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Scarcity of Naira Notes May Disrupt General Elections, INEC Warns

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3 years ago

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The Chairman of the Independent National Electoral Commission (INEC), Mahmood Yakubu, has warned that the scarcity of the new naira notes may disrupt the general elections, which is just 16 days away. Yakubu made the remarks during a meeting with the Central Bank Governor, Godwin Emefiele at the CBN headquarters, Abuja, on Tuesday.

He explained that many service providers to INEC had no bank accounts.

He, therefore, solicited the support of the apex bank to address the concern related to the CBN cash withdrawal policy which had caused chaos across the country.

The apex bank had last year pegged weekly cash withdrawal limits set for individuals and corporate organisations to N500,000 and N5 million, respectively.

It also introduced the currency redesign policy which involves the issuance of new N1000, N500 and N200 notes last December.

But explaining his concern to the CBN chief, Yakubu said the service providers needed to be paid fully or partly, adding that there were fears about the withdrawal limits.

He said, “The Nigerian election is a huge and complex one. It requires the engagement of critical services and in line with the provisions of the exchange laws and regulations, service providers are generally paid by means of electronic transfer to their accounts.

‘’However, there are crucial areas such as transportation and human support services that have to be immediately enumerated, either partially or in full because services are rendered.

“In addition, emergency situations may arise requiring immediate cash payments. Some of the critical service providers are unbanked. Over the years we have worked with the Central Bank of Nigeria and commercial banks to pay for such services seamlessly during general elections, as well as off-cycle and by-elections.

‘’Over the years, the commission has migrated all its accounts at national and state levels to CBN and this arrangement has worked without hindrances to our activities.

“In view of the recent policy involving the redesigning of some denominations of our currencies and the limit on cash withdrawals and availability, we consider this meeting important in addressing some of our areas of concern with just 17 days to the 2023 general elections.

‘’We are confident that an aspect of this meeting will reduce the anxiety expressed by some of our service providers. We are determined to make the 2023 general election one of the best elections in Nigeria but we cannot do it alone. That is why the commission is mobilising every critical national institution for the success of the election.”

CBN allays fears

The CBN governor assured that cash would be made available for payment of the service providers and added that the apex bank would not allow itself to be used to frustrate the efforts of the electoral body.

Emefiele promised that the apex bank would do everything possible to support the 2023 election, stressing that it has never failed Nigerians.

He stated, “Now, just aside from the issue of storage of election materials and together with transportation of these election materials from CBN locations to your own specific or designated locations; where do you want these materials to be?

‘’I know that just a few months ago, I visited your office and you raised the issue of how foreign exchange can be procured for you to import your BVAS and other election materials that need to be imported. And I give you my word that foreign exchange will be provided for that purpose.

“I stand here or I sit here to confirm that today, not $1 is owed. All the dollars that are needed to import those items have been provided and those items have been imported.

“So, it is all part of our commitment. Now this issue of payment and logistics for people who are going to be transporting election materials, even to visit wards; the assurance I give to you is that because we regarded the INEC project as a topmost or urgent national assignment, it cannot fail and the central bank would not allow itself either to be used or itself to be seen as an agent that frustrated a positive outcome of that election.’’

Emefiele said the CBN would provide the cash support with the electoral body needed to prosecute the poll.

‘’It is not just about cash and you have done electric electronic payments before and if in this case after making your electronic payments, you require some money to pay transporters, in this case, cash; the assurance I give to you is that we will make it available so it is nothing to worry about,’’ he said.

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Headlines

UK PM Burnham Unveils 10-Year Plan, Begins Cabinet Overhaul

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10 hours ago

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July 21, 2026

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The new British Prime Minister, Andy Burnham, on Monday, unveiled a 10-year plan to tackle the country’s economic and social challenges as he began reshaping his government, with Chancellor Rachel Reeves among senior ministers leaving the Cabinet.

In his first speech outside 10 Downing Street, Burnham said his government would introduce measures to ease the cost-of-living crisis, end rough sleeping, build more council homes and devolve more powers away from Westminster.

“This moment will be a circuit breaker for Britain,” Burnham said, adding that details of the government’s cost-of-living package and how it would be funded would be announced from Tuesday.

According to the BBC, Reeves announced on X that she was stepping down as Chancellor of the Exchequer, describing it as “the privilege of my life” to have served in the role. The broadcaster reported that Burnham had offered her another senior cabinet position, but she declined.

The cabinet reshuffle also saw Foreign Secretary, David Lammy, Housing Secretary, Steve Reed and Business Secretary, Peter Kyle leave government as Burnham assembled his own team.

