Opinion

Devaluation is grossly overrated, by Simon Kolawole

Published

3 years ago

October 17, 2021

On Monday, Vice-President Yemi Osinbajo might have made his boldest pitch yet for his expected presidential bid in 2023. Speaking at the administration’s midterm retreat — with President Muhammadu Buhari and Mr Godwin Emefiele, the governor of the Central Bank of Nigeria (CBN), in the room — Osinbajo appeared to have broken ranks with the government over its forex policy, faulting the demand management strategy and declaring the exchange rate as “artificially low” and “negatively affecting” the inflow of foreign exchange into the economy. The solution, he proposed, was to move “our rates” to be “reflective of the market” to encourage an inflow of “new dollars”.

The VP also raised issues with CBN’s direct intervention programmes which, he said, make it look like there is a competition between the monetary and fiscal authorities. (Interestingly, Osinbajo is the chairman of the steering committee of the Infrastructure Corporation of Nigeria Ltd, another brainchild of the CBN). His call for synergy between monetary and fiscal authorities is definitely in order and his worries over the potential room for arbitrage with multiple exchange rates are valid. But my little concern was that these are basic house-keeping issues that the VP should not be discussing on TV. We outsiders may get the impression that this government is divided against itself.

By being publicly critical of this administration’s demand management policy — which seeks to reduce forex outflow by curtailing importation of goods not considered as essential, such as rice and private jets — Osinbajo might also have sent a strong message to certain constituencies that he is his own man. That is, “Osinbajonomics” is going to be different from “Buharinomics”. This should please the World Bank/International Monetary Fund (IMF) and some Nigerian experts who have always maintained that for the country to attract foreign capital and boost forex supply, the naira has to be floated. They argue that like water, the national currency will eventually find its level.

Osinbajo’s position was quite clear and unambiguous, despite the attempted clarification by his media team. My first response was: “Shots fired!” Buhari has spoken openly against devaluation since he came to power. Why would the VP be openly critical of a policy that clearly has the imprimatur of the president all over it? Why make such comments at a televised forum? Why shout at someone you can whisper to? Was it an error of judgment? The headlines thereafter said Osinbajo called for devaluation. No matter his intention, the ordinary interpretation on the streets would be that the vice-president was campaigning for more hardship on Nigerian masses.

Nevertheless, the clarification begged the question: is devaluation a dirty word? In my own admittedly limited knowledge of economics, there could be justifications for devaluation. Three instantly come to mind (1) to make non-commodity exports cheaper in the global markets (2) to stimulate foreign investment (3) to encourage forex inflow into the system — as the vice-president himself was trying to suggest when he said “we can’t get new dollars into the system where the exchange rate is artificially low”. That is why I still do not understand why his media team tried to take back or re-phrase his words thereafter, saying he was only talking about eliminating arbitrage.

My point of departure with the vice-president is that he committed the same error as is the wont of many Nigerian neo-liberal economists and economic analysts: preaching the gospel of “seek ye first devaluation and every other thing shall be added unto thee”. Devaluation is packaged as the ultimate solution to all forex problems. The claim is that the moment you devalue your currency, foreign investors will come rushing in with tonnes of dollars. That is rather over-optimistic. There are many things that determine forex inflow. Devaluation is just one of them. And there is a limit to what devaluation can achieve in a poorly structured economy such as ours. That is my position.

For instance, while the VP was criticising CBN’s demand management policy, he was loudly silent on the elephant in the room: fuel subsidy. It is estimated that by the end of the year, the subsidy bill will be around N2tr. This is already a very big problem for public finance, but there is another sticky dimension. Ages ago, the NNPC used to sell its share of oil to earn “new dollars” and boost our reserves. However, the corporation now operates a direct sale direct purchase (DSDP) swap system under which we give crude to foreign refineries in exchange for refined products. That means no dollar exchanges hands. And that means billions of “new dollars” will not enter CBN reserves.

