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BREAKING NEWS: Council of State backs naira redesign; advises CBN to print more new notes or allow co-circulation of new and old notes

BREAKING NEWS: Council of State backs naira redesign; advises CBN to print more new notes or allow co-circulation of new and old notes


…We are fully prepared for elections, INEC, IGP tell members

The Council of State meeting, presided over by President Muhammadu Buhari on Friday, gave their support to the naira redesign policy but with a caveat that the Governor of Central Bank of Nigeria (CBN) Godwin Emefiele, should make new Naira notes available or recirculate the old notes to ease the suffering of Nigerians.


The hybrid meeting which lasted for over four hours at the Council Chambers, Presidential Villa, Abuja, had in attendance former heads of state and president Gen. Yakubu Gowon (retd), Gen. Abdulsalami Abubakar (retd) and Goodluck Jonathan, while former President, Olusegun Obasanjo, joined the meeting online.

Two former Chief Justice of the Federation, Alfa Belgore and Mahmud Muhammad, were also in attendance.

Jointly briefing State House correspondents at the end of the meeting, Governors of Taraba, Darius Ishaku , Lagos, Babajide Sanwo-Olu, and the Attorney General of the Federation and Minister of Justice, AGF Abubakar Malami, said generally the policy was accepted by members but raised concerns about the implementations.


Ishaku said: “The CBN was advised to make money available in quantum. The old money can also be recirculated to ease the suffering of the poorest of the poor.”

Sanwo-Olu, on his part said that Chairman of the Independent National Electoral Commission (INEC), Mahmood Yakubu, and Inspector General of Police (IGP), briefed the council on a state of preparedness for the 2023 general elections, and assured that they were fully prepared.

On the 2023 elections, Malami, also expressed the Council’s satisfaction with the level of preparation by the Independent National Electoral Commission (INEC) and the institutions.

Also present at the chamber was the Vice President, Professor Yemi Osinbajo; the President of the Senate, Ahmad Lawan; Speaker of the House of Representatives, Femi Gbajabiamila.


Governors in attendance are Nasir El-Rufai (Kaduna), Darius Ishaku (Taraba), Babajide Sanwo-Olu (Lagos), and Babagana Zulum (Borno). Other governors that are virtually in attendance are Ademola Adeleke (Osun), Abubakar Badaru (Jigawa), Yahaya Bello (Kogi), Atiku Bagudu (Kebbi), Dapo Abiodun (Ogun), Aminu Tambuwal (Sokoto), Simon Lalong (Plateau) and the Deputy Governors Nasarawa and Bauchi States.

The Minister of the FCT, Mohammed Bello; Secretary to the Government of the Federation, Boss Mustapha; Attorney General of the Federation and Minister of Justice, Abubakar Malami and the Governor of the Central Bank of Nigeria, Godwin Emefiele also attended the meeting.

The INEC Chairman, Mahmood Yakubu was also physically in attendance and is expected to brief the council on the preparations ahead of the 2023 elections.


All Service Chiefs and Heads of security agencies were also physically present.

The President had on February 3 asked for seven days (which expires today) to resolve the crisis caused by the scarcity of the new naira notes to subdue the encumbrances mitigating against the successful implement ation of the policy.

(Channels TV/Vanguard)


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