Former President Muhammadu Buhari has sparked renewed debate over defending Central Bank governor Godwin Emefiele, his controversial naira redesign policy and its impact on the 2023 elections, offering a staunch defence of both Emefiele and the policy in a new book.
Buhari’s defence of Emefiele, appointed in 2014 and retained throughout his eight-year presidency, will likely raise eyebrows. Some within the APC blamed Emefiele for the policy’s negative impact on the party’s electoral performance, while others questioned his handling of the currency transition.
Buhari reveals why he did not sack Emefiele after his alleged move to contest in the 2023 presidential election. He said that it was because the former CBN Governor never discussed his ambition with him.
“I met Enefiele in office when I came, and unless there were firm evidence against him, it would be unfair and an act of injustice to remove him, acting on hearsay.
“If you punish a man unjustly, it could dog his footsteps throughout life, so if you would punish, you must have evidence and know that you wouldn’t be there forever. You would leave one day.
“I’m very conscious about the morale of people who serve with me. I also expect whoever succeeds me to be fair to me. I have family and friends who will feel it. I’m very conscious of fairness.”
Buhari’s staunchly pro-redesign stance, outlined in his recently launched memoir “Working with Buhari: Reflections of a Special Adviser, Media and Publicity (2015 – 2023)”, stands in stark contrast to widespread criticism, including from within his own All Progressives Congress (APC) party.
The policy, implemented shortly before the 2023 elections, led to significant cash shortages nationwide, sparking accusations of voter disenfranchisement and sabotage.
However, Buhari maintains that the policy facilitated “cleaner” elections by curbing vote-buying, arguing that only those with “too much money” faced difficulties adapting. He emphasizes that the policy did not punish voters and that scarcity was unavoidable when tackling illicit cash flows.
“There is no denying that the naira redesign policy gave us cleaner elections,” the book asserts. “People who had too much money had problems with it.”
This claim will likely be met with skepticism and counter-arguments, particularly from opposition parties and civil society groups criticising the policy’s timing and implementation. The discovery of large sums of money, including the N260 million mentioned in the book, fuels claims that those with wealth and political influence found ways to circumvent the policy. At the same time, ordinary Nigerians bore the brunt of the cash shortages.
Despite the potential controversies, Buhari’s book offers a window into his rationale for the policy and his unwavering support for Emefiele. His claims of cleaner elections and a crackdown on illicit finance will undoubtedly be contested.
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