To be fair to the VP, arbitrage is serious economic distortion. The difference of N160 between official and parallel rates is huge. The CBN has argued that with the stringent rules in place and the calibre of those now getting forex legitimately — such as government agencies, manufacturers and airlines, etc — the room for arbitrage has shrunk. The parallel market, the CBN insists, accounts for less than 7% of our forex transactions. Nevertheless, eradicating arbitrage is a very simple “procedure”: just devalue the naira from N412/$ to N572/$. If supply issues persist, devalue again. But be assured that if rising cost of living leads to another #EndSARS uprising, our experts will be nowhere to be found.

To what do I liken this gospel of devaluation? It is like constantly repainting a commercial bus to make it attractive to passengers, whereas the seats are tattered, the air conditioning is broken and the engine is failing. We can keep devaluing the naira hoping to attract “new dollars” but our fundamental structural problems remain. While the value of the local currency may be a factor in attracting foreign investment, it is neither the sole nor the most important determinant. Capitalists also look critically at country risks. If the value of local currency was the magic pill, Zimbabwe and Venezuela would be the biggest recipients of “new dollars”. There are surely other factors at play.

In a country where separatists, kidnappers, herders, bandits and terrorists are having a ball, devaluation cannot be the tonic for “new dollars”. We have a country where there appears to be an official policy to muscle out some investors. The attorney-general just woke up one morning and said he dreamt that MTN evaded tax and immediately slammed a bill of $2bn on them. The information minister has been working overtime trying to chase Multichoice out of Nigeria. Potential foreign investors see all these things. They are aware of the hostile business environment, the frustrating legal system, the chaotic ports and the bureaucracy. But we somehow think devaluation is the cure.

Without a doubt, devaluation can temporarily relieve some symptoms and bring some inflow — with “temporarily” being the operative word. As a matter of fact, the CBN has been adjusting the exchange rate since 2016 while throwing even the kitchen sink to save the naira from drowning. The rate was N197/$ six years ago and is now N412/$. But, truth be told, devaluation as a tool of attracting foreign exchange is not sustainable, neither is it a sure pathway to economic development. The larger issue is: how do we attract multiple sources of forex into the economy so that we are not hopelessly tied to oil revenues and devaluation? How can we export more?

The fundamental flaws of our economy have always been there — papered over by cycles of oil boom. When oil revenues are high, we go binging. When oil revenues are low, we go begging. When oil prices crashed in the early 1980s, we faced our first major challenge in the oil era. It was a mess. Inflation went through the roof. Our reserves were so down we were no longer creditworthy to import essential commodities. We had to queue up to buy rice and tin milk. Civil servants were being owed salaries for up to seven months. Things were so bad that after the military took power, it was a major event on NTA Network News anytime workers were going to receive one-month pay cheque.

Under our current circumstances, the CBN has an option: it can actually fold its arms and watch the country go up in flames as government finances plummet and fiscal policies remain in disarray. Civil servants will be owed salaries for months and thousands will be retrenched. Forex demand will keep ballooning. The CBN governor will just be devaluing the naira every Monday to encourage “new dollars” and eliminate arbitrage. Easy-peasy! But by the time we reach N5000/$, our problems will still remain unsolved — because our economic structure is warped and the fundamentals are not solid. Panadol can never treat high blood pressure, no matter the relief it gives for a migraine.

I would love to be CBN governor if oil price is $80/barrel, production is over 2mb/d, revenues are in excess of $4bn monthly, reserves are $60bn, forex demand is $2bn, and the fiscal authorities are playing their part. I would just be sleeping and snoring. The real challenge comes when revenues are low and fiscal policies are all over the place. That is when everybody begins to see our nakedness. That is when it becomes more obvious that the foundations of our economy are fickle and feeble. There is no way devaluation can take the place of a proper restructuring of the economy. We need law and order, infrastructure and security for a conducive and productive investment climate.

