Senate Initiates Investigation into Printing of New Naira Notes by NSPMC in 2022

The Nigerian Senate has taken a significant step towards investigating the printing of new Naira notes by the Nigerian Security Printing and Minting Company Plc (NSPMC) in 2022.

This move comes in response to the Central Bank of Nigeria’s (CBN) extensive redesign of major Naira denominations, including the N100, N200, N500, and N1000, which led to a cash shortage and considerable hardship for the populace.

Ahmed Wadada, Chairman of the Senate Public Accounts Committee (SPAC), confirmed the Senate’s decision to probe the exercise when the NSPMC appears to address queries raised in the 2019 report of the Auditor General of the Federation.

The call for the investigation was initially suggested by Adams Oshiomhole, a Senator representing Edo and a member of the Committee.

During a Committee meeting, Oshiomhole urged the managing director of the NSPMC to present documents related to the printing of the new Naira notes.

“When coming to see us, you should come with documents related to the printing of new Naira notes, to enable us to see how much was printed and how much was spent on this project because it happened under your watch,” he emphasized.

The documents requested by Oshiomhole are expected to shed light on the quantity of new currency notes printed and the expenditure associated with the printing process.

In response to the Senate’s decision, the Chairman noted that the probe would be conducted as part of the ongoing assessment of the currency’s redesign.

This investigation underscores the Senate’s commitment to ensuring transparency and accountability in the management of the nation’s currency and financial systems.