Risky business

The Chairman of the Independent National Electoral Commission, Mahmood Yakubu, told the CBN Governor, Godwin Emefiele, that the new naira…

The Chairman of the Independent National Electoral Commission, Mahmood Yakubu, told the CBN Governor, Godwin Emefiele, that the new naira notes’ scarcity might disrupt the 2023 elections. In a meeting on 8 February, he explained that many of INEC’s service providers have no bank accounts. He then asked the CBN to address the concern related to the cash withdrawal policy. The CBN governor said the cash would be made available for the payment of the service providers. Earlier in the month, Mr Yakubu had told the National Union of Road Transport Workers (NURTW) that the lingering petrol scarcity might affect the transportation of election materials, promising to meet with officials of the NNPC Limited to discuss mitigation measures.

There are rising concerns that the 2023 elections will not hold as scheduled. These fears are not unfounded, as the elections will be happening at a time the country is going through an effective economic recession, an energy crisis, a debilitating currency crunch, high unemployment, a growing insecurity footprint, rising inter-ethnic and religious tensions and disillusionment with the general state of governance. On the morning that the 2019 vote was initially scheduled to take place, the INEC Chairman uttered those infamous words: “Following a careful review of the implementation of its logistics and operational plan and the determination to conduct free, fair and credible elections, the Commission came to the conclusion that proceeding with the elections as scheduled is no longer feasible”. INEC’s logistics and operational plan rely heavily on the availability of cash to pay its vendors, such as members of road transport unions, security agencies and polling agents, who are largely drawn from the NYSC, who may not have bank account numbers and will be less likely to accept promissory notes from INEC for payment after services have been rendered. This is the challenge Mr Yakubu was referring to in his meeting with the CBN governor. Added to the mix is the lingering petrol scarcity, which may affect the transportation of election materials and pose a grave danger to the conduct of the election. Despite the assurance from the CBN governor that cash will be made available for the payment of the service providers, the implementation of the naira redesign policy has done little or nothing to inspire confidence — citizens have continued to struggle with accessing cash for the last three weeks. Also, the incessant strikes or strike threats from the Independent Petroleum Marketers Association of Nigeria, an umbrella body of retail fuel operators who control most filling stations in the country, have compounded problems. In other words, none of the mitigation measures that INEC has in place has allayed stakeholders’ and citizens’ concerns that the elections will hold without any major hitches. Presently, the election is officially on a knife edge.