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New Naira notes will make kidnappers demand Dollars – Gumi warns FG

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Former military officer, Sheikh Ahmad Abubakar Gumi, has warned the Federal Government over move to redesign the Naira notes, saying their reasons might propel kidnappers to start demanding ransoms in the US Dollar.

The Islamic cleric released this statement on his Facebook page Saturday, 29 October, 2022.

He said the new notes would further worsen the economic hardship in the country.

“I, the Islamic scholar contended that the policy was clearly anti-people as it is ill-timed for a government that is winding up to take such measures,” Gumi said.

The scholar said the policy would only harden the condition of the masses as they are not used to bank transactions like the rich.

He stressed that: “Eighty per cent of Nigerians, especially the rural dwellers depend on cash transactions. A sudden change to a cashless or cash-starved society will mean pauperising them in a short time and this can trigger – God Knows- an unprecedented socio-economic turmoil in this semi-skilled or unskilled population.

“People that sell goods will tell you that most Nigerians don’t have the money to buy things; therefore most traders are running at a loss and are already folding up. At this junction, anything that can cause more cash crunch will be a disaster for the nation. Speaking further, Gumi lamented that:

“Many good ideas are marred by wrong timing. This is likely to be another one. No matter how ingenious the hatchers may romanticise, the benefit will remain phantom since the reality on the ground is incongruous and it spells doom for the escapade.”

He added such a sunset plan is not expected of a outgoing administration, adding that: “If there is any advantage of such adventures, it usually comes after many years of excruciating poverty and hardship. That is why no well-meaning government should hand over such cruelty to another incoming government to manage.

“Had it started in 2015, it would have been logical now since the same government will bear the consequence of its action*, he stressed.

The current Mufti and Mufassir at the Sultan Bello Mosque, stressed that: “We are a witness when the banning of motorcycles, sale of petrol and the blockage of communication in banditry-infested states did not help to curb the menace but rather made the populace suffer the more.

“This clearly shows that the government doesn’t consider the pros and cons of its activities, which are largely haphazard, not well thought through, and worst still clumsily executed.

“Mopping the cash from the populace as it claims to swell commercial banks will give an unfair advantage to a few people that control the banks against the greater population.

“As for the North which is poorly represented in the banking system, it’s a sure economic suicide. How many Nigerians have access to banks? How many do have the privilege to enjoy the most simple of banking loans?

“You need to know someone to get a loan is no news. In such a Nigeria, with this tight control of cash flow, the nation is treading towards communism and dictatorship. What we need is a free market-driven economy with minimal cash flow control.

“As for the question of starving kidnappers of Naira, it goes without saying that they will resort to Dollars and other hard currencies which will further put more pressure on it making the rotten situation worse.

In his final submission, he revealed that: “Kidnapping can only be stopped by robust policing, social justice for all, and equitable wealth distribution. Any cosmetic measures will not stop it.”

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