With only six days remaining until the 2023 general elections, Nigerians are confronting a crucial political moment while grappling with economic crises that have severely affected daily life. Leke Baiyewu writes that the nation heads toward the elections in hardship, pain, and difficulty, largely due to the actions and inaction of the federal government. Beyond rising pump prices and a shortage of Premium Motor Spirit (petrol), recent monetary policies introduced by the Central Bank of Nigeria (CBN) have worsened the populace’s plight.
President Major General Muhammadu Buhari (retd.) finally broke his silence on Thursday, addressing the nation via a national broadcast. He claimed the CBN’s policy would add value to the upcoming elections, stating, “On February 25, 2023, the nation will elect a new president and National Assembly members. I am aware that this new monetary policy has also contributed immensely to the minimisation of the influence of money in politics. This is a positive departure from the past and represents a bold legacy step by this administration towards laying a strong foundation for free and fair elections.”
The CBN, after setting lower limits for cash withdrawals from Deposit Money Banks and other financial institutions last year, redesigned the N1,000, N500, and N200 notes and demanded that the public exchange the old notes within a timeframe that has already been adjusted twice. The policy has created chaos: the new notes are scarce, while the old ones are no longer legal tender. Although banks have collected the old notes as ordered, depositors can hardly access their funds, which are now only available in the limited new notes. Reports indicate that this shortage has led to hardships, unrest, violent protests, arson, and even deaths across the country.
The polls are only days away, and the electorate—whose votes are crucial for choosing new leaders—has been economically incapacitated. Prof. Abubakar Sulaiman, Director‑General of the National Institute for Legislative and Democratic Studies, warned that Nigerians now doubt the benefits of democracy in light of recent developments. Speaking at a two‑day capacity‑building workshop organized by the Germany‑based pro‑democracy group Konrad Adenauer Stiftung for the Senate and House Press Corps, Sulaiman said the country is approaching “one of the most consequential elections in the history of our democracy.” He noted that “the very essence of our nationhood is being questioned” and emphasized the media’s responsibility to report responsibly, as “a lot is riding on the way the media covers and reports stories ahead of the elections.”
Several National Assembly members have lamented the cash scarcity that hampers campaign logistics and the mobilisation of party supporters, especially in rural areas where farmers, fishermen, and informal workers are hard to reach. Observers say the crises now have political and security dimensions. CBN policies have created division among Nigerians, including the political elite. In the House of Representatives, Speaker Femi Gbajabiamila, Deputy Speaker Ahmed Wase, and Majority Leader Alhassan Ado‑Doguwa have criticised the poor implementation of policies that have caused hardship, while Minority Leader Ndudi Elumelu praised the apex bank for pushing the country toward a cashless economy.
On Tuesday, Gbajabiamila launched the second edition of GbajaRide, a community transport initiative in Surulere, Lagos, citing the currency‑swap policy and fuel scarcity as reasons for the hardship. He declared, “The House of Representatives, under my leadership, has been on the side of the people, working tirelessly to rescue you from economic saboteurs seeking to derail the successes of President Buhari and the APC administration. The judiciary has confirmed our position on the naira redesign policy, and relief is underway.”
Security concerns were highlighted by the Office of the National Security Adviser on 9 February 2023, warning that the CBN’s policies could impede military operations by making it difficult to pay troops in remote areas lacking telecommunications. Maj. Gen. Babagana Monguno (retd.), represented by Rear Admiral Abubakar Mustapha, raised the issue before a House ad hoc committee on the CBN’s cashless policy and the extension of the currency‑swap timeframe. The warning came as the military and paramilitary agencies are tasked with ensuring security and a conducive environment for voters during the elections.
The National Youth Service Corps leadership has cautioned corps members against partisanship and manipulation while they are deployed for ad hoc electoral duties. Meanwhile, the Independent National Electoral Commission (INEC) faces logistical challenges due to the shortage of new naira notes. Resident Electoral Commissioner Yahaya Bello warned that without addressing the cash crunch, deploying staff and materials for the elections will be difficult. He explained that over 12,000 ad‑hoc staff in the Federal Capital Territory will need cash payments on the night of 24 February, and similar cash requirements exist for security and transport across the country.
Despite these obstacles, civil‑society group Concerned Nigerians, led by Deji Adeyanju, believes determined voters will still cast their ballots. Adeyanju argued that those who have decided to vote are unlikely to be deterred, while non‑voters are typically people who never intended to vote. He urged continuous encouragement for Nigerians to vote, especially against the APC, which he says has caused untold hardships. Although he criticised the president’s decision to extend the expiration date of the old N200 note until 10 April, Adeyanju noted that this move suggests the president is aware of the need to prevent further suffering, allowing people access to the N200 notes.
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