New Notes: Timing, Deadline Makes No Sense

The Governor of Kaduna State, Nasir El-Rufai, expressed his concerns about the recent naira redesign.

He said that the policy itself was the right move in achieving the desired change the country yearns for, but the timing and deadline set for the redesign make no “political or economic sense.”

The governor said this while speaking on Channels Television on Wednesday morning.

El-Rufai cleared President Muhammadu Buhari of any involvement in the mess, blaming unnamed individuals who are taking advantage of the President’s desire to improve the country and obstructing his efforts.

The governor also highlighted that Buhari had successfully redesigned the naira during his first term as Nigeria’s Head of State without any issues.

El-Rufai used two examples to support his argument. Firstly, the petroleum subsidy, which was costing the country trillions of naira, and the currency redesign, which people are blaming on the Governor of the Central Bank.

“They are hiding behind the President’s desire to do what he thinks is right.

This petroleum subsidy, which is costing the country trillions of naira, was something that we all agreed would be removed, El-Rufai said.

“In fact, I had a discussion with the President and showed him why it had to go.

“Because how can you have a capital budget of N200bn for federal roads and then spend N2tn on petroleum subsidy? This was a conversation I had with the President in 2021 when the subsidy thing started rising.

‘He was convinced. We left. It changed. Everyone in the government agreed, and it changed.

“The second example I will give is this currency redesign. You have to understand the President. People are blaming the Governor of the Central Bank for the currency redesign, but No.

“You have to go back and look at the first outing of Buhari as (military head of state). He did this; the Buhari-Idiagbon regime changed our currency and did it in secrecy with a view to catching those that are stashing away illicit funds. It is a very good intention.

“The President has his right. But doing it at this time within the allotted time does not make any political or economic sense.”

Despite understanding the President’s intentions, El-Rufai emphasized that the current timing and deadline of the currency redesign do not make any political or economic sense.

He urged the government to consider the consequences of their actions and make decisions that will benefit the country as a whole.