I am anxiously waiting for Godwin Obaseki, Edo governor, to recant his Freudian slip. And it must be a slip, a blooper, for it to make sense. Obaseki said the Central Bank of Nigeria, CBN, printed N50 to N60 billion for sharing at the March FAAC (Federation Account Allocation Committee). Don’t get it twisted. I’m not an Obaseki basher. Neither his enemy. In fact, I was won over to his ‘side’ during his fiendish tiff with his former boss, Adams Oshiomhole. For the cruel and despicable manner Oshiomhole treated Obaseki, many Nigerians, including this writer, stood on the side of the weak.
Obaseki was the obvious weak compared to the political stature of Oshiomhole. Physically, Obaseki towers over Oshiomhole and could floor him in a physical combat. But size is nothing in politics and in the turf of political power. Adolf Hitler was no giant. A man of modest frame, yet he astounded the world with the lustre of his draconian influence. Oshiomhole had attempted to disgrace Obaseki but the gods said ‘No way!’
A majority of Nigerians chorused the voice of the gods. I also joined in the chorus. Obaseki must not go down. He must not walk the path of shame for standing up to villainy, for daring a political monster who shows no pity for the people and whose mien is a perplexing contempt for the poor. In Obaseki’s political travails in the hand of Oshiomhole, many Nigerians saw the travails of the poor against the oligarchs. They saw the festering of injustice against a lone captive. Obaseki was a lone captive in the political prison of Oshiomhole. He was stripped by the Khaki-wearing unionist and activist.
But for the Peoples Democratic Party, PDP, which rushed to the stage to cover his nakedness, Obaseki would still have been straddled in a heap – unveiled, uncovered, stark naked. Oshiomhole had decreed it, but Nigerians showed spunk. They rallied behind the former investment banker and saved his political career. At the end, the PDP profited from the wickedness of the lord of the Manor.
And for his triumph over a confederacy of evil machinations, you would expect Obaseki to be of good conduct, to align with the people, at least his people of Edo State. But he cuts a different picture. He hobbles and wobbles. For over five months, he has conducted the affairs of his state without a cabinet. He holds meetings with himself. He initiates projects by himself and monitors them by himself. Lest we forget, Obaseki does not run a military administration. He’s a democratically-elected governor. Democracy does not run on the rotor of decrees and fiats. It runs on the slow but steady wheel of rule of law, checks and balances, meetings and deliberations. Democracy is a team game. The captain of the class, in this instance, the governor, needs a team of commissioners, Special Advisers etcetera to debate and deliberate on an issue. He needs people who could engage the larger public on his behalf. That’s the strength and beauty of democracy. It does not thrive on the goodness of one man. Democracy recognises the imperfections of all men hence does not lend itself to the caprice of one man, no matter how good, intelligent or morally upright the man is.
So, our dear Obaseki caused a stir. He said that the Federal Government printed money for sharing. How aboriginal and archaic can a governor get? In the context he said it, he made printing of money look like a crime, a fiscal fetish, an abomination. He gave the impression that printing of money – Naira, Dollar, Pound Sterling, Yuan etc., – was an economic taboo only consigned to the prehistoric era. He’s wrong.
First, every country prints money but not for sharing. At normal times, some nations have been known to print money. But these times are not normal. So, more nations have printed money than we had at normal times. The world has been struck down by a coronavirus pandemic. With lockdowns, shuttered factories and offices, layoffs, furloughed staff among other austerity measures, almost all national economies have struggled to keep pace with development amid the pandemic.
Truth be said, Nigeria printed money like other nations. It was done by CBN as was done by central banks (reserve banks) of other countries. It’s not illegal. It’s an economic decision meant to boost local production, enhance socio-economic activities and ultimately keep the economy afloat. The Governor of Central Bank, Mr. Godwin Emefiele, was clear on this. Nigeria printed money but not for sharing. Nigeria printing money puts her in good company, the same club as United States, United Kingdom, China, South Africa, Japan and the European Central Bank for Europe. It’s a long list and there’s nothing to be ashamed about it.
Last November, the Bank of England said it will print £150 billion (N78.99 trillion) to boost the UK economy flattened by the pandemic. The printed money, the bank said, will be used to buy up government debt just to keep borrowing costs low. The UK was among the worst hit nations by the pandemic.
Also last year, China’s monetary authority, the People’s Bank of China, issued more than 8.98 trillion yuan ($1.36 trillion), the highest amount issued in one year. China did not print such huge sum to share. And Chinese political leaders did not erect monuments or beat the bugle to make it a subject of debate. In the midst of the pandemic, the United States, the European Central Bank, Japan, and emerging economies such as Turkey, Indonesia and even South Africa, all printed (or are printing) money to shore up economic activities and reflate their economies.
One of the duties of any reserve bank (Central Bank) is to print money. In Nigeria, this responsibility rests on CBN. When the CBN prints money, it’s only as a matter of responsibility, not an aberration. Obaseki as an investment banker with academic odyssey in Nigerian and United States universities knows this. Mounting the podium and giving printing of money by the appropriate statutory body a dubious colouration is not elegant and it’s far beneath the remit of a state governor especially one who is supposedly versed in fiscal management.
It’s sad enough that the economy is dithering; but it gets worse when political leaders play politics with the management of the same economy. Rather than vilify Emefiele, Nigerians owe this man some respect. He has taken some tough decisions to defend the naira. Restricting the importation of about 40 items by removing them from CBN forex list is an unpopular decision among import merchants who profit from the nation’s low or zero production of such items. It takes uncommon boldness to dare these powerful importers. Emefiele has put his life at risk on many counts for the sake of the nation.
Obaseki should worry less about printing of currency. He should worry more about how to make Edo State self-sufficient. What happened to the latex industry from the vast rubber plantations? What is he doing in the agro-sector where Edo used to show strength? Obaseki should develop Edo economy so he will be on good standing to reject the ‘printed’ money next time.