By Becky Usman

President Bola Ahmed Tinubu is considering extending the validity period for the old naira notes.

Last year, the Central Bank of Nigeria introduced a redesigned currency and set a deadline, which was later extended due to public outcry. However, following a lawsuit filed by some disgruntled governors, the Supreme Court pushed the deadline to December 2023.

According to an Advisory Report released by President Tinubu’s Policy Advisory Council, chaired by Senator Tokunbo Abiru, there is a proposal to extend the deadline for the old naira notes to December 2024.

Senator Abiru, formerly the Chief Executive Officer of Polaris Bank, was elected to the Senate to represent Lagos East after the passing of his predecessor, Senator Gbenga Oshinowo. Dr. Yemi Cardoso, a close ally of President Tinubu and a key figure during Tinubu’s tenure as governor of Lagos State, is also a member of the council.

The policy advisory report outlines the administration’s goals for the next eight years, revealing President Tinubu’s intention to seek a second term. Currently, Tinubu holds a four-year mandate following his election on February 25, 2023.

The plans outlined in the report include doubling the economy to reach a $1 trillion GDP, achieving an average annual GDP growth rate of 7%, lifting 100 million people out of poverty, creating an enabling environment for the generation of over 50 million jobs, among other objectives.

The advisory report also addresses the president’s stance on abolishing multiple exchange rate windows, a policy that was recently implemented by the Central Bank of Nigeria.

It is expected that the Policy Advisory Council will be inaugurated at the Presidential Villa in Abuja on Thursday.