We say we want to diversify exports to attract more non-oil forex inflow, but it is easier for a Nigerian entrepreneur to go to the moon than to export a bag of garlic through our shambolic ports. These are issues obstructing our progress. Osinbajo oversees the presidential committee on ease of doing business and should help tackle these hinderances. Really, devaluation is the easiest thing for any CBN governor to do. But with our structural and infrastructural deficiencies, it will not guarantee capital inflows. Instead, it can lead to more misery for an economy that relies heavily on imports, including food and intermediate goods. We cannot devalue our way to economic prosperity.

AND FOUR OTHER THINGS

TAX ATTACK

Every time, we say we want more investments in the Nigeria. Every time, we do something that promotes the exactly opposite. According to Order 3 Rule 6 of the Tax Appeal Tribunal (Procedure) rules approved by the ministry of finance in June 2021, if you disagree with a tax assessment by the Federal Inland Revenue Service (FIRS), you have to first pay 50% of the amount before you can dispute it. This is directly in conflict with Paragraph 15(7) of the FIRS Act which allows the appellant to pay the lower amount between 50% of tax paid the previous year and the current assessment. The new rule opens up tax payers to blackmail and extortion and will hurt businesses. Dissonance.

CIVIL CASE

The federal government has given two options to its workers: be vaccinated against COVID-19 or come with a negative test result, otherwise you can’t go to office from December 1. This comes with many dangers. Some will buy vaccination cards just to obey the directive. The anti-vax propaganda will grow more wings as every new death will be blamed on the vaccine. More so, government machinery may grind to a halt if unvaccinated key officers can’t come to work. Even though I am double-vaccinated, I am not in support of the new rule. Vaccination is an emotional issue for millions of people, most of whom have been brainwashed, so I prefer persuasion to coercion. Caution.

ELECTRONIC SHOCK

There has been excitement everywhere over the decision of the senate to allow electronic transmission of election results as well as direct primaries in which every member of a party will vote to pick candidates. However, I am sorry to say this: didn’t we say PVC would finally put an end to rigging in Nigeria? Why are we still worried about rigging six years after? You see, we always think the problem is the system. I keep saying the problem is the operators of the system. The problem is Nigerians. If Nigerians don’t change, Nigeria won’t change. I must admit, though, that I am enjoying the extremely optimistic public reaction. Unfortunately, it is these expectations that kill us. Gullible.

OIL DOOM

Crude oil price hit a three-year high of $85/barrel on Friday. Bad news for Nigeria. For one, our subsidy bill just went up, yet again. So, expect more deductions for “under recovery” by the Nigerian National Petroleum Corporation (NNPC) as we continue to use our forex to import millions of petrol for the rest of West Africa. Also, we are currently producing 1.25mb/d, way below our export quota — we are short by 360,000b/d. That is a lot of money we are losing every day. Our gain from price rise will, therefore, be marginal. What’s more, businesses that depend on diesel will now pay higher costs. Don’t say I am unpatriotic but I now prefer crude oil at $50/barrel or less. Beneficial.

Related Topics:devaluation Simon Kolawole

Up Next

Opinion: How DNA testing may wrongly nail your wife, by Tunde Odesola

Don't Miss

Why Buhari can’t forgive Fani-Kayode, by Tunde Odesola

Opinion

Farooq Kperogi: Yahaya Bello’s EFCC comeuppance

Published

3 days ago

April 20, 2024

Trends Admin

Farooq Kperogi: Yahaya Bello’s EFCC comeuppance

I am not from Kogi State, but I have strong opinions on former Kogi State governor Yahaya Bello—as most Nigerians do. There is no doubt that few politicians in Nigeria are as universally reviled and despised as Yahaya Bello because of how he turned governance into a violent infant play, denuded it of even the faintest pretense to sanity and respectability, and developed an uncanny capacity to incite raw rage in people.

