African Action Congress presidential candidate in the 2023 elections, Omoyele Sowore, has criticised President Muhammadu Buhari’s regime for ‘sinking’ N218 billion on naira  redesign, money he said could have been better utilised addressing the demands of the Academic Staff Union of Universities.

Mr Buhari unveiled new designs of the 200, 500 and 1,000 naira notes on Wednesday as the federal government moves to phase out old notes by January 2023. Mr Buhari, at the inauguration, confirmed that the naira redesign was informed by the need to stop counterfeiting and hoarding of the higher denominations of the country’s currency outside the banking system.

But Mr Sowore reckons the authorities are bereft of proper ideas.

Calling naira design a “scam”, Mr Sowore said that leaders in other climes are concerned about “employment,” “production” and “manpower to run their economy, not currency redesign that add no value to currency.

“These are issues you get from leaders who are concerned about the welfare of the people of the country, not the redesign of the naira which cost us N218 billion,” Mr Sowore said. “We should have given that money to ASUU.”

The AAC candidate disclosed this in an interview with Channels Television on Wednesday night.

The new banknotes unveiled have elicited criticisms with Nigerians questioning the essence of the change which they say is more of recolouring than redesigning. 

Mr Sowore said if elected, he will be “focusing on free education. Every student in Nigeria who is in higher institution will get at least N100,000 per semester as study grant from the federal government.”