The Angry Young Nigerian

Yemi Adamolekun

Every other week, this column will introduce a young Nigerian and give him or her the opportunity to express views on governance and public policy issues that matter to their generation which, by the way constitutes more than 70 per cent of our population. It is my singular honour to present ‘Yemi Adamolekun, one of the leading lights of “Enough is Enough” (EiE.org). EiE made groundbreaking contributions in mobilising people to register and vote in the last general election.

Yemi and her colleagues coined the slogan – RSVP – Register, Select, Vote and Protect back in 2009. She writes today about the anger of the young Nigerian. In another fortnight, we hope to introduce another passionate young Nigerian and his or her perspectives.

The numbers tell the story. It is not news that the average young Nigerian is angry and in most cases, hungry. According to the National Bureau of Statistics (NBS), 60 per cent of Nigerians live on less than $1 (~N160) a day. Though problematic, Nigeria’s minimum wage law provides this standard of living: N600/day = N18,000/month = N216,000/year. However, for those living in poverty, this is their reality: N160/day = N4,800/month = N57,600/year.

The National Youth Policy defines a Nigerian youth as someone between the ages of 18 and 35. Per the 2006 census, 50 per cent of Nigerians were between 18 and 35. According to the National Population Council, there are 167 million Nigerians as of July 2012. If we assume the ratio has stayed the same, there are approximately 83.5 million Nigerians in this age bracket. The Africa Economic Outlook 2012 estimates that Nigeria’s youth unemployment rate is 37.7 per cent. In reality, the rate is probably higher. So, little surprise that young Nigerians are angry and hungry when 31 million of them are jobless!

A report released by ‘The Next Generation Nigeria Task Force’ - convened by the British Council in 2010 - highlights the unique position Nigeria finds itself with its demographic spread, stating:

If Nigeria fails to collect its demographic dividend, the seriousness of the country’s predicament should not be underestimated. Its prospects will be bleak and could be catastrophic. … In the worst case, Nigeria will see: growing numbers of restless young people frustrated by lack of opportunity; increased competition for jobs, land, natural resources, and political patronage; cities that are increasingly unable to cope with the pressures placed on them; ethnic and religious conflict and radicalisation;and a political system discredited by its failure to improve lives.

The Ministry of Youth Development was established in February 2007 with a mandate to “promote the physical, mental and socio-economic development of Nigerian youth through the advancement and protection of their rights within the Nigerian state, the promotion of their welfare and provision of opportunities for their self-actualization.” With six ministers in five years, the revolving door has produced policy inconsistencies and flip-flops.

Bolaji Abdullahi was appointed Minister in June 2011. By the time he was ‘promoted’ to Sports in May 2012, he had drawn up a new blueprint for NYSC, set up a new website and actively maintained a social media presence to engage his constituency. In the three months since Inuwa Abdul-Kadir was appointed minister, one is unsure what he plans to do with the beleaguered NYSC and the Ministry’s social media presence has died. Even the website was not functional for a few weeks. How can we expect to institutionalise change when the government gives no time to policy implementation and removing one man grinds a whole programme to a halt?

From YouWin! to incentives in agriculture, the Federal Government is trying to increase opportunities for self-employment to young Nigerians, though tax and regulatory obstacles remain unresolved. In the 2012 Budget, N1.6 billion has been allocated for youth employment, but the Youth Ministry is yet to unveil its plans. The Ministry’s 2012 budget is N76 billion. Of this amount, N70 billion (92%) is allocated to the National Youth Service Corps (NYSC) which trains about 250,000 young Nigerians every year.

In summary, 0.3 per cent of young Nigerians spend 92 per cent of the budget meant for young Nigerians. This parallels the discovery Mrs Oby Ezekwesili made as Minister of Education when she realised that about 80 per cent of the Federal Ministry of Education’s budget and over 85 per cent of the Ministry’s staff resources were being spent on the management of the 102 unity schools, which had only 120,718 students and 27,200 staff members out of a total national population of 6.4 million secondary school students. This alone is enough to make any sane person angry!

Amplified Voices
Despite the many shortcomings of government in addressing our concerns, this demography continues to adapt and innovate; keeping abreast with global developments in technology. With the penetration of mobile phones and social media platforms like Twitter and Facebook, this generation has taken to tweeting and blogging about its fears, successes, frustrations, disappointments, and yes, its anger.

Unfortunately, for those in government, they see social media as the enemy, not as a platform to engage and receive constructive criticism. Then again, you would only care about constructive criticism if you actually want feedback.  Our rulers do not want feedback and are very used to traditional media where traffic is uni-directional. With social media, people talk back! And, no, it is not a small population of the educated elite who have these opinions.

Most Nigerians feel short-changed by government and believe government is not working, but what social media does is amplify voices. For traditional media, you need to know someone to get an article published or have money to pay for an advertorial. With social media, all you need is a mobile phone and some credit for a data package and people from Kaduna to Brazil will know exactly why you think the Federal Government’s Cassava Policy is a joke or follow you as you track the supposed fuel subsidy savings. Nigeria’s cyberspace is highly critical, but what else would one expect from an angry generation? At least the anger is being channelled in a public and relatively controlled medium.

Technology has given this generation a voice and we are using it actively. Now, we have to use it wisely! From the Minister of Information to the Senate President, to Mr President, all have acknowledged the power of these platforms to spread information quickly (false and true) and galvanise a people to action. From the Enough is Enough March 2010 protest to the National Assembly to the January 2012 country-wide protests on government waste triggered by the fuel subsidy removal, people are plugging in to get educated. 

Let us break down the numbers. As of July 2012, there were five million Nigerians (in Nigeria) on Facebook. Assume 200,000 of them become more educated and aware-based on the information they learn online and each person influences five people in their network (not necessarily online), who then influence another five people. Imagine the exponential growth and the Facebook population is not stagnant!

What Next?
This Nigeria is our reality; not our desire. No one seems fundamentally interested in handing over a functional Nigeria to the next generation and since Waiting for Godot is not an option, not only must we demand that they make this country work, we must also be willing to get involved to ensure our demographic strength is to our advantage, not our destruction. A few options are before us:

• Financiers: “If Nigeria’s younger and more politically conscious elite really want to change the face of politics in Nigeria; they will do well to speak louder in the only way Nigerian politics knows to listen; money. … An influx of private money strategically and surreptitiously employed to counter corrupt public money to support the campaigns of better qualified candidates.” – Iyin Aboyeji. One can be singularly focused on amassing enough wealth to have a voice. Ask Dangote. Financial support is needed for candidates and advocacy campaigns.

