N5,000 Notes: Stop Sanusi Now – NASS Tells Jonathan

The Senate yesterday passed a resolution calling on President Goodluck Jonathan and Central Bank of Nigeria (CBN) Governor Sanusi Lamido Sanusi to stop the proposal to issue N5,000 note and all matters connected with it.

The Senate passed the resolution following a motion moved by Sen. Victor Enang ((PDP-Akwa Ibom) on the introduction of N5,000 note by Central Bank of Nigeria (CBN).

The senators said the proposed policy was illegal and unconstitutional and not done in consultation with the National Assembly.

Senate President David Mark said he read about the proposal in newspapers.

He said, ‘’ the only briefing I got on the issue was from the pages of papers.

“But I think the important thing is if Nigerians say they do not want a particular policy at a given moment, there is no harm in government retracing her step on the issue.

“I have listened to the arguments from those who support it but those arguments are simply not convincing.

“They appear highly theoretical, technical in nature and do not address any practical issue on ground.’’

Mark said any economic policy that failed to address issues directly but just talked about indices that could not be verified for now should wait.

He said the disadvantages of the introduction of N5,000 note at the moment far outweighed the advantages.

Leading the debate, Enang, who sponsored the motion with other senators present at plenary, argued that the proposal would cause multiple economic problems.

In his contribution, the Deputy Senate President, Sen. Ike Ekweremadu, said it was important for the government to listen to the voice of the people through their senators.

He said since the people were vehemently opposed to the introduction of the note, it was in the interest of the government to listen and withdraw from the path it was going.

Also, the Senate Leader, Sen. Victor Ndoma Egba(PDP Cross River), said even if the government’s policy was good, as long the people had rejected it, the government should listen to their voice.

“Former heads of state of this nation have spoken, Chief Olusegun Obasanjo has spoken against this policy and recently, the very respected Yakubu Gowon was opposed to it.

“They may not be economists as has been alluded to but with their knowledge or lack of knowledge to manage the economy of this country for very many years, we must listen to them,’’ Ndoma-Egba said.

Briefing newsmen after plenary session, the Senate Spokesman, Sen. Eyinnaya Abaribe (PDP-Abia), stated that the senators rejected the proposal because it contravened Section 4 (2) of the 1999 Constitution.

On resumption yesterday from a two-month recess, the house mandated its Committee on Banking and Currency to investigate the planned restructuring by the apex bank, and report within four weeks.

The house also directed the same committee to propose an amendment to the CBN Act for it to always seek the input of the House before coming up with new policies.

The resolution followed a motion moved by Chairman, House Committee on Rules and Business, Rep. Albert Sam- Tsokwa (PDP-Taraba)

It was unanimously adopted.

Leading the debate, Sam-Tsokwa had noted that the policy was inconsistent with international best practices as leading economies like the U.S., Britain and China do not have such high currency notes.

He said that the U.S. had introduced the $500, $1,000, $5,000, and $10,000 but had to phase them out due to the adverse effects they had on the economy.