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OPINION: Looking Back, Facing Forward As Nigeria Decides

By
The Source
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0
Azu Ishiekwene

By Azu Ishiekwene

It’s hard to imagine that it’s nearly eight years since. This time in 2015, I was over the moon with the prospects of a general election that was certain to end the government of President Goodluck Jonathan, which had lost its way.

Folks were so excited at the prospects of change that in the South-West, a Yoruba version of “February” the month of the general election, was improvised: “Fe-Buhari”; meaning, “Love Buhari”, thus investing him with the aura of Cupid, the Greek god of erotic love. That’s how over the moon we were. Not without a reason.

Boko Haram’s violent extremism was at its worst. Life on the streets, schools, and home was insecure. Corruption was rife and audacious. Jonathan claimed he was doing his best, but wherever you went, it felt different.

His government had obviously been captured by forces beyond him. A sad fact that he publicly admitted more than once, but which did not acquit him. A president is elected to solve problems, not make excuses.

When the wind finallygot out of his sails, Jonathan invoked the consolation of failing leaders: the benevolence of history. History, he said, would remember him kindly.

On the eve of another presidential election nearly eight years after those forlorn words, it does seem history may, after all, be kind to Jonathan the man famously called Nigeria’s most “incompetent and clueless” president. In a twist of fate, his successor, Muhammadu Buhari, thought to be the most capable to nail Jonathan’s political coffin, may well be the one who writes him into sainthood.

As Nigerians go to the ballot on Saturday, February 25 to elect a new president, not a few voters think that the worst mistake would be to let Buhari happen again.

Not that he is on the ballot. He has exhausted his eight-year constitutionally permitted tenure of two terms. But as his broken promises on security, poverty alleviation and corruption stalk voters to the 176,606 polling centres across the country, the last thing they want is to cast a vote that repeats the error of 2015.

Buhari solved a few old problems, of course. Boko Haram is in significant retreat. More supplies and equipment are reaching soldiers at the frontlines. Also, greater attempts have been made to provide infrastructure, stimulate agriculture and restructure the super-opaque oil and gas industry.

But new problems have replaced old ones. The most debilitating being the calamitous absence of Buhari. Never a man to interfere with his subordinates once he has appointed them, in his last days in office, things have gotten worse. He is present only in name, going from delegation of authority to spectatorship and from spectatorship to surrender. Abdication next? The cat is away and the mice party was never so boisterous.

If voters remember Jonathan as the president who always seemed too confused to get a grip on his government and too besieged to even recognise that he was in charge, they will remember Buhari as the president who loved his office so passionately, he forgot why he was voted in the first place.

In Buhari’s eight years in office, nothing summarises his unfortunate isolation and aloofness from the common misery like the current crisis over the redesign of three of the country’seightbank notes. Not many argue with the merit of the redesign or the powers of the Central Bank to carry it out, when necessary.

There is reasonable suspicion that massive cash may be fueling corruption, and especially kidnapping and banditry – the new Boko Haram franchise. Although there have been cases of kidnappers and robbers dragging their victims to ATMs to extort cash, withdrawal limits and fear of exposure reduce the amounts of money that can be extorted.

Apart from that, the Central Bank can hardly ensure stable monetary policy if the country is floating on cash.

Also, politicians who may have stockpiled for distribution during the forthcoming elections are bound to find the current redesign and restrictions quite uncomfortable.

Yet, like every currency, this whole redesign business has two sides. Whatever the benefits in ease, convenience or philosophy, it has so far been implemented with a callousness that makes the ransoms demanded by kidnappers and bandits look like freewill offering. State governors called the supply crisis “currency confiscation.” It’s a grab, actually; a vengeful grab that makes India’s catastrophic example seven years ago, look like a child’s play.

According to Kaduna State Governor, Nasir El-Rufai, the Central Bank of Nigeria (CBN), mopped up N2 trillion in old notes, but printed new notes of only N300billion; that is, N1000 new notes for every N7000 old ones.

And yet in a country with a commercial bank ratio of one branch to 100,000 adults according to IMF 2021 data, the CBN expects that within an immutable period of three months, Nigerians should adjust to the incredible depletion in bank notes and make up the rest from their digital wallets, or perhaps use tissue paper?

As of this week, a commercial bank with over 120 branches and 150 ATMs nationwide, for example, was allocated about N30 million new currency for the day. At the N20,000 withdrawal limit, that supply may not serve more than 10 customers or maybe slightly more per branch, for that day. That is the recipe for the chaos that has made bank tellers targets of violent attacks by angry customers.

