as we see with Falz and comedy through Samuelthecomedian who is putting up a show this Saturday tagged State of the Nation in Comedy. Every available creative means of passing the message of our need for a better and greater Nigeria must be explored!