The Nigerian Senate reconvened on Tuesday after a long holiday to ask President Goodluck Jonathan to bar the Central Bank of Nigeria (CBN) and its governor, Mallam Sanusi Lamido, from implementing the planned restructuring of the naira, headlined by the introduction of the single N5000 note.
The upper legislative chamber declared such action illegal and unconstitutional, and its members who spoke had strong words of condemnation for Sanusi and the plan, which they branded as anti-people.
The resolution was sequel to a motion sponsored by Senator Ita Enang (PDP, Akwa Ibom), who accused Sanusi of pursing the International Monetary Fund’s agenda of impoverishing Nigeria.
He described Sanusi as an arrogant and misleading public officer acting as though he had monopoly of knowledge.
The senator also berated the Economic Team of the president for endorsing an “anti-people and unpopular” policy.
Enang, in his lead debate on the motion, observed that the CBN policy would lead cause the country untold economic problems and widespread corruption.
“The policy will create multiple economic problems like inflation, corruption and security challenges; and [it] would erode the value of the nation’s currency and ruin the economy,” he submitted.
Senate President, David Mark, similarly condemned the policy, accusing Sanusi of misleading Nigerians with hypothetical facts and figures. He would have none of the arguments of the CBN governor that the policy would reduce inflation in the country, describing it as mere theory that is unacceptable to Nigerians, and urging the government to be bold in reversing any unpopular policy.
“The important thing is that if Nigerians say they do not want a particular policy at any given moment, there is no harm in government retracing its stand on the issue; and I think that is the situation that we find ourselves.
“I have listened to the arguments from those who support it but those arguments are simply not convincing. They appear to me to be highly theoretical and technical in nature; and they do not address any practical issue on ground.
“Any policy that does not address issues directly but just talks about indices [that] we cannot verify should wait for now. We have not reached that level where we are just talking of hypothetical cases all the time.
“I think the disadvantages of the N5000 note at the moment far outweigh the advantages; and on balance, we should not go for it. And also, from the contributions on the floor, we are all in support of the fact that the timing is wrong and the policy is unnecessary at the moment and the arguments being advanced are not convincing and there is no urgent need for it to take place now.
“There is no ambiguity on our stand on the issue. I am not sure Sanusi is aware of the Constitution, if he was, he would make reference to us before addressing the issue.”
Deputy Senate President, Ike Ekweremadu, like others, opposed the policy, imploring the CBN governor to listen to the people, and warning that failure to do so may lead to disaster for the country.
“Section 4 (2) is clear that sovereignty belongs to the people. Any government that fails to listen to the people is heading for disaster. Let Sanusi listen to the people today,” Ekweremadu said.
Senate Leader Victor Ndoma-Egba advised the CBN governor to allow the will of the people to prevail, saying the introduction of N5000 note would increase the rate of corruption.
“In a democracy, no matter how strongly a policy is, you cannot claim monopoly of wisdom,” he said. “Even if the policy is good for the people and they say they do not want it, it is their right to refuse what is good for them. This is one moment that our policy makers must listen to Nigerians.”
Also kicking against the proposal, Chairman, Senate Committee on Media and Publicity, Enyinnaya Abaribe, who addressed journalists at the end of plenary, accused the CBN of contravening section 4 (2) of the 1999 constitution.
“The proposed action is illegal because it directly contravenes section 4 (2) of the constitution,” he said. “The section empowers the National Assembly to legislate on issues of currency, coinage, and legal tenders. The CBN acted ultra vires by even contravening its own law, too, because section 8 states that they must consult with National Assembly.”
PDP Senators Smart Adeyemi and Nurudeen Abatemi, of PDP, Kogi East and Central Senatorial districts respectively, maintained that Sanusi was acting out IMF’s plans to ruin the country’s economy by sticking to the policy despite strong disapproval from the people.
According to Adeyemi, “The agenda of introducing N5000 is part of IMF plans to impoverish Nigeria. Jonathan should be weary of some policies that are tailored to suit IMF’s plans to impoverish our people.”
Another opposing senator, Atai Aidoko (ANPP, Kogi) lamented that the policy is a revelation of how principal officers mislead the president.
This is an agenda of the West to colonise this country,” he claimed. “This also bothers on the issue of arrogance of the CBN governor. He has displayed so much arrogance, [and] insulted a former president. He has to be called to order.”
