The Nigerian Council of State has expressed support for the demonetisation policy of the Central Bank of Nigeria, CBN.
However, the council has asked the governor of the apex bank, Godwin Emefiele, to either make the new naira notes available or recirculate the old notes to ease the suffering of Nigerians.
The Council if State meeting, which held on Friday at the Presidential Villa, was presided over by President Muhammadu Buhari.
Governors of Taraba and Lagos states, Darius Ishaku and Babajide Olusola Sanwo-Olu respectively, and the Minister of Justice bad Attorney-General if the Federation, AGF, Abubakar Malami, SAN, jointly briefed State House correspondents on the outcome of the meeting.
The trio said that although the Council of State backed the CBN policy, members of the council however expressed concerns about the implementation of the policy.
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.”
Malami said that the council received briefing from the chairman of the Independent Natıonal Electoral Commission, INEC, the Inspector General of Police, IGP and the governor of the CBN.
The AGF 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.
“Two, relating to the naira re-designed policy, the policy stands, but then the Council agreed that there is need for aggressive action on the part of the CBN, as it relates to the implementation of the policy by way of ensuring adequate provision being made with regard to the supply of the naira in the system.”
Asked about the President’s response to the council’s suggestions, the governor of Lagos State, Sanwo-Olu, said that it will be up to Buhari to decide “soon.”
INEC chairman, Mahmood Yakubu, and the IGP, Alkali Baba, also gave assurances to the council on the preparations for the elections.
Commenting on their briefing, the AGF said, “We are on course as far as election preparedness is concerned.”
The hybrid meeting took place at the council chambers of the Presidential Villa, Abuja.
In attendance at the meeting were two former Heads of State, Yakubu Gowon and Abdulsalami Abubakar, and former President Goodluck Jonathan.
Former President Olusegun Obasanjo participated in the meeting virtually.
Membership of the National Council of State is made up of the President, the Vice President, the Secretary to the Government of the Federation, SGF, the Senate President, the Speakers of the House of Representatives, the Chief Justice of Nigeria, CJN, former Presidents, former Heads of State, former Chief Justices of Nigeria, the governors of the 36 states of the federation and the Minister of Justice and Attorney-General of the Federation.
