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Print More Money Or Allow Co-Circulation, Council Of State Urges Buhari

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President Muhammadu Buhari has been advised to direct the Central Bank of Nigeria (CBN) to print more redesigned naira notes or allow the new and old banknotes to circulate concurrently to ease the tension caused by the scarcity of cash.

The Council of State gave the charge on Friday (today) at a meeting chaired by President Buhari.

The Council however approved the naira redesign policy of the CBN but picked holes on its implementation.

Briefing State House Correspondents after the Council meeting, the Attorney General of the Federal, Abubakar Malami, who was flanked by Governor Darius Ishaku of Taraba State and Governor Babajide Sanwo-Olu of Lagos State, said that the Council illuminated the need for aggressive action by the CBN to ensure adequate supply of the naira in the system for proper implementation of the policy.

In his contribution, Governor Ishaku stated that the Council 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.

At the meeting, the AGF expressed the Council’s satisfaction with the level of preparation by the Independent National Electoral Commission (INEC) and other institutions on the 2023 elections.

Channels Television reports that those who attended the Council meeting included 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, the Governor of the Central Bank of Nigeria, Godwin Emefiele, all the Service Chiefs and Heads of security agencies and the INEC Chairman, Mahmood Yakubu.

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