• Advocates (Civil Society): There will always be a role for those on the outside looking in to provide checks & balances.

• Politicians: Our numbers as a voting bloc can be used to get serious people into positions. Young people should join political parties – run for office or support as strategists, campaign managers, mobilisers etc.

• Media: As writers - investigative and analytical pieces. As owners of the medium – all news platforms have a slant. More platforms are needed to educate the population especially through radio.

• Intellectuals: Policy makers – you can either consult from the outside or be appointed as a technocrat.

• Civil Servants: Government programmes are only as good as the people who execute them. We must return to the days when being a civil servant was a role of service discharged with passion, honour and integrity. We all can’t want to work in the private sector and expect miracles in the public sector.

How will you make your mark?
Mr. President’s administration can shout the word ‘transformation’ till they are black and blue, however, as summarised in the British Council Report, “The next generation can make a huge contribution to Nigeria’s future, but if its potential is not harnessed, it will become an increasingly disruptive force.”

•Adamolekun is the Executive Director of Enough is Enough Nigeria (EiE)

Presidential Persecution Complex

The Verdict according to Olusegun Adeniyi.

Without conducting a poll or a content analysis, Dr Goodluck Jonathan has declared himself the most criticized president in the world. That I guess is what he is being told by some favour-seeking politicians and ‘media consultants’. But from experience I know why the people who peddle those tales to the president do so: one, to make his media managers look bad; two, to bring in their own men if possible; and three, to make money. Before I however conclude on what President Jonathan’s real problem is, I want to share my experience with the late President Umaru Musa Yar’Adua on this same issue.

In my first year working for him, I was aware that many people were telling my late principal how his efforts were not appreciated by Nigerians because of media opposition. Both the Minister of Information, Mr John Odey, and myself were blamed for this situation. These were, however, mere whispering campaigns until the day I got a document from the president directing me and Odey to read before meeting with him to discuss it. The document in question was a media strategy paper from one of the aides retained from the President Olusegun Obasanjo era. Even though the man wrote that it was strictly a secret paper, the president forwarded copies to myself and Odey.

The paper brought to the fore the challenges I faced and which I think any serious journalist in government would face. My understanding of an effective media strategy was for government to address the issues critics were raising and that was the approach I adopted which my late principal appreciated even though there was also pressure on him that by not “fighting back”, I was not showing enough commitment to his administration. This was the same argument advanced in the ten-page paper which the author apparently never imagined would come back to me.

The “foundation” to the submission, according to the man, centered on the fact that “Nigeria is today being led by a visionary, self-less and committed leader but how many Nigerians know about him or his vision? Whereas government has done so much and achieved positive results in so short a time, most of the achievements are not known to the public and other critical constituencies, largely because of the barrage of negative press coming out of the Nigerian and international media—both in hardcopies of Nigerian newspapers and other internet media.”

According to the official who incidentally was brought to the villa by Obasanjo, and is a Yorubaman, a good media manager should be able to sell Yar’Adua’s “gentle mien and approach (dialogue and consensus building) in contrasts to President Obasanjo’s aggressive and combative approach” aside Yar’Adua’s “personal integrity and simplicity which Nigerian masses can identify with and the ambitious vision 20-20-20 can be positively projected for maximum redefining.”

After the long preamble, the official now recommended a Media and Information Management Team which would require “co-option of good writers drawn from editors of Nigerian newspapers” to be domiciled in his office! There were other recommendations that would require huge capital outlay for both domestic and international propaganda.

When I got a copy of this paper with a directive that myself, Odey and the man should meet with him (Yar’Adua) four days later, I could not contain my anger as I sent a memo back to the president that same day. I am reproducing excerpts from my memo which underscores my own understanding of what I consider to be the role of a journalist in government.

“I have received an invitation to a meeting with Your Excellency on Monday with an accompanying document on ‘Media and Information Management’ and I hasten to say that the meeting is not only unnecessary, the motive behind it is unfortunate. I wish to inform Your Excellency that the so-called strategy paper is a rehash of an eight million Dollar proposal from a consultant promoted by…to me upon assuming office last year but which I turned down because I believed then, and even more so now, that that is not the way to go.

“While I will in a separate paper counter each of the false assumptions which inform the conclusion that there is information management deficit, I wish to reiterate my stand that on balance, this government and indeed President Yar’Adua has a relatively fair media image. While it can be better, the approach being proposed is unnecessary, wasteful and will at the end be counterproductive.

“This ridiculous idea of selective newspaper cuttings (of negative media news reports or articles) to the president has a purpose: either to portray me as incompetent or create the image of a media siege so that some consultants (and necessarily huge resources) can be deployed to combat this exaggerated problem. While some people can bring in ‘experts’ who they assume have the magic wand to ensure that the media begin to celebrate the president and the government without any criticism, the problem is that the only beneficiaries of such self-deluding enterprise are the consultants and their promoters, not the president or the government.

“Your Excellency, I scan the Nigerian media everyday and I also do same for American and British media and I am aware our media is not as cynical and contemptuous of their government and the man in power as the British or American media. While some people have issues with the style of government, there is still a general perception that the president is a man of integrity and has his plan but rather slow in his approach. Because some key issues like power emergency/Niger Delta Summit/Infrastructure are yet to be resolved, I am aware of current media challenge. But I also know that this can be an advantage because when the media create low expectations, as they do now, results will be easy to see and appreciate as it would ultimately happen in this instance. On the other hand, when you pump the people up with expensive media propaganda, then you create problem when results don’t match expectations…”

After reading my memo, President Yar’Adua cancelled the meeting earlier called and just directed that myself, Odey and the man should iron out the issue. Not surprisingly, the man felt so small at our meeting chaired by Odey and three weeks later, he was sacked by the president. But it would not be the end of the intrigues I would survive in the villa nor of the constant bombardment of the president with insinuation that the media was his problem.

Now that President Jonathan is also facing a barrage of criticism, he has promised to be “the most praised president” by 2013. If I understand that statement clearly, what it means is that the critics are justified because the president has not met their expectations and that by next year, his performance would have been such that they would begin to sing his praise. But we all know that is not what President Jonathan meant to convey. He feels he is being unfairly attacked by the media.

