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Naira Redesign: Civil Societies Spitfire Against Supreme Court Ruling
The theatricals following the Naira redesign policy of the Central Bank of Nigeria (CBN) has gone into another scene, with the civil societies set to take their turn.
Biztellers had reported that the Supreme Court’s ruling, adjourning the redesign processes pending the determination of a motion by Kaduna, Kogi and Zamfara States was entered on Wednesday.
A seven-member panel of Supreme Court Judges, led by Justice John Okoro, handed down the ruling in Abuja.
In a swift reaction, the apex organisation of all civil society groups in Nigeria, though the Civil Society Central Coordinating Council (CSCCC), on Wednesday protested against the exparte order of the Supreme Court, restraining the CBN, President Muhammadu Buhari, et al, from terminating the legal tender status of the old N200, N500 and N1000 bank notes on Friday February 10, 2023.
The CSOs urged President Buhari to immediately counter the Supreme Court ruling with an Executive Orders to back the planned drawing of the cotton legal tender status of the redesigned naira notes as planned.
The CSOs base their demand on the fact that it is not known to law that the judiciary should bar the President from performing his duties.
National Coordinator, CSCCC, Obed Okwukwe, told a news conference in Abuja on Wednesday that their reaction was to safeguard the sanctity of the general elections planned from later this February.
Backed by over 3000 followers, the CSOs took the protest to the CBNs headquarters, and submitted a letter for Governor, CBN, Godwin Emefiele.
Okwukwe called on the Supreme Court not to yield its platform for such election riggers to have access to illicit cash to compromise the election.
The CSCCC further urged the Supreme Court to immediately vacate the order because it had the potential of aiding corrupt politicians to buy votes during the forthcoming polls.
According to Okwukwe it was “capable of derailing the credibility of the 2023 general election and ultimately truncate our most cherished democracy.”
He added that the Supreme Court must redeem its image immediately and show Nigerians that it is not deliberately against free, fair and credible elections bearing in mind some very controversial orders and judgments of the court in the recent past.
In his words, “Civil society groups in Nigeria are ready to fully support both policies and it is on that strength that I have been empowered to inform Nigerians that the Nigerian Civil Society Community has passed a vote of confidence on the Naira Redesign Policy and the Cash withdrawal limit policy.
“This vote of confidence is also on the condition that the February 10 deadline is not shifted. It is based on the foregoing that we alert the security agencies that the protests planned to be held tomorrow, Thursday February 9, 2023 guised as protests against scarcity of the new Naira are indeed protests planned and organised to cause violence, destruction of public property, disruption of public order and arson.
“Quell the protests in the South West as it is part of the synchronised plot. The target is to reverse the policy where that fails force a shift in the election date or lead to uprising that will cause the administration to come to an abrupt end.
“Opponents of the currency redesign and cash withdrawal limit policies deadline are pushing for a shift of the February 23 general election.
“We have credible intelligence that those behind the campaign for shift in the deadline of the new currency redesign and cash withdrawal limit are now pushing that the 2023 general election be shifted.
“This evil idea will throw Nigeria into a constitutional crisis and lead to the collapse of constitutional democracy. Now these anarchists realising they cannot win the general election are now looking for ways to destroy democracy and undermine President Buhari.
“These men who have benefited from President Buhari now want to destabilise and hurt our dear President and our democracy in their selfish bid of running errands for their new godfather in town.
“They have forgotten that without President Buhari some of them would not have legally or illegally made it to office they now occupy. Now, President Buhari looks small in their eyes and even without Buhari tenure expiring, these ungrateful power elements and betrayal characters are instigating people to destroy President Buhari and our hard-won democracy for the sake of their new master.
“What offence has President Buhari committed by saying he wants a credible election? Were these people not beneficiaries of credible elections in 2015?
“So why crucify our President who is committed to giving Nigeria an enabling environment for free and fair election?”
He maintained that the citizenry would not accept any shift in the 2023 general election date, neither would they subscribe to a shift in the deadline for the currency redesign policy.
He challenged those hoarding cash to “put their billions back to the bank or even let them open the cash warehouses containing those billions in Lagos, Kano, Imo, Zamfara, Kogi and share those billions to poor masses since they are now new lovers of the poor.”
He urged President Buhari and Emefiele to stand up to those resisting the deadline stating that “February 10 deadline date is sacrosanct, irreversible and irrevocable.”
The President of the African School of Governance, Kingsley Chiedu Moghalu has admonished state actors against resorting to brutal force in the bid to muscle out separatist agitators.
