Buhari should not be selective about what he comments on. He should write about what happened in CBN. He should not leave only the governor of that government banker, Mr. Godwin Emefiele to bear all the burden. After all, Emefiele reported to Buhari, took instructions from the President, and acted sometimes to please the Commander-in-Chief.
Former President Muhammadu Buhari broke the reserve tradition of past Nigerian Presidents in which they rarely comment on events or developments in the country. These privileged men – only six of them are alive now, anyway – publicly comment only at critical periods to intervene. However, Buhari decided to be different last weekend when he wrote on the verdict of a London court delivered on October 23 in the case between Nigeria and the Process & Industrial Development (P&ID).
In his write-up titled ‘A Matter of Principle’ which was an exercise to praise his administration and massage his ego, he was all over the moon that his government did right by initiating the legal process which led to last week’s verdict and saved the country a huge amount of money. Well, my position is that it is a good one from his administration, and if this allows Buhari the opportunity to have a good sleep, then he should enjoy the moment and get more articles written with his name on it.
However, Buhari should know that the P&ID is not the only issue that deserves his comment and write-ups. Some of the ills that are beleaguering Nigeria today are mainly traceable to the bad performance of the government that this two-star General led between 2015 and 2023. So, Buhari has many commentaries to run.
One particular matter that we want Buhari to write several articles about is the developments in the CBN from where the monetary policies emanated when he was President. Readers need to know the relationship between the President and the CBN Governor. The CBN governor reports directly to the President. It takes only a memo from the CBN governor that he takes directly to the President for approval and he cannot act or make any move without the President approving it. Thus, Buhari can be held directly responsible for the following actions of the CBN under Mr. Godwin Emefiele:
- The dual exchange rate of the naira to dollar
- Depletion of the foreign reserve
- The limitless foreign loans that the apex bank contracted on behalf of Nigeria
- The Anchor Borrowers’ Programme
- The printing of new naira notes on which huge funds were wasted and that led to currency scarcity.
- Denigration of the Office of CBN governor by sitting tight while also playing partisan politics by seeking the office of President on the platform of the ruling APC.
- Many other controversial policies that are adverse to the interests of the country
He should comment on how the CBN under his watch was endorsing round-tripping and currency speculation by giving dollars at official rates to friends of the government who then proceeded to sell it in the black market at exorbitant rates. Thus, some individuals were making billions of naira sitting down in their living rooms by only lifting their telephone sets. As a result of this officially sanctioned racketeering of the nation’s foreign exchange, the Naira was N200 to a dollar when Buhari was inaugurated as President depreciated to N800 to a dollar at his exit. Also, in the process, the foreign reserve was seriously depleted.
Buhari needs to also write an article to explain what the CBN did with the Anchor Borrower Programme where billions of naira were sunk into a Programme not well thought-out, structured, or planned to bring about the revolution in agricultural production that it promised. The Programme was money mainly down the drain. When it became clear to Buhari’s handlers that they had misapplied government money and misdirected the new article writer, they spun a Programme in which rice pyramids would be designed in Abuja. We all knew it was imported rice and unavailable grains that were then showcased. Under Buhari, the price of rice and other food items continues to rise.
Buhari should also comment on how the CBN watched aimlessly and carelessly as the inflation and interest rates skyrocketed in the eight years that he was in power, therefore doing more damage to the economy.
And let nobody tell me that Buhari was not the CBN governor. He was also not the Attorney General of the Federation when the P&ID case happened and yet he wrote an article to claim credit for the good outcome. As a leader, he takes responsibility for all that happens under his watch. He must claim the credit and discredit all the institutions that functioned under him and whose heads he appointed. Incidentally, those heads of the institutions reported to him.
Buhari wants to tell us that he did not give approval to Emefiele on any of the programmes and plans listed above which have continued to contribute to the problems that this country is going through. And if it is true, he needs to explain it in the expected article.
It should be noted that any investigation of the CBN under Emefiele by the EFCC, DSS, and other security agencies should include Buhari among those to be interrogated. For a man who claims to be Mai Gaskiya like Buhari, even if the investigators did not invite him, he should volunteer his statement to them.
The CBN is such a critical institution that it formed a cornerstone of the economic management of the country. The President must always be abreast of developments in the apex bank. Therefore, Buhari should not be selective about what he comments on. He should write about what happened in CBN. He should not leave only the governor of that government banker, Mr. Godwin Emefiele to bear all the burden. After all, Emefiele reported to Buhari, took instructions from the President, and acted sometimes to please the Commander-in-Chief.
So, now that we have read about the P&ID case from Buhari, we are eager to read from Buhari on what transpired in the CBN. We are waiting on our President who is the new article writer from Daura to give us another prose on the apex bank. It should also be a matter of principle for him to do so.
Abubakar writes from Kano
