Home / Business and Economy / Costs of elections shift: Billions of Naira lost- NACCIMA; It’ll affect credit rating, portfolio investments- Economist; Students preparing for WAEC, other exams affected – NUT; It can trigger anxiety, mental health disorders – Psychiatrist,  LASU VC

Costs of elections shift: Billions of Naira lost- NACCIMA; It’ll affect credit rating, portfolio investments- Economist; Students preparing for WAEC, other exams affected – NUT; It can trigger anxiety, mental health disorders – Psychiatrist,  LASU VC

INEC Chairman

By NAN Reporters

Feb. 16, 2019

Nigerians have been counting the costs of the postponement of the general elections earlier scheduled for February 16, 2019 and March 2, 2019.

A few hours to the start of the Presidential and National Assembly polls, February 16, 2019, the Independent National Electoral Commission, INEC, announced the postponement of the presidential and National Assembly elections by one week to February 23, 2019 and the State elections to March 9, 2019.

Mr Tony Ejimkeonye, the Vice President, National Association of Chamber of Commerce, Industry, Mines and Agriculture, (NACCIMA), for instance, said that he feared that the postponement would affect the nation’s economy adversely.

“Nigeria will lose billions of Naira due to the postponement,” Ejimkonye, who is also the Director, Business Development for Africa, Esilknet Africa Network Ltd., said.

“Economically, billions of naira have been lost and more would be lost in the coming weeks. Industries, businesses, including airlines were affected by the movement restriction.
“We expect also the same thing happening in the coming weeks. The most disturbing effect is the perception of the international financial community about Nigeria.
“Situations like this will create panic, with massive withdrawal and stoppage of funds inflow to Nigeria.
“I dread the effects of the postponement in the stock market on Monday,” he stressed.

Ejinkeonye said that it would be difficult to quantify the loss in monetary terms but maintained that the real cost would be the loss of investors’ confidence.
He, however, advised Nigerians not to be discouraged but to go and exercise their franchise next Saturday.

In a similar vein, the President, National Association of Nigerian Traders (NANTs), Mr Ken Ukaoha, said the country would lose more than N140 billion due to the postponement.
Ukaoha noted that the postponement would affect the economy adversely, in terms of money that the government, political parties and ordinary Nigerians had expended on logistics and otherwise.
He described the postponement as “appalling and unfortunate”, saying that it was capable of making Nigeria a laughing stock among the comity of nations.
Ukaoha said: “The loss is monumental if you look at the economic consequences, essentially if you look at trading.
“Nigeria depends so much on daily turnover of funds through distribution and redistribution of goods and commodity.
“I am telling you that with this calculation I have just done here, we are losing nothing less than N140 billion, because we all got the information so late.
“If you go round now you will see that shops are closed, so we are losing a large chunk of money just for the postponement.
“We are not talking about the manufacturers and the industrialists because they have all shut down to allow their workers to go and perform their civic duty.
“Farmers did not go to farm because they want to exercise their franchise.
“If you do the computation, your guess is as good as mine, in terms of what the nation is losing.”
“If you look at what happened in 2015 and what we ran into now I think we should be mature and man enough to learn because this thing will continue to trail the country in every election,” he said
Ukaoha further said that with the postponement, Nigeria would spend more money to conduct the elections, adding that “we have lost quite a lot.”
“Beyond what INEC is going to spend again in terms of security and logistics that it hinged the postponement on, we are going to spend more,” he said.
He said that the Federal Government could have deployed the resources in addressing infrastructure, health, education and payment of workers’ salaries, among other needs.
He, however, advised Nigerians not to be discouraged but ensure that they vote on Saturday, saying that the future of the country depends on the outcome of the elections.
Also, the President National Association of Nigerian Traders in Ghana, Mr Chukwuemeka Nnaji, said the postponement was a huge loss to Nigerians in Diaspora
Nnaji said: “The worst aspect of it is that I returned to Nigeria last night with the last flight to Enugu, I have a lot of disappointment on why I forced myself to get here.
“I got to Enugu, there was no light to listen to news, when I woke up this morning, my younger sister told me about the postponement but I did not believe it initially.
“It costs a lot to come to the country and I flew in from Ghana. I will be going back next week, so, will I still travel back to Nigeria next Saturday again?
“I will have to reconsider that. It is a lot of money people are losing,” Nnaji said.
Also, an Abuja-based legal practitioner, Mr Adeniyi Adegbite, said that the postponement had serious economic, psychological, social, educational and even security implications for the government, political parties, INEC and Nigerians in general.
He, however, said that the action might not have any serious legal implications.
In Yenagoa, the Bayelsa State capital, residents and political stakeholders expressed displeasure with the one week shift in the election timetable.
James Suowari, a voter, who said that he learnt about the postponement when he got to a polling centre in Yenagoa, described the action as “surprising and disappointing.”
Suowari, said: “The postponement was a surprise to me. I woke up this morning and took my voter card to where I could vote, only to be told of the shift.
“The action has far-reaching implications and the cost is huge and unimaginable.
“I am seriously worried that an election which we had about four years to plan caught INEC unawares.”
Juliet Evin, an adhoc staff of INEC deployed to Okordia-Zarama area, said that they were receiving election materials for movement to the polling centre when news about the postponement came to them.
“We were already sorting the materials when someone overheard the Electoral Officer for Yenagoa in a telephone conversation discussing the shift with someone.
“Shortly after, we were told to return the materials and go back home because the election had been postponed,” Evin said.
She said that their worry was whether INEC would still pay them, considering that they slept at the council and commenced work before the news got to them.
A commercial tricycle operator said that he was not aware of the postponement, adding that he was conducting his business because there were no security agents to enforce the restriction of movement on the roads.
Mrs Eme Offiong, a journalist with the Voice of Nigeria, Calabar, who was deployed to Bayelsa for the polls, said that she was “shocked and devastated” by the postponement.
“It was a big surprise and disappointment to hear about the postponement barely few hours to the exercise after a hectic trip from Calabar.
“I would have been spared the rigours associated with travels, if the postponement had come a day or two earlier.”
She said that with the postponement, she would go back to her station and return to Yenagoa by next Friday.
Mr Roland Kiente, a voter in Peremabiri, a coastal settlement in Southern Ijaw area, said that the community was calm.
He regretted that he travelled from Yenagoa to Peremabiri, a three-hour boat ride, to be able to vote to no avail.
“A lot of other people have travelled longer distances for this purpose,” Offiong said.
Meanwhile, most shops and business premises in Yenagoa remained closed in the early hours of the day, while major streets were usually quiet as many residents stayed indoors.

