By Nwobodo Chidiebere
THE forgery case filed by Federal Government against the Senate President Bukola Saraki, Deputy Senate President, Ike Ekweremadu and two others was revisited on September 28, 2016, after a long adjournment due to the annual recess, embarked upon by the judiciary. Many political observers, who followed court proceedings that day at FCT High Court, were taken aback by the seeming lack of preparation by the prosecuting counsel, to open the much-publicized forgery trial against the Senate leadership, even when the defendants’ counsels were ready for the commencement of the trial. The presiding judge later adjourned the case to October 7, 2016 for determination of pending motions and to enable prosecuting counsel get his act together.
That Nigerian Senate lost a whole legislative day due to lack of diligence of the prosecuting counsel at this moment of national urgency, should worry every discerning Nigerian. Why continue with this Senate forgery trial, when it is crystal clear that the Federal Government seems not prepared for it? Why will Nigerian government officials always engage in misplacement of priorities when other crucial national matters like the present economic recession are yearning for attention?
Is it not yet time to end this circle of political vendetta and face real governance? The nation’s economy is about sliding into depression while government is bent on continuing with political wild goose chasing aimed at frustrating the opposition using the fight against corruption as smokescreen.
President Barack Obama of United States was elected president in the heat of world economic crisis in 2008; that dealt heavy blow on American economy. Knowing that Americans entrusted the destiny of their country in his care because of his campaign promise of change, which would lead to economic recovery for America. In less than thirty days after taking office, he worked closely with Congress to ensure the passage of the 2009 Stimulus Bill—more formally known as the American Recovery and Reinvestment Act. This Act, speedily considered by the Congress, provided for about $800 billion in government spending and tax cuts to jumpstart the economy.
United States Congress helped to get Federal Reserve Bank to lower the lending rates that got banks paying low interest rate, which injected money into the economy by creating what is known as Quantitative Easing. American economy was able to recover quickly since President Obama did not resort to blaming past governments for the country’s financial crisis or fighting Congress, simply because he did not like the faces of its leadership. President Obama understood that leadership is key. He knew that the only thing an average American expected from him then was to lift the economy out of recession.
In our own case, the beleaguered economy, which is currently experiencing its worst crisis in decades is on autopilot; grasping for breath. Naira to a dollar exchange rate is over N400 (parallel market). British pound stood at over N600 as at September. Nigeria’s foreign reserve reportedly lost over $700 million dollars in less than six weeks to stand at $24.61 billion—an 11-year low at September ending. All these are happening when the economy is import-dependent economy, while Federal government is stuck in supremacy battle with the legislature over alleged forgery of Senate Standing Rules.
As Federal Government is looking for evidence to prosecute Senate President Saraki and deputy president, Ekweremadu for forgery, the nation’s monetary policy regulators on one side and fiscal policy managers are in an egocentric war over reduction of lending rates.
The Nigerian economy can be likened to troubled air-borne Boeing 747 with 180 million passengers on-board the aircraft that is 10,000 Ft above sea level, being piloted by highly polarized crew—who are at daggers drawn with each other over who will be the captain of the flight. Instead of the crew (Executive) to deflate its ego and communicate with Air Traffic Control Tower (Senate) on how to safely emergency-land the aircraft, the crew is busy conspiring on how to witch-hurt ATC officers—antagonising them on alleged forgery of manual book governing internal affairs of ATC officers.
The palpable danger facing all of us now as regards the economy is that it has lost one of its engines (crashed oil price). The aircraft is running out of aviation fuel (external reserves) and loosing thousands of feet at the speed of light (depreciation of naira). Nigerian economy like the ill-fated aircraft is bound to crash into depression in couple of months, if something urgent is not done to stem it.
Unless the Executive arm ends all forms of vindictiveness, power tussle s and shadow-chasing tendencies and creates a harmonious relationship with the National Assembly, especially the Senate as soon as possible, Nigerian economic crisis may take a turn for the worse. President Buhari should bear in mind that hunger has no ethnic, religious and political affiliations. Very soon, frustrated masses could revolt if government does not rethink its crude ways. No nation of the world survives chronic financial crisis when two strategic bodies—Executive and Legislature, of government are at each other’s jugular.
The time has come for the Attorney-General of the Federation (AGF), Abubakar Malami (SAN) to rise above primordial sentiments and political pettiness, put on the garment of statesmanship and jettison this national distraction called Senate forgery trial to enable Nigerian Senate concentrate on its statutory duties. The huge economic cost of the forgery trial, especially at this time when Executive-Legislative cooperation is needed to salvage the economy from the current recession, is too expensive to be imagined.
Chidiebere writes from Abuja
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