Sunday, February 5, 2017

About that #IStandWithNigeria Anti-Government Protest

Tuface aka 2Baba
Photo: 2Baba Idibia/Facebook
January, a financially sober month for most Nigerians thanks to Christmas spending, ended with a dire warning: Tighten your purse strings more. The naira took another massive tumble in the forex market, exchanging for 500 to a dollar at the parallel market, down from 485 naira in December 2016 and 270 naira in December 2015.

Crude oil sales make up 75 percent of Nigeria’s revenue, so when global prices plunged to 36 dollars a barrel in 2015, Nigerians held their collective breath. They watched inflation rise and their savings dwindle. They watched businesses shut their doors and uncles, friends and mothers lose their jobs. They also watched feckless lawmakers in the National Assembly propose millions of naira in lifetime pensions for themselves and merely grumbled as their president travelled to the UK to treat an ear infection at taxpayers’ expense.

In the two years since the start of the recession, Nigerians did nothing but register their displeasure on social media until earlier this week when Nigerian megastar and crooner Tuface announced he was done watching.  Read more here.