FG bows to pressure, suspends N5,000 note

President Goodluck Jonathan may have bowed to pressure from Nigerians to discontinue the planned introduction of N5,000 note and the policy on restructuring of the nation’s currency by the Central Bank of Nigeria (CBN).

Daily Independent reliably gathered that he has suspended the plan at least for now.

Sources close to the National Assembly said the issue was the subject of discussion at an Executive Session held by members of the House of Representatives on Wednesday.

According to sources, Jonathan after a meeting with principal officers of the National Assembly on Tuesday night seemed convinced that Nigerians were not favourably disposed to the introduction of a N5,000 bill at the moment.

Sources at the closed-door session disclosed that Speaker of the House, Aminu Tambuwal, briefed members on the outcome of the meeting between Jonathan, Senate President David Mark, and himself (Tambuwal) on Tuesday night.

Spokesman of the House, Zakari Mohammed, who also confirmed the meeting between Jonathan, Mark and Tambuwal, told journalists yesterday that it offered an opportunity for the two National Assembly presiding officers to brief the President on the Assembly’s position regarding budget implementation.

Sources said at the meeting, the President was briefed on the essence of the resolutions of the two Houses of the National Assembly on the controversy surrounding the N5,000 note and  budget implementation.

“The Speaker informed members that the President had invited Mark and himself to a meeting for briefing on the resolutions of both chambers against the N5,000 note.

“He told us that Jonathan was assured that the resolutions against the planned introduction of the N5,000 note was not an affront on the executive arm but instead a move meant to protect the interest of majority of Nigerians who might be adversely affected by the plan.

“From the way the meeting went, according to the Speaker, it is very likely that the President may prevail on the CBN to suspend the introduction of the N5,000 note.”

However, by 6.30 p.m. on Wednesday, news came that the President had actually dropped the idea of the N5,000 note, and that he had told his Economic Management Team of his desire to bow to public pressure on the issue.

While the controversy over the planned new note raged, the Non-Academic Staff Union of Universities and Associated Institutions (NASU) had joined voice with the National Assembly to reject the proposed N5,000 note.

NASU’s National President, Ladi Iliya, made the union’s position known at the opening of a two-day conference of its National Executive Council (NEC) in Asaba, the Delta State capital, on Wednesday.

She said NASU was apprehensive that if introduced, the N5,000 note would “encourage easy process of cash bribery as ‘Ghana must go’ bags will give way to slim brief cases.”

The union stated that government’s excuse that the N5,000 note would be restricted to “big spenders buttress our stand because the big culprits in the bribery business are corporate organisations, who are the big spenders.”

Iliya suggested that the huge funds earmarked for the printing of the proposed N5,000 notes should be channelled to policies that would create jobs.

Besides, Iliya urged the government to channel energies in addressing the recurring challenges of insecurity, the fuel subsidy scam, corruption and ravaging flood, among others.

“It is like they have lost track of what they are doing. They are talking about cashless society and at the same time, talking about printing of higher currency denominations when there are lots of problems bedeviling the nation.

“Parts of the country are being ravaged by flood, there is general insecurity, the roads and other infrastructure are not working and unemployment rate is high.

“We say no to the planned introduction of the N5,000 note and we will stand by it,” she declared.

However, speaking on the matter on Wednesday, Minister of Information and Communication, Labaran Maku, advised Nigerians to give peace a chance by avoiding controversy.

Maku made the remark in Abuja at the Nigeria Union of Journalists (NUJ) People’s Forum.

He spoke of the essence of a nationwide media tour to begin tomorrow, starting with the Federal Capital Territory (FCT).

Maku counseled that there should be harmony between the policies of the CBN and the reactions of Nigerians.

The minister said the platform for the media tour was good governance and progress that the country is making in various states in terms of developmental projects.

It is to give Nigerians the opportunity to ask questions, evaluate and raise criticism on federal projects meant to benefit them, he added.

He stressed that the transformation agenda of President Goodluck Jonathan was deliberate and that the tour was not about the general elections in 2015.

He said it is a tour that will set the pace for good governance to sustain the transformation agenda towards a better Nigeria.

He, however, challenged the media to seize the opportunity to set the pace for good governance by reporting progress in every sector they are opportuned to evaluate by giving accurate information to the public and not be used by any politician to campaign towards 2015.

The minister also charged Nigerians to take it as a duty to maintain solidarity among themselves, live together as one, show openness and oneness in all they do.