Naira redesign may be declared illegal if… Falana

Falana, in a statement on Sunday, said the president’s endorsement of the CBN’s naira redesign policy is not legally sufficient.

According to him, the expense is not captured in the 2022 budget, adding that the president must comply with the provision of section 59 of the 1999 constitution (as amended).

“However, the official endorsement is not sufficient as the president is mandatorily required to present a money bill to the national assembly for the withdrawal of the billions of naira from public funds earmarked for the printing of the new naira notes,” the statement reads.

“Specifically, section 59 of the constitution requires “an appropriation bill or supplementary bill including any other bill for the payment, issue or withdrawal from the Consolidated Revenue Fund or any other public fund of the Federation of any money charged thereon or any alteration in the amount of such payment, issue or withdrawal.

“Since the fund for the printing of the new naira notes is not captured in the 2022 appropriation bill, the president is advised to prepare and present a supplementary bill to the national assembly to authorise the withdrawal of public fund from any account of the federation for printing the new naira notes.

“Otherwise, the printing of the new naira without appropriation by the national assembly may be declared illegal and unconstitutional if it is challenged in a court of competent jurisdiction.”