A statement by the Nigeria Governors’ Forum (NGF) on Saturday after futile attempts to get Buhari to weigh in or even comply with the interim order of the Supreme Court, said the CBN’s data does not support the premise of the redesign, never mind the mad haste to implement it.

“According to the CBN,” the statement said, “the currency in circulation increased from N1.4 trillion in 2015 to N3.23 trillion in October 2022. The bank appears not to have taken into consideration the increase in the country’s nominal GDP over this period, the doubling of consumer prices, rising population, and the impact of the humongous Ways and Means advances to the federal government over this period.”

And over this period, the governors might have added, the same central banker, Godwin Emefiele, has also been governor of the Central Bank.

To be fair, when the governor announced the policy last October, he said the bank would not release more than 20 percent of the bank notes retrieved. But he didn’t say the bank will not print even notes not affected by the redesign to meet the shortfall.

It’s not Emefiele’s fault that his okra tree has grown taller than the farmer. It’s Buhari’s style to let his appointees run amok. Sometimes, it produces geniuses like Works Minister, Babatunde Fashola or mavericks like Communications and Digital Economy Minister, Isa Pantami. But more often than not, it produces monsters that threaten the system.

Was that not why voters nailed Jonathan lock, stock and barrel, to the electoral cross eight years ago after only one term? Why should voters who rescued Buhari from despair after four failed attempts at the presidency and, after accepting his promise of repentance and change, gave him two terms of eight years, be rewarded with preventable hardship?

Sure, Nigeria needs to stamp out distributive politics; but it’s not Buhari’s job or that of the Central Bank to fight vote-buying. The police, the election management body, the parties and other law enforcement agencies are mandated to do that.

It’s regrettable that a president elected to make life at least bearable is rewarding the country with rations of basic things even at peace time: petrol, electricity – and even their own savings – while citizens line up outside the presidential villa watching TV footages of pointless meetings. If all of this is about our long-term salvation, at this rate, we’ll all be dead in the long run?

If Buhari doesn’t care because unlike Jonathan, he won’t be on the ballot this time, and therefore he couldn’t be bothered what happens next and perhaps even who succeeds him, shouldn’t he at least care how he will be remembered?

It’s amazing how in eight years things have come full circle from Fe-Buhari to Le-Buhari (‘chase Buhari’ in Yoruba; and in Igbo, a mocking variant, ‘see Buhari’). Even Jonathan’s fantasy of redemption couldn’t have scripted this ending.

Ishiekwene is Editor-In-Chief of LEADERSHIP

Nigeria Decides: “I Was In The Dark, I Have Repented,  I Have Seen The Light” –  Babachir Lawal

By
Adesina Soyooye
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0

By Adesina Soyooye

A former Secretary to the Government of the Federation, Babachir Lawal, says he has been saved from darkness where he was. Lawal said he has repented, and, like most Nigerians, seen the light.

The former political ally of both President Muhammadu Buhari and the Presidential Candidate of the All Progressives Congress, APC, Bola Tinubu,  in an interview with AIT’s  Seun Okinbaloye, said Nigeria cannot continue the way it is going, and emphasised that both the APC and the PDP represent darkness, while the Presidential candidate of the Labour Party, LP,  Peter Obi represents light.

Lawal who spoke on the state of the Nation said: “Every Nigerian has come to realise that there is no way we can continue with the way we are doing right now.  Nothing is worth it under the APC Government. I have seen the light and I have repented. You can repent when you see the light.”

Asked why he abandoned the APC, which strong foundation member he was, he said: “I saw the light and I repented. And, I’m sorry I did not see that before.”

Asked which one is light, he answered: “The light is Peter Obi. The darkness is the old system that used to govern us which is represented by both PDP and APC. Same people. Same Agbada. Same red cap. So, Nigerians have seen the light. Not just me.”

Reminded that he was one of those called the Cabal, he agreed and said: “Not only that, my office was seen as the engine room of the Government. But, as I said, you can see the light. You can repent.”

Lawal, a native of Adamawa State, a Christian, parted ways with Tinubu and the APC over the same faith ticket for the Presidential race. Tinubu, a Muslim from the North, picked Senator Kashim Shettima, former two-term Governor of Borno State, who, like him, is a Muslim as his running mate.

The choice angered most Christians, particularly, in the North, especially, when Tinubu said he picked Shettima because he was looking for a competent person. That gave the impression that there is no competent Northerner of the  Christian faith.

