Naira redesign’s timing makes no political or economic sense –El-Rufai

The Kaduna State Governor, Nasir El-Rufai, has faulted the naira redesign, saying the timing makes no “political or economic sense”.

He said though the policy was the right way to go in achieving the desired change the country yearns for, the timing and deadline set for it negated its purpose.

El-Rufai spoke on Channels TV’s breakfast programme, Sunrise Daily, on Wednesday.

El-Rufai said some unnamed people were exploiting President Muhammadu Buhari’s desire to enthrone a working Nigeria to frustrate his efforts.

The governor also explained that Buhari had during his first stint as Nigeria’s Head of State redesigned the naira without hitches.

“… They are hiding behind the President’s desire to do what he thinks is right. I will give two examples: this petroleum subsidy, which is costing the country trillions of naira, was something that we all agreed would be removed.

“In fact, I had a discussion with the President and showed him why it had to go. Because how can you have a capital budget of N200bn for federal roads and then spend N2tn on petroleum subsidy? This was a conversation I had with the President in 2021 when the subsidy thing started rising. He was convinced. We left. It changed. Everyone in the government agreed, and it changed.

“The second example I will give is this currency redesign. You have to understand the President. People are blaming the Governor of the Central Bank for the currency redesign, but No. You have to go back and look at the first outing of Buhari as (military head of state). He did this; the Buhari-Idiagbon regime changed our currency and did it in secrecy with a view to catching those that are stashing away illicit funds. It is a very good intention. The President has his right. But doing it at this time within the allotted time does not make any political or economic sense.”