Battling financial insecurity in Nigeria: A sequel
By Nusaiba Ibrahim Na’abba
While the lack of financial literacy has dominated a greater part of our societies, the challenges of those who are financially literate are also never-ending. By the day, life in this part of the world is continuously being sabotaged by existential financial threats. Recently, government policies have exacerbated these crises further than easing them.
The earlier piece I wrote last year wouldn’t have required a sequel so soon, but the worsening financial situation has compelled me to do so. After the article I wrote about how an average Nigerian man fares to survive worsening financial crises, I experienced a ‘financial attack’ that swallowed my hard-earned money. It was indeed a terrible experience. Like many others who lost their savings due to alleged bank-related thefts, my bank had no cogent explanations to calm me down.
Instead, one of their staff tried to insinuate how one of my family members used my debit card without my knowledge to withdraw such a huge amount, literally proving the height of their incompetence and unkindness. The only statement I heard from another staff whom I presume to be superior was only an exclamation; “Ahhh! This is serious!” And that was it. I had to console myself when I went to enquire because another lady furiously came in to complain about how the bank couldn’t account for her ₦3 million.
Now I know better the fierce heightening kickbacks and the existing polarising debates about the naira redesign and cash mop-up as the country battles to transition into a cashless nation. Nigerian citizens are never at the forefront of making these policies. Until today, there hasn’t been a clear explanation or statement on how the government is implementing this policy amid a rising population of over a whooping two hundred million people, enlisting the country as the most populous black nation in the world.
This single policy fuelling the cashless transition has incredibly negatively disrupted businesses struggling to stay afloat, crashed many on medium-scale levels and destroyed the potential of start-ups. As a result, many shop owners have closed down businesses until the economy becomes more favourable. For instance, several POS points have closed shops, and the few others willing to keep up with the new development are only faring really hard.
On commuting, stories from tricycle owners are piercing as they struggle to support their families through the business. The chain of labour attached to the tricycle business is critical. With the breakdown of larger businesses, many people who have lost their jobs resorted to the tricycle business for some solace. It’s depressing to find out how about 4 to 5 shifts are being done with only one tricycle daily. The least shifts you could find cannot be less than 3 in a day, just to find a source of livelihood for families. Now this source of livelihood has been traumatised.
On health, patients and health workers are continuously pointing fingers at each other courtesy of delayed bank transfers. In addition, some deaths that occurred in Kano hospitals have been linked to the untrustworthy nature of the transfers. On the side of market transactions, the transfers have intensified customer trust issues – even destroying an age-long relationship of trust between shop owners and loyal customers.
The height of the financial insecurity has messed with the citizens’ psychological safety and other primary needs. People are left contemplating whether the policy is for positive development or not. People’s yearnings to meet their daily needs have only soared since the implementation of the new policy began. And the recently concluded elections that stopped some daily activities heavily contributed to the current cash struggle.
Nigerian public officeholders are notable for implementing new policies, particularly towards terminating their constitutionally allotted time in office, to either weaken election processes or transfer the bulk of work to new governments. This is hence, not unexpected. Maybe, the only surprising thing about the whole scenario is how fragmented even the ruling party was on the same issue. I’ve been unable to grasp the larger picture of the policy from the President’s perspective. Perhaps, this is not the right time for a financial rebranding in the country.
Even if the current government intends to rectify issues around election malpractices, particularly vote-buying, it degenerated into something worse. The steps weren’t expected in these desperate moments and didn’t halt rigging and other discrepancies during the general elections. Besides, spaghetti and sachet detergents became alternatives. The agitations raised against implementing the policy outweigh the commendations given to the president. It has only exposed the vulnerable citizenry to more financial battles.
At this point, I wonder whether the President has fulfilled his promise of lifting many Nigerians out of poverty. Maybe, he must’ve even forgotten some of the promises he made, which is why in a recent interview before the elections, he claimed he’d done all he could for the nation. Yes, the president initiated poverty alleviation programs, one of his administration’s priorities. Still, these unforeseen policies must’ve shattered the successes of the other programs in a way.
Like all past administrations, President Muhammadu Buhari-led APC government would be weighed appropriately in all aspects when he departs later in the year. Also, because of the lack of a clear-cut pattern of party manifestos, the country isn’t sure how the President-elect from the same political party may wish to tackle the financial challenges in the country. Whether or not he’s adopting the cashless system when he assumes duty is still unknown.
Minds presently should be geared towards financial literacy and intelligence. Understanding the critical roles of these in our lives as Nigerians will undoubtedly support us in curbing our financial difficulties. Meticulous calculations and short-term and long-term plans must be implemented daily. Economic hardships have badly hit a massive population in Nigeria after being forced to fight excruciating spikes in the prices of goods and services. These aren’t good times to be hopeful of delusional government promises.
The consequence of the financial breakdown in Nigeria is enormous, and we may not be able to quantify the level of degeneration it has caused in the coming years.
Nusaiba Ibrahim Na’abba is a master’s student from the Department of Mass Communication, BUK. She is a freelance writer and researcher. She can be reached via nusaibaibrahim66@gmail.com.
