Nigerian House Majority Leader Seeks CBN’s Help to Secure 70 Million Naira in Cash

The Majority Leader of the Nigerian House of Representatives, Hon. Alhassan Ado Doguwa, recently made a plea to the Central Bank of Nigeria (CBN) to make 70 million Naira in cash available to him for election activities. He made the request during a seating, citing the scarcity of new Naira notes as a major obstacle to securing the funds he needs.

According to Hon. Doguwa, political candidates in Nigeria are required to have significant cash reserves for election logistics. For a presidential candidate, it is required to have up to 5 billion Naira in cash for election activities. However, he is requesting 70 million Naira in cash for his activities.

The request for 70 million Naira in cash is a significant amount, especially given the current scarcity of Naira notes in Nigeria. The CBN has been implementing various measures to address the issue of Naira scarcity, including the introduction of new Naira notes and restrictions on the withdrawal of cash from banks. However, despite these efforts, the scarcity of new Naira notes persists.

Hon. Doguwa’s plea is not the first of its kind in Nigeria, as many political candidates and business owners have been struggling to secure the cash they need for their activities. The scarcity of Naira notes has had a significant impact on the Nigerian economy, with businesses struggling to make transactions and citizens finding it difficult to access their money.

The CBN has not yet responded to Hon. Doguwa’s request for cash, but it is expected that they will take the issue seriously given the significance of the request and the current economic situation in Nigeria.

In conclusion, Hon. Alhassan Ado Doguwa’s plea for 70 million Naira in cash highlights the significant challenges that political candidates and businesses face in Nigeria due to the scarcity of new Naira notes. It is essential for the CBN to find a lasting solution to the issue to ensure that the Nigerian economy can operate efficiently and effectively.