That, however, is not true. The fact is that the conventional media is not more critical of President Jonathan than his predecessors. The real problem this president is facing is from his social media “friends”, the crowd he carefully cultivated and set out to please as the first “Nigerian Facebook President”. Unfortunately, he ought to have been warned that the social media can cut both ways. So if he in 2010 enjoyed public adulation at the expense of the “Yar’Adua cabal”, it is naïve not to understand that he is playing in a jungle where rumour peddling, hate mongering, bitter retorts, malicious gossips and innuendoes are also fair games.

It is, however, patently dishonest for his handlers to argue that those who criticize or hurl personal abuse at the president do so because he is from Niger Delta (or whatever other ridiculous reasons being invented). No, it is because he is the president of Nigeria while his implacable traducers even enjoy attacking him for the simple reason that he has made them to know that they are getting to him.

What makes the situation so pathetic is that those close to the president refuse to locate when the real problem began, especially with regards to genuine supporters who now feel disappointed. It all started in January following the sudden withdrawal of fuel subsidy on the first day of the year. Not only was the timing inauspicious (with many still in their villages) there was also the question of trust since government officials had announced that the policy (which by the way I wholeheartedly endorse) would not commence until the second quarter of the year.

To compound the situation, revelations began to come from the probe of fuel subsidy payments in 2011 of how billions (in Dollar) of public funds were practically shared by some unscrupulous marketers and their government collaborators, all under President Jonathan’s watch. Then, on a rare interview on national television which was watched by many Nigerians (at home and in the Diaspora), he angrily proclaimed that he doesn’t give a damn about what people feel on his refusal to publicly declare his assets. With all these, the president frittered away enormous goodwill though there is still time to make amends not with the critics but with the silent majority of Nigerians who only desire good leadership and appreciate genuine efforts.

What Dr Goodluck Jonathan must, however, come to terms with is that presidents don’t crave momentary applause as he seems to be doing; they target history. To his credit, the power situation has improved significantly but the things that would earn him enduring legacy in the sector (or in any other sector for that matter) are not necessarily decisions that would provoke instant praise. The way things are in Nigeria today, the president is like a man charged with leading an orchestra. To succeed, he must learn to back the crowd.

But here is the greater lesson for President Jonathan: Asked on Monday how he took actor Clint Eastwood’s bizarre attack on him (characterised by an empty chair) at the Republican Convention, President Barack Obama said: “One thing about being president or running for president—if you’re easily offended, you should probably choose another profession.”

The Horizon By Kayode Komolafe

A Return to Malabo

Some alumni of  the University Calabar recently returned to their alma mater in a journey that was suffused with both nostalgia and projection. That was no surprise given the purpose of the gathering: the occasion was organised by the university to honour just a few of its many accomplished former students located in different parts of the world. These alumni were appointed Goodwill Ambassadors. The idea itself is a product of a synergy of purpose between the university management and the alumni association under the leadership of the energetic Kennedy Dike. Always exuding enthusiasm when discussing the progress of the university, Dike has explained that the goodwill ambassadors and indeed all alumni are expected“ to project the image of the university positively and also use their  positions to attract funding and projects to our alma mater”.   

The grand reception and awards were reasonably preceded by a tour of the campus in which the vice chancellor, Professor James Epoke, and other members of the university management laid bare the developmental problems and prospects of the institution. In sum,  the alumni saw on ground challenges in the form  a number of projects begging for actualisation or completion  such as the proposed complexes for the faculties of law, engineering and education. They also saw progress as Unical has since moved from being a campus of the University of Nigeria in 1975 with 500 students receiving tertiary education in the premises of the Duke Town secondary school.  The university began awarding its own degrees in 1980. Now, with over 32, 000 students in nine faculties and 54 departments the university has indeed come of age.

There are in addition three institutes and three directorates. In fact, a brand new campus has been built with new lecture theatres, auditorium, laboratories and an ultra-modern library equipped with digital facilities. The ICT Directorate ensures Internet services in every part of the campus including the halls of residence. With a large expanse of land still available for construction despite recent encroachment, the university still promises to be one of the most beautifully located campuses in the country. In a power-point presentation during the lunch the deputy vice chancellor (academic), Professor Austin Obiekezie, told the alumni that the geographical location offers “opportunities and challenges”. As Obiekezie, who was the first Ph.D. candidate of the university, reminded his audience in his presentation aptly entitled “Unical: Yesterday, Today and Tomorrow”, the campus is “one of the few to straddle a major river with direct access to the sea amid a lush mangrove habitat”.

For any visiting former student who was in Unical in the early days, a comparison of the campus today with the those days when a section of the campus was named Malabo is inevitable. By the  way, the name Malabo was given by the students  to the section of the campus where three of the male halls of residence, the refectory and the students’ union building were located. The name, a protest of sorts, was borrowed from Equatorial Guinea, the central African country whose capital is called Malabo. With a population of fewer that 700,000 and daily production of over 360 barrels of crude oil, the tiny country has the highest Gross National Income per capital in Africa. Yet, 70% of the population lives below the poverty level.

In fact, in the 1970s, the condition in the country ( especially the plantation workers)  was that of excruciating poverty largely caused by  the plundering of the national wealth by a dictator. The name Malabo was, therefore, the students’ way of capturing the physical deprivations they encountered in the early days. Hence, male students and alumni are called Malabites and the female ones, Malabresses. So, as the alumni made that journey back to their former school, they knew they were not just visiting the exceptionally neat and serene city of Calabar again, they were indeed seeing Malabo after many years. 

The good news is that unlike the real Malabo in Equatorial Guinea that corruption and neo-colonial exploitation has stultified its development, the Malabo in Calabar has good products to show for its years of transformation. From the period of the pioneer vice chancellor and   the eminent historian, Professor Emmanuel Ayankanmi Ayandele, to the current Professor Epoke, a measure of progress is undeniable. This was evident in the warmth with which Epoke received the alumni.

