…Says, presidential endorsement not sufficient to legitimise Naira design
MARGARET CHIDERA
Human Rights Activist, Femi Falana, SAN, has kicked against President Muhammadu Buhari’s endorsement of the redesign of the new Naira notes saying, it is illegal and unconditional.
The senior lawyer made this known in a statement he personally signed and made available to journalists in Abuja on Sunday.
Recall that the Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, announced on October 26, 2022 that the CBN would issue the redesigned N200, N500, and N1,000 notes, effective December 15, 2022.
In kicking against the policy
the Minister of Finance, Mrs Zainab Ahmed claimed that she was not consulted prior to the announcement.
But President Muhammadu Buhari confirmed that he endorsed the redesign of the Naira in line with section 18 of the Central Bank Act.
Indeed, the President has since unveiled the re-designed Naira Notes as proposed by the Central Bank of Nigeria (CBN)
However, reacting to the development, Falana said that the printing of the new Naira without appropriation by the National Assembly may be declared illegal and unconstitutional if it is challenged in a court of competent jurisdiction.
He said, “the official endorsement is not sufficient as the President is mandatorily required to present a Money Bill to the National Assembly for the withdrawal of the billions of Naira from public fund earmarked for the printing of the new Naira notes.
“Specifically, section 59 of the Constitution requires “an appropriation bill or supplementary bill including any other bill for the payment, issue or withdrawal from the Consolidated Revenue Fund or any other public fund of the Federation of any money charged thereon thereon or any alteration in the amount of such payment, issue or withdrawal.
“Since the fund for the printing of the new Naira notes is not captured in the 2022 Appropriation Bill the President is advised to prepare and present a supplementary bill to the National Assembly to authorise the withdrawal of public fund from any Account of the Federation for printing the new Naira notes.
“Otherwise, the printing of the new Naira without appropriation by the National Assembly may be declared illegal and unconstitutional if it is challenged in a court of competent jurisdiction.”
