Naira Redesign: Conducting Credible Elections Not CBN’s Responsibility, Says Oshiomhole

A former chairman of the All Progressives Congress, Adams Oshiomhole, has said that the Central Bank of Nigeria does not have any business with how elections are conducted in the country.

Oshiomhole said there was no section of the CBN Act that empowered the apex bank to oversee the conduct of free and fair elections, adding that the naira redesign policy purported by the CBN to curb corruption and vote-buying during the 2023 elections was “senseless”.

The former Governor of Edo State stated these on Sunday night while fielding questions on Channels TV’s ‘The 2023 Verdict’ monitored by our correspondent.

Oshiomhole, who said change of currency was not a new phenomenon, faulted the CBN’s approach in undertaking the naira redesign currency.

“There was no consultation, not even within the government, at least the Minister of Finance cried out and she warned that there could be economic consequences arising from this decision,” he said.

He added that it was not enough to claim to have acted within the law or have the legal powers to do certain things, “but we’re taught in basic leadership that whoever has power should pray for wisdom. And with wisdom you will recognise that (with) a population of 200 million people, you can’t change policy overnight like you change from generator to NEPA and vice versa.

“But even worse is that you want me to change my old clothes by fire by force. I’m willing to do so… You told me to remove the old clothes that I’d need a new one. I’ve removed the old clothes but the new ones are not available, and you leave me naked. And then you tell me that I can’t take more than N20,000 from my own money, in a country in which…in part, because of the CBN monetary policies, which have led to massive devaluation, a bag of rice in naira terms costs N30,000. So, if you spend N35,000 or N30,000 to buy a bag of rice, CBN has a policy that says you can’t take more than N20,000, that is where the ATM is working. Which means you will have to queue all day to take money enough to pay for half a bag. And if you need a whole bag, you have to queue another day to raise N40,000 to buy a bag of rice…this is not sensible.”

Oshiomhole, who said residents of areas “where government presence is not felt” confronted him on he hardship they were going through as a result of the CBN naira redesign policy, stated that the CBN governor was not elected and, therefore, might not understand the pains that the electorate were going through.

He noted that the CBN did not actin wisdom, adding that it was wrong for the apex bank to assume that every Nigerian was corrupt, stating that the CBN was not one of the institutions charged with the responsibility of ensuring free, fair and credible elections.

“To assume that every Nigerian is corrupt…and that this policy is meant to check corruption; the CBN is not part of the institutions charged with the responsibility of ensuring free, fair and credible elections. That is not in the Act establishing the CBN,” Oshiomhole said.

The former national chairman of the APC said in spite of the huge resources Nigeria spends on payment of fuel subsidy, the product is still scarce and the price is beyond the reach of most Nigerians.

“As we speak, we are spending almost N7 trillion. The minister of finance spoke to the fact that we are spending about N7 trillion for fuel subsidy and yet most Nigerians found themselves paying much more than what the market rate would be and yet we have the Petroleum Equalisation Fund,” Oshiomhole added. “So, people are responsible for this.”

He said fuel scarcity is not peculiar to President Muhammadu Buhari’s government, describing the development as a “perennial problem”.

“But that does not make it acceptable,” he said.