Speaking to reporters after his Downing Street address, Burnham said he would examine the tax-free personal allowance ahead of his first Budget in the autumn but acknowledged that raising the threshold would have significant fiscal implications.

He also pledged to reform England’s social care system, saying he did not want to leave office without fixing a problem that had persisted for decades, while reaffirming his commitment to existing fiscal rules.

The BBC also reported that Burnham held his first conversation with a foreign leader after taking office, speaking with U.S. President Donald Trump.

The resignation of the outgoing Prime Minister Keir Starmer saying he was leaving office “with good grace” and “a smile.”

Burnham is expected to continue announcing appointments to his new Cabinet as his administration takes shape, according to the BBC.

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Finance Minister Oyedele Defends Nigeria’s Rising Debt

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11 hours ago

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July 21, 2026

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Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has clarified the sharp increase in Nigeria’s public debt.

Speaking before the Senate Committee on Finance on the state of the nation’s economy on Monday, Oyedele attributed the increase to naira depreciation and accounting adjustments rather than fresh borrowing by the Bola Tinubu administration.

Oyedele was responding to questions from the senator representing Kebbi Central, Adamu Aliero, over claims that the current administration had borrowed about N80 trillion in addition to the N75 trillion public debt it inherited.

According to the minister, comparing the country’s debt stock at the start of the administration with the current figure without accounting for exchange rate movements created a misleading impression.

“When this administration came into office, public debt was around N75 trillion. Many people simply compare that figure with today’s debt stock and conclude that this government has borrowed massively.

“However, it is important to note that, following the reforms and the depreciation of the naira, the foreign currency component of our public debt had to be revalued because Nigeria reports its debt in Naira. That accounting adjustment alone added more than N40 trillion to the public debt figure,” he said.

He added that the securitisation of the Ways and Means advances inherited from the previous administration also contributed significantly to the increase in the debt stock.

The minister further said that much of the government’s domestic borrowing was used to refinance existing debt rather than accumulate new obligations.

According to him, the Tinubu administration had adopted a prudent borrowing strategy focused on infrastructure and long-term economic growth.

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ADC Tells Tinubu to Resign As World Bank Reveals 139million Nigerians Live in Poverty

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1 day ago

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July 20, 2026

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The African Democratic Congress (ADC) on Saturday asked President Bola Ahmed Tinubu to resign rather than seek re-election, asserting that the World Bank’s recent report showing that 139 million Nigerians live below the poverty line is his scorecard.

The ADC, in a statement by its spokesperson, Bolaji Abdullahi, said the World Bank’s report, which also estimated that 17 million Nigerians are at risk of starvation, was “disturbing.”

“The evidence of 139 million people living in poverty and 17 million at risk of starvation is President Tinubu’s scorecard,” the party said. “On account of this catastrophic failure alone, President Tinubu should be contemplating resigning from office rather than seeking re-election.”

It decried that the “catastrophic” situation was occasioned by the Tinubu administration’s policies, which it said, “have favoured money over people and statistics over survival.”

The opposition party maintained that the economic growth Mr Tinubu’s government has repeatedly boasted of as a result of its economic reforms is “meaningless” if the livelihoods of people at the grassroots have yet to improve since 2023, when he assumed office.

“Instead of changing course, the government has stubbornly stuck with its ruinous economic policies and even continues to market recklessness as courage and wickedness as ‘necessary pains.’

“However, three years down the line, it is now clear that the chicken has come home to roost,” the ADC said.

According to the party, Nigeria desperately needs a leader who truly cares about citizens’ well-being and understands that economic reforms should improve citizens’ lives, not worsen their misery.

“A president whose government is not openly feasting while asking the people to continue fasting. A government that does not wallow in profligacy while handing the people palliatives,” it added.

The party condemned the ruling APC’s social intervention programmes aimed at cushioning the effects of its economic policies, adding, “Poverty cannot be defeated through palliatives.”

The ADC pledged that if elected in 2027, it would tackle the root causes of hunger by reducing energy costs, enhancing food production, and ensuring that farmers returned to their farmlands.

It also vowed to rehabilitate the 264 abandoned dams, improve access to fertilisers and quality seeds, and invest in storage facilities.

According to the party, transportation, waste, and food prices would be reduced while creating productive jobs.

“Hunger cannot be separated from poverty, education, or healthcare. That is why an ADC government will prioritise nutrition, primary healthcare, quality basic education, and skills development because no nation can build a prosperous economy while millions of its children are hungry, out of school, or cannot read simple texts,” the party said.

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