Naira dearth: Reps leader Doguwa says “I need N70m in hard copy for election expenditures”

The Cable reported that Alhassan Doguwa, majority leader in the house of representatives, needed N70 million in “hard copy” to pay for general election expenses as allowed by law.

Following their meeting at the Aso Rock mansion in Abuja on Thursday, Doguwa made a statement.

The amount the legislator is referring to is a spending limit for candidates seeking seats in the lower legislative chamber as stated in section 88(4) of the electoral act, which reads in part, “The maximum amount of election expenses to be incurred by a candidate in respect of Senatorial and House of Representatives seat shall not exceed N100,000,000 and N70,000,000, respectively.”

But the legislation doesn’t say whether it has to be in cash or not.

Hours prior to the meeting, the president had directed the Central Bank of Nigeria (CBN) to reissue the old N200 notes, which would be good until April 10.

The congressman claimed he was visiting Buhari’s residence to express gratitude for the intervention since people are in need.

Those attempting to win seats in the national parliament would be at a disadvantage without “hard copy” of money, he continued.

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In accordance with Buhari’s order, the house leader said the CBN should promptly distribute the N200 notes to the general population.

How can we guarantee that the president’s directive is being carried out on the ground now that he has issued it? We are here to resolve this today, according to Doguwa.

“No of how competent a policy is, it is ineffective if it causes pain for Nigerians.

The law stipulates that a member of the house of representatives must have [no] more than N70 million for election expenses, logistics, and other expenses. I am legally allowed to have N70 million for logistics. I must have this N70,000 in hard copies.

When I’m speaking to you, I don’t have it, so if this course of action is kept up and the central bank doesn’t make the funds available, we will need to finance our elections. Without a doubt, every candidate, irrespective of party affiliation, would face disadvantage.

Although the supreme court instructed the apex bank not to enforce the deadline for the usage of obsolete naira notes, it was set for February 10.

The top bank, however, declared that it would actually enforce the deadline.

The supreme court stated that the old naira notes are still valid currency while postponing the case’s hearing until February 22.