Many Nigerians knocked on Zainab Ahmed, the Minister of Finance, Budget, and National Planning who voiced her objections to the Central Bank of Nigeria’s (CBN) redesign of some naira notes of 100,200,500 and 1000.
Her statement of not being aware of the development to Nigerians by the apex Bank Governor, Mr. Godwin Emiefeli who announced the federal government’s decision made Nigerians to questioned the legibility, suitability and capability of Hajiya Zainab to handle well the job of economic planner of the country.
A lecturer in the department of Geography of the Modibbo Adama University Yola, Prof Bashir Abubakar Bashir said that the country because of lack of capable people as managers to handle the country’s economic management system is a quagmire that needs urgent intervention.
Bashir took to his verified Facebook page and blasted the minister that she would have known her limitations and her views portrayed as someone who lacks elementary education.
“The purported disowning of the CBN’s proposed redesigning of our currency by the Minister of Finance and Budget is a clear vindication of the position of some of us that believed that Nigeria is in a very serious economic quagmire due to a serious lack of capacity on the part of our economic managers.
“Ordinarily, the Minister of Finance ought to have known her limitations and the relationship between CBN and the Ministry of Finance as defined by the extant laws. But for the Minister to say CBN didn’t consult her or her Ministry shows that she is lacking in even the basic primary 6 general knowledge of the functions of the Central Bank.
“This is very unfortunate and that’s part of why we are where we are today. The other part is the mismanagement of the economy through obviously faulty policies by the CBN. May Allah save Us.” Bashir said
The CBN which is the economic pivot pillar of the country stated last Wednesday that the newly redesigned N100, N200, N500, and N1000 notes would go into circulation on December 15 attracted diverse opinions in the public places of discourse.
But on Friday, Ahmed, claimed that her ministry was not contacted before the CBN’s decision and cautioned that the new strategy may have negative effects on the naira’s exchange rate with other currencies.
Her submission made other Nigerians on Facebook to call for her suspension or willingly submit her resignation letter over what they said “national show of open embarrassment to the nation.”
One Aminu Jibrilla while responding to the matter raised by Professor Bashir said: ” In the first place I doubt it much if this woman is even qualified to be the minister. These is the gaps we will keep on seeing if our leaders will not stand up to the right thing in the interest of our dear nation. Baba Buhari shows her the way out please. She goofed big time.”
Another Facebook user, Adamu Isah said this is one of the reasons our naira keeps on depreciating to the extent that its value is worst than the worth of getting a toilet roll in the market.
“This is just one among many reasons our country is drifting in the downward direction. How can a minister of her magnitude utter such a very serious statement? It’s an economic scandal and a gruesome offense to the country’s economy team as far as I’m concerned.” He said
The move, according to CBN Governor Godwin Emefiele, was made to combat terrorism financing and public hoarding of banknotes because figures showed that over 85 percent of the currency in circulation was not stored in commercial banks’ vaults.
Ahmed, responding to that said she was not aware of the policy but only heard of it from the media.
“Distinguished senators, we were not consulted at the Ministry of Finance by CBN on the planned naira redesigning and cannot comment on it as regards merits or otherwise.
“However as a Nigerian privileged to be at the top of Nigeria’s fiscal management, the policy, as rolled out at this time, portends serious consequences on the value of the naira to other foreign currencies.
“I will, however, appeal to this committee to invite the CBN governor for required explanations as regards merits of the planned policy and rightness or otherwise of its implementation now,” she said.
Contrary to her opinion, President Muhammadu Buhari confirmed his support for the Central Bank of Nigeria’s decision to launch new designs and replace high-value Naira notes.
He noted that the nation would gain a lot from the new initiative, especially its impact on illicit monies.
The President’s Senior Special Assistant on Media and Publicity, Garba Shehu, in a statement titled ‘CBN has my backing in replacing Naira notes, says President Buhari.’
According to the statement, “Buhari said reasons given to him by the CBN convinced him that the economy stood to benefit from a reduction in inflation, currency counterfeiting and the excess cash in circulation.
What is in the fire burner on the issue is the calls by many Nigerians for Ahmed to resign if she does not know the simple working synergy between the CBN, Ministry of finance and the Presidency.
Bashir in his views chided the Minister to pushed the country to a faulty policy because of the unmerited appointment by President Muhammadu Buhari
