Uba Sani´s Calls For Private Sector Resilience Shouldn´t Be Applauded Yet Neglected -By Rabiu Luqman

“People will be hungry. They already are. And, hunger is not a thing that you simply become inured to. It makes people desperate, and desperation, on the scale, that it will likely occur because of this pandemic, is dangerous.” Charles M. Blow wrote in The Times Op-ed.

The Nigerian Bureau of Statistics (NBS) last week reported that about 90 million Nigerians are suffering from acute poverty. i.e they are living on less than N380 per day. Now, if you add this number to those whose savings can´t sustain a month or two, lockdown, it will be safe to estimate that over 170 million Nigerians will soon be unable to cater for themselves. This represents the greatest national disaster waiting to happen in every sense of the word.

The Chairman, Senate Committee on Banking, Insurance and other Financial Institutions Mallam Uba Sani, met with the Central Bank Governor, Godwin Emefiele, and lauds the latter´s decisions to halt the Commercial Banks from disengaging any of its workers during the pandemic. This is crucial because the most regulated private sector industry in the country are commercial banks. If they are allowed to embark on a lay-off spree at their discretions then other less regulated industries will follow suit in an unnecessary manner, opening the country up for more turmoil.

Using the Supplemental Poverty Measure (SPM), two researchers at Columbia University´s estimated that more than 21 million American´s Upper Class might drop into the poverty threshold, thus, soring the poverty rate to its highest peak in more than 50 years. Ours will be a more cataclysmic outcome!

Though we lack the necessary data and facilities to calculate the potential ravaging impact the Nigerian citizens might experience throughout the periods of this lockdown, it is however clear that its effects will be dreadfully scary.

By sacking over 420 staff working on his two establishments during this dreaded epoch, Atiku Abubakar has laid down very dangerous precedence which will soon be followed by all other private businesses unless something is done to arrest such ugly trend. While the commercial banks have shielded the idea of any retrenchment, for now, we still have other vital sectors who still have not yet pledged to continue supporting their workers through these trying times.

In order to protect other workers the Senate Committees on Labour, Education, Health, etc. must follow and consolidate on Uba Sani’s effort by also engaging the employers of labours in their various sectors to prevail on them to halt any lay-off plans and recall those that are already affected.

We are now facing an unprecedented economic crisis in the history of this country, we therefore demand extra-ordinary measures in curbing this menace. We need to save jobs, keep people safe in their houses, and maintains a steady income for their sustenance. This can be – and should be – done if we are to emerge from this crisis with an iota sense of triumph.

Let´s us reminds ourselves that we still lacks national employment policy that will guides the country towards eradicating unemployment. Our economy is vulnerable to shock absorption, hence, any negative trend will immediately metamorphose to dire socio-economics crisis. To effectively save lives during this pandemic, we must also save jobs.

The Finance Minister, Mrs. Zainab Shamsuna Ahmed, has hinted that the federal government is considering making a foolhardy decision of implementing the Oronsaye´s 2012 report which recommends merging and scrapping of over 160 statutory agencies out of the total 263 scrutinized. This will surely leads to retrenchment of workers in this highly sensitive clime, which will definitely translate to more woes for most households whom might falls under the poverty lines.