President Goodluck Jonathan may have bowed to
pressure from Nigerians to discontinue the planned introduction of N5,000 note
and the policy on restructuring of the nation’s currency by the Central Bank of
Nigeria (CBN).
pressure from Nigerians to discontinue the planned introduction of N5,000 note
and the policy on restructuring of the nation’s currency by the Central Bank of
Nigeria (CBN).
Daily Independent reliably
gathered that he has suspended the plan at least for now.
gathered that he has suspended the plan at least for now.
Sources
close to the National Assembly said the issue was the subject of discussion at
an Executive Session held by members of the House of Representatives on
Wednesday.
close to the National Assembly said the issue was the subject of discussion at
an Executive Session held by members of the House of Representatives on
Wednesday.
According
to sources, Jonathan after a meeting with principal officers of the National
Assembly on Tuesday night seemed convinced that Nigerians were not favourably
disposed to the introduction of a N5,000 bill at the moment.
to sources, Jonathan after a meeting with principal officers of the National
Assembly on Tuesday night seemed convinced that Nigerians were not favourably
disposed to the introduction of a N5,000 bill at the moment.
Sources
at the closed-door session disclosed that Speaker of the House, Aminu Tambuwal,
briefed members on the outcome of the meeting between Jonathan, Senate
President David Mark, and himself (Tambuwal) on Tuesday night.
at the closed-door session disclosed that Speaker of the House, Aminu Tambuwal,
briefed members on the outcome of the meeting between Jonathan, Senate
President David Mark, and himself (Tambuwal) on Tuesday night.
Spokesman
of the House, Zakari Mohammed, who also confirmed the meeting between Jonathan,
Mark and Tambuwal, told journalists yesterday that it offered an opportunity
for the two National Assembly presiding officers to brief the President on the
Assembly’s position regarding budget implementation.
of the House, Zakari Mohammed, who also confirmed the meeting between Jonathan,
Mark and Tambuwal, told journalists yesterday that it offered an opportunity
for the two National Assembly presiding officers to brief the President on the
Assembly’s position regarding budget implementation.
Sources
said at the meeting, the President was briefed on the essence of the
resolutions of the two Houses of the National Assembly on the controversy
surrounding the N5,000 note and budget implementation.
said at the meeting, the President was briefed on the essence of the
resolutions of the two Houses of the National Assembly on the controversy
surrounding the N5,000 note and budget implementation.
“The
Speaker informed members that the President had invited Mark and himself to a
meeting for briefing on the resolutions of both chambers against the N5,000
note.
Speaker informed members that the President had invited Mark and himself to a
meeting for briefing on the resolutions of both chambers against the N5,000
note.
“He
told us that Jonathan was assured that the resolutions against the planned
introduction of the N5,000 note was not an affront on the executive arm but
instead a move meant to protect the interest of majority of Nigerians who might
be adversely affected by the plan.
told us that Jonathan was assured that the resolutions against the planned
introduction of the N5,000 note was not an affront on the executive arm but
instead a move meant to protect the interest of majority of Nigerians who might
be adversely affected by the plan.
“From
the way the meeting went, according to the Speaker, it is very likely that the
President may prevail on the CBN to suspend the introduction of the N5,000
note.”
the way the meeting went, according to the Speaker, it is very likely that the
President may prevail on the CBN to suspend the introduction of the N5,000
note.”
However,
by 6.30 p.m. on Wednesday, news came that the President had actually dropped
the idea of the N5,000 note, and that he had told his Economic Management Team
of his desire to bow to public pressure on the issue.
by 6.30 p.m. on Wednesday, news came that the President had actually dropped
the idea of the N5,000 note, and that he had told his Economic Management Team
of his desire to bow to public pressure on the issue.
While
the controversy over the planned new note raged, the Non-Academic Staff Union
of Universities and Associated Institutions (NASU) had joined voice with the
National Assembly to reject the proposed N5,000 note.
the controversy over the planned new note raged, the Non-Academic Staff Union
of Universities and Associated Institutions (NASU) had joined voice with the
National Assembly to reject the proposed N5,000 note.
NASU’s
National President, Ladi Iliya, made the union’s position known at the opening
of a two-day conference of its National Executive Council (NEC) in Asaba, the
Delta State capital, on Wednesday.
National President, Ladi Iliya, made the union’s position known at the opening
of a two-day conference of its National Executive Council (NEC) in Asaba, the
Delta State capital, on Wednesday.
