• Say CBN printed only N300bn, mopped over N2trn
Governors of All Progressive Congress (APC) have appealed to President Muhammadu Buhari to allow both the old and new naira notes to coexist and co-operate for some considerable time to ease the suffering of Nigerians.
Kaduna State Governor, Malam Nasir el-Rufai spoke with some journalists working for the Hausa services of some broadcast stations on the issue and he spoke in Hausa language.
He said that while the Central Bank of Nigeria, mopped up over N2 trillion of the old note, it printed only N300 billion of the new note which was not enough.
el-Rufai, who was accompanied by his Kano State counterpart, Abdullahi Ganduje, said even if the CBN had wanted to implement the cashless policy, they should have printed at least half of what they mopped up, which was N1 trillion.
He said they told the president that the masses were suffering and traders were losing their goods due to lack of patronage.
He gave example of tomatoes seller that travelled to Lagos with their goods but all got wasted because people had no money to buy.
“So they appealed to the president to reconsider his stance,” he said.
el-Rufai said the president did not respond to them either affirmatively or negatively.
He disclosed that the chairman of Progressive Governors Forum, Atiku Bagudu, has gone back to meet the President privately with the Hope to convince him.
As of the time of filing this report, he was being awaited to address the media.
● Read hereunder the el-Rufai interview in Hausa, in extenso, as translated into English:
Que: What is your mission here at the State House?
Ans: We the governors of the All Progressives Congress (APC) under the aegis of Progressives Governors Forum have met with the President and informed him about the issue that is bothering us and the problems the people are going through because of the currency redesign policy. The President explained to us what they have told him and we have seen that the Central Bank Governor (CBN) and the Minting and Printing did not tell Mr. President the truth about the things that are happening in the country.
Que: What’s the truth?
Firstly, we are told that they have mopped up over N2 trillion of the old notes and printed only N300,000 billion of the new notes. Why will you retrieve such an amount of money and then print only N300,000 billion? That is why there are problems; the money is not enough. If you also look at some state and local governments that don’t have banks and the problems they are facing from POS. People don’t have money to buy things in the market, but they can’t go shopping; tomatoes sellers took their products to Lagos and could not sell till they spoiled. We have narrated all these issues to Mr. President and he said he will meet with CBN, other stakeholders, and even the deposit money banks. He will see what they will tell him before he takes a decision. But he didn’t indicate to us that this issue has ended; there will be no extension and he did not tell us that he will extend it. He only told us that until he gets certain about what is going on. We have told him about things that are happening in our states and the trouble people are encountering. Our fear is that, if there is no solution to this, it may cause a crisis and affect the general elections and the election may not even hold completely. The President said he will look into it.
Que: What do you want the president to do precisely?
What we the governors want is to give an extension on this policy so that everyone can exchange his money. Because of N300,000 billion, there is no how it will be equal to N2 trillion. N1 trillion should be printed not N300,000 billion. The money is not enough; that is the problem. Our advice is that both the old and new notes should be used until the old notes are gradually phased out. They should print new notes that will be enough, for now, they are not enough for circulation. Those who say the printed new notes are enough are telling lies to the President.
Que: What will you tell those saying because you are looking for a godfather that is why you are criticizing the President?
I don’t criticize President Buhari. I have never criticized President Buhari; it’s only those working with him who are telling him lies, they don’t tell him the truth, and they don’t tell him what the people are going through on these policies or decisions that are taken. What President Buhari brought, we support it. We know the reason he wants to do something but this thing they are not doing it right and they don’t tell him the right thing. We the true followers of Buhari are not using him to get money for shopping, we are mandated to tell him the truth, and that’s what we’ve done. President Buhari himself knows me; he knows how we have been together; all these allegations I’m used to hearing them. Which godfather am I looking for? Asiwaju Bola Ahmed Tinubu is our Presidential Candidate. We want him to win the election. I have told Asiwaju Bola Ahmed Tinubu ten times I don’t want government work, I don’t want to work with him. He is the one saying he wants to work with them at all costs. I swear I’m bigger than saying he is my godfather; I’m not seeking work; I’m not seeking shopping money; what I am seeking is from God and not man.
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