CSO’s kick as Tinubu,Wike hail Supreme Court ruling on Naira swap

OBIORAIFOH, Abuja

The Coalition of Civil Society Organisations (CSOs) of Nigeria has asked the Chief Justice of Nigeria, Justice Olukayode Ariwoola to vacate the order by the Supreme Court restraining the Federal Government from implementing the February 10 deadline for the validity of old 200, 500 and 1,000 naira notes.

 

Speaking during a press conference on Wednesday in Abuja, the National Coordinator of the group, Obed Okwukwe, claimed that Supreme Court does not have the jurisdiction to entertain the matter.

 

But  the  presidential candidate of the All Progressives Congress (APC), Bola Tinubu, in a swift reaction hailed the governors of the 36 states in the country for standing on the side of the Nigerians following the Supreme Court ruling on the naira redesign policy.

 

Tinubu said the governors, especially those elected on the platform of the APC, who instituted the suit against the CBN and Federal Government at the Supreme Court acted well on behalf of Nigerians who have been made to bear the brunt of naira redesign policy “that has been poorly implemented”.

 

On his part, Okwukwe said: “We say it categorically that the Supreme Court does not have the jurisdiction to entertain that matter that has been presented before it by some state Attorneys” General. We the CSOs are rejecting it.

 

“It is a plot to open bank vaults to enable vote buyers and holders of illicit wealth to have cash to buy votes. We urge the CJN to hurriedly vacate the Ex-parte order in the overall interest of the Nigerian election,” Okwukwe said.

 

 

 

He said according to the 1999 Constitution, as amended, the apex court has the right and original jurisdiction to entertain matters between states and the Federal Government. The rights activist argued that the naira redesign policy is a policy of the Central Bank of Nigeria (CBN) and has the backing of the Federal Government and ought not to be entertained by the Supreme Court.

 

 

 

The Supreme Court on Wednesday morning in a suit brought before it by the governments of Zamfara, Kogi, and Kaduna states gave an interim injunction against the CBN and Federal Government, allowing the old N200, N500, and N1,000 to remain legal tender beyond February 10 deadline until the case is fully disposed.

 

 

 

However, following the apex court ruling, Tinubu, in a statement issued by the Director, Media and Publicity APC Presidential Campaign Council, Bayo Onanuga, noted that the governors have saved the country from needless political and economic crises and miseries which he said have clearly become unintended consequences of the monetary policy of the apex bank.

 

 

 

The APC presidential flag-bearer stated that the Supreme Court ruling coincided with the advisory of the International Monetary Fund urging for the extension of the deadline for the swap of the old naira notes, going by the problems being experienced across the country in getting the new notes.

 

 

 

The former Lagos State Governor said: “I want to salute the courage of our Governors and most especially the Progressives Governors in APC who acted to save our country from avoidable and dangerous political crises and social unrest which the Central Bank policy on new Naira notes has brought on our country.

 

 

 

“Our country was dangerously careering toward anarchy and political and economic shutdown. But with the Supreme Court interim ruling our country has been pulled back from the precipice. We thank our Supreme Court Justices for ruling wisely on the side of the people who have been subjected to undue agony and pains since this policy was announced.

 

 

 

“The Federal Government and relevant stakeholders can now sit down and work out better framework on how to proceed with the new policy without causing any social and economic disruption and inconvenience to our people. We have examples of other countries that have successfully and seamlessly changed their currencies to learn from.

 

Those countries give a long time, at least 12 months to effect the currency change. They do not engage in CBN-like Fire Brigade approach.

 

 

 

“We have seen how a good policy can be poorly implemented to cause unintended problems for the people who should be the beneficiaries. While lessons have been learnt, we must now move on as a country and people with a Renewed Hope for a better tomorrow.

 

 

 

“The sole aim of my running to be the president of our country is to make life better and more abundant for our people and this is an ideal for which I will remain eternally committed to.”

 

 

 

Tinubu, however, called on the CBN to ensure that the Supreme Court ruling is effectively executed by taking all necessary steps to “ensure sufficient availability of naira notes (whether old or new) and properly sensitising the public on the ruling and the consequent validity of old naira.”

 

 

 

Also, the Rivers State governor, Nyesom Ezenwo Wike has commended the Supreme Court of Nigeria for saving democracy by halting the Central Bank from banning the use of the old naira notes of N200, N500 and N1000 after February 10th 2023.

 

 

 

He said the intervention of the Supreme Court was timely because there are some elements who have been bent on derailing the ongoing democratic process.

 

Wike spoke at the County State School, Emilaghan in Central Abua, venue of Rivers State Peoples Democratic Party (PDP) organised campaign flag-off rally in Abua/Odual Local Government Area on Wednesday.

 

He said, “I want to, on behalf of the Rivers State Government, commend the Nigerian Supreme Court for what they have done today (Wednesday) to save the masses of this country and to save democracy. Today, the Supreme Court has stopped the Central Bank of Nigeria (CBN) from embarking on stopping the old Nigerian Naira notes from circulating.”

 

He also declared that the Rivers State government will join the three northern states in the suit that is already challenging what the CBN is doing.

 

“And let me commend my brother states like Kogi State, like Kaduna, like Zamfara state who took it upon themselves to go and challenge the federal government at the Supreme Court.

 

“I also want to say that the Rivers State Government will join them in that suit to challenge what the CBN is doing. We will not support anything that will go against the masses, anything that makes the masses to suffer.”

 

 

 

Wike reiterated that the survival of the country’s democracy rests, to a large extent on critical agencies of government that expected to live up to their statutory obligations.

