President Muhammadu Buhari has
again reiterated that 2023 elections would be free and fair, saying naira redesign would curb vote buying and allow Nigerians vote candidates of their choice.
Buhari made this known during the national broadcast to Nigerians on naira redesign and its effects on Thursday,16 February, 2023.
The president said “Fellow citizens, on the 25th of February, 2023 the nation would be electing a new President and National Assembly members. I am aware that this new monetary policy has also contributed immensely to the minimization of the influence of money in politics.
This is a positive departure from the past and represents a bold legacy step by this administration, towards laying a strong foundation for free and fair elections.
I urge every citizen therefore, to go out to vote for their candidates of choice without fear, because security shall be provided and your vote shall count.
I however admonish you to eschew violence and avoid actions capable of disrupting the electoral processes. I wish us all a successful General Elections”
The president noted that aside vote buying, the new monetary policies would curb terrorism and checkmated economic saboteurs.
According to president Buhari, “the implementation of new monetary policies, aimed at boosting our economy and tightening of the loopholes associated with money laundering, strengthening our economy, enhancing security and blockage of leakages associated with illicit financial flows remain top priority of our administration”
Buhari added that the volume of money outside the banking system was too enormous to allow economic growth. He said “The need to restore the statutory ability of the CBN to keep a firm control over money in circulation. In 2015 when this administration commenced its first term, Currency-in-Circulation was only N1.4trillion.The proportion of currency outside banks grew from 78% in 2015 to 85% in 2022. As of October 2022, currency in circulation had risen to N3.23 trillion; out of which only N500 billion was within the Banking System while N2.7 trillion remained permanently outside the system; thereby distorting the financial policy and efficient management of inflation. The huge volume of Bank Notes outside the banking system has proven to be practically unavailable for economic activities and by implication, retard the attainment of potential economic growth”
Economic growth projections make it imperative for government to aim at expanding financial inclusion in the country by reducing the number of the unbanked population; and
Given the prevailing security situation across the country, which keeps improving, it also becomes compelling for government to deepen its continuing support for security agencies to successfully combat banditry and ransom-taking in Nigeria” The president asserted.
However, the president sympathized with Nigerians on the pains and inconveniences the new monetary policies have caused them, he sought Nigerians understanding and patience during the transient phase of implementation .