The National Assembly declared on Wednesday that the most significant threat to the upcoming 2023 general elections is the Central Bank of Nigeria’s poorly implemented naira redesign policy. Lawmakers made this observation during a one‑day special hearing on “The Extent of Implementation of the Electoral Act, 2022 Ahead of the Conduct of the 2023 General Election,” held at the National Assembly complex in Abuja.
In response to comments from the Independent National Electoral Commission (INEC), which warned of ongoing violence against its facilities in some parts of the country, the legislators warned that the current naira redesign could negatively affect the conduct of the polls. Senator Opeyemi Bamidele (APC, Ekiti Central), a member of the committee, argued that the acute scarcity of naira faced by Nigerians makes the Central Bank the most serious threat to the elections. He noted that the plan for selective cash withdrawals, which INEC had coordinated with the CBN, does not guarantee a smooth electoral process.
Bamidele explained that the CBN initially framed the policy as targeting “moneybags” who hoarded billions, but the ordinary citizen is now bearing the brunt of the shortage, with many unable to access even modest funds. He emphasized the political economy of elections, noting that money is not only used for vote‑buying but also for mobilising party agents and INEC personnel to polling units. He called on all stakeholders to defend democracy, warning that reliance on the CBN for funding could set a dangerous precedent for INEC, the police, and even the military in their anti‑terror operations.
The senator warned that a cabal seeking to derail the election would be ineffective, recalling past attempts under former presidents Olusegun Obasanjo, Umaru Yar’Adua, and Goodluck Jonathan, which ultimately failed. He expressed confidence that the current crisis would pass.
Representing INEC Chairman Prof. Mahmood Yakubu, National Commissioner May Agbamuche also addressed the hearing. She cautioned that violence, especially attacks targeting INEC facilities, could undermine the credibility of the elections. Nonetheless, she affirmed the commission’s commitment to free, fair, and credible elections and highlighted ongoing collaboration with security agencies through the Inter‑Agency Consultative Committee on Election Security.
Agbamuche reported that, as of 6 January 2023, the commission was involved in over 1,000 court cases concerning intra‑party elections and candidate nominations. With 12 of 14 scheduled activities already completed, she reiterated that the 2023 general election will proceed as planned and there is no intention to postpone it.
Comments are closed for this story.