In the aftermath of Mazi Simon Ekpa, the Finland based Biafran nationalist agitator being caught in legal web and the Nigerian government moving swiftly to seek his repatriation, the former deputy governor of the Central Bank of Nigeria (CBN) has cautioned that ‘We either fix our problems, or our problems will eventually “fix” us. No alternative to a renegotiated union.’
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The political economist, while expressing his hope in Nigeria, made it clear that “hope is not a strategy”.
He bared his mind in a series of posts on his verified handle on micro-blogging site, X on Friday.
Moghalu wrote, “Despite sustained contemporary difficulties, I am hopeful about Nigeria. But hope is not a strategy. We need to improve state capacity for effective governance.
“We either fix our problems, or our problems will eventually “fix” us. No alternative to a renegotiated union.
“We must learn to be honest with ourselves and address the root causes of our problems. Why ignore them, when the problem is actually quite solvable? The problem with continuing with this approach is that when the danger crystallizes, those who thought they were benefiting from
Former Vice President, Atiku Abubakar has criticized the federal government’s plan to secure an additional N1.7 trillion loan through Eurobonds to cover a shortfall in the 2024 budget, describing the borrowing as unsustainable and harmful to Nigeria’s economy.
In a statement shared on Thursday via his X (formerly Twitter) handle, Atiku accused the Bola Tinubu-led administration of burdening Nigerians with debt while failing to provide clear answers about the country’s fiscal challenges.
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He also faulted the National Assembly for enabling what he called a “voracious appetite” for loans.
The former Peoples Democratic Party (PDP) presidential candidate expressed alarm over a recent World Bank report ranking Nigeria as the third most indebted country to the International Development Association (IDA), calling the development troubling.
“The recent report released by the World Bank, showing Nigeria as the third most indebted country to the International Development Association (IDA), is very concerning,” Atiku stated.
He raised further concerns about the government’s decision to benchmark the proposed loan at an exchange rate of 1 USD to N800, despite the Central Bank of Nigeria’s official rate being over N1,600.
“What makes this particular loan proposal even more concerning is that it is benchmarked at the exchange rate of 1 USD to N800, whereas the current exchange rate from the Central Bank of Nigeria stands at over N1,600 to 1 USD,” he said.
Atiku questioned the need for additional borrowing, given the government’s earlier claims of record-high revenue collection.
“In July this year, Tinubu boasted that the FIRS and Customs under his watch had collected all-time high revenues to finance the budget. Why are they still borrowing?” he said
He accused the government of a lack of transparency, describing the borrowing spree as detrimental to Nigerians already struggling under economic hardship.
“There is something that they are not telling Nigerians, even as they are being crushed by a combination of their failed trial-and-error policies and loan rackets.”
Atiku also referenced a report by BudgIT, a budget monitoring group, which criticized the 2024 budget for its inefficiencies.
He alleged that corruption, rather than infrastructure or development needs, was driving the government’s borrowing decisions.
“These loans are powered by corruption and not for infrastructure and development needs. This voracious appetite for humongous loans is deeply concerning,” he said.
Reflecting on Nigeria’s financial history, Atiku lamented the return to significant foreign indebtedness just years after former President Olusegun Obasanjo’s administration cleared the country’s debt.
“It is agonizing to see that just a few years after the Obasanjo administration took us out of foreign indebtedness, we are today back at the top spot in the same conundrum,” he stated.
He called for a more cautious approach to borrowing, urging the government to prioritize fiscal responsibility and transparency to avoid worsening Nigeria’s economic challenges.
The International Criminal Court (ICC) has taken a historic step, issuing arrest warrants for Israeli Prime Minister Benjamin Netanyahu and former Defense Minister Yoav Gallant.
The charges include crimes against humanity and war crimes allegedly committed during Israel’s recent assault on Gaza.
In a detailed statement, the ICC accused the Israeli leaders of “intentionally and knowingly depriving the civilian population in Gaza of objects indispensable to their survival, including food, water, and medicine and medical supplies, as well as fuel and electricity.”
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The ICC’s move marks a significant escalation in international scrutiny of the Israeli-Palestinian conflict. Netanyahu and Gallant are alleged to have orchestrated policies that caused severe harm to the civilian population in Gaza, leading to widespread condemnation from human rights organizations.
Alongside the charges against Israeli officials, the ICC also issued an arrest warrant for Hamas military commander Mohammed Deif. Deif has long been a central figure in Hamas’s military operations. Israel’s military claims to have killed him in a July airstrike, although this has not been independently verified.
The warrants highlight growing calls for accountability amid the ongoing conflict in the region. The ICC’s actions are likely to provoke heated debate and may complicate diplomatic efforts aimed at resolving the crisis.
With the warrants issued, global attention now turns to how the international community will respond and whether any practical steps will be taken to enforce them.
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