The Speaker of the House of Representatives, Femi Gbajabiamila, has criticised President Muhammadu Buhari over his morning broadcast on Thursday over the controversial Naira Swap Policy.
Gbajabiamila registered his disapproval of the President’s directive that only the old N200 naira notes should be distributed by the Central Bank of Nigeria, CBN alongside the new notes.
The Speaker clarified that the Supreme Court had ordered that the old N1,000, N500 remain legal tender stating that “It is not to the benefit of our country for the Federal Government to act in ways that suggest a wanton disregard for the rule of law,”.
The speaker, in a statement issued on Thursday, which he personally signed, said; “Today, citizens and visitors are experiencing grave and unnecessary hardship across our country. They spend hours and days queuing at banks and teller machines to receive stipends of their own money to afford life’s necessities. This situation is a consequence of the flawed implementation of the naira redesign policy by the Central Bank of Nigeria. It is also the result of decisions made by the Central Bank’s Governor, Mr Godwin Emefiele, to refuse counsel, be guided by precedent or abide by the decisions of superior courts.”
“Section 20(3) of the Central Bank of Nigeria Act, 2007 provides the statutory authority for the Central Bank of Nigeria to initiate and implement policies for the recall of Nigerian currency. The extant provision is reproduced below: Notwithstanding subsections (1) and (2) of this section, the Bank shall have power, if directed to do so by the President and after giving reasonable notice in that behalf, to call in any of its notes or coins on payment of the face value thereof and any note or coin with respect to which a notice has been given under this sub-section, shall, on the expiration of such notice cease to be legal tender, but, subject to section 22 of this Act, shall be redeemed by the Bank upon demand.”
“Whereas reasonable people may disagree as to whether sufficient notice was given for the implementation of this policy, it is evident that the CBN has failed woefully in its statutory obligation to pay the face value of the recalled currency in the form that is useful to the citizens whose current suffering could have been avoided,” he stated.
The Statement continued; “It is unclear what interest is served by persisting in this erroneous course towards an unfolding economic disaster that the country cannot afford. The ongoing devastation of livelihoods is bound to have consequences long after this moment has passed.
“It is disheartening that the CBN has resolutely refused to admit error and change course in the face of mounting evidence that the implementation of this policy has been a devastating failure. It is deeply troubling that neither the intervention of the National Council of State nor an order of the Supreme Court 1s sufficient to cause the Governor of the CBN to review the decisions that have brought us to this entirely avoidable moment.
“This morning, President Muhammadu Buhari, GCFR, announced that he has authorised the Central Bank of Nigeria (CBN) to reintroduce the old N200 notes into circulation, pending when the Bank can make sufficient amounts of the new currency available. This is a step in the right direction and I hope it helps curb Nigerians’ suffering. However, the decision still falls short of the order of the Supreme Court that the old currencies remain legal tender pending the adjudication of a pending suit brought by state governments on the legality of the policy and its implementation. It is not to the benefit of our country for the Federal Government to act in ways that suggest a wanton disregard for the rule of law. It will be better for us to strictly adhere to the court’s order in this matter pending the adjudication of the substantive suit.”
So what will you do to him ?
You are speaking because it affects your interest not because of poor masses. Moreso, your fellow politicians hoard the new naira notes against election day through the help of bank heads against CBN injunction. CBN had released sufficient money that could circulate at least, if not your fellows evil act. So, who is suffering the masses ?
IT DID NOT AFFECT YOU BECAUSE YOU DO NOT HAVE ANY MONEY IN ANY BANK AND HAVE NOT FOR MONEY IN YOUR LIFETIME. PEOPLE WHO DID CAN FEEL THE PINCH OF STUPID ACTION AGAINST THE MONEY THEY WORKED VERY HARD FOR.
We know who you fraudulent corrupt Yahoo-yahoo people are. Your comment is suggestive.
If u have money like u said, u would know how to exist cashlessly, u are also poor like other Nigerians but u choose to allow politicians like El Rufai brainwash u.
Extremely unfortunate.
The naira swap is a welcome development. It’s for our good so why not we adapt to the welcome development. The President opinion is for the people. Thanks.
WELCOME FOR LAZY BONE OF YOUR TYPE WHO NEITHER HAVE MONEY IN ANY BANK NOR WORKED FOR IT IN YOUR LIFETIME.
People whose money are locked up in the bank know where the shoe pinche for the money they worked really hard for and cannot access when needed.
SOMETIMES, YOU UNDEIRABLE ELEMENT WITH THOUGHTLESSNES WHOSE HEADS ARE DAMN FILLED WITH DOUGHS ARE DEPICABLE.
The President has a hidden agenda that many do not know. Politicians will always have their way.
Is this the first time the President is disobeying or disregarding the other arms of government?
Release Kanu , he refused. Heh took one billon Dollars to be spent on arms purchase without appropriations. He was asked to release Dasuki but he refused.
It’s only money you people want to spend on perpetuating yourselves that is now an issue. You guys are wicked.
The Hon Speaker is APC nah? Nigerians Will retire all of them from active politics. Quite unfortunate.
Love
Good
Gbajabiamila am surprised that today u are attacking the president because of the new naira policy which is affecting your cabal directly.
When they were killing people in the north and south did u care about the people?
When ASSU went on strike did you care about the students?
When have you visited IDP camp’s were millions of persons couldn’t sleep in their homes because of terrorist?
You haven’t conderm the level of poverty that APC has brought us into.
Today u are critising the president when you haven’t made any law that will benefit the masses throughout ur dispensation.
You have failed completely as a speaker.
Today you are coming out to conderm the president because he is not dancing to your cabal tune.
Nigerians are all aware,cudos!!! to the president
We said my friend.
I am more than disappointed in the man gbajabiamila or whatever he is called.
Besides the earlier point what was his contribution about the mascare of the innocent children at the toll gate during the end sars period. Thieves.
It is a shame to our leaders they all kept quiet why ordinary Nigerians languishing in suffering and poverty and praise same government but today they condemned same government they pass vote of confidence, the rich also cry
I completely agree with you @Ibiyi Odum
The honourable speaker should also follow the presidential directive .
I walked for miles trying to withdraw cash for food items yesterday, but I really don’t mind If this policy can help Nigeria and Nigerians in any way, especially those wicked people who have stalk the old notes they stole. Let’s give the CBN the support
We don’t have to be highly emotional or sentimental when talking about important matter being raised by Gbajabiamila – the honourable Speaker of the House of representatives. The subject matter as far as the Speaker is concerned is the illlegality of the Buari’s Thursday pronouncement on the N500 & N1000 old notes when placed alongside the Supreme court injunction of February 8 that says the same old notes should remain a legal tender pending the hearing & determination of the case before it. You people attacking the Speaker are aware that Buari’s order cannot in way override the Supreme court injunction as far as the law / the constitution of Nigeria is concerned unless we want chaos in the country so why are attacking him for having the courage to criticize Buari’s Thursday pronouncement?