That’s why there is mass excitement in Nigeria over his current travails with the Economic and Financial Crimes Commission. Most people see his fate as a richly deserved karmic retribution for his eight years of incompetent, anger-arousing, profligate, and terroristic governance in Kogi State, the consequences of which transcended the bounds of Kogi State.

He began his tenure as governor as the symbol of hope for youth inclusion in governance. But he soon became a byword for recklessness, malfeasance, ineptitude, incivility, and the greatest betrayer of the youth constituency. He shouldn’t have been governor—or, for that matter, anything in politics.

He had no guardrails on his tongue. Like a spoiled, over-indulged, ill-bred, and uninhibited child, he blabbered whatever inanities caught his febrile fantasies with no care for consequences. He ridiculed civil servants, and terrorized opponents with full-strength viciousness— as if he would remain the governor of his state forever.

He even nicknamed himself—or was nicknamed by his flunkies—as the “white lion.” But when the EFCC came calling, the “white lion” transmogrified into a pitifully frightened, yellow-bellied chicken. Now the white-lion-turned-chicken is fluttering and hiding like he has gone insane.

READ ALSO:

A wanted notice has been issued for him by the EFCC, the Inspector General of Police has withdrawn all police officers assigned to guard him, and the Nigerian Immigration Service has placed him on its watchlist. I can’t wait to see him brought to justice for all the crimes he committed while he held sway as the governor of Kogi State.

In a 2022 article, I described him as an ignorant, incorrigibly petulant child who was trapped in an adult’s body, who was destroying the littlest semblance of decency left in government in Kogi State, and who thought he could democratize his infantilism nationwide by seeking to be president.

According to several Kogi State civil servants, Bello didn’t pay full salaries for most civil servants for most of his tenure as governor, yet he is being hunted by the EFCC for allegedly laundering up to 80.2 billion naira, presumably the money he should have used to pay the salaries of workers.

In less than one week after he was sworn in as Kogi State governor on January 27, 2016, according to a May 13, 2016, Premium Times’ investigation, Bello approved N250 million naira for himself as “security vote” and another N148 million to “furnish” and “renovate” his office. At that time, Kogi State workers hadn’t been paid their salaries for months.

Bello’s spokesman at the time said the raiding of the state’s treasury in the name of security was justified because Kogi had become the seedbed of crime as a result of its location.

“It is public knowledge that Kogi State has been contending with serious security breach for the past 10 years,” he said. “As a result of the location of the state as gateway to many states of the federation, the state drifted into a criminal hotbed. Also, years of gross maladministration and blinding embezzlement has left the youth bare, exposing them to all sorts of criminal activities to survive. Kogi became a haven of robbers and kidnappers.”

That was the start, which most people ignored. Everything went downhill from there. The man didn’t even pretend to govern.

In 2020 when COVID-19 raged and most people were caught in a complex web of uncertainties and anxieties about the new infectious disease, Bello chose to become a abhorrent, ignorant conspiracist and the conduit for all sorts of wild, crazed, dangerous, fringe chatter about the disease.

READ ALSO:

Yet, although he openly questioned the existence of COVID-19, he fed fat on it like the vampire that he is. The Premium Times of March 26, 2021, reported that Bello spent 90 million naira in 2020 to purchase COVID-19-tracking software that cost only 30 million naira.

“The software, approved by a COVID-19 sceptic, Governor Yahaya Bello, was for tracking coronavirus cases in the state,” Premium Times reported. “However, the software is no longer functioning as the developers said they had a contract to host it for only one year.”

It’s impossible to chronicle Bello’s in-your-face financial malfeasance in a newspaper column. Not even a book-length narrative is sufficient to do justice to how much Bello financially bled and sucked the blood of Kogi State.

The man’s daring electoral terrorism is another issue that has earned him well-deserved loathing in Nigeria. This is a man who commanded his toadies to dig deep ditches on roads (that were built with billions of naira) just to stop voters from a part of the state he knew won’t vote for his candidate from being able to cast their votes.