More significantly, the progress could be measured by the quality of the university’s products represented by the following goodwill ambassadors: Chief Godswill Akpabio, Governor Akwa Ibom State; Barr. Efiok Cobham, Deputy Governor, Cross River State; Senator Ita Enang, Chairman, Senate Committee on Rules and Business; Senator Bassey E. Otu, Chairman Senate Committee on Banking. Senator Victor Ndoma Egba SAN, Senate Leader, National Assembly; Mr. Ita Ekpenyong, Director-General, State Security Service; Hon. John Owan Enoh, member, House of Representatives; Hon. Dr (Mrs) Rose Okoji Oko, Member, House of Representatives; His Eminence, Dr. Sunday Ola Makinde, Prelate, Methodist Church of Nigeria; Udom Inoyo, Executive Director, Mobil Producing Nigeria and In-country HR Manager; Dr. Reuben Abati; Special Assistant on Media & Publicity to the President; Ekpo Una Owo Nta, Chairman, ICPC; Dr. A.B.C Orjiako, Chairman Ordrec Group; Barr (Mrs) Mfon Usoro, former DG, NIMASA.

Others are Rt. Hon. Bright Omokhdion, former Speaker, Edo State House of Assembly and Chairman, Board of Trustees UNICAL Alumni Association; Chief Joe Agi SAN, first Malabite to be elevated to the position of Senior Advocate of Nigeria; Hon. John Kennedy Opara, Executive Secretary, Nigeria Christians Pilgrims Commission; Dr. Barclays Ayakroma, Executive Secretary, Nigeria Institute of Cultural Orientation; Dr. (Mrs) Anthonia Ekpa, Director, Monitoring & Evaluation, Federal Ministry of Water Resources; Prof. Hillary Inyang, Duke Distinguished Professor of Environmental Engineering and Science, Professor of Earth Science and Director of the Global Institute for Energy and Environmental Systems at the University of North Carolina-Charlotte (he is currently the President of the International Society for Environmental Geotechnology (ISEG) and the Global Alliance for Disaster Reduction (GADR)); Chief Charles Okon, Corporate Security Services Manager, Nigeria LNG Ltd; Sunny Akpan, Finance & Administrative Manager, Catering International & Services, Siera Leone and Hon. Justice Emmanuel Akomoye Agim ORG, Chief Justice of The Gambia, Judge of the Supreme Court of Swaziland.

Also honoured are Stephanie Okereke, Actress, Director and Nollywood Producer; Keppy Bassey Ekpenyong, Actor, producer and movie director; Dr. (Mrs) Christy Atako, Director, Community & Rural Development, NDDC; Ibanga Akadi Udofia, HR Manager, Deep Water Projects, Shell Petroleum Development Company; John Odey, former Minister, Ministry of Environment; E.C Osondu, Professor of English, Rhode Island University, USA; Emem Isong, Screenwriter, Movie Producer/Director; Dr. Sam Amadi, Chairman, Nigeria Electricty Regulatory Council (NERC); Hon. Justice Franklin Edem, Ebonyi State Judiciary, Abakaliki; Hon. Justice M.E Njoku, Judge, Customary Court of Appeal Imo State Judiciary; Sir. Chika Chiejina, Chairman/CEO, Savannah Suites Group; Odigha Odigha, Chairman, Cross River Forestry Commission, and this reporter.

Not all the goodwill ambassadors were able to make the investiture. Senator Enang who responded on behalf of the awardees asked all alumni to work for the progress in their different locations in life. It is also remarkable that the awardees represented different periods in the history of the institution. For instance, one awardee was born 30 years ago when another one, this reporter, graduated from the university in the third set.

From the available facts, the above is just a tiny representation of distinguished men and women in different spheres of life who passed through Malabo. This  invariably compels some deep reflections about the quality of education in public educational institutions and the lingering question of funding. Doubtless, the Uncial story is a proof   that public educational institutions have produced quality graduates.  The debate on the funding of tertiary education in particular will  certainly continue. Unfortunately, in this debate the voice of those rationalising the failure of government to fund education is louder.

It is as if only private institutions, where education is now treated as any other  commodity, is the only sure source of quality education. For the majority of those in need of university but who could not afford the prohibitive fees in the private institutions, public schools will still remain the answer. A former colleague at THISDAY, who is now the Ogun state Commissioner for Information, Yusuph Olaniyonu, used to raise issues on this page about the need for former students to go back to their alma mater and see how they could help improve the condition of the schools. The moral challenge for graduates of public schools, especially those in position of power, is how to ensure that the conditions of the schools are such that their own children could make  a choice of applying for admission into those schools. 

In this regard, the resourceful step taken by Unical to attract the contributions of the alumni  to the development of the university should be welcome. As the alumni who made the journey back to Malabo observed, the university is in dire need of huge investment of funds to ensure production of quality graduates like those making waves in the public and private sectors today.

N5000 note, PDP agenda for 2015 elections – Opposition parties

 by Leke Baiyewu.

Nigeria Naira Notes

Opposition parties have alleged that the ruling Peoples Democratic Party is behind the proposed N5000 note that has generated much controversy in the country.

Some leaders of the parties said the PDP was planning to make the naira handy for distribution during the 2015 general elections.

The Congress for Progressive Change, the Action Congress of Nigeria and the All Nigeria Peoples Party said the speedy approval of the proposal by President Goodluck Jonathan showed that there was an ulterior motive behind the move.

The National Publicity Secretary, ANPP, Mr. Emma Eneukwu, told SUNDAY PUNCH that the PDP proposed the N5000 note, through its government, in order to make cash handy and huge amounts of money more movable during the elections.

He said, “We are aware that the PDP is putting a lot of plans in place. One of them is the introduction of the N5000 note purposely for the election. They want to make more money handy for distribution.

“The new trend contradicts the earlier position of the Central Bank of Nigeria on its cash-less policy. The CBN governor suddenly introduced a more valuable note to actualise the programme of the PDP. It is geared towards the 2015 elections.

“The CBN’s insistence on going ahead with the plan, despite the huge public outcry, shows that the government is pursuing an agenda.”

His CPC counterpart, Mr. Rotimi Fashakin, said it was in order for people to raise concerns about the policy due to the spate of corruption in the system. He added that the speedy approval by the presidency was suspicious.

He said, “Peoples’ fears may not be unfounded because of the way the president gave his assent to the proposal without going through the normal rigorous process. We are in a corrupt regime and with a government that has high tendency for corruption, the people cannot but fear over an ulterior motive.”

Similarly, the National Publicity Secretary, ACN, Dr. Lai Mohammed, in a separate interview, accused Jonathan of ignoring the opinion of the majority for the interest of the minority.

He described programmes of the Federal Government as anti-people, saying the introduction would lead to inflation and consequent hardship on the masses.

Mohammed said, “It shows that the government is not responsive and accountable to the people. If truly it is accountable and the people actually voted for the government, then it will show regard for their interests.

