Babachir Lawal, the ex-Secretary to the Government of the Federation (SGF), has expressed his intention to cease all local purchases due to the escalating prices of commodities in Nigeria.
He expressed his dismay at the country’s current economic state, which he believes contradicts standard economic principles.
In a discussion with TheCable, Lawal pointed out that despite numerous attempts by Yemi Cardoso, the Central Bank of Nigeria’s Governor, to stabilize it, the naira continues its downward trajectory.
He illustrated the economic situation with a personal anecdote, stating that a pair of shoes he purchased three years ago for ₦78,000 is now valued at ₦1.3 million due to the depreciation of the naira. He recounted, “Two weeks ago, I visited a store to buy a new pair of farming shoes as my old ones were worn out. I went to Shoprite for a replacement and some farming-appropriate T-shirts. The same shoe I bought for ₦78,000 three years ago now costs ₦1.3 million. I searched various stores for a cheaper option, but the most affordable one I found was ₦780,000. I’m certain the price has increased by now. I’ve decided to stop buying anything locally and make do with what I have, except for necessary health medications.”
Lawal, who had a falling out with President Bola Tinubu over the ruling party’s decision to run a Muslim-Muslim ticket in the 2023 presidential election, believes that the president possesses the necessary skills to govern Nigeria. However, he feels that the president’s appointees have created a barrier that prevents him from understanding the country’s true state.
