The Majority Leader of the House of Representatives, Ado Doguwa, warned on Thursday in Abuja that the new naira policy is putting the ruling All Progressives Congress (APC) at a disadvantage in the upcoming elections. Doguwa, who chairs the Special Ad‑hoc Committee on the Naira Redesign, Cashless Policy and Naira Swap, made the remarks after leading committee members to a meeting with President Major General Muhammadu Buhari (retd.) at the Aso Rock Villa.
The meeting took place hours after the President’s televised announcement that only the old ₦200 notes would remain legal tender until 10 April 2023. The ad‑hoc committee expressed dissatisfaction, stating “It is not yet Uhuru.” Concerned about the implementation of the President’s directive, Doguwa said the committee expects the Central Bank of Nigeria (CBN) to act immediately. He warned that the committee will exercise its oversight functions to ensure full compliance and, if necessary, will invoke its legislative powers.
“We came to tell the President that despite his broadcast this morning and his instructions to the CBN to make some amendments, it is not yet Uhuru,” Doguwa said. “The Central Bank has been directed to make money available, but we cannot guarantee that the President’s directive is being carried out. The President addressed us and the CBN governor directly, and we used the opportunity to tell the governor that he must implement the President’s directive as outlined in his speech.” He cautioned the CBN and other agencies against ignoring the directive, noting that the legislature will not hesitate to use its constitutional powers to impose penalties. “While we discharge our constitutional right to oversight of every government institution, we must ensure the President’s directive is followed to the letter. Failure to do so will compel us to involve every legislative instrumentality to enforce presidential orders and respect the laws of the land.”
According to Doguwa, the new naira policy has dampened the APC’s electoral prospects. He argued that Nigerians now view the party as the source of their hardships, and elected officials on its platform cannot access the cash needed for campaign rallies. Doguwa himself needs at least ₦70 million in hard cash for campaign logistics, but “ATM stations have turned into wrestling grounds,” he said. “I told the President that the policy is against the ruling party, my party, because it is a government policy of the APC. Nigeria, at this time of elections, is now seeing my government introduce an unpopular policy.”
While some party members see merit in the policy, Doguwa stressed that the timing is inappropriate. “We see many good aspects of the policy, but our worry as ruling‑party members is: why now? With 30‑40 days to elections, you introduce a policy not widely accepted by Nigerians, and whether we like it or not, it will be seen as the government’s program.” He added, “Those of us in the APC are not happy about it. Why insist on cashless when even INEC has raised concerns that cash is needed for electoral activities?”
The report noted that Doguwa met the President alongside other committee members, CBN Governor Godwin Emefiele, Attorney General and Minister of Justice Abubakar Malami, Inspector‑General of Police Usman Baba, Director‑General of the Department of State Services Yusuf Bichi, State House Permanent Secretary Tijani Umar, and the President’s Economic Adviser Adedoyin Salami.
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