Opinion
Sad Experiences Of Rich Homes
To say that the rich also cry is to say that no section or class of humanity is immune from the vagaries and vicissitudes of life, from olden to modern times. Recently, my intervention was sought in the resolution of a family feud where siblings of late rich parents had become bitter enemies for several years. Neither were they opposed to my writing about the issue at the end of a happy re-union, for the purpose of public enlightenment.
Anyone may be tempted to think that family feuds and long-drawn bitter feelings are the exclusive experiences of polygamous homes. But this is not quite the case always; rather, what should be of greater public interest would be the issues which bring about feuds and bitter divisions in rich homes of highly respected parents, whether living or late. Because of the comic way that this 31-year old family feud was resolved, the previously antagonistic siblings joined hands as resource persons in a research project. Quite instructive!
Wealth of rich homes is most often invested in real estate, with landed property in and outside Nigeria. In fairness to the rich class, we must admit that not all rich persons and homes made their wealth through politics, corrupt or criminal means. In higher economic and business studies there is the theory that it takes great wealth, which would not exclude crude, primitive accumulation, to create and spread wealth. Someone must have the crude audacity to be a Robin Hood, before wealth can spread out; neither must such robbers hang!
Recent experience in South Africa is a message; not that nobody is above the law, but that human law is an ass that can be led by the nose. For an ex-President to be sent to the prison for proven cases of corruption, resulting in widespread violent protests, looting and death of many persons, gives the impression that one man’s looter is another man’s hero. The danger lies where a looter or corrupt leader eats alone, without spreading the crumbs from the high-table to his grassroots. The fault lies with capitalist economy which we operate and which can hardly be changed without sad results.
We may not believe or accept it as a factual reality, but current global political economy operates on what is known as Schwartz’s First Law, which states that 80% of any nation’s wealth is owned and enjoyed by less than 20% of the nation’s population. On the other hand, more than 80% of the population scramble over less than 20% of the national wealth. Call it capitalism or primitive accumulation of wealth, the truth is that it is a system that has been enthroned, behind which lies what we call corrupt practices.
The operational mechanism of this system of political economy is not known to over 80% of Nigerians who suffer under it; rather, the way out is to join the operators of the system. To say that behind every great wealth there is usually a crime is quite correct, so long as it is understood that the crime in question is a crime against collective humanity, fostered by capitalist global economy. It is also the root of global crimes and national instabilities.
It would hardly be denied by any honest person that all human institutions and all spheres of life have been corrupted and debased. The result of this sad state of affairs is that only smart and clever ones fit better into the current state of global aberration. They succeed better too, while those who long for something better gnash their teeth daily. Even as being rich is not evil, wealth and power have become vital instruments of corrupting humanity in all ramifications.
We find the working of capitalist economy in Shakespeare’s Pericles, where a fisherman said: “Master, I marvel how the fishes live in the sea”. The master replied: “Why, as men do a-land: the great ones eat up the little ones”. That is the predatory political economy operating on Earth, which nobody can do anything about.
The ancient belief that marriages and hanging go by destiny also includes the one that wealth goes by destiny too, manifesting in a peculiar mindset. Some people, like the legendary King Midas, seem to magnetise wealth, with everything which they undertake yielding spectacular profits. Truly, being wealthy is not an aberration, but what can be wrong include how an individual amassed wealth, his attitude towards wealth, and how he invested or applied his wealth. In every case, when wealth controls the volition of an individual, the result can be unpleasant.
It can be quite deadly when the attitude of an individual is dominated by obsession, propensity and mad attachment to anything, including an obsessive hatred for those who are wealthy.
Sad experiences which rich parents can have come largely from conscience that is burdened because of unethical exploits of the past which have not been atoned for. Wealth that has the tinge of blood, for example, cannot fail to set crises in a home. Aspiring politicians have been known to lure some rich persons into sponsoring and financing their political ambitions, and eventually dragging such rich persons into a life of regrets and agony.
Any Nigerian who would want to take on the task and challenge posed here should search out the records of the backgrounds and parentage of the most dangerous students in tertiary institutions in Nigeria. The danger referred to here goes beyond cultism, possession of arms and lots of the good things of life, but more of the spread of corrupting influences in the universities. Same research project should extend to foreign universities, to dig out the lifestyles of Nigerians studying abroad and their backgrounds. Much money can spoil growing children; they often grow old with a conviction that everyone owes them obligations.
Fights and quarrels over property inheritance constitute parts of the questions about how parents made their great wealth. A house I lived in, owned by a Nigerian, long ago in Manchester, UK, continues to brew tension among siblings and grand children! Apart from making a Will before death comes, parents should not hide their secrets and past activities from their children. Honesty rewards itself. Rather than feuds among children, rich parents should set up Foundations to explore some worthwhile values. No one takes wealth into the grave.
Dr Amirize is a retired lecturer from the Rivers State University, Port Harcourt.
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Fuel Subsidy Removal and the Economic Implications for Nigerians
From all indications, Nigeria possesses enough human and material resources to become a true economic powerhouse in Africa. According to the National Population Commission (NPC, 2023), the country’s population has grown steadily within the last decade, presently standing at about 220 million people—mostly young, vibrant, and innovative. Nigeria also remains the sixth-largest oil producer in the world, with enormous reserves of gas, fertile agricultural land, and human capital.