“The president should remember that he is only holding power in trust for the people. Political and economic experts have warned that the introduction would lead to inflation but the presidency has brushed aside the valid arguments in favour of a few political elite.

“This shows that the president lacks regard for the people; he is not responsive, his programmes are anti-people.”

Effort to get the National Publicity Secretary of the PDP, Olisa Metuh to react to the allegation was unsuccessful as he did not pick calls to his phone or respond to a text message as at press time.

A Word For the Nigerian Opposition

By Dele Momodu

Fellow Nigerians, please permit me to reiterate the fact that I’m an unabashed member of the Nigerian opposition at this time that we are being stigmatised by members of the ruling Federal Government. There is really nothing to be ashamed of. Criticism is as old as mankind. Its essence is not to destroy a leader but to hold him in check and help him achieve his dreams if he has any. In the Old Oyo kingdom and till these days, the Oyo Mesi has been an institution to hold the powerful monarch, Iku Baba Yeye, The Alaafin of Oyo, to the dictates of his awesome office. They were like the modern day parliamentarians who could go as far as impeaching the king or asking him to commit suicide in the face of ignominy.

My career as a reporter in an under-developed country had amply prepared me for the role of a freedom fighter though we had started the voyage from our days at the University of Ife. Criticising a government in a nation where personal survival depends largely on government largesse is indeed tantamount to taking a kamikaze plunge but it is a task that some of us must undertake. To voluntarily say “to hell with the indescribable indulgence and pleasure” that comes with being friends with men of power, for me, has always been a salutary decision. Those who castigate us often forget that it would have been much easier to eat from the National cake and chop and clean mouth as if nothing happened. Those eating from both sides of their mouths really don’t have two heads after all.

It is therefore a thankless job because many Nigerians read meanings to acts of valour. Those who can’t do what you do must discourage you and call you names you were not given at birth. But that is not a big deal because all change agents suffered the same fate. You are in good company. On a personal note, nothing is as exhilarating as knowing your status as a freeborn and not as anybody’s slave. I see many old men who should be enjoying their twilight days, at home with their children and grandchildren, running from pillar to post in search of power and money. I often shake my head in utter amazement wondering what they are chasing at that age.

That is not to say I’m totally oblivious to the reality that only government guarantees quick riches in Nigeria. Principled citizens are hardly recognised and rewarded. Examples abound of certified paupers whose lives changed instantly on attaining power and their old mates could hardly recognise them. Most of those who end up in political offices have been so battered by the vicissitudes of life that it becomes impossible to take the risk of fighting the status quo. That is why you would not hear or read that any member of the opposition has rejected the atrocious remunerations they earn in Abuja and other political locations. Whilst they can disagree and argue at their most shrilling voices on other issues not pertaining to sharing the national loot, nothing unites Nigerian politicians more than money. Every known principle is buried once cash is involved. The job is about to be made easier with the coming of Obinrin Meta N5,000 notes for the Okunrin Merin.  All it takes is for the President to call most of the noise-makers into his palace and speak the lingua franca of Nigeria, cash or oil wells. What you are looking for in Sokoto city is right inside your sokoto (trouser).

This has made it difficult to see members of the opposition as being credible enough to upstage the ruling party. If the truth must be told, some members in our camp have given us a bad name. If we can criticise government every day, we must be able to scrutinise ourselves once in a while and tell some home truth. A situation where we gloss over our own shortcomings and focus attention on others is sheer hypocrisy. We must admit that many of our so-called progressives in government have performed below expectation. On matters of principle and ideology, they have not given us viable alternatives. Nigerians have only tolerated them because in the country of the blind the one-eyed man is usually the king. Most of the money meant for the development of the society as well as to provide succour for the citizenry only end up in the pockets of members of the privilegentsia. Young boys who left school only yesterday have turned emergency billionaires because of access to government and power.

If Nigeria must witness any drastic and meaningful progress, members of the opposition must learn to do things differently. The first sign of seriousness is how opposition governments go about managing people and resources. Infrastructural development must spread evenly across the cities and villages and not just because some politicians live in certain areas.  The citizens are human beings like us and deserve the good things of life. We must do things that would improve the economy and the general well-being of our people. Our principles must be transparently spelt out and dutifully enforced. We can never hope to unseat incompetent leaders when the people can’t figure out any marked difference between the political gladiators. Life has indeed become a matter of choice everywhere but it is a problem when it becomes impossible to pick good examples from either side of the political divide.

The Nigerian opposition must take a cue from America’s electoral system and ensure there are not more than two dominant parties especially for the Presidential election. This was what  worked wonders on June 12, 1993, when Chief Moshood Abiola won and trounced his opponent, Alhaji Bashir Tofa, even in Kano his home state. Proliferation of candidates is the quickest way to disintegration and extinction. I have said it repeatedly; we must present a dream team that will be irresistible to politicians and non-politicians, the old and the young. It’s not difficult to cause a change, but those agents of change must be ready to eschew self-centredness and obstinacy. We cannot continue to recycle antiquated candidates who may not even know what time it is at this moment. Our obsession with a few names in a country of 160 million must stop.

When Barack Obama came, he was not only fresh, his ideas were refreshing. He was not the most experienced American when he offered to serve but his message resonated with many of the first time voters. Such voters are put at over 70 percent of the Nigerian voting population today. Most of them are young and upwardly mobile. They believe they can survive anywhere without government or do business with any government in power. But only a few of them would ever enjoy such privileges in reality. It is the duty of opposition to make voting attractive to them.

Last week, I wrote about the influence of the entertainment icons and some people scoffed at it but watching the Democratic Convention has reinforced my belief that I was right. We must glamorise the political process the way the new-wave churches are capturing souls for Christ. Global leaders have turned showbiz into an integral aspect of politics. I saw the way Mary J Blige electrified the Democratic Convention in Charlotte, North Carolina, and got everyone dancing.

The fuel-subsidy demonstration last January was also a veritable eye-opener. Several musicians had approached me to help facilitate their participation at the rallies. The huge crowd that thronged the Gani Fawehinmi Freedom Park in Ojota, Lagos, was attracted by the merriment that was provided by volunteer artistes. It is a shame that such beautiful campaign against executive recklessness was truncated but we gained something. It was a dress rehearsal for bigger things to come.