According to Senator Natasha Akpoti-Uduaghan, at the time the senatorial candidate of the Peoples Democratic Party (PDP) for Kogi central, “We woke up this morning to the news that Yahaya Bello has instructed the excavation of all access roads to my hometown. My hometown is cut off from Obangede community; it is also cut off from Eika. And right now, I am in front of another road which was just excavated, thereby cutting me out of travelling out of my hometown.

“What this means is INEC would not be able to [access] certain communities, especially my hometown. What this also means is if Yahaya Bello and his APC goons decide to attack me and the good people of Kogi central in Ihima community, it will be impossible for the DPO to get across to this place. That means I, Natasha Akpoti-Uduaghan, my fellow candidates, and supporters are trapped. We have no way out because Yahaya Bello has dug gullies.”

This is a vile and detestable vermin who should never have been allowed to get anywhere close to governance, much less be a governor. He is an excellent specimen of how not to be a governor—or, in fact, a human. I have not the littlest drop of sympathy for him.

Given the peculiarities of the Nigerian political environment, it seems likely that he is in trouble with the EFCC only because he has fallen out of favor with the president or his henchmen. I honestly don’t care.

More than anything, though, Bello’s troubles exemplify the transience of power and the imperative for humility when you wield it.

Farooq Kperogi is a renowned Nigerian newspaper columnist and United States-based Professor of Journalism.

Farooq Kperogi: Yahaya Bello’s EFCC comeuppance

Opinion

Bobrisky, Cubana Chief Priest and Indabosky Bahose

Published

4 days ago

April 19, 2024

Trends Admin

Tunde Odesola

Bobrisky, Cubana Chief Priest and Indabosky Bahose

Tunde Odesola

(Published in The PUNCH, on Friday, April 19, 2024)

Abido Shaker! Life is a widening gyre where women fear cockroaches, cockroaches fear cocks, cocks fear men, and men fear women. A few years ago, Chukwemeka Cyril Ohanaemere was an ordinary name in Nigeria until fakery kissed bombast and vainglory took materialism to bed, birthing ‘The Lion Himself’, ‘The War’. ‘The Fight’, ‘Dabus Kabash’, ‘The Indabosky Bahose’.

Ohanaemere, the unlettered Anambra indigene, more famous for his comic displays than his cleric claims, also calls himself ‘The Liquid Metal’, which is another name for mercury. Ohanaemere aka Odumeje doesn’t call himself ‘The Liquid Metal’ because he understands that mercury is the only metal that is liquid at room temperature. He calls himself ‘The Liquid Metal’ because of the fancy the name carries.

In a viral video, 41-year-old Odumeje boasted to some fans about his numerous spiritual powers that he hasn’t used yet, saying, “…Indabosky Bahose is power, Lebadusi Prelamande is power, Abido Shaker is power, Dabus Kabash is power, Lipase Parrel is power, Gandukah Gandusah is power; those powers, I have not touched them, I’ve never used them, I’m still on Indabosky Bahose!” All na wash (in Nyesome Wike’s voice)

Odumeje’s gung-ho powers are like the sands of the beach. When angry, he can make people go deaf and dumb because he’s the ‘Warlord’, which he pronounces as ‘Worrod’. In 2022, however, when the men of the Anambra State Environmental Task Force pulled down his illegal church in Onitsha, the all-conquering God that Odumeje serves refused to rescue him. Odumeje’s God was probably snoring when the officials of the environmental task force rained slaps on him and kicked him around like a graven image.

Because of their unique adaptability nature, the female gender deserves the ‘Liquid Metal’ title much more than the jester of Onitsha. But the female gender shouldn’t undermine their flexibility and overlook a worrisome development that the case of popular cross-dresser, Idris Olanrewaju Okuneye, presents.

READ ALSO:

Ever since Okuneye aka Bobrisky confessed before a Federal High Court in Lagos, to possessing a cock, the calm in the women’s rights community nationwide has been disturbing.