 

“I have said before, this democracy can only survive with the support of INEC, with the support of security agencies and with the support of the judiciary. With what happened today, the Supreme Court has shown that the hope of the common man lies on the judiciary.”

 

He also clarified that the PDP in Rivers State PDP is not part of the PDP group, if any, that has declared support for the poorly implemented currency redesign policy by the CBN.

 

“And I want to say, we are not part of that PDP group, if there are, who supporting this kind of action. We PDP in Rivers State, we will not support this kind of action.”

 

Commenting on the two recent projects that were flagged -off in the area, he noted that the contractor, Lubrik Construction Company seemed to have slowed down the pace of work on those sites and issued a 24hours ultimatum to the contractor, not only to return to site, but to increase the speed of work.

 

Campaigning for the Peoples Democratic Party governorship candidate, Sir SiminialayiFubara, governor Wike recalled that in 2014, when he visited the area to canvass for support, there were unrests and gunshot renting the air.

 

But since he became governor, he has restored calm and peace which has engendered development with a good number of projects started and completed in the area.

 

While noting the existing unity and peaceful coexistence among them, he told the Abua/ Odual people that if they continued to work in unity, optimally utilised their permanent voters cards for the PDP, they will reap bountifully when the consolidation team wins.

 

 

 

Fubara, who asked the people to secure their votes for him and other PDP candidates, assured that his administration will sustain the peace in the area by working with traditional rulers and other critical stakeholders.

 

Fubara also gave the assurance that should there be any uncompleted project in the area that will be inherited; his administration will complete them, among other projects as may be suggested to meet their infrastructural needs.

 

Presenting the party’s flags to the candidates of the party, Rivers State PDP Chairman, Ambassador Desmond Akawor urged the Abua/Odual people to ensure that they delivered their votes for all PDP candidates.

 

Speaking on behalf of the candidates, deputy governor of Rivers State, Dr. IpaliboHarry-Banigo, who is the candidate for Rivers West Senatorial District noted the various projects delivered in the area byWike that have impacted positively on the people.

 

 

 

She pledged that they will speak up for their various constituents and never disappoint their expectations because they will provide quality representation.

 

Wike had earlier paid a courtesy call at the palace of His Majesty, King Kaleh O. Obuge, to seek royal blessing for the PDP consolidation team.

 

Earlier on Wednesday, the Supreme Court restrained the Federal Government from implementing the February 10 Deadline for the old naira notes.

 

Three northern states — Kaduna, Kogi and Zamfara — had in a motion ex-parte filed on February 3rd, by their lawyer, AbdulHakeem Mustapha (SAN), prayed the apex court to halt the Central Bank of Nigeria (CBN) naira redesign policy.

 

A seven-man panel of the Supreme Court led by Justice John Okoro, in a unanimous ruling, granted an interim injunction restraining the FG, CBN, commercial banks etc from implementing the February 10, deadline for the old 200, 500 and 1000 Naira notes to stop being a legal tender.

 

The court further held that the FG, CBN, commercial banks must not continue with the deadline pending the determination of a notice on notice on in respect of the issue on February 15.

 

By this ruling, the old Naira notes continue to be legal tenders in Nigeria.

 

Meanwhile, a seven-member panel of the Supreme Court led by Justice John Okoro, stopped the move of the federal government in a ruling in an exparte application brought by three northern states of Kaduna, Kogi and Zamfara.

 

 

 

The three states had specifically applied for an order of Interim Injunction restraining the  Federal Government through the Central Bank of Nigeria (CBN) or the commercial banks from suspending or determining or ending on February 10, 2023, the time frame with which the now older version of the 200, 500 and 1,000 denomination of the naira may no longer be legal tender pending the hearing and determination of their motion on notice for an interlocutory injunction.

 

 

 

Moving the application on Wednesday, counsel to the applicants, Mr A. I. Mustapha, SAN, had urged the Supreme Court to grant the application in the interest of justice and the well-being of Nigeria. He stated that the government policy has led to an excruciating situation that is almost leading to anarchy in the land.

 

While he referred to CBN statistics which put the number of people who don’t have bank accounts at over 60 per cent, Mustapha lamented that the few Nigerians with bank accounts could not even access their monies from the bank as a result of the policy.

 

Delivering a ruling in the motion, Justice Okoro held that after careful consideration of the motion exparte this application is granted as prayed, an order of Interim Injunction restraining the federal government through the Central Bank of Nigeria (CBN) or the commercial banks from suspending or determining or ending on February 10, 2023, the time frame with which the now older version of the 200, 500 and 1,000 denomination of the nairaVmay no longer be legal tender pending the hearing and determination of their motion on notice for interlocutory injunction. He, however, adjourned to February 15, 2023, for a hearing of the main suit

 

Meanwhile, the International Monetary Fund (IMF) has urged the Federal Government to deliver on its commitment to remove fuel subsidy by mid-2023.

 

 

 

It said the government needed to make bold fiscal reforms to create the needed policy space, secure public debt, and reduce vulnerabilities.

 

The Washington-based lender stated this on Wednesday in a report titled IMF Executive Board Concludes 2022 Article IV Consultation with Nigeria published on its website.

 

 

 

It said that despite rising oil prices, the nation fiscal deficit was estimated to have widened further in 2022, mainly due to high fuel

 

subsidy costs. It added that while the current account might have improved in 2022, foreign currency reserves declined because of capital outflow pressures.

 

 

 

The report, added that Nigeria has missed out on the opportunity to reap the benefits from higher global oil prices in 2022 adding that the government needs to take decisive fiscal and monetary tightening to secure macroeconomic stability, combined with structural reforms to improve governance, strengthen the agricultural sector, and boost inclusive, sustainable growth.