A new biography on former President Muhammadu Buhari has stirred fresh controversy by revealing that the widely criticized naira redesign policy introduced ahead of the 2023 general elections was allegedly conceived by the Economic and Financial Crimes Commission (EFCC), not the Central Bank of Nigeria (CBN).
The revelation is contained in a new book titled From Soldier to Statesman: The Legacy of Muhammadu Buhari, authored by Dr. Charles Omole. According to the book, the policy was proposed by the then Chairman of the EFCC, Abdulrasheed Bawa, as a strategic measure to curb vote-buying and money politics during the 2023 elections.
The biography claims that Bawa presented the idea to key security chiefs with the explicit intention of starving politicians of hoarded cash used to induce voters. Former Director-General of the Department of State Services, Yusuf Bichi, is quoted as confirming that the proposal was designed to neutralize the influence of illicit cash in elections, disrupt ransom payments to criminals, and accelerate Nigeria’s transition to a cashless economy.
President Buhari reportedly approved the proposal, seeing it as consistent with his long-standing opposition to vote-buying and corruption. The book further states that Buhari believed the policy would help level the political playing field and was confident that the eventual APC presidential candidate, Bola Tinubu, would still prevail at the polls despite internal resistance within the ruling party.
The naira redesign policy, which led to a severe cash shortage across the country, triggered widespread economic hardship, public protests, and legal battles involving state governments and the federal authorities. Until now, public perception largely blamed the policy on the former CBN Governor, Godwin Emefiele.
However, the book challenges that narrative, portraying the initiative as a security-driven anti-corruption strategy rather than a monetary policy maneuver. It also suggests that Buhari was wary of internal sabotage and political backlash but proceeded with the policy in line with his belief in curbing the influence of money in Nigerian elections.
The revelations have reignited debate nationwide, with Nigerians divided over whether the disclosure represents an insider truth long concealed or an attempt to shift responsibility for one of the most controversial policies of the Buhari administration.
The book’s claims are already fueling renewed discussions on the role of security agencies in electoral reforms and the far-reaching consequences of policy decisions made in the heat of political transitions.
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