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Cash crunch: Reps panel faults Buhari, insist decision could jeopardize polls

The House of Representatives Ad-hoc Committee yesterday faulted President Muhammadu Buhari’s decision on the naira swap policy saying a lot must be done to mitigate the suffering of Nigerians following the naira crisis.

The committee, chaired by the House Majority Leader, Hon. Alhassan Ado Doguwa (APC, Kano bared its mind after meeting with the President at the State House, Abuja, on Thursday.

Urging Nigerians to be calm and maintain law and order, he said the parliament would continue to side with the masses and resist any policy that aggravates their sufferings.

The lawmakers met with the president hours after his nationwide broadcast, where he declared that N200 banknotes
circulate as legal tender with the new N200, N500, and N1000 banknotes for 60 days from February 10, 2023, to April 10 2023 when the old N200 notes cease to be legal tender.

The panel, in a statement, by Doguwa, appreciated some of the good decisions by the President as contained in his national broadcast.

” The steps taken so far by Mr President leave much to be desired. The policy is at this time very unpopular and is capable of creating a crisis in the country that could jeopardize the upcoming general elections.

“Mr President may of course had good intentions in using the policy to tackle insecurity, reduce corruption and engender the global best practice in fiscal policy management but unfortunately due to wrong timing, and the work of some criminal elements in both the CBN and the commercial banks, Nigerians are left suffering,” the panel said.

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