The opposition really need to sit up. A situation where a few leaders hijack their parties and refuse to consider fresher and more electable candidates will end up in monumental disaster as always. Our fathers must do what the Clintons, Kennedys, Kerrys, Bidens, and many others did for Barack Obama; sit back and rally behind our dream candidates wherever they come from. None of the iconic Americans insisted it must be them or their own nominees. None formed a new party ostensibly for his own candidacy or cronies. After a fierce battle between Obama and Hilary Clinton, everyone queued up behind the winning candidate. Leadership should never be an obsession where we say only one man can change the country. It is an insult on the rest of the otherwise brilliant and accomplished Nigerians at home and abroad. The essence of democracy is in giving everyone a sense of participation and belonging.

One of my biggest achievements in politics was winning the nomination of my political party, the National Conscience Party. I woke up crying inside my 1960 Hotel room in Ikeja where we held our National Convention. I wept profusely when news came that my opponents were going from room to room meeting the delegates. I didn’t know what they gave them but all I distributed were beautiful copies of Ovation magazine to every room. Please, don’t laugh; I only gave what I had. I told my campaign staff that we didn’t have money to bribe anyone but my party men and women should appreciate the product of my sweat. If I have struggled against all odds in 15 years to build an international brand from less than £20,000, they should know I’m a prudent manager of resources.

I was surprised when delegates besieged me asking for more copies. Even some of the police officers abandoned their guns to savour the beauty of the magazine. I must note that my respect for Northern politicians quadrupled that day. The entire block, led by Dr. Tanko Yunusa, signed a letter pledging their total allegiance to my political mission, and indeed they voted en bloc. They demonstrated a principle many would have thought did not exist in Nigeria. During the general elections, I was stunned again when I got more votes from the North. It showed clearly that a candidate can win elections in all parts of the country, like Chief Abiola did, if he has the backing and enough resources to amplify his credentials. My sojourn has taught me an eloquent lesson that it is not an impossible mission for the opposition as most Nigerians think. We can win or throw it away as usual with our own hands. But we shall over-come someday.
Indeed, it is ultimately a matter of faith, collaborations, destiny and God’s abundant mercy and grace on our long-suffering nation.

Olympic Gold for Corruption?

Simon Kolawole Live!

Exactly what is corruption? If you are a typical Nigerian, you would define it as government officials looting our treasury. In our view, everything starts and ends in government offices. Should we then be surprised that almost everybody is campaigning against corruption in Nigeria? We are all waging a war against corruption. We are all appalled. We are all agreed that corruption is dragging the nation backward. The main reason Nigeria is not making progress, we say authoritatively, is that those in government are just stealing public money.

Even—surprise! surprise!!—government itself is fighting corruption! We have the Code of Conduct Bureau, the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Nigeria Police Force all fighting corruption. NGOs are campaigning against corruption. Youths are fighting corruption. Lawyers, journalists, doctors, engineers, bankers, pastors, imams, taxi drivers, truck pushers, all are fighting corruption. Fellow Nigerians, if we all are fighting corruption, who then are the people “doing” the corruption? Are they spirits?

Following our failure to win any medal at the 2012 Olympics, some Nigerians launched the humorous campaign that corruption should become an Olympic sport. Nigeria would sweep all the medals at stake, they joked. There is a belief that no country can beat us in the game of corruption. An author wrote: “Corruption is rare in Botswana, common in Ghana and endemic in Nigeria.” There is a feeling that corruption is in our DNA. It is believed that we are genetically corrupt. If you send a five-year-old boy to buy you a piece of cake, chances are he would inflate the price and seek to make away with your change. It is that bad.

So maybe we are wrong to focus our attention on the corruption in government alone. In recent times, the organised private sector has proved to be as corrupt as the public sector. The massive rot in the banking industry provided all the proofs we needed to understand this. But I am not about to write on the destruction of the financial sector through greed and mindless manipulation by the bankers and their accomplices. The stealing of billions of naira by government officials is not my focus either. No, I am not about to write about the multi-billion naira pensions scam. The fuel subsidy tryst, which brought the private and public sectors together in unholy matrimony, is not of interest to me today. We have written on these usual suspects a million times.

What I seek to do today is drag our attention to the unusual suspects whom we perhaps ignore from day to day as we talk about corruption—the so-called lower classes of the society. Listen to the radio, spend a few minutes at the vendors’ stand, or tarry awhile at the village square. Everybody is discussing corruption and how “our leaders” are looting us blind. It is usually a case of “we the ordinary people” against “they the government”. Somehow, it keeps escaping the attention of these “ordinary people” that they (we) are part of the system that is destroying the country and making our lives worse from day to day.

I will cite five instances to illustrate my point. One, at a construction site, a man came to market cement. He said a bag was N1750, including transport to site. But the builder said he was getting his supply cheaper, at N1700. After a brief argument, the cement seller gave out a secret of the trade which he called “repacking”. Cement sellers, he said, have a way of opening the bag, taking out a few kilos of cement and then re-sealing the bag. The kilos so stolen are re-bagged. That gives an additional income to the cement seller. From 10 or so bags, he can get an additional one bag. Is that not worth an Olympic gold for corruption? Yet, this same set of people will gather at the village square to discuss how “our leaders” are looting the treasury!

Two, rice sellers. This is a well-known secret. They have a long rod they insert into a bag to steal a few “mudus”. They then re-pack into an additional bag. That’s additional income. Three, the bread sellers. They remove a few slices from several loaves to make an additional loaf! Four, the petrol station attendant. He sells N200 fuel to a motorcyclist without “rubbing off” the meter. When a car comes along, he continues from where he stopped and pockets the additional N200. Another trick is to sell fuel of N109 to a motorist and then sigh that there is power failure. He tells you to look at the meter very well, that he had already sold N1009 (not N109) worth of petrol to you. If you don’t pay attention, he will fleece you of N900. Five, the woman selling garri to you has already tampered with the measurement by battering the can. Yet, all of them (all of us) will call the radio station to complain about “our leaders” and corruption.

My father-in-law, a doctor, once told me a heart-breaking story. In the 1990s when he was working at the Lagos University Teaching Hospital (LUTH), an eight-year-old boy died. As he took the body to the mortuary, the attendant told him: “Doctor, you have to find us something o!” That means he had to give him a tip. A morbid tip! If you bury the dead at some cemeteries in Lagos, you need to “find something” for the cemetery workers. If not, as soon as you turn your back, they will unearth the casket, steal any valuables they can find, dump the corpse in the grave and sell the casket for peanuts. Yet, all of them (all of us) will gather at the vendors’ stand the following morning to complain about how corruption is killing Nigeria! Doesn’t this also deserve an Olympic gold medal?

