At the meeting of the National Economic Council presided over by Vice President Kashim Shettima, the issue of palliatives to mitigate the current economic hardship in the country was discussed. In the communique issued after the meeting, it was agreed that the social register used for cash transfer by the Buhari administration would be subjected to integrity test by the State Governors. Other policy measures agreed upon include reduction in the cost of governance at Federal and sub-national levels; upward review of salaries of workers; release of essential food items by the National Emergency Management Agency (NEMA); cash award for civil servants; energy transition plan from the use of fuel to gas for mass transportation as well as provision of agricultural inputs for farmers to boost food production
in the country.

However, one very vital palliative which is missing in the communique is the issue of privatization of moribund Nigerian National Petroleum Company's refineries to stimulate local production of fuel. This is the real palliative to relieve the hardship caused by continuous dependence on fuel importation. It seems that collective amnesia is a major challenge confronting the country. The truth of the matter is that the pump price of fuel will continue to rise as long as the country depends on fuel importation for domestic consumption. Fuel importation is subject to the exchange rate of the Naira which is volatile. At present, the Naira has become a very weak currency as a result of official devaluation by the Central Bank of Nigeria and the vagaries of so-called "market forces".

For the past three decades, Nigeria has been importing fuel while the local refineries remain wasting assets. This is despite abundant crude oil reserves. It is indeed a national shame and huge embarrassment that Nigeria is unable to refine a litre of fuel. It is obvious that the NNPC is incapable of running the local refineries efficiently and optimally. Huge amount of resources have been spent on "Turn Around Maintenance" without tangible result.

Another fundamental issue which requires urgent attention is the nefarious activities of currency speculators. The situation in the foreign exchange market is largely determined by the so-called black or parallel marketoperators who operate as a cartel and hold the country to ransom. There is a lot of distortion, manipulation and sabotage in the determination of the real value of the Naira relative to foreign currencies due to racketeering.

There is no way the Central Bank of Nigeria (CBN) can compete with the black market operators in determining the exchange rate of the Naira. The Naira will continue to fall while the citizens are the victims of economic exploitation. Millions of people are swimming in the ocean of poverty.

In Nigeria today, poverty walks on four legs. The people can no longer breathe due to economic suffocation. Nigeria's economy is largely import-dependent and monolithic as the major source of foreign exchange is crude oil. The primary motive of currency speculators is maximization of profit at the detriment of the macro-economy. In order to sanitize the foreign exchange market and curb the activities of economic saboteurs, only the commercial banks should be allowed to operate as foreign exchange dealers under the proper supervision of the CBN. This policy recommendation will go a long way to stabilize the exchange rate of the Naira. It is very dangerous and counter-productive to leave the economy and the fate of millions of Nigerians in the hands of foreign exchange speculators and racketeers.

*Afolabi Faramade is Programme Director and Editor-in-Chief of Journalists Against Poverty. ( Twitter. com//@JournalistsAga3)