By his confession, it’s not out of place to imply that Bobrisky had seen the nakedness of women in public restrooms. In this light, I had expected Nigerian women’s rights advocacy groups to test the (in)elasticity of our laws by pressing against Bobrisky charges such as invasion capable of causing breach of law and order, intrusion of privacy, and potential sexual threat against children and women, among others. Or, how else can you explain the dangers posed when a man in a woman’s clothing uses the same restroom with unsuspecting females?

In the US, a man or woman who wishes to change their sex must first live the gender they want to change to for a year before undergoing sex-change surgery. They must also undergo a series of psychological and psychotherapy care before they can change their gender. This is to test their resolve.

Both Odumeje and Bobrisky are the creations of a society whose gaping vacuum for icons has been filled by Mammon-seeking pranksters. They are the products of a crippling economy and morally shattered nation unfurling as Paradise Lost. This is why you see the millions of Nigerians seeking guidance from yeyebrities, who themselves are lacking-thought broken spirits.

Many see the prosecution and conviction of Bobrisky for naira mutilation as scapegoating, coupled with the ongoing prosecution of a former shoemaker, Pascal Okechukwukwu aka Cubana Chief Priest, for the same offence. The position of people who hold this belief can’t be impeached because scapegoating, according to Merriam-Webster Dictionary, is ‘a goat upon whose head are symbolically placed the sins of the people after which he is sent into the wilderness…’. This is the same reason why the Yoruba say the fellow on whose head the community coconut is broken won’t wait to partake in it, ‘eniti won fi ori re fo agbon, ko ni duro je ni be’.

It was former President Goodluck Jonathan who defined the lack of shoes as an index of poverty. I don’t know whether to categorise shoemaking as a mirror reflecting poverty or affluence. But a background search describes Odumeje as a hustler who ‘had his humble days as a struggling leather designer on the streets of buzzing and busy Onitsha City in Anambra State’. I’m not unaware that the dazzle in razzmatazz can polish a shoemaker into a leather designer on the streets of Onitsha. Cubana Chief Priest wasn’t ashamed to reveal life on the streets of Aba, Abia State, as a shoemaker.

READ ALSO:

Valid questions are being raised as to the parameters used in singling out Bobrisky and Cubana Chief Priest for prosecution when the children of former President Muhammadu Buhari and their powerful guests ‘sprayed’ and trampled on naira during the wedding of Hanan, one of Buhari’s daughters. I’ll offer free consultation here: the Economic and Financial Crimes Commission can pin the prosecution of the two citizens on their serial abuse of the naira, but for Christ’s sake, Nigerians need an explanation on why a musician like Wasiu Ayinde, who was garlanded by an Ogun State monarch, Oba Kolawole Sowemimo, with taped naira notes, is left of the EFCC hook. Sowemimi, who’s the Olu of Owode, was suspended by the Ogun State Council of Traditional Rulers but Wasiu was not even questioned by the EFCC for his consistent abuse of the naira. Is it because Ayinde is the bard of the ruling All Progressives Congress? For the integrity of its brand, the EFCC should explain lest the crackdown be seen as a witch-hunt.

Instead of picking on Bobrisky for naira abuse, numerous online videos of Bobrisky showing Bobrisky claiming to be a woman and having boyfriends abound. Her nickname name, ‘Mummy of Lagos’, points at homosexual allegations trailing her. In an online video, Bobrisky said, “If you dump me, na another man go kari me. Do you get what I’m saying? If you dump me, if you think you’re done with me, na another man wey dey cherish me, wey wan nack me, go kari me.”

On account of this video alone, and in the light of his confession before a court, to being a man, Bobrisky is guilty of the anti-homosexual laws of the country. Also, the EFCC should know the dangers inherent in leaving Bobrisky’s five million online followers, mostly youths, to manipulation and indoctrination.