Let’s look at it this way. If the person who steals and re-bags a few kilos of cement gets into government, is he not likely to steal pensioners’ money? If the market woman becomes a bank MD, would depositors’ money be safe in her care? We seem to think that people suddenly become corrupt when they join government. No. We are groomed for corruption. For a plumber, for instance, it is part of his training that if he needs 20 pipes, he should quote for 40. He will buy 20 and pocket the balance. Cheating and short-changing customers are part and parcel of the training of artisans here. They are actually trained to tell lies without batting an eyelid.
Since this sleazy system produces our leaders, maybe we deserve the leadership we always get then…

And Four Other Things...

ATTACK ON TOWERS
Recently, I lamented the destruction of the economy of Northern Nigeria by Boko Haram insurgents. This is setting the region back by decades. It seems there is no let-up. The militants keep doing their best to drag the region back, launching unprecedented attacks on towers belonging to the telecoms operators as “punishment” for the security trail of their communications. This will more than hurt the economy of the region. Transactions are hampered and small-scale call centre operators could be driven out of business.  It may, ironically, also hurt the insurgents themselves as they inadvertently cut off communication within their own ranks.

DANA’S RETURN FLIGHT
There has been disquiet in some quarters over the decision to unban Dana Air, three months after it crashed and killed at least 158 persons. People argue that investigation is still ongoing and families of the victims are yet to be compensated. Most bodies are yet to be released for burial. The Federal Government gave reasons for lifting the suspension, but not everybody is convinced. Of course, Dana’s licence cannot be suspended forever, but government has obviously not acted in a way that will make people trust that they have taken the best decision. Something is still not clicking somewhere.

TURBULENCE IN AVIATION
The ban on Dana Air and the suspension of operations by Air Nigeria, Chachangi Airlines and First Nation have all combined to make flying a difficult experience for Nigerians in recent times. Only IRS, Aerocontractors and Arik Air operate big flights. We’ve witnessed sharp increases in air fares, in addition to sharp practices by airline staff as passengers get desperate to get on board. I won’t be surprised if the decision to lift the ban on Dana Air was meant to ease this strain. Nevertheless, the health of the aviation industry—technical and financial—needs proper examination. We need some deeper and wider action from the government.

THE GLOBAL VILLAGER
Poet, writer and journalist, Eddie Aderinokun, is set to present the biography of PDP National Chairman, Alhaji Bamanga Tukur, to the public this week. The 362-page literary biography, entitled “The Global Villager”, had been in the works for years. It was to be launched last year but the business colossus entered the political fray once again and became the chairman of the ruling party, meaning the biography had to be put on hold and updated. Mr. Aderinokun, a former National Vice-President of the Association of Nigerian Authors, never ceases to amaze me with his energy and resourcefulness at the age of 71. This is a challenge to younger ones like us…

Again, Financial Experts Weigh Pros, Cons of Currency Restructuring

Naira notes

As the controversy over the planned currency restructuring by the Central Bank of Nigeria rages, amid a flurry of activities by the apex bank to sell the new agenda to the public, economic analysts last week examined the policy, saying most of the fears raised by the growing army of critics of the policy may not stand the test of time provided the apex bank is able to make the policy functional, reports Festus Akanbi

The controversy generated by the planned restructuring of the nation’s currency resonated again last week as economic experts, political actors and business owners took different positions on the policy even as the Central Bank of Nigeria (CBN) began a sensitisation campaign in all the geopolitical zones of the country to drum support for the proposed policy. The CBN a fortnight ago announced a holistic restructuring of the nation’s currencies, with a plan to introduce N5, 000 banknote as well as N5, N10 and N20 coins from first quarter of 2013. Giving the hint at a media briefing in Abuja, CBN Governor Sanusi Lamido Sanusi had said the introduction of the higher denomination banknote would complement the bank’s cashless policy by reducing the volume of currency in circulation in the long term just as the redesigning of other old notes and redenomination of others into coins would enhance their security and other transactional features.
According to the apex bank’s boss, the restructuring exercise code-named ‘Project Cure’, will ultimately change the naira currency structure to 12, comprising of six coins and six banknote denominations. However, the proposal was greeted with spontaneous reactions from members of the business community, political class and owners of businesses who have expressed divergent views on the new payment policy.

The Fears
A number of critics of the apex bank’s policy expressed the fear that rolling out N5, 000 notes at a time when the nation is doing double digit inflation will not be in the interest of the economy. They also took a swipe at CBN for allegedly not taking the down-trodden, who may not be able to spend N5, 000 notes, into consideration. They argued that a higher denomination and the conversion of N5, N10 and N20 into coins will accentuate inflationary trends given the existing level of apathy to coins in the country.
Another cause of public outrage is the belief that a regime of higher note will be counter-productive to the CBN’s cashless policy. They pointed out that the proposed policy would make it easy for people to carry large amount of money.

What Experts Say
In his reaction to THISDAY enquiries last week, Managing Director/Chief Executive, Afrinvest West Africa Limited, a securities firm involved in investment banking, securities trading, asset management and investment research with a focus on West Africa, Mr. Ike Chioke, described the recent outrage against the new naira policy as misplaced.

Chioke said the argument that N5000 note will fuel inflation lacks merit, as according to him, higher denominations affect only a minority of the population. According to him, most of the currency being moved in cash is moved by five to 10 percentage of the population.

Chioke, who acknowledged the rising dollarisation of the Nigerian economy, said this low percentage of high networth individuals will be captured by the proposed policy.
“Many of those in this category had resorted to the use of dollars given the fact that the new cashless policy has limited the amount of naira withdrawable at a time,” Chioke noted.

Another reason advanced by the CBN for currency restructuring is the high cost being expended on the retention of patent rights since the present crops of notes were designed by foreign firms. The Afrinvest helmsman said domesticating the design of the nation’s currency will not only save Nigeria a huge cost, but will also free the country from the blackmail of foreign patent owners who may hold the nation to ransom.

