Politics
Naira Redesign: Lagos Assembly Commends NASS
– Says Nigerians are suffering, economy in danger
The Naira redesign policy of the Central Bank of Nigeria (CBN) has brought mass suffering on the citizens of the country while the economy is in danger, the Lagos State House of Assembly has lamented.
The lawmakers further noted that even though the policy was a good one, its timing was wrong as it had further thrown the country into economic chaos which could become difficult to resolve if urgent steps are not taken.
The CBN had announced a 10-day extension of the deadline for currency swap at the weekend, but at a sitting presided over by Speaker Mudashiru Obasa on Tuesday, the lawmakers urged the CBN to extend the deadline for currency swap as the policy had not helped the country.
Dr. Obasa noted that the concern of the lawmakers had to do with the pains, anguish and anger spreading among Nigerians over their inability to access the new currency.
“Economists have said most times you cannot use new currency to control inflation, it doesn’t achieve the purpose most times,” Obasa said adding that the intention of the policy as claimed by CBN had been defeated owing to the various complaints from experts and people across the country.
The Speaker said the CBN should have engaged stakeholders while citizens should have been adequately carried along rather than an ‘over-night’ policy by the CBN.
“There are people in the rural areas. It is obvious that the additional 10 days is not even going to be enough.
“The idea is a good one but the way it is being implemented will have an adverse effect on the people.
“We need to commend the National Assembly for showing quality representation and prompt action to intervene for an extension of the deadline.”
The Speaker said that in other countries, old currencies are not discarded in a rush, but allowed to gradually fade out of the system.
Hon. Rotimi Olowo, the lawmaker representing Somolu Constituency 1 who moved the motion, sought for an extension of the deadline till July 2023 in line with the resolution of the National Assembly, while noting the suffering the policy had brought on Nigerians.
Olowo complained about the unavailability of the new notes and the effect on the people, including small business owners and those in rural areas.
Contributing to the motion, Hon. Saka Solaja, chairman of the House committee on public account for state, argued that financial policies are not implemented the way the CBN had gone about the Naira redesign.
“We see videos of people beating themselves mercilessly at ATMs, yet there is no money,” he lamented while supporting the call for an extension of the deadline by the CBN.
On his part, Hon. Richard Kasunmu (Ikeja II) argued that the timing of the policy was not right, especially as the country was still grappling with challenges of effective internet connectivity.
He recalled how he spent five hours a day earlier trying to make an electronic transfer of ₦55,000 to resolve an emergency situation.
“We should be looking at the larger Nigerian people. If we want to survive the Nigerian economy, this should not be a good time for such policy,” he said.
While Hon. Victor Akande (Ojo 1), argued that Emefiele breached a part of the CBN Act concerning the policy, Hon. Setonji David noted: “All over the world, CBN governors are economists, not bankers like Emefiele.
“Our people are suffering and the money can’t be found at the ATMs. If you go to the ATMs, you would see how people are struggling,” he lamented.
The motion was passed by the Speaker after a voice vote of all the members at the sitting.
The Rivers State House of Assembly, led by Speaker Martin Amaewhule, has initiated impeachment proceedings against Governor Siminalayi Fubara and Deputy Ngozi Odu, issuing them a seven-day notice to respond to allegations of gross misconduct.
The Assembly cited eight specific allegations of gross misconduct as the basis for the move.
This is the third time Fubara and Odu would be facing impeachment proceedings from the Assembly since coming to office in 2023.
Attempts to impeach them in 2023 and 2025, amid political feuds between the Governor and his predecessor and erstwhile political god-father, now Minister of the Federal Capital Territory (FCT), Nyesom Wike, had been halted by presidential intervention.
Here are the allegations below:
1. Reckless and unconstitutional expenditure of public funds
2. Unconstitutional misappropriation of public funds
3. Hindering the Rivers Assembly from performing its constitutional duties
4. Illegal appointments of persons without screening by the House of Assembly as provided by the Constitution
5. Seizure of salaries and funds meant for Assembly members
6. Seizure of salaries of the clerk of the Rivers House of Assembly, Emeka Amadi
7. Refusal to implement provisions of the Constitution on financial autonomy of the legislature and the judiciary
8. Withholding of funds meant for the running of the Rivers House of Assembly Service Commission and hindering its activities
Lilian Adebayo, the wife of the 2023 presidential candidate of the Social Democratic Party, has said that the party will unseat the ruling All Progressive Party at the 2027 election if Nigerians are true to themselves.
Mrs Adebayo made this assertion known on Wednesday during an interview with journalists after an event in Abuja.
According to her, the opposition party has overcome its crisis after the expulsion of its former chairman, Shehu Gabam and others.
She said Nigerians should vote the APC out in the 2027 general election due to the hardship the party has plunged citizens into.
“There is always a crisis in the party; the SPD has been able to handle its own. The problems in the party have been resolved.
“He has a great chance of winning the election if Nigerians are honest with themselves. If Nigerians think that the ones they consistently vote for would move the country forward, they live in denial,” she concerning the husband.
Recall that SDP recently expelled Gabam and other party executives.
The party’s state chairmen on Wednesday urged the Economic and Financial Crimes Commission and the police to investigate Gabam over alleged misappropriation.
In a significant political move, Enugu State Governor Peter Mbah officially defected from the Peoples Democratic Party (PDP) to the All Progressives Congress (APC) on Tuesday, October 14, 2025.
Mbah announced his decision during a televised broadcast in Enugu after weeks of speculation.
He said, “Today, after a long reflection, we have made the decision to leave the Peoples Democratic Party and join the All Progressives Congress.”
Mbah explained that his decision to join the PDP was informed by the need to reshape Enugu and reorganise the politics of the state.
“Today, I stand before you to announce a break from the past and to share a decision that will shape the road ahead. This concerns our values, how we organize ourselves politically and how we secure the future of our project and our people.
“Leadership sometimes demands painful decisions in the service of higher principles and goals. And there comes a time, when everyone must make a bold choice to determine their destiny.”
Ahead of the governor’s defection, all members of his cabinet had on joined the ruling party.
Governor Mbah’s Senior Media Aide, Dan Nwomeh, confirmed the mass defection in a video posted on his social media handles on Monday. In the video, several government officials were seen openly declaring their allegiance to the APC, chanting praises for President Bola Tinubu and affirming their commitment to the new party.
“Enugu State Cabinet Members join the APC with full chest along with Governor PN Mbah,” Nwomeh stated.
The officials, including commissioners and top aides, could be heard in the video declaring, “We are now in APC; tomorrow is here; it is APC all the way; it is Jagaban all the way; from top to bottom.”
The collective defection marks a significant political shift in Enugu State, which has been a PDP stronghold since 1999.
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