The Presidential election is on 25th February, 2023. It is seen a three-way race between Tinubu, Atiku Abubakar of the Peoples Democratic Party, and Obi of the Labour Party.

El Rufai Insists Currency Swap Meant To Truncate Democracy, Foist Interim Govt, Buhari Deceived

By
Ayodele Oni
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0

By Ayodele Oni

Contrary to the belief by President Mohammadu Buhari that Naira swap is intended to curtail activities of some economic saboteurs, Governor of Kaduna State, Malami Nasir El Rufai said it was targeted at frustrating the Presidential ambition of a candidate.

El-Rufai, who made a state broadcast on Thursday evening, insisted that President Buhari was deceived into supporting the policy by some cabals.

“It is now clear that the President has been deceived by the Central Bank of Nigeria and some elements in his government into buying into this overarching narrative, in the name of ensuring free and fair elections in 2023.

“It is important for the people of Kaduna State, and indeed Nigeria, to know that contrary to the public pronouncements and apparent good intentions, this policy was conceived and sold to the President by officials who completely lost out in the Gubernatorial and Presidential Primaries of the APC in June 2022.

“Once Asiwaju Bola Tinubu emerged as the candidate in June 2022, and subsequently did not pick one of them as his running mate, this currency redesign policy was conceived to ensure that the APC Presidential Candidate is deprived of what they alleged is a humongous war chest.

“They also sought to achieve any one or more of following objectives:

“Create a nationwide shortage of cash so that citizens are incited to vote against APC candidates across the board resulting in massive losses for the Party in all the elections.

“Ensure that the cash crunch is so serious, along with the contrived and enduring fuel shortage existing since September 2022, that the 2023 Elections do not hold at all, leading to an Interim National Government to be led by a retired Army General.

“Sustain the climate of shortage of fuel, food and other necessities, leading to mass protests, violence and breakdown of law and order that would provide a fertile foundation for a military take-over.

“In the pursuit of these objectives, the Central Bank of Nigeria and these other disgruntled Federal officials have so far convinced the President that it is fine for ordinary citizens to be dispossessed of their hard-earned money, and starved if need be, while small and medium-sized businesses are deprived of access to their capital, thereby bringing trade and exchange to a grinding halt.

“All our efforts to modify implementation of the policy to avoid what we assumed were unintended consequences were unsuccessful.”

IGP Says 400,000 Security Agents Set For Election Duties

By
Ayodele Oni
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0
Nigeria Police

By Ayodele Oni

As preparations are in top gear for the General Elections next week, the Inspector General of Police,(IGP) Usman Alkali Baba disclosed on Thursday that over 400,000 security personnel are set to be deployed to states.

According to him this is part of measures being taken to ensure hitch free polls on February 25th and March 11, 2023.

The security personnel jointly, comprise the Police force, the Department of State Services, Army, Nigeria Security and Civil Defence Corps (NSCDC), Correctional Officers, National Drug Law Enforcement Agencies (NDLEA) among others.

Out of the entire security personnel to be deployed, the police force is producing about 310,973 officers.

Baba said the various arms of security personnel have come up with their unique identifications system to ensure they are not infiltrated by unscrupulous persons.

The IGP spoke in Abuja while highlighting some of the plans being put in place by the Police Force, as contributions  to ensure hitch free polls Nationwide.

He noted that the police would not be allowed to offer escort services to VIPs during the election days, warning those planning to foment trouble to be weary.

President Muhammadu Buhari had recently given the Police authorities a clear warning that the eye of the nation is upon them to ensure that the elections goes hitch free.

The President had early in the week commissioned some security vehicles to be used for the election by security agencies.

The Police boss explained that it has not been able to prosecute electoral offenders, because the new electoral act only mandates the police to investigate such cases, adding that only the Independent National Electoral Commission (INEC) is saddled with the responsibility.

Naira Crisis: Emefiele Threatens Banks’ CEOs With Sack After Buhari’s Broadcast-Source

By
James Orji
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0

Godwin Emefiele, Nigeria’s Central bank Governor has met with all the chief executive officers and managing directors of all commercial banks in the country in Abuja.

Sources who witnessed the meeting said the Emefiele threatened the banks’ CEOs with sack if they fail to rein in some of their staff sabotaging the government’s efforts at resolving the naira scarcity across the country.

Emefiele disclosed that he met with the top commercial banks’ officials after the president’s broadcast today. He did not disclsoe the details.

