Council of State meets on Friday to review Nigeria’s readiness for February 25, March 11 general elections, currency redesign policy

The Council of State will on Friday, February 10, 2023, launch into a crucial meeting with a view to taking significant decisions preparatory to the February 25 presidential and national assembly elections as well as March 11 governorship and state houses of assembly polls.

The meeting is coming amid apprehensions that the elections, principally headlining the transition from the administration of President Muhammadu Buhari to the administration to be headed by another person, flowing from the completion of his (Buhari’s) two terms of eight years on May 29, this year, may become challenged due to likely public unrests.

Consequently, the meeting is expected to embark on some housekeeping and reach significant decisions that will help redirect the ship of state, douse tension and eventually avert potential national crisis.

the meeting is holding on the day that the Central Bank of Nigeria, CBN, had set as deadline for outlawing the old currency notes.

The old N200, N500 and N1000 notes will cease to be legal tenders on Friday, February 10, 2023. Governor of CBN, Mr Godwin Emefiele had as of last Friday indicated that the February 10 deadline would not be extended.

But there are concerns in and outside government over the problematic transition from old naira to the redesigned naira notes, which has produced initial flashes of street protests in some states, including Oyo State, forcing presidential candidates of the Labour Party, Mr Peter Obi and his All Progressives Congress, APC, counterpart, Asiwaju Bola Tinubu, to cancel and postpone their scheduled campaign rallies in Oyo.

Nigerians are finding it difficult to access their savings due to insufficiency of the new notes in deposit money banks. The Point of Sale (PoS) machines have largely become ineffective in serving and meeting the demands for funds as the apex bank had slammed a series of regulations making transactions restrictive and somewhat difficult.

There is scarcity of the new naira notes even as Nigerians have largely decided not to accept the old notes in their business transactions. Nigerians are waiting for February 10 to decide what next to do.

Three state governors of Kaduna, Kogi and Zamafara had already approached the Supreme Court for its intervention to ensure that the deadline did not come into effect and that both old and new currencies should be used concurrently until the old notes were gradually phased out.

While the three governors were at their game, an Abuja High Court on Monday, February 6, 2023, issued a restraining order, stopping the Federal Government and the CBN from extending the February 10 deadline for the validity of the old naira notes.

Justice Eleoje Enenche had granted an ex-parte motion filed by five of the 18 registered political parties, directing the CEOs of the deposit money banks to show cause why they should not be arrested and prosecuted for the economic and financial sabotage of the country by their hoarding, withholding, not paying or disbursing the new N200, N300, N1000 notes despite supply of such notes by the CBN.

It is against the backdrop of this scenario that the hybrid Council of State meeting scheduled for Friday becomes obligatory.

Those attending physically would converge on the Council Chambers, Presidential Villa, Abuja, at 10 am.

THE CONCLAVE further reports that on the agenda for discussion and decision at the meeting were the state of preparedness for the 2023 general elections and update on the implementation of the new currency redesign policy.

At the Council of State meeting, briefs of the Chairman of the Independent National Electoral Commission (INEC) Professor Mahmoud Yakubu and Inspector General of Police, Usman Baba are to be circulated while the CBN governor is scheduled to present update on the implementation of the new currency design policy to the Council.

THE CONCLAVE reports that the National Council of State is an organ of the Nigerian Government whose functions include advising the executive on policy making.

Although the Council has not executive power, it plays an important advisory and consenting roles in government operations.

Membership of the Council comprises President Muhammadu Buhari, Vice President Yemi Osinbajo, Secretary to the Government of the Federation, Boss Mustapha, all former Presidents of the Federation and all former Heads of the Government of the Federation, all former Chief Justices of Nigeria, President of the Senate, Ahmad Lawan, Speaker of the House of Representatives, Femi Gbajabiamila, all Governors of the 36 states of the federation and Attorney General of the Federation, Abubakar Malami (SAN). THE CONCLAVE