February 2, 2023

Naira swap necessary ‘pain’ to curb corruption, grow Nigeria’s economy – FG

The Federal Government has described the current hardship faced by Nigerians over the redesign of the new naira note as necessary ‘pain’ to curb endemic corruption and grow the nation’s economy. 

The Minister of Finance, Budget, and National Planning Zainab Ahmed stated this during the weekly ministerial briefing at the State House in Abuja on Thursday.

Read also: CBN directs banks to pay redesign naira notes over-the-counter

The minister noted that the government is concerned but described the pain as transient.

Ahmed said President Muhammadu Buhari is unhappy with the situation but by the same token likened it to a wound that needs to be dressed.

According to her, the harsh realities citizens are facing over the swap are temporary and a necessary price to pay for the nation’s economy to burgeon.

The finance minister added that the new policy is timely and required to curb corruption, adding that there have been positive sides to the policy, evident in the huge mop-up of idle funds.