The apex bank governor had met with President Buhari at least four times in the last few days as the government is trying to resolve the money crisis that has sparked violence across the country.

The magazine, however, understands that the meeting with the president and the commercial bank’s managing directors may not be unconnected with how to quickly address the currency crisis before it goes out of hand.

The meeting comes on the heels of President Muhammadu Buhari’s early Thursday morning national broadcast to Nigerians on his government’s efforts at addressing the shortage of the new naira notes across the country.

Buhari had in the broadcast blamed some unscrupulous commercial bank officials for frustrating the government’s efforts in dealing with the shortages.

Recall also that President Buhari has extended the expiration of the old N200 notes to April 10, stating that the N500 and N1000 are no longer legal tenders.

Sources who spoke with the magazine said the CBN governor read the riot act to the bank’s managing directors when they met, warning them that  banks officials caught working against the interest of the government henceforth will be dealt with accordingly.

“The CBN governor did not hide his feelings when he met with the CEOs this morning. He told them he was shocked with the way things are going despite CBN efforts in the last one week to alleviate the sufferings of Nigerians by releasing more new banknotes to the banks,” a source privy to the meeting said.

According to the source who pleaded anonymity because of the fact that he was not authorized to speak on the issue, Emefiele told the CEOs “to wake up to their duties or be sacked.”

“He warned them that they will be held responsible for the actions of their staff saying ‘the tea party is over’.

President Buhari during his broadcast said his government is “not unaware of the obstacles placed on the path of innocent Nigerians by unscrupulous officials in the banking industry, entrusted with the process of implementation of the new monetary policy. I am deeply pained and sincerely sympathise with you all, over these unintended outcomes.

“​To stem this tide, I have directed the CBN to deploy all legitimate resources and legal means to ensure that our citizens  are adequately educated on the policy; enjoy easy access to cash withdrawal through availability of appropriate amount of currency; and ability to make deposits.

“​I have similarly directed that the CBN should intensify collaboration with anti-corruption agencies, so as to ensure that any institution or person(s) found to have impeded or sabotaged the implementation should be made to bear the full weight of the law,” Buhari said.

Group Faults Buhari, Says His Pronouncement On N200 Note, Contempt of Court

By
Akinwale Kasali
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0

By Akinwale Kasali

A Group under the auspices of Centre for Social and Economic Rights (CSER) has condemned in the strongest terms the violence that has broken out in some parts of the country as a result of the scarcity of the new Naira note and rejection of the Old Naira Notes.

The Group said the Naira Redesign policy is wicked, insensitive, irresponsible and with its implementation provocative and has subjected Nigerians to untold hardship, pains, agony and deprivations of their personal and legitimate money domiciled in banks.

In a press statement issued in Lagos on Thursday 16th February 2023, the Executive Director of the Group, Nelson Ekujumi, stated: “We are saddened and traumatized by the pains and anguish inflicted on innocent Nigerians by the inhuman implementation of this policy which has degenerated to pockets of violence and it’s attendant destruction of properties and likely loss of life”. “We condemn the violence in it’s entirety and call on Nigerians to remain calm and not to fall prey to the plots of anti democratic elements whose major goal is to truncate the smooth conduct of the 2023 general elections”.

The group stated that it sympathized with Nigerians for enduring the pains and agony inflicted by the policy so far and urged them to continue to keep the peace because, “Together we shall weather and overcome this storm”.

However, CSER wants it placed on record that the blame for this violence should be placed squarely at the doorstep of the CBN Management and the Federal Government for their insensitivity to the pains of ordinary Nigerians in accessing their personal and legitimate funds which is condemnable and unacceptable.

The Civil Society Organization, while welcoming and appreciating President Muhammadu Buhari for his presidential broadcast of 16th February 2023 in response to the Naira redesign policy implementation crisis, however faulted the President’s speech for affirming only the old N200 notes as valid legal tender as against the old N500 and N1000 notes which from the speech are no longer legal tender.

Ekujumi noted that, it is not in doubt that Nigeria operates a constitutional democracy in which the law of the land is supreme as individuals, groups and institutions are subject to the provisions of the law. Going further, he stated, “We are aware that the President Muhammadu Buhari administration is one that prides itself as a respecter of the rule of law, we are also aware that only yesterday 15th February 2023, the supreme court ruled that it’s order on the dateline extension of the old N200, N500 and N1000 naira as legal tender subsists till the next adjourned date of 22nd February, 2023”.

“Therefore, we are at CSER are at a loss as to where in the constitution of the federal republic of Nigeria, Mr. President derives the power to over ride the pronouncement of the court via a presidential broadcast?

