BREAKING NEWS: National Assembly set to impeach President Buhari over Naira Redesign

In recent weeks, there has been growing talk of impeaching President Muhammadu Buhari by the National Assembly of Nigeria over his decision to redesign the country’s currency, the Naira. The proposed redesign has been met with widespread criticism and controversy, with many Nigerians expressing concern about the potential impact on the country’s economy and security.

The redesign, which was announced by the Central Bank of Nigeria (CBN) on February 11, 2023, features a new set of security features, including advanced holographic technology, enhanced watermarking, and an updated portrait of the late Prime Minister, Abubakar Tafawa Balewa. The new notes are set to be introduced in the coming months, with the CBN stating that the redesign is intended to combat counterfeiting and other forms of financial crime.

However, the proposed redesign has sparked widespread criticism from opposition politicians, economists, and ordinary Nigerians, who argue that it is ill-timed and could have negative consequences for the economy. Some have also questioned the CBN’s decision to prioritize a redesign of the Naira at a time when the country is facing a range of other pressing issues, including rising inflation, insecurity, and a struggling healthcare system.

These concerns have now been taken up by members of the National Assembly, who have threatened to impeach President Buhari over his handling of the redesign. In a statement released on February 14, 2023, the lawmakers accused the president of acting unilaterally and failing to consult with the National Assembly, as required by the Nigerian constitution.

The statement also criticized the CBN for failing to adequately explain the rationale for the redesign and for not engaging with stakeholders, such as small business owners and market traders, who could be adversely affected by the introduction of the new notes. Some have also raised concerns about the potential for the new notes to exacerbate corruption and money laundering, given the country’s history of financial crime and illicit financial flows.

It remains to be seen whether the impeachment threat will materialize or whether President Buhari and the CBN will be able to address the concerns raised by critics of the redesign. However, the controversy highlights the challenges facing Nigeria as it seeks to reform its economy and tackle long-standing issues of corruption, insecurity, and political instability.

As Nigeria continues to grapple with these issues, it is clear that any proposed reforms or policy changes must be carefully considered and take into account the concerns and perspectives of all stakeholders, including ordinary Nigerians, civil society organizations, and political leaders. Only through open dialogue and collaboration can the country hope to overcome its challenges and build a brighter, more prosperous future for all its citizens.