An economist, Mr Chijioke Ekechukwu, in his reaction, said that the postponement of the elections will affect credit rating and already threatened portfolio investments in the country.

Ekechukwu, who said this in an interview with NAN in Abuja on Saturday, noted that the investments would likely flow out in large value.

According to him, beginning from Feb. 16, the stock market will go bearish due to the postponement.

“What will the International observers who already had their return tickets for Monday or Tuesday do after the failed election?

“They will indeed fly back and not come back as they didn’t budget for any extra cost and extra stay.

“What will happen to school children who are at home presently because of the election?’’

Ekechukwu expressed worry that Nigerians would be made to bear the losses.

NAN reports that Prof. Mahmood Yakub, the Chairman, INEC had at about 2.45 a.m announced the postponement of the scheduled general elections by one week respectively.

“Who will be punished for these colossal losses and embarrassment?’’ Ekechukwu asked, noting that the postponement had worsened the already negative image that has bedeviled the country for some time.

Ekechukwu said the postponement was the biggest embarrassment Nigeria had faced both locally and internationally.

“Who is going to pay for the financial losses to families that travelled to vote?

“Who will pay for losses of billions of Naira to the country in terms of logistics and many other expenses to the political parties, to the stakeholders?

“How can we measure the amount lost to the entire economic sector,’’ he further asked.

Taking it from another dimension, Prof. Olanrewaju Fagbohun, Vice -Chancellor, Lagos State University (LASU), said on Saturday that the postponement of the 2019 elections had created concern and anxiety due to the complexity of Nigeria as a nation.

“The truth of the matter is that moving such a complex situation like these elections forward will always be flooded with a lot of complexity.

“If the electoral umpire feels that there are clear indications why decisions like this must be taken, then the umpire must never be scared of taking the decision on the basis of I do not want to be crucified, ” he said.

According to him, the electoral umpire might be playing with the life of the nation if it proceeds to conduct the elections, knowing that it is not actually the appropriate thing to do.

He said the umpire must be bold enough to take such decisions but must come out clean to give the masses information about the facts pursuant to which the decision was taken.

“The decision of the umpire must not be shrouded in mystery and allow for speculation or guess, as this is what will still make the people have confidence in the umpire and appreciate the electoral process.

“An umpire in this instance must be ready to be vitrified, attacked and massively explain the circumstances that led to the decision,” he said.

He said that Nigerians must understand that in this age of electronic technology and innovations, quite a lot of things when tampered with could mar the process of the election if the umpire decided to still go ahead.

Fagbohun said he expected the world to respect the decision of the Nigerian umpire which has an up-to-the moment analysis of the contention.

“If INEC is sure that the decisions they have taken is in the best interest of the nation, all they need do is give us the facts and go ahead, no matter what people or the international community will say, ” he said

According to him, INEC must not be railroaded by the decisions or opinions of people, but rather be guided by the facts on ground, the reality faced with and the sincerity of purpose which must be credible.

“I am not saying that people should do things on flimsy reasons, but Nigerian leaders must learn to take decisions and responsibility,” he said.

Speaking on the effect the elections postponement had on school’s academic calendar, the professor said laws were made for men and not men for laws and so heads of schools must restrategise.

He said heads of academic institutions, in line with the reschedule, must also have new approaches and see how the academic calendar could blend to cover the syllabus within the available time frame.

In Ebonyi State, the residents of Abakaliki metropolis while expressing dissatisfaction over the rescheduling of the elections, lamented that it had affected businesses, finances and other activities of the people.