“As stated by Mr. President in his presidential speech today, he himself made allusion to the matter being in court and we would have expected him to have taken judicial notice of the court pronouncement in his speech, but which unfortunately and sadly was not the case.

“With all due respect, Mr. President by the presidential broadcast of recognizing only the old N200 as legal tender and pronouncing the old N500 and N1000 notes as no longer legal tender, is by law liable for contempt of court which is unfortunate.

“We also want to use this opportunity to call on Nigerians to take electoral notice of politicians and political parties who have sided with the people in this trying times as against those gloating and calling on the CBN to remain resolute in inflicting pains on the suffering Nigerians, they have exposed themselves as who they really are as enemies of the people who wish us no good but are only pretending and should be rejected at the polls.

The Group, therefore, called on Nigerians to “remain calm and not resort to violence in resolving this CBN inflicted crisis, we demand that Mr. President retract that part of his speech in obedience to the supreme court ruling that the old N200, N500 and N1000 remain legal tender till the determination of the suit which next hearing is slated for the 22nd of February 2023.”

“I Sympathise With Nigerians, Unscrupulous Bank Officials Responsible For Sufferings”

By
The Source
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0
Buhari-independence Day

By Muhammadu Buhari

Full text of the National Address, given on 16th February 2023, By President Muhammadu Buhari on the challenges of the Naira swap and State of The Nation

My Dear Compatriots,

​I have found it necessary to address you today, on the state of the nation and to render account on the efforts of our administration to sustain and strengthen our economy, enhance the fight against corruption and sustain our gains in the fight against terrorism and insecurity which has, undoubtedly, been impacted by several internal and external factors.

2.​Particularly, I am addressing you, as your democratically elected President, to identify with you and express my sympathy, over the difficulties being experienced as we continue the implementation of new monetary policies, aimed at boosting our economy and tightening of the loopholes associated with money laundering.

3.​Let me re-assure Nigerians, that strengthening our economy, enhancing security and blockage of leakages associated with illicit financial flows remain top priority of our administration. And I shall remain committed to my oath of protecting and advancing the interest of Nigerians and the nation, at all times.

4.​In the last quarter of 2022, I authorised the Central Bank of Nigeria (CBN) to redesign the N200, N500, and N1000 Nigerian banknotes.

5.​For a smooth transition, I similarly approved that the redesigned banknotes should circulate concurrently with the old bank notes, till 31 January 2023, before the old notes, cease to be legal tender.

6.​In appreciation of the systemic and human difficulties encountered during implementation and in response to the appeal of all citizens, an extension of ten days was authorized till 10th February, 2023 for the completion of the process. All these activities are being carried out within the ambit of the Constitution, the relevant law under the CBN Act 2007 and in line with global best practices.

7.​Fellow citizens, while I seek your understanding and patience during this transient phase of implementation, I feel obliged to avail you a few critical points underpinning the policy decision. These include:

  1. The need to restore the statutory ability of the CBN to keep a firm control over money in circulation. In 2015 when this administration commenced its first term, Currency-in-Circulation was only N1.4trillion.
  2. The proportion of currency outside banks grew from 78%in 2015 to 85% in 2022. As of October 2022, therefore, currency in circulation had risen to N3.23 trillion; out of which only N500 billion was within the Banking System while N2.7 trillion remained permanently outside the system; thereby distorting the financial policy and efficient management of inflation;
  3. The huge volume of Bank Notes outside the banking system has proven to be practically unavailable for economic activities and by implication, retard the attainment of potential economic growth;
  4. Economic growth projections make it imperative for government to aim at expanding financial inclusion in the country by reducing the number of the unbanked population; and
  5. Given the prevailing security situation across the country, which keeps improving, it also becomes compelling for government to deepen its continuing support for security agencies to successfully combat banditry and ransom-taking in Nigeria

8.​Notwithstanding the initial setbacks experienced, the evaluation and feedback mechanism set up has revealed that gains have emerged from the policy initiative.

9.​I have been reliably informed that  since the commencement of this program, about N2.1 trillion out of the banknotes previously held  outside the banking system, had been successfully retrieved.

