The National Council of State, on Friday, in Abuja has decided to support the central bank’s new naira policy.
However, the council advised the President, Major General Muhammadu Buhari (retd.), and the apex bank chief, Godwin Emefiele, to either amplify the printing of new notes or recirculate the old ones to alleviate the hardship of Nigerians brought about by the policy.
The country’s highest advisory organ also insisted that the general elections will be held as scheduled based on the readiness of the Independent National Electoral Commission and the Nigeria Police.
The Minister of Justice and Attorney-General of the Federation, Abubakar Malami, disclosed this to State House correspondents after the four-hour hybrid meeting at the Aso Rock Villa, Abuja.
Malami said the council received briefing from the chairman of INEC, the IGP and the CBN governor.
In order to lessen the hardship caused by the policy, it encouraged the President, Major General Muhammadu Buhari (retired), and the governor of the central bank, Godwin Emefiele, to either increase the production of new notes or recycle the old ones.
As long as the Independent National Electoral Commission and the Nigeria Police are prepared, the general elections will take place as scheduled, according to the nation’s highest advisory body.
The Minister of Justice and Attorney-General of the Federation Abubakar Malami revealed this to State House reporters after the four-hour hybrid meeting at the Aso Rock Villa in Abuja.
Malami reported that the IGP, the CBN governor, and the INEC chairman briefed the council.
“The two major resolutions that were driven, arriving from the deliberations of the Council, are one, that we are on course as far as election is concerned and we are happy with the level of preparation by INEC and the institutions.
“Two, relating to the naira re-designed policy, the policy stands, but then the Council agreed that there is need for aggressive action on the part of the Central Bank, as it relates to the implementation of the policy by way of ensuring adequate provision being made with regard to the supply of the naira in the system,” the AGF said.
Present were former President Goodluck Jonathan, previous Heads of State General Yakubu Gowon and Abdulsalami Abubakar.
There were only about 14 governors present both physically and virtually, some of whom were represented by their deputies while former President Olusegun Obasanjo joined the meeting virtually.
Vice President Yemi Osinbajo, the Attorney General and Minister of Justice of the Federation, as well as two past Chief Justices of Nigeria, were also in attendance.
The Nigerian Federal Government’s Council of State is a body that provides advice to the executive on important matters.
It comprises the President as chairman, Vice President Yemi Osinbajo (deputy chairman), all living former Presidents and Heads of State, President of the Senate, Ahmed Lawan, Speaker of the House of Representatives, Femi Gbajabiamila, all the 36 state governors and Minister of Justice and Attorney-General of the Federation, Abubakar Malami.