The Acting Director, Human Rights and Conflict Resolution (HRCRC), Mr George Etamesor, said that if the postponement would result in a credible process and bring free and fair elections, then it is worth the price the country is paying.

Etamesor told the NAN that the consequences and impacts were enormous; adding that sensitive and non-sensitive materials could be damaged and exposed to risks.

Etamesor also said that the postponement would bring about accusations among political parties.

Mr Chidi Ebenyi told NAN that the development had a lot of implications for the economy and had impacted individuals negatively considering the country’s harsh economy.

Alhaji Sani Garba, a trader at Hausa settlement in the state, popularly known as “Ogbe Hausa”, expressed dissatisfaction over the development while he pleaded with Nigerians to be patient and pray more.

“We have travelled and spent our resources, let’s be patient and pray that God guides our plans again,” Garba said.

 

The Nigeria Union of Teachers (NUT) on Saturday said the postponement of the 2019 general elections would affect students preparing for the West Africa Examinations Council (WAEC) and other external examinations.

Its Chairman in Lagos State, Mr Adesina Adedoyin, told the News Agency of Nigeria (NAN) that the INEC decision would disrupt the schools second term academic calendar.

Also, Mr Usman Dutse, the National President of Academic Staff Union of Polytechnic (ASUP), said the postponement was “unwise and showed the ill preparedness of the electoral body”.

According to Adedoyin, NUT is not too happy with the disruption or postponement of the 2019 elections, because it will disrupt the school calendar.

“It is unfortunate and very disheartening, because it is going to affect mostly, the students in the boarding schools.

“INEC came on air and told us that they are very prepared; they told us not to worry.

“There were even rumour that the elections will be postponed, yet INEC told us to disregard the rumour.

“The rumour now became a reality and it is affecting our children.

“In view of this, we are not too happy; some of us, who are parents, teachers and stakeholders are deeply sad.

“I have my own child who will be writing external examination this year, and will be seriously affected,” Adesina said.

He added that with the new elections arrangements, the students would have holidays on three different occasions in the second term.

“Do we say the students should stay at home till after the presidential elections or should they go back on Monday and returned home again on Thursday?

“There is really not much sense in the new arrangement.

“With this development, we should assume that the students have had their second terms holiday.

“Ordinarily, it has affected their holidays, because the Lagos State newly adjusted calendar says instead of having 14 days for holiday, students will only have 10 days as second term holiday.

“But, with what is happening now, I do not know how they will do it,” he said.

The NUT Chairman said that with the latest development, it would be unwise for students to return to school on Feb. 18 and come back again home on Feb. 21.

According to him, the students were brought home on Feb. 14 and to return on Feb.18.

“Will they go back to school on Monday and return again on Thursday? Or will they remain at home till next week after the elections?

“These students are supposed to be doing serious reading for those who are in SS3, and will be writing external examinations which will commence toward the end of March.

“But for us, it is unwise for students to go back to school on Monday and returned back on Thursday and after two weeks, come home again.

“The best solution is for the students to remain at home from Feb.18 and return to their various schools on Feb. 25.

“This is the best thing to do, let the students stay at home,” he said.

In his comments, Dutse said that the country must learn to do things the proper way and avoid last minute change.

He said that the postponement would affect the confidence the public have in INEC.

Dutse explained the change in elections schedules was a loss to many people, saying that people had either made new plans, travelled, or rescheduled their programmes for the elections.

“As a country, we should learn to keep to date, while staying true proper arrangements, because this kind of situation could create suspicion.

“I think it is high time we grew up, doing things better and openly,” he said.

A mental health physician, Dr Maymunah Kadiri, who spoke on Saturday in Lagos, said the unexpected news of the postponement of elections could trigger some emotional, mental and physical health challenges among Nigerians.

Kadiri, also the Chief Executive Director of Pinnacle Medical Services, said that such sudden news could trigger apprehension, anger, anxiety, mood swings, trust issues, stress reactions and many other disorders.

“The sudden INEC news of the postponement of the general elections can cause some emotional, mental and physical health challenges such as apprehension, anxiety and anger among other emotional issues

“Also, some persons might experience trust issues, acute stress reactions and sometimes violence in the society due to the unexpected change, because everyone was looking forward to today’s exercise.

“Those already having one form of emotional and mental health improvements can even have a relapse from the news.

“For those directly involved, especially the candidates, their families, friends and supporters who already think that this postponement may not favour them, can be emotionally disturbed in sleep, in appetite and even experience mood swings.

“Also,  there could be an increase in substance abuse just to calm their nerves among those that use substances before and even those that do not, ” she said.

Kadiri also identified hypertension and heart attack as some physical health issues that could be experienced.

“Aside mental health,  physical health issues can be involved, such as hypertension and sometimes, heart attack from the breaking news,” the psychiatrist said.

She also said there could be stress disorder among school owners, teachers, parents and students in the course of trying to make up for the days students were asked to stay at home.

“Even, children will be affected by the changes in school calendar to accommodate activities such as elections.

“School owners will have to look out for alternatives and this can be stressful on all parties- parents, teachers and students, “Kadiri said.

She, however, called for more peer support, parental or family supports and calm among Nigerians.

 

 

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