Yet, despite this enormous potential, the country continues to grapple with underdevelopment, poverty, unemployment, and insecurity. Recent data from the National Bureau of Statistics (NBS, 2023) show that about 129 million Nigerians currently live below the poverty line. Most families can no longer afford basic necessities, even as the government continues to project a rosy economic picture.
The Subsidy Question
The removal of fuel subsidy in 2023 by President Bola Ahmed Tinubu has been one of the most controversial policy decisions in Nigeria’s recent history. According to the president, subsidy removal was designed to reduce fiscal burden, unify the foreign exchange rate, attract investment, curb inflation, and discourage excessive government borrowing.
While these objectives are theoretically sound, the reality for ordinary Nigerians has been severe hardship. Fuel prices more than tripled, transportation costs surged, and food inflation—already high—rose above 30% (NBS, 2023). The World Bank (2023) estimates that an additional 7.1 million Nigerians were pushed into poverty after subsidy removal.
A Critical Economic View
As an economist, I argue that the problem was not subsidy removal itself—which was inevitable—but the timing, sequencing, and structural gaps in Nigeria’s implementation.
- Structural Miscalculation
Nigeria’s four state-owned refineries remain nonfunctional. By removing subsidies without local refining capacity, the government exposed the economy to import-price pass-through effects—where global oil price shocks translate directly into domestic inflation. This was not just a timing issue but a fundamental policy miscalculation.
- Neglect of Social Safety Nets
Countries like Indonesia (2005) and Ghana (2005) removed subsidies successfully only after introducing cash transfers, transport vouchers, and food subsidies for the poor (World Bank, 2005). Nigeria, however, implemented removal abruptly, shifting the fiscal burden directly onto households without protection.
- Failure to Secure Food and Energy Alternatives
Fuel subsidy removal amplified existing weaknesses in agriculture and energy. Instead of sequencing reforms, government left Nigerians without refinery capacity, renewable energy alternatives, or mechanized agricultural productivity—all of which could have cushioned the shock.
Political and Public Concerns
Prominent leaders have echoed these concerns. Mr. Peter Obi, the Labour Party’s 2023 presidential candidate, described the subsidy removal as “good but wrongly timed.” Atiku Abubakar of the People’s Democratic Party also faulted the government’s hasty approach. Human rights activists like Obodoekwe Stive stressed that refineries should have been made functional first, to reduce the suffering of citizens.
This is not just political rhetoric—it reflects a widespread economic reality. When inflation climbs above 30%, when purchasing power collapses, and when households cannot meet basic needs, the promise of reform becomes overshadowed by social pain.
Broader Implications
The consequences of this policy are multidimensional:
- Inflationary Pressures – Food inflation above 30% has made nutrition unaffordable for many households.
- Rising Poverty – 7.1 million Nigerians have been newly pushed into poverty (World Bank, 2023).
- Middle-Class Erosion – Rising transport, rent, and healthcare costs are squeezing household incomes.
- Debt Concerns – Despite promises, government borrowing has continued, raising sustainability questions.
- Public Distrust – When government promises savings but citizens feel only pain, trust in leadership erodes.
In effect, subsidy removal without structural readiness has widened inequality and eroded social stability.
Missed Opportunities
Nigeria’s leaders had the chance to approach subsidy removal differently:
- Refinery Rehabilitation – Ensuring local refining to reduce exposure to global oil price shocks.
- Renewable Energy Investment – Diversifying energy through solar, hydro, and wind to reduce reliance on imported petroleum.
- Agricultural Productivity – Mechanization, irrigation, and smallholder financing could have boosted food supply and stabilized prices.
- Social Safety Nets – Conditional cash transfers, food vouchers, and transport subsidies could have protected the most vulnerable.
Instead, reform came abruptly, leaving citizens to absorb all the pain while waiting for theoretical long-term benefits.
Conclusion: Reform With a Human Face
Fuel subsidy removal was inevitable, but Nigeria’s approach has worsened hardship for millions. True reform must go beyond fiscal savings to protect citizens.
Economic policy is not judged only by its efficiency but by its humanity. A well-sequenced reform could have balanced fiscal responsibility with equity, ensuring that ordinary Nigerians were not crushed under the weight of sudden change.
Nigeria has the resources, population, and resilience to lead Africa’s economy. But leadership requires foresight. It requires policies that are inclusive, humane, and strategically sequenced.
Reform without equity is displacement of poverty, not development. If Nigeria truly seeks progress, its policies must wear a human face.
References
- National Bureau of Statistics (NBS). (2023). Poverty and Inequality Report. Abuja.
- National Population Commission (NPC). (2023). Population Estimates. Abuja.
- World Bank. (2023). Nigeria Development Update. Washington, DC.
- World Bank. (2005). Fuel Subsidy Reforms: Lessons from Indonesia and Ghana. Washington, DC.
- OPEC. (2023). Annual Statistical Bulletin. Vienna.
By: Amarachi Amaugo
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