Naira Swap Policy: FG, 16 state Govs, know fate March 3

By Vivian Okejeme, Abuja

The Supreme Court has fixed March 3, 2023 for judgement in the suit filed by the sixteen states governors against the federal government over the naira swap policy.

Justice Inyang Okoro, who headed the seven-man panel of the court fixed the date after taking arguments from counsel in the matter.

In the suit, the plaintiffs are in the court, contesting with the Attorney-General of the Federation(AGF)and the Central Bank of Nigeria(CBN) over the policy.

In their briefs of arguments, the All Progressives Congress (APC) governors posited that the policy was with the view to make the ruling party unpopular ahead of the elections.

They told the court that the implementation of the policy has caused untold hardship for Nigerians. in his argument, counsel to Kaduna and Kogi states, Abdulhakeem Mustapha, wants the court to set aside the preliminary objection of the AGF, opposing the suit, adding that it is contempt of the supreme court order made on February 8.

Also, counsel to Jigawa state, Abiodun Owonikoko, asked the court to set aside the directive in President Muhammadu Buhari’s speech delivered on February 15.

“We urge the court to set aside the directive of President Buhari limiting the supreme court’s directive to only the old N200 note. It is a disrespect to the authority of the court.’’

On his own part, the AttorneyGeneral of Lagos, Moyosore Onigbanjo, prayed the court to stop the AGF or President Buhari, from being granted an audience until they comply with the order made on February 8.

According to him, the suit was not filed for Lagos residents but for the state government itself, emphasizing that the policy has impacted on Lagos state and it is affecting the government from carrying out its constitutional functions.

Earlier in the proceeding, the supreme court ruled on the preliminary objection to the suit filed by the AGF arguing that the supreme court lacks the jurisdiction to entertain the matter.

In the objection, the AGF said the plaintiffs failed to join the CBN in the suit, which has just the AGF as the sole plaintiff.

Justice Inyang Okoro held, “You are not a stranger to this country. We don’t want a situation where the judiciary will be a scapegoat. We refuse to be the scapegoat.

“We are hearing this matter today. We don’t intend to keep this matter longer, whether they obey it or not.”

At the last adjourned date, more states joined as plaintiffs in the matter and the apex court made an order stopping the FG to from going ahead with the policy.

Ondo, Ekiti, Katsina, Ogun, Cross River, Lagos, and Sokoto states joined the suit as coplaintiffs, while Edo and Bayelsa states have joined the AGF as defendants.

In the fresh documents filed before the apex court, the three states –Kaduna, Kogi and Zamfara cautioned the AGF and Emefiele about the consequences of their continued failure to comply with the apex court’s order made on February 8.

Going by the adjournment of the court, the judgment can only be delivered after the presidential election billed for Saturday, February 25.

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