He, however, shared the sentiment of critics of the restructuring on the conversion of some lower naira denominations into coins saying Nigerians have little inclination to use coins. He said that many people may rather choose to use the coins to make trinkets because some of the coins are more valuable than their measure of value but he was quick to point out that the fears raised over people’s apathy to the use of coins may be at a conjecture level, adding that empirical study may prove cynics of the new policy wrong.
Another economic watcher who threw his support behind the new policy is Managing Director, Economic Associates, Dr. Ayo Teriba. He claimed to have called for the introduction of larger notes and coining of smaller notes as far back as 1996. He described the measure as a step in the right direction. Teriba said in an interview last week that it would not be out of place to roll restructuring the currency, adding that “the gap between the periods we introduce new larger notes is too wide. I think we should do up to a N10, 000 and N20, 000 notes and coin up to our N200.”

Teriba said rather than dwell on the possibility that the proposed coins will not be used; the apex bank should make sure the coins are good enough to drive buying and selling. “It is a step in the right direction but definitely not enough. Until your coin can buy a newspaper, pay for urban transport and snacks, for instance, it is unlikely the coin will be used.

“The argument that your coin will be used for change is not tenable; rather, your coin should buy reasonable items or else people may not use them.
“The same thing applies to currency notes. If you think about it, the rationale should be ‘I want to buy a bag of rice at N9, 500’. You will need to count 10 of the N1, 000 notes; it doesn’t make sense,” Teriba said.

Faulty Logic
Dismissing the fear that such a large note may fuel corruption, terrorism and money laundering activities, Teriba asked “so because you want to prevent one per cent of the population from doing something bad, you should deter 99 per cent of the population? It’s a faulty logic.

“You can’t stop doing what is right simply because it will be abused. With the current N1, 000 as the highest denomination, the printing of currency is too costly.

“Doing higher denominations will reduce the cost of printing notes by reducing the number of notes you have to print. The storage space required the nuisance of bullion vans and of bulk rooms in banks will all be reduced,” he explained.

On the argument that higher notes will favour the rich only, the Economic Associates chief said as long as the world exists, there will be the rich and the poor and the poor are the ones that are likely to become rich.

He said, “There are people in the UK that have not and will never see the 50 pound bill and there are people who will never ride a Rolls Royce car.

“Does that then mean that these should not be created? We should not go into irrelevances,” he said, explaining further that the “N5, 000 is not for the rich; the minimum wage in Nigeria is N18, 000 so the lowest income people can also be paid in N5, 000 notes.”
He explained that the N5, 000 will also serve as a good pool of storage of accounts or savings and it will also be quite portable.

One of the fears raised was the possibility of higher notes affecting pricing and fuel inflation, Teriba, however, said the fear is unfounded. “Money is like a measuring rod and your measuring rod should be flexible to suit what you are measuring. It should be flexible enough to measure both short and long measurements. The problem comes only when it is either too long or too short.

Functional Coins
“The currency system should be flexible enough to measure both small and large denominations. I think the CBN should pay careful attention by designing coins that will be desirable to hold.

The N1 coin for instance does not make sense. Also the N5 coin should be small enough as to be commensurate with its value,” he said. According to him, “If we have functional coins, the effect will be that it will puncture inflation because you will be able to price to the last penny.

“However, if they are not functional, it will promote rounding off of prices and not necessarily inflation. Inflation is all about the amount of money in circulation and not about the denominations.”

Restructuring, Different from E-payment System
For those arguing that the introduction of higher notes contradicts the purpose of cashless policy, Teriba said e-payments and the currency structure should not be confused. He explained that electronic payment is all about one party transferring money to another and these are likely to be wholesale and not retail payments, adding that cash on the other hand is meant for spontaneous purchases, and where there is no access to e-payment facilities.

“There are certain transfers that can be made in cash and such are what you use notes for.
“Saying the new currency regime will be at variance with the cashless economy project misses the point; they are two separate and distinct issues and we should not confuse them.

“It’s unlikely that a person going to eat in an eatery will need e-payment. Many transactions will still be done in cash, while e-payments will mainly be for bulk payments,” Teriba explained.

However, one of the groups that opposed currency restructuring, The African Institute for Applied Economics (AIAE), last week called on the apex bank to concentrate on strengthening the local currency. The institute says the planned N5000 note is a contradiction with the cashless policy.

In a statement last week, Executive Director of the institute, Dr. Ifediora Amobi, expressed fears that the plan to convert some existing notes to coins could herald their extinction as legal tenders.

“A more practical approach to restructuring the naira is to re-denominate the currency. That will strengthen the currency and make it a benchmark in Africa. Also, more people would use naira as a store of value since its exchange will be almost be at par with major world currencies,” it stated.

This position was, however, punctured by the President of the Association of National Accountants of Nigeria (ANAN), Hajia Maryam Ladi-Ibrahim, who insisted that the planned introduction of the N5, 000 notes by the CBN would not increase inflation. Ladi-Ibrahim said in a statement that the introduction of the new currency, from the macro-economic aspect, would not, for now, increase inflation outright.

But she explained that in the long-run, the effects would depend on the implementation of the policy by the apex bank. “The restructuring of currency denomination is not new to any country,” she stated, “Because after some years, you find that the apex banks of countries restructuring would consider the advantages and disadvantages of doing this.

“We thought it was going to be something from N1, 000 to N2, 000. Listening to the CBN, the bank considered the cost saving effect – the cost of production of the note – and I think that is why our President and his economic coordinating team approved it,” she said.
ANAN’s president further advised that the government should make the smaller denominations of naira notes more available in circulation.

“In all sectors, you have people doing menial jobs and they are paid very little. If you give them a single N5, 000 notes, they still need to go and break it down to make purchases”.

Meanwhile, last week, the CBN, for the umpteenth time, defended its plan to restructure the nation’s currency and the planned introduction of N5000 note. The CBN, which began a nationwide sensitisation campaign, said the new agenda was intended to save Nigeria from the stranglehold of contractors who holds the patent rights to the current naira design. CBN’s Director, Corporate Communications, Mr. Ugochukwu Okoroafor, who spoke at an interactive session with journalists in Abuja, said as part of activities to mark the nations’ 50th anniversary, the bank had decided to print some new notes only to discover that some of the patent rights used in such currencies belonged to contractors. He disclosed that President Jonathan had given his consent to the planned restructuring on November 19, 2011 after the board of the apex bank endorsed it.

And while speaking with THISDAY in a telephone interview, Okoroafor said the restructuring exercise would not fuel inflation. Rather, he explained that it was in fact the inflationary trend that made it necessary to restructure the currency.