2023: Opposition Parties May Not Have Access To Fund Ahead Of The Elections

Ahead of 2023 general election, the APC control Federal Government introduces two fiscal measures which may appear innocuous on the face value but on considering the timing, these measures appear to  have been made to cripple opposition parties ahead of 2023 election.

First, is the introduction of newly designed Naira notes by Central Bank of Nigeria. According to CBN, the circulation of the new Naira note begins December 15 2022

Old notes remain valid only until January 31, 2023 and all all holders of the old notes to begin returning old notes immediately.

 In order to ensure maximum compliance on return of old notes, commercial institutions are to immediately suspend bank Bank charges for cash deposits.

The 2023 Presidential election is coming in February 2023, political parties need fund to finance campaign and other logistics ahead of 2023 and yet the Federal Government wants the deadline for phasing out old currencies to be in January 2023. The implication is that Politicians and Political Parties would be forced to submit old currencies to the banks in order not to be caught off and may not have enough access to equivalent new currency  because there may not be enough new currency in circulation at the time to meet up excess demands of physical cash by politicians,  political and their supporters.

APC backed Federal Government may have access to enough of the new currency to finance its presidential election while other parties or opposition politician will be subjected to rationing in accessing the new currency at a time they would need money most

Once all the parties and opposition politicians returns their money to the banks to beat the deadline, a simple purported investigation on their account by EFCC can affect cash movement in or out of the account. 

EFCC Chairman has already started gearing for war against lawyers, accountants, real estate agents whom he accused of aiding politician in laundering money. He was over joyed that the 2022 Amended Money Laundering Act has given the commission an open cheque to go after lawyers whom he accused of being used by politicians to launder money

Therefore, it is not surprising that ahead 2023 election, FG redesigned N200, N500 and N1000 Naira notes, and Amended the Money Laundering Act. The old Naira are mandated to cease from circulation by January 2023. 

It is our suspicion that the timing of these two fiscal policies are geared towards curtailing opposition parties ahead 2023 election while giving FG backed APC unlimited access to the new naira notes to freely do its work in 2023.

If the FG has no political intention in these two fiscal policies, then the deadline for returning old currencies should extend beyond 2023 elections.