Better days aren’t coming soon: Despair, disappointment after Maj-Gen. Buhari’s (retd.) address
Better days aren’t coming soon: Despair, disappointment after Maj-Gen. Buhari’s (retd.) address
Nigerians who hoped that the nationwide broadcast by the President, Major General Muhammadu Buhari (retd.), would put an end to the crisis and sufferings engendered by the naira redesign had their hopes dashed on Thursday.
Contrary to these expectations, Buhari’s national broadcast failed to offer any concrete solution to the severe cash shortage, or the pains and sufferings of Nigerians.
Senior lawyers who reviewed the President’s speech and its implications for the recent Supreme Court judgment on the matter also expressed consternation with some arguing that the President’s actions violated the order of the highest court in the land.
The President’s directive came barely 24 hours after the Supreme Court affirmed that its February 8 order restraining the Federal Government and its agencies from enforcing the February 10 deadline for the use of old N200, N500 and N1000 naira notes still subsisted.
The court had, in its ruling, granted the prayer of the plaintiffs- Kaduna, Kogi and Zamfara states barring the FG from implementing its demonetisation policy and ending the cash-swap policy on February 10, pending the hearing and determination of the plaintiffs/applicants’ motion on notice for interlocutory injunction.
However, expressing disappointment, several senior advocates said Buhari’s speech violated the country’s law.
Tayo Oyetibo, one of the Senior Advocates of Nigeria, who spoke with The PUNCH, said, ‘’The President cannot by executive fiat override, an order of the Supreme Court.
That is the doctrine of separation of powers. You can use executive fiat to subvert the order made by the Supreme Court, the highest court in the land.’’
Also, Ebun-Olu Adegboruwa, SAN, in a statement on Thursday described the President’s broadcast as executive rascality.
“The president and indeed the executive should not give the impression that citizens can brazenly disregard lawful orders of any court, as that will only encourage anarchy and lawlessness.
“It amounts to executive rascality and brazen disregard and contempt of the Supreme Court, for the President to separate the denomination of the old notes for legality.’’
On his part, Femi Falana, said the President’s decision was not enough to end the crisis.
“The problem is that the corrupt elite think that increased suffering and deaths of the common people are a price worth paying if they defeat their opponents. Hungry people can no longer buy food and so they are in more danger of dying from common diseases,’’ Falana stated.
Berating the President, Victor Opara SAN, stated, “If we allow this to go, it will mean a precedent of the gazette. It will mean the court will make a decision and the executive will torpedo it.
He warned that Buhari’s decision would scare foreign investors from the country.
“The FDIs will come when they believe that there is a good dispute mechanism. The President’s statement is null, void, and ineffective. In fact, the parties should go to court and ventilate it, “ he added.
Suffering continues
More Nigerians became stranded on Thursday as scarcity of new naira notes worsened amid a Central Bank of Nigeria directing stopping commercial banks from accepting old notes deposits from their customers.
The severe shortage of new notes amid the CBN order stopping the use of old note forced cash-strapped Nigerians to patronise Point of Sale operators and currency hawkers who made brisk business out of the unfortunate situation.
Findings by The PUNCH showed that currency hawkers and PoS operators were charging as much as N5,000 to sell N10,000 to stranded Nigerians seeking cash to buy basic needs.
Our correspondents, who visited several banks in Lagos, Abuja and other parts of the country, also observed how stranded bank customers sat helplessly in ATM galleries and waiting endlessly for bank officials to load their ATMs.
While several bank branches remained shut following the Wednesday protests in some states, many of the few centres that opened did not load their ATMs. Several frustrated Nigerians at ATM galleries lamented how life had become unbearable due to lack of cash to buy basic foods items and needs.
“This is frustrating. I was forced to give garri as breakfast to my five-year-old little daughter before she went to school. We had not food at home. I came here this morning, hoping to withdraw cash but the bank refused to open,” a disappointed man told one of our correspondent at a United Bank for Africa ATM gallery in Redemption Camp, Ogun State.
Customers at ATM galleries in Ikeja, Lagos Island lamented how buying basic food items had become difficult due to lack of cash.
When The PUNCH visited UBA, Guaranty Trust Bank and First Bank of Nigeria branches in Area 3, Abuja, it was observed that officials had yet to begin payment of the new notes over the counter.
Customers lamented how a few ATMs dispensing new notes had become crowded. .
When our correspondent visited the UBA bank the bank was closed but our correspondent could not ascertain the reason why the bank was operating.
Further checks at several other bank branches in the federal capital city showed that many Nigerians had become stranded.
Officials at GTBank, Gudu branch told customers the branch would begin the implementation of the new order to disburse N200 notes on Monday.