The National Council of State met on Friday in Abuja and backed the Central Bank of Nigeria’s new naira policy. The council advised President Major General Muhammadu Buhari (retd.) and CBN Governor Godwin Emefiele to either intensify the printing of new notes or recirculate old ones, aiming to ease the hardship Nigerians are experiencing under the policy.
During the four‑hour hybrid meeting at Aso Rock Villa, the council also affirmed that the general elections will proceed as scheduled, citing the readiness of the Independent National Electoral Commission (INEC) and the Nigeria Police. Minister of Justice and Attorney‑General of the Federation Abubakar Malami briefed State House correspondents, noting that the council received updates from the INEC chairman, the IGP, and the CBN governor.
Malami highlighted two major resolutions emerging from the deliberations. First, the council is confident that the election preparations are on track and is satisfied with the level of readiness demonstrated by INEC and related institutions. Second, while the redesigned naira policy remains in place, the council agreed that the Central Bank must take aggressive action to ensure an adequate supply of naira in the system.
When asked about the President’s response to the council’s recommendations, Lagos State Governor Babajide Sanwo‑Olu said the decision will be up to Buhari and is expected “soon.” The meeting was attended by former heads of state General Yakubu Gowon, Abdulsalami Abubakar, and former President Goodluck Jonathan; former President Olusegun Obasanjo joined virtually. About 14 governors were present, either in person or virtually, with some represented by deputies. Also present were Vice President Yemi Osinbajo, the Attorney‑General, two former Chief Justices of Nigeria, and other officials.
The Council of State is a federal advisory body that counsels the executive on key policies. Its membership includes the President (chairman), Vice President Yemi Osinbajo (deputy chairman), all living former Presidents and Heads of State, the President of the Senate (Ahmed Lawan), the Speaker of the House of Representatives (Femi Gbajabiamila), all 36 state governors, and the Minister of Justice and Attorney‑General of the Federation (Abubakar Malami).
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