The timing of Naira’s redesign makes no sense – El-Rufai

Kaduna state governor Nasir El-Rufai on Wednesday criticized the timing of the naira redesign, saying the move “does not make sense politically or economically”.

He said that while the policy was the right path to achieving the desired change the country craves, the timing and deadline set for it defeated its purpose.

El-Rufai stated this while appearing on Channels TV’s Sunrise Daily on Wednesday morning.

While exonerating the president, Major General Muhammadu Buhari (retd), of the mess, El-Rufai said some unnamed people took advantage of the president’s desire to enthrone a working Nigeria to frustrate his efforts.

The governor also explained that during his first stint as Nigeria’s head of state, Buhari had no problem redesigning the naira.

“… they hide behind the president’s desire to do what he thinks is right. I will give two examples: this petroleum subsidy, which is costing the country trillions of naira, was something that we all agreed should be scrapped.

“I even had a conversation with the president and showed him why it was necessary. Because how can you have a capital budget of N200 billion for federal roads and then spend N2tn on petroleum subsidy? This was a conversation I had with the president in 2021 when the subsidy thing started to ramp up. He was convinced. We left. It changed. Everyone in the government agreed, and things changed.

“The second example I will give is this currency redesign. You must understand the president. People blame the Central Bank governor for the currency redesign, but no. You have to go back and watch Buhari’s first appearance as (military head of state). He did this; the Buhari-Idiagbon regime changed our currency and did it secretly for the purpose of catching those who stash illicit funds. It’s a very good idea. The president has his right. But to do it within the allotted time right now makes no political or economic sense.”

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