The House of Representatives Ad Hoc Committee on New Naira Re-Design and Naira Swap Policy has stated that the current crisis over the Central Bank of Nigeria’s naira redesign is capable of delaying the upcoming 2023 general elections. The committee also criticized the President’s response to the crisis, saying it left “much to be desired.”
Alhassan Ado-Doguwa, Majority Leader of the House and Chairman of the committee, announced this in a statement issued on Friday, about 24 hours after leading members of the committee to a meeting with Buhari at the Presidential Villa.
The committee had begun an investigation into the controversy surrounding the CBN’s redesign of N1,000, N500, and N200 notes, particularly the scarcity of the new notes while the old ones were rendered invalid by the CBN.
The panel also questioned several key stakeholders, including CBN Governor Godwin Emefiele and representatives from Deposit Money Banks.
Even though the Senate and the House had been closed for the elections, the Speaker of the House, Femi Gbajabiamila, had hinted that members might be called back to make decisions if the crisis persisted.
Rather than reporting the findings of its investigations to the House, the panel met with Buhari on Thursday, just hours after the president delivered a televised address to the nation.
The president declared in his address that the old N1,000 and N500 notes were no longer legal tender while extending the validity of the old N200 note until April 10, 2023.
Many Nigerians, particularly senior lawyers, had criticized the president for disregarding the Supreme Court’s ruling that all notes remain legal tender pending the outcome of the case brought before it by some states against the Federal Government.
While Ado-Doguwa said after the lawmakers met with Buhari on Thursday that the president’s declaration should be enforced, the Speaker, Femi Gbajabiamila, issued a statement later in the day criticizing Buhari and Emefiele.
In what appears to be a U-turn, Ado-Doguwa stated in a statement issued on Friday, titled ‘House C’ttee Meets Buhari, Insists Naira Policy Unpopular, Could Jeopardize Polls,’ that much must be done to alleviate the suffering of Nigerians as a result of the naira crisis.
According to the statement, while the panel appreciated “some of the good decisions made by the president as contained in his national broadcast,” “the panel insisted that much more must be done to alleviate the suffering of the masses.”
“The steps taken thus far by Mr. President leave much to be desired,” it said in part. The policy is currently very unpopular and has the potential to cause a crisis in the country, jeopardizing the upcoming general elections.
Mr. President may have had good intentions in using the policy to combat insecurity, reduce corruption, and promote global best practices in fiscal policy management, but Nigerians are suffering as a result of poor timing and the actions of some criminal elements in both the CBN and commercial banks.”
The majority leader urged Nigerians to remain calm and maintain law and order, saying that the legislature would “continue to side with the masses and resist any policy that exacerbates their sufferings.”
In conclusion, all Nigerians are urged to remain calm and conduct their lawful businesses within the confines of the law, as exploration will be made available. Also, opportunities will be ensured that the government does only what is right and in the best interests of the people.
Source: PUNCHÂ
