Members of the House of Representatives have stuck to their opposition to the new cash policy introduced by the Central Bank of Nigeria (CBN), with Speaker Femi Gbajabiamila meeting President Muhammadu Buhari yesterday to discuss the newly introduced cash withdrawal limits as well as the rising cases of violent attacks at political rallies.
The Speaker, who disclosed this to State House correspondents after the closed-door meeting in the President's office at the Presidential Villa, Abuja, described the session as routine and meant to deliberate on key national issues.
He, however, did not reveal the outcome of the discussion.
Gbajabiamila also said that the House of Representatives was not involved in the ongoing controversy stirred by its member representing Kazaure, Roni, Gwiwa and Yankwashi Constituency of Jigawa State, Hon. Gudaji Kazaure, over the alleged missing N89 trillion accruing from Stamp Duty.
The Speaker said: "It's the regular routine discussions on state matters and of national interest. I hadn't seen the president in a little while. He's been away. He just got back. Of course, it was also his birthday. But more importantly, we had to discuss issues surrounding state matters."
On the state matters, he added: "Things have come up in the last few weeks. And in the last few days, some things have come up. And I just wanted to get his perspective on them and give him mine and that of the National Assembly's perspective and position on those matters. And we had a fruitful discussion."
Pressed on the specific issues discussed at the meeting, the Speaker stated: "Well, I wasn't actually intending to talk to the press. It was just a discussion between the President and I but, of course, there were issues around cashless policy, issues around elections and violence that seem to be erupting here and there and a couple of other very important matters as well."
Gbajabiamila stated that the House was not involved in the Stamp Duty controversy because Kazaure was working with his team independent of the Legislature.
"Kazaure, from my understanding, is working with whoever he's working with. If it necessitates the House coming in, we will come in. If he has an official function, he should go ahead and do his work. But this has nothing to do with the National Assembly. Not that I know of."
Pressed further on whether the National Assembly was involved in the matter, the Speaker stressed: "No, no, no, no, no. It was not based on a resolution of the National Assembly. It was not based on a motion from the National Assembly. I believe he said he had the executive authority to do what he's doing. If that's the case, I mean, then it's got nothing to do with the National Assembly."
On whether the House might call the Jigawa lawmaker to order, he said Kazaure had not impugned the character of the House or its members to necessitate that.
The Speaker declared: "Well, the House can only call Kazure to order to the extent that he is impugning on the integrity of the House or individuals or leadership of the House that have nothing to do with what he's doing.
"I think it's important to separate the two. If he has a mandate to do something, that's on him. When it came up, we had asked members of the executive, they said they were not aware of any mandate or such mandate has been withdrawn.
"I don't want to get into it except to the extent that he tries to impugn on the integrity of members of the House. And that's a no-no, we have nothing to do with this."
On the activities of the House next year, Gbajabiamila pointed out that they would round off this session and go on break to campaign for the elections.
I'm Abroad On Official Assignment, Says Emefiele
Meanwhile, the Central Bank governor, Godwin Emefiele, did not appear yesterday before the House of Representatives to brief lawmakers on the new cash withdrawal policy.
A letter from his office said he travelled out of the country on official assignment.
Sequel to this, the House has again rescheduled his appearance for Thursday, 22nd December, the last day of plenary for the year 2022.
The CBN governor was initially due to appear before the lawmakers on December 15, but it was rescheduled after he sent a letter to the parliament stating that he was out of the country to the USA with President Muhammadu Buhari.
At the plenary session yesterday, Emefiele, again, through a letter signed by Edward Adamu, CBN deputy governor, corporate services, said he was not yet back in the country.
Speaker of the House, Femi Gbajabimila who gave an update on the resolution passed by the House requesting a meeting with the CBN governor, observed that the letter from the CBN was addressed to the Clerk of the House of Representatives, Dr Yahaya Danzaria, since he was the one that wrote the invitation letter.
The speaker said, "Regrettably, the CBN governor is unavailable to brief the House of Representatives at this time, because he rescheduled official engagements he is currently addressing abroad. Accordingly, he has requested that we respectively convey his inability to honour this invitation on the rescheduled date. The governor regrets this and will contact the House of Representatives as soon as he returns to the country from his official assignment," the letter signed by CBN's Deputy Governor, Corporate Service, said.
The member representing Ilorin East/Ilorin South federal constituency of Kwara State, Hon Abdulganiyu Olododo, in his contribution, stressed the need for the House to ascertain "what that official assignment is that will keep the CBN governor away for almost two weeks.
"If he is going to be unavoidably absent, he should send his deputy governor or anyone that is equipped to brief this house, so that we will not carry this to next year," Olododo said.
Meanwhile, President Muhammadu Buhari has formally transmitted a new finance bill, 2022, to the House of Representatives, which seeks to provide support for the funding of the 2023 budget.
Speaker Gbajabiamila, who read the president's communication during Tuesday's plenary, also disclosed plans to meet with him.
While calling for accelerated consideration and passage of the proposed Finance bill, 2022, President Buhari explained that the proposed bill, when passed into law, will "provide the financial support for the implementation of the 2023 federal budget.
Money Launderers, Narcotic Traders Against Naira Resign, Cashless Policy - NANS
The National Association of Nigerian Students (NANS) has declared support for the cashless policy and the redesigning of Naira by the CBN, saying Nigerians should not abandon the nation's currency to the activities of money launderers, exchangers, drug and narcotic traders.
The apex students body also urged the CBN to come up with stiffer measures that will save the Naira from further depreciation.
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LEADERSHIP reports that there have been voices in support and against the new policies of the CBN in the recent time.
But reacting to the development yesterday through a statement after the emergency meeting of the association's leadership at the weekend, urged Nigerians to embrace the change, while the banks should improve their online applications to encourage consumer confidence.
The statement signed by the NANS Senate President, Comrade Felix Attah Nnalue, said Nigeria as Africa's largest economy and population has experienced an unbelievably unstable exchange rate in the last seven years, which needed to be stabilised.
"We cannot continue like that; the CBN must come up with stiffer measures that will save our Naira. We cannot abandon our currency to the activities of money launderers, exchangers, drug and narcotic traders and the bewildering information that over 80% of Currency in Circulation of over N2.7 trillion is outside the banks. Is this a Joke? What are our law enforcement agencies doing? Is the CBN short of policies?
"Our interest is in the future, for there we will spend the rest of our lives. This is why we absolutely support the redesign of our Naira, so that N2.7 trillion and more should go right back into the banks. The currency change is necessary at this political period. I mean it is long overdue and, according to Lamido Sanusi, it could stop rigging and the constant security information of counterfeits, hoarding and discoveries of stashed Naira notes, etc. Even stakeholders agreed that the advantages of the cashless and redesign of the Naira far outweigh its vilifying: effective monetary policy, fight corruption, help in the stabilisation of the exchange rate, reduce inflation, and ensure free and fair elections," Nnalue stated.
