Fuel, naira scarcity: Nigerians have been pushed to the wall – Folarin

By Soji Ajibola

The 2023 candidate for governor of the All Progressives Congress (APC) in Oyo State and Chairman of the Senate Local Content Committee, Senator Teslim Folarin, has denounced the untold hardship faced by Nigerians caused by scarcity of petroleum products and banknotes.

Responding to protests in Ibadan, the capital of Oyo state, Folarin said the masses have been pushed against the wall, hence the protests across the country.

Senator Folarin’ was quoted in a statement by his media aide, Yekeen Olaniyi, as saying he was on the side of the oppressed masses.

The statement read in parts: “scarcity of naira notes and petroleum products have paralyzed economic activities and other social life in Oyo state and other states of the federation.

“It is unacceptable to see our people sleeping at gas stations and ATM galleries. It is unfair of Mr. Emefiele to further deprive our people through his half-baked currency policy.”

“The CBN stated that N3.2trn old currencies are still in circulation, but only printed N300b new notes, according to state governors. To make the situation worse, almost all ATMs across the country dispensed old Naira notes from December 2022 to the end of January 2023. This was an indication that the CBN was not ready for what it set out to do.”

“The glaring reality is that the Central Bank Governor, Mr. Godwin Emefiele, is disingenuous about the availability of the new banknotes. It is now visible to the blind and audible to the deaf that the CBN governor is playing the script of the cabals who are vehemently against abolishing subsidy.”

“After failing in his attempt to succeed President Muhammadu Buhari, Mr. Emefiele decided to change currencies without taking the National Assembly, state governors, ministers and other critical stakeholders with him.”

“It is not APC policy to change currencies, but Mr. Emefiele is being used by economic saboteurs to rock the country. However, President Muhammadu Buhari has uncovered the evil plot; hence the Friday meeting with all the executive governors. Mr. President is a father and a listening leader, he will address the worrying situation holistically.”

“I would like to point out that CBN’s ruling that old naira notes will no longer be legal tender after February 10 is against CBN law. Mr. Emefiele must for once act as a patriotic Nigerian by acting in accordance with the relevant articles of the Nigerian Constitution.”

“The CBN Act, Section 20(3) allows acceptance of old notes until they are removed from circulation. The requirement to extend the withdrawal date of old banknotes from January 31, 2023 to June 31 is not a favor but a constitutional matter.”