The Council of State has advised President Muhammadu Buhari to direct the Central Bank of Nigeria (CBN) to print more redesigned naira notes or to allow new and old banknotes to circulate concurrently in order to alleviate the stress caused by cash scarcity.
The Council approved the CBN’s naira redesign policy but criticised its implementation.
Briefing State House Correspondents after the Council meeting chaired by the President, the Attorney General of the Federal Republic of Nigeria, Abubakar Malami, who was flanked by Taraba State Governor Darius Ishaku and Lagos State Governor Babajide Sanwo-Olu, said the Council highlighted the need for aggressive action by the CBN to ensure adequate supply of the naira in the system for proper policy implementation.
Echoing submissions by the Council, Governor Ishaku stated that it proffered a number of suggestions to the President, particularly on the currency swap challenge which dominated discussions, following a debriefing from the CBN Governor Godwin Emefiele, and expressed the hope Buhari will make a decision soon.
On the 2023 elections, Malami also expressed the Council’s satisfaction with the level of preparation by the Independent National Electoral Commission (INEC) and other institutions.
Those who attended the Council meeting chaired by the President include the former presidents Goodluck Jonathan; Yakubu Gowon, and Abdulsalami Abubakar as well as ex-President Olusegun Obasanjo who attended virtually.
Also present at the Chamber were the Vice President, Professor Yemi Osinbajo; the President of the Senate, Ahmad Lawan; Speaker of the House of Representatives, Femi Gbajabiamila.
Governors in attendance were Nasir El-Rufai (Kaduna), Darius Ishaku (Taraba), Babajide Sanwo-Olu (Lagos), and Babagana Zulum (Borno). Other governors that virtually attended were 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 briefed the Council on preparations ahead of polls.
All Service Chiefs and Heads of security agencies were also physically present.