She
said NASU was apprehensive that if introduced, the N5,000 note would “encourage
easy process of cash bribery as ‘Ghana must go’ bags will give way to slim
brief cases.”
said NASU was apprehensive that if introduced, the N5,000 note would “encourage
easy process of cash bribery as ‘Ghana must go’ bags will give way to slim
brief cases.”
The
union stated that government’s excuse that the N5,000 note would be restricted
to “big spenders buttress our stand because the big culprits in the bribery
business are corporate organisations, who are the big spenders.”
union stated that government’s excuse that the N5,000 note would be restricted
to “big spenders buttress our stand because the big culprits in the bribery
business are corporate organisations, who are the big spenders.”
Iliya
suggested that the huge funds earmarked for the printing of the proposed N5,000
notes should be channelled to policies that would create jobs.
suggested that the huge funds earmarked for the printing of the proposed N5,000
notes should be channelled to policies that would create jobs.
Besides,
Iliya urged the government to channel energies in addressing the recurring
challenges of insecurity, the fuel subsidy scam, corruption and ravaging flood,
among others.
Iliya urged the government to channel energies in addressing the recurring
challenges of insecurity, the fuel subsidy scam, corruption and ravaging flood,
among others.
“It
is like they have lost track of what they are doing. They are talking about
cashless society and at the same time, talking about printing of higher
currency denominations when there are lots of problems bedeviling the nation.
is like they have lost track of what they are doing. They are talking about
cashless society and at the same time, talking about printing of higher
currency denominations when there are lots of problems bedeviling the nation.
“Parts
of the country are being ravaged by flood, there is general insecurity, the
roads and other infrastructure are not working and unemployment rate is high.
of the country are being ravaged by flood, there is general insecurity, the
roads and other infrastructure are not working and unemployment rate is high.
“We
say no to the planned introduction of the N5,000 note and we will stand by it,”
she declared.
say no to the planned introduction of the N5,000 note and we will stand by it,”
she declared.
However,
speaking on the matter on Wednesday, Minister of Information and Communication,
Labaran Maku, advised Nigerians to give peace a chance by avoiding controversy.
speaking on the matter on Wednesday, Minister of Information and Communication,
Labaran Maku, advised Nigerians to give peace a chance by avoiding controversy.
Maku
made the remark in Abuja at the Nigeria Union of Journalists (NUJ) People’s
Forum.
made the remark in Abuja at the Nigeria Union of Journalists (NUJ) People’s
Forum.
He
spoke of the essence of a nationwide media tour to begin tomorrow, starting
with the Federal Capital Territory (FCT).
spoke of the essence of a nationwide media tour to begin tomorrow, starting
with the Federal Capital Territory (FCT).
Maku
counseled that there should be harmony between the policies of the CBN and the
reactions of Nigerians.
counseled that there should be harmony between the policies of the CBN and the
reactions of Nigerians.
The
minister said the platform for the media tour was good governance and progress
that the country is making in various states in terms of developmental
projects.
minister said the platform for the media tour was good governance and progress
that the country is making in various states in terms of developmental
projects.
It
is to give Nigerians the opportunity to ask questions, evaluate and raise
criticism on federal projects meant to benefit them, he added.
is to give Nigerians the opportunity to ask questions, evaluate and raise
criticism on federal projects meant to benefit them, he added.
He
stressed that the transformation agenda of President Goodluck Jonathan was
deliberate and that the tour was not about the general elections in 2015.
stressed that the transformation agenda of President Goodluck Jonathan was
deliberate and that the tour was not about the general elections in 2015.
He
said it is a tour that will set the pace for good governance to sustain the
transformation agenda towards a better Nigeria.
said it is a tour that will set the pace for good governance to sustain the
transformation agenda towards a better Nigeria.
He,
however, challenged the media to seize the opportunity to set the pace for good
governance by reporting progress in every sector they are opportuned to
evaluate by giving accurate information to the public and not be used by any
politician to campaign towards 2015.
however, challenged the media to seize the opportunity to set the pace for good
governance by reporting progress in every sector they are opportuned to
evaluate by giving accurate information to the public and not be used by any
politician to campaign towards 2015.
The
minister also charged Nigerians to take it as a duty to maintain solidarity
among themselves, live together as one, show openness and oneness in all they
do.
minister also charged Nigerians to take it as a duty to maintain solidarity
among themselves, live together as one, show openness and oneness in all they
do.
