About 37 years ago, coincidentally my birth year; Nigeria’s economic situation was not competing with the US dollar but with the UK pound sterling buying it at N2 at £1. Nigeria is a blessed country and also beset by countless hydra head problems. In the past, when 65k was exchanged for a dollar, there was no such thing as brain drain, human trafficking, and what have you. In those days, do you know that the UAE government came to Nigeria in search of a loan from Nigeria? I don’t need to write about Malaysia who came to Nigeria, consulted some of our best brains and even exported our own brand of palm trees from the nursery to improve their agricultural sector. Today I don’t need to tell you how strong that economy is today. Thousands of our children flock to their embassy to go to school or do business for greener pastures. In the cause of doing that, we have lost something due to unnatural causes. Nigeria, a nation destined for greatness, is still crawling on all fours. I’ll tell you why later. Where was America in the early 70’s on the lips of little children? We didn’t know about America, we only knew a lot about London, England and the UK as records of achievement and destinations for young dreamers. Why? Because our economy was stable. So stable that we didn’t need a visa application to go somewhere like the United States to be mistreated to the point of deportation or questioned about the system of government we practice today. In 1980, two years after the Second Republic under President Shehu Shagari, the Nigerian naira enjoyed the height of its glory pegged at 55k for one dollar.

Since then, like the proverbial lame man who, before the praise and applause that he received for an excellent performance of the dance, dropped the stick that held him in the dance. By throwing the stick, he consequently also lost the dance. Nigeria got so excited about a prosperous second republic that it dropped the stick of prudence, the stick of fear of God (a common phrase of the late Sir Ahmadu Bello, Sardauna of Sokoto, “Basu da tsoron Allah?”) Our leadership also threw overboard the stick of Accountability. From that moment on, the naira grew a tooth. Which led to the Buhari-Idiagbon coup with then-Brigadier Sani Abacha, while the announcement of the coup emphasized the manic state of profligacy of the ousted or overthrown leadership of the Second Republic. In 1981 61k was exchanged for one dollar. 6k increase in the purchasing power of the currency to buy a dollar. In 1982 67k bought a dollar. In 1983 the naira fell again buying the dollar at 72 kobo. About the re-entry of the military, thinking that the country has reached the roost. In 1984, about 76 kobo were exchanged per dollar. In 1986, the naira plummeted to N2.02kobo and was exchanged for one dollar. For this, IBB (General Ibrahim Badamasi Babangida, first military president in Nigeria) gave four reasons for that, I think:

1. A decline in our domestic production continues to increase.

2. Dependence on imports of both consumer goods and raw materials for our industries.

3. A grossly unequal gap between rich and poor.

4. The great role played by the public sector in economic activity with hardly any concrete results to justify such a role.

I believe that to this day we are still trying to confront these four “IBB Realities”. But when he stepped aside, he let the naira beg to rise to N22.33kobo in 1993, no thanks to him and his economic advisers. Could it be the reason why he wants to come back? Still confront the IBB Four Realities from him. In 1994, Abacha raised it to N21.89 kobo and kept it at N21.89 kobo until his death; thanks to Professor Aluko, his economic adviser (not for Abacha’s death, but for contributing immensely to the economy). For five good years, the naira was stubbornly pegged at N21.89kobo with all the sanctions and bans in Nigeria left, right and center; however, the naira survived at N21.89kobo Gen. Abdulsalam left it to Gen. Obasanjo in a crazy shot of N85.98kobo. By the end of OBJ’s first term, the naira had arrived and was roaming between N127-130 Naira in exchange for one dollar. With all the wonderful travels and money spent on Esther’s Coat, oh I mean estacode, the naira flew high not like an eagle but against all the winning formulas that will strengthen it. On his second entry the naira suffered another blow, exchanging for the dollar between N132-136. But in 2005, the government gave the naira a slight increase between N128.50kobo-131.80kobo. Quoting IBB on August 27, 1985 “Today’s events indicate that most of the reasons that justified the military takeover of the government from civilian hands still persist.” I too, after 25 years of that speech, can see that the problems still persist. The almighty legislative chambers (both upper and lower) must ask Prof. Aluko, what magic did he do to fix the naira @N21.89kobo for five good years in a row?

You might want to ask, why ask Aluko? Because he was Abacha’s economic adviser. Don’t you think he’ll do better in a democracy given a chance than under pressure? I can’t answer my question for the reader. You have your own opinion. It’s in the constitution. Today you and I know that the naira is floating between N150-155. No one could take it like Aluko. I’m probably praising it too much here, but then tell me what others did because I don’t know. No, I mean I just don’t know. No man, they say, has a monopoly on knowledge. The man who could not travel (Abacha) fixed the naira at N21.89 and those who dined and drank with kings and queens and made courtesy calls around the world (Globe-Trotting everywhere) stacoded, shook hands with people very successful and powerful. leaders from all over the world, they came back the same and left the office, I mean the worst naira they knew her. Before Aluko goes to the afterlife and maybe meets his boss and tells him “they can’t keep the naira, not even for ‘four years'”. I am not praising Abacha’s late and almost despotic military style, I note Prof.’s honest and humble appreciation of Aluko’s ability to meet his late boss. If you let this man die, I think they’ll both throw a party and tell the world of the dead that “the living can’t keep the naira, but we did it for five good years.” A word is enough for the wise.

Apostle Dr. Genesis A. Dawuda writes from the Center for World Rebirth, Jos Plateau State, Nigeria Website: http://www.drgenesis.com. Email: [email protected] or [email protected] Phone: +2348028063695 | +2347027001527