If Nigeria had laws against homosexuality, the country should man up to defend the laws and stop hiding behind the naira-spraying fingers of Bobrisky – US position on homosexuality notwithstanding. Nigeria and the US both need each other. The ‘not guilty’ plea of Cubana Chief Priest is expected to expand the frontiers of the laws against naira abuse, and I wait to see how the case unfolds. C-o-u-r-t!

Email: tundeodes2003@yahoo.com
Facebook: @Tunde Odesola
X: @Tunde_Odesola

Bobrisky, Cubana Chief Priest and Indabosky Bahose

Opinion

The real reason government went after Bobrisky – Reno Omokri

Published

7 days ago

April 16, 2024

Trends Admin

Idris Okuneye, better known as Bobrisky

The real reason government went after Bobrisky – Reno Omokri

What happened with Bobrisky just shows you the savviness of Nigeria compared to other nations and the intellectual response to governing on display by the current administration.

The Nigerian government obviously wanted to clamp down on the trending cross-dressing culture in Nigeria. But the government was also aware of the fact that any direct move in that regard would earn it the whip of the Western powers.

And being that our economy is only just improving after eight years of General Buhari’s wasteful locust years, Nigeria could not place itself in the position that Ghana now is.

On Wednesday, February 28, 2024, Ghana’s parliament passed legislation cracking down on LGBTQ rights, of which a significant aspect of that law addresses the issue of cross-dressing.

Perhaps the most powerful bloc in liberal America and the UK is the LGBTQ community, and their pushback against Ghana was quick and with a stick. The alacrity of response was not treated with temerity in Ghana. Within days, it was announced that if the Ghanaian President signed that law, the World Bank would have to reconsider a $3.8 billion loan to Ghana.

That announcement made the Ghanaian President turn blind, as Nana Akufo-Addo was quoted as saying that he had not yet seen the law on his desk, therefore, he could not sign it.

Three months after its passage, President Nana Akufo-Addo still has not seen the law. Maybe JAMB sent a Nigerian snake to eat the law!

READ ALSO:

In case you ever wondered why President Barack Obama and Prime Minister David Cameron moved against then-President Jonathan and, in an unprecedented manner, worked against his re-election in 2015, do note that it was because, on Monday, January 13, 2014, Dr. Jonathan signed a law criminalising same-sex relationships and its appurtenances.

General Buhari’s handlers were competent. They immediately hired the same guy advising both Obama and the LGBTQ movement in America-David Axelrod. They passed the word that if Buhari were supported to be President by the Western powers, he would frustrate the anti gay marriage las that their enemy, Jonathan, signed.

In my book, Facts Versus Fiction: The True Story of the Jonathan Years, I provide proof of this.

So, the Tinubu administration was in a dilemma. How to deal with Bobrisky for being a cross-dresser but not to make it about his being a cross-dresser. And this is where you have to respect the subtlety of the Tinubu administration. They found a way, a creative genius way.

Bobrisky violated a law against the abuse of the Naira. That is why a first-time offender committed an offence that even government officials engaged in during Buhari’s son’s wedding, and, despite pleading guilty, was sentenced to six months in prison.

In fact, there is more video evidence of Naira abuse via spraying at the wedding of no less a person than Abdul Aziz Malami, the son of Abubakar Malami (SAN), Nigeria’s Former Attorney-General and Minister of Justice.

And the scapegoating of Bobrisky has worked. Since his arrest, have you seen any of his ‘colleagues’ prancing about?

We used to see them almost daily on blogs and social media. The traditional media, too, could not have enough of them. They got the memo. They have run for cover since Chairwoman answered to the gender of male in court, when asked to state ‘her’ gender.

The Tinubu administration has just shown that there are more ways than one to skin a cat. And you can choose a way that will not bring you negative attention.

Now, cross-dressing will be on the wane, and Nigeria will not suffer any economic sanctions or diplomatic repercussions, as has happened to Uganda and Hungary.