The Council of State on Friday endorsed the Naira redesign policy of the Federal Government with advice to the Central Bank of Nigeria, CBN to either make the new Naira notes available or recirculate the old notes to reduce the suffering of citizens.
The country’s highest advisory body also said that the general elections will be held as scheduled based on the assurances given by the Independent National Electoral Commission and the Nigeria Police.
The meeting, which was held at the Council Chambers, Presidential Villa, Abuja was
presided over by President Muhammadu Buhari and attended by former heads of state and presidents, including Gen. Yakubu Gowon (retd), Gen. Abdulsalami Abubakar (retd), Goodluck Jonathan, and former President, Olusegun Obasanjo, who joined the meeting virtually.
Also in attendance were vice president Yemi Osinbajo, Attorney General of the Federation Abubakar Malami, and two former Chief Justices of the Federation, Alfa Belgore and Mahmud Muhammad.
About 14 governors attended physically or virtually with some represented by their deputies.
President Buhari and Yakubu Gowon.
According to a report by the Vanguard, at the end of the meeting, which lasted over four hours, the governors of Taraba and Lagos states as well as the Attorney General of the Federation addressed journalists on issues discussed at the meeting.
They all admitted that although the redesign policy was generally accepted by members of the Council of State, the council was concerned about its implementation.
Taraba state governor Darius 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.”
Lagos state governor, Babajide Sanwo-Olu spoke on preparations for the general elections, saying that the Chairman of the Independent National Electoral Commission (INEC), Mahmood Yakubu, and the Inspector General of Police (IGP), assured the Council that they were adequately prepared to conduct the 2023 general elections.
Also speaking on the election, Attorney General Abubakar Malami said: "The two major resolutions that were driven, arriving from the deliberations of the Council, are one, that we are on course as far as election is concerned and we are happy with the level of preparation by INEC and the institutions.
On the Naira redesign, Malami said: “Two, relating to the naira re-design policy, the policy stands, but then the Council agreed that there is a need for aggressive action on the part of the Central Bank, as it relates to the implementation of the policy by way of ensuring adequate provision being made about the supply of the naira in the system."
When asked by The Punch about President Buhari’s response to the Council’s suggestions, the Lagos State Governor, Babajide Sanwo-Olu, said it was up to Buhari to decide “soon.”
The Council of State is an organ of the Federal Government made up of the President as chairman, the Vice President (deputy chairman), all living former Presidents and Heads of State, and the Senate President.
It exists to advise the executive on key policies.
Politics and Opinion. Economy.
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