Threat To Sue CBN For Denying Access To Funds
The People’s Redemption Party (PRP) has threatened to sue the Central Bank of Nigeria (CBN) over the naira redesign, saying as a political party, it has been denied access to funds to claim the 2023 elections.
He, therefore, called on the Federal Government to reverse the Naira Redesign Policy, which he said, has caused untold hardship to Nigerians, including political parties.
The National Chairman of the PRP, Alhaji Falalu Bello, stated this at the presentation of the party manifesto to the media in Abuja at the weekend.
The manifesto, a six-point agenda, resides in revamping the economy, promoting education and human capital development, national unity, and original federalism, improving national security, and revamping the extractive industry, oil, gas, and solid minerals.
The PRP chairman said the withdrawal of over N2 trillion from circulation and printing of only N300b by the CBN is a recipe for the crisis the country is currently passing through.
He said: “Any policy that denies citizens access to money is not a good policy. It (Naira Redesign Policy) is a man-made crisis, which could have been avoided. For the failure of this policy, which was created and still makes Nigerians suffer, we ask that the Governor of the CBN honorably resigned, failing which the president should fire.
“As a registered political party in Nigeria and a person of law, PRP has been denied access to credit balances in banks by order of the CBN which does not allow withdrawals exceeding N20,000.00 over the counter.
“This order, we have to say that it is illegal, and we are testing the power of the banks and the CBN to deny access to our credit in court and we will ask for compensation.”
The PRP chairman further stressed that the president must deal with the alleged fraud in the oil industry before leaving office within three months.
He lamented that the last eight years of President Muhammadu Buhari’s administration have witnessed a continuous growth in petroleum subsidies, which he said the president himself has flagged as fraud.
The PRP chairman, presenting a 34-page manifesto titled ‘Compact With The People: Manifesto Of The PRP For 2023 Election’ said the party has what it takes to overcome the problems the country is currently facing in the All Progressives Congress (APC). .
The PRP presidential candidate, Kola Abiola, said the party would be accountable to the people.
“We are here because we want to serve the public interest, be a guide for the next generation and right the wrongs of the past. In the next four years, Nigerians will see a different Nigeria. We live and stand by our manifesto,” said Abiola.
Meanwhile, the Governor of Ondo State, Oluwarotimi Akeredolu, has appealed to President Muhammadu Buhari to stop the senseless chaos, the country is currently shifting to the currency policy of the Central Bank of Nigeria (CBN).
While explaining that the order of the Supreme Court still stands on the naira exchange, Akeredolu declared that it would be more honorable for Buhari to reverse the currency policy, which the governor described as unhealthy and counterproductive.
In a statement titled “Mr. President Must Prevent This Unjustified Drift,” provided to The Guardian, yesterday, by the Chief Press Secretary (CPS), Richard Olatunde, the governor stressed that as a statesman, the security of the people must be his primary objective.
According to him, the implementation of the policy is very difficult, adding that the crisis caused by the CBN’s policy of redesigning some currency notes could disrupt the upcoming general elections.
He said: “The events of the past few days, which ultimately involved the intervention of the highest court in the country and the increase in violence in the country, represent a serious danger to the current democratic government. Consequently, this time calls on all patriots to speak with the aim of proposing a solution that can be done and does not reflect cheap partisan interests.
“I take this opportunity to ask the President and the Commander-in-Chief of the Armed Forces, President Muhammadu Buhari, GCFR, to play the role of a statesman at this crucial moment. It appears that the crisis brought about by the current currency swap policy continues menacingly.
“There is irrefutable evidence that borders on miscalculations, errors of judgment, and/or disinformation on the part of policy makers, especially the Governor of the Central Bank of Nigeria (CBN), Mr. groan immeasurably in the present.
“No one is arguing with the statutory functions of the CBN or the incumbent of the governor’s office, one of which is monetary policy. Nor can it be debated that the President and the Commander-in-Chief of the Nigerian Armed Forces are empowered, under our laws, to exercise certain executive powers. However, it cannot be the original intention of the framers of the relevant statutes that the implementation of any policy should cause widespread distress and suffering in the country.