10.​This represents about 80% of such funds. In the short to medium and long terms, therefore, it is expected that there would be:

  1. A strengthening of our macro economic parameters;
  2. Reduction of broad money supply leading to a deceleration of the velocity of money in the economy which should result in less pressures on domestic prices;
  3. Lowering of Inflation as a result of the accompanying decline in money supply that will slow the pace of inflation;
  4. Collapse of Illegal Economic Activities which would help to stem corruption and acquisition of money through illegal ways;
  5. Exchange Rate stability;
  6. Availability of Easy Loans and lowering of interest rates; and
  7. Greater visibility and transparency of our financial actions translating to efficient enforcement of our anti- money laundering legislations.

11.​I am not unaware of the obstacles placed on the path of innocent Nigerians by unscrupulous officials in the banking industry, entrusted with the process of implementation of the new monetary policy. I am deeply pained and sincerely sympathise with you all, over these unintended outcomes.

12.​To stem this tide, I have directed the CBN to deploy all legitimate resources and legal means to ensure that our citizens  are adequately educated on the policy; enjoy easy access to cash withdrawal through availability of appropriate amount of currency; and ability to make deposits.

13.​I have similarly directed that the CBN should intensify collaboration with anti-corruption agencies, so as to ensure that any institution or person(s) found to have impeded or sabotaged the implementation should be made to bear the full weight of the law.

14.​During the extended phase of the deadline for currency swap, I listened to invaluable pieces of advice from well meaning citizens and institutions across the nation.

15.​I similarly consulted widely with representatives of the State Governors as well as the Council of State. Above all, as an administration that respects the rule of law, I have also noted that the subject matter is before the courts of our land and some pronouncements have been made.

  1. ​To further ease the supply pressures particularly to our citizens, I have given approval to the CBN that the old N200 bank notes be released back into circulation and that it should also be allowed to circulate as legal tender with the new N200, N500, and N1000 banknotes for 60 days from February 10, 2023 to April 10 2023 when the old N200 notes ceases to be legal tender.

17.​In line with Section 20(3) of the CBN Act 2007, all existing old N1000 and N500 notes remain redeemable at the CBN and designated points.

18.​Considering the health of our economy and the legacy we must bequeath to the next administration and future generations of Nigerians, I admonish every citizen to strive harder to make their deposits by taking advantage of the platforms and windows being provided by the CBN.

19.​Let me assure Nigerians that our administration will continue to assess the implementation with a view to ensuring that Nigerians are not unnecessarily burdened. In this regard, the CBN shall  ensure that new notes become more available and accessible to our citizens through the banks.

20.​I wish to once more appeal for your understanding till we overcome this difficult transient phase within the shortest possible time.

21.​Fellow citizens, on the 25th of February, 2023 the nation would be electing a new President and National Assembly members. I am aware that this new monetary policy has also contributed immensely to the minimization of the influence of money in politics.

22.​This is a positive departure from the past and represents a bold legacy step by this administration, towards laying a strong foundation for free and fair elections.

23.​I urge every citizen therefore, to go out to vote for their candidates of choice without fear, because security shall be provided and your vote shall count.

24.​I however admonish you to eschew violence and avoid actions capable of disrupting the electoral processes. I wish us all a successful General Elections.

Thank you for listening. God bless the Federal Republic of Nigeria.

President Buhari Speaks On Benefits Of Naira Swap

By
Ayodele Oni
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0

By Ayodele Oni

Despite hardship being experienced by Nigerians over the naira Redesign, President Mohammadu Buhari has said the policy is beneficial to the nation.

The President, in an early morning broadcast explained that “I have been reliably informed that  since the commencement of this program, about N2.1 trillion out of the banknotes previously held  outside the banking system, had been successfully retrieved.

“This represents about 80% of such funds. In the short to medium and long terms, therefore, it is expected that there would be:

“A strengthening of our macro economic parameters; Reduction of broad money supply leading to a deceleration of the velocity of money in the economy which should result in less pressures on domestic prices.

“Lowering of Inflation as a result of the accompanying decline in money supply that will slow the pace of inflation.

“Collapse of Illegal Economic Activities which would help to stem corruption and acquisition of money through illegal ways; Exchange Rate stability.

“Availability of Easy Loans and lowering of interest rates; and

Greater visibility and transparency of our financial actions translating to efficient enforcement of our anti- money laundering legislations.”

On hardship being experienced President Buhari stated that ” I am not unaware of the obstacles placed on the path of innocent Nigerians by unscrupulous officials in the banking industry, entrusted with the process of implementation of the new monetary policy.

“I am deeply pained and sincerely sympathise with you all, over these unintended outcomes.

“To stem this tide, I have directed the CBN to deploy all legitimate resources and legal means to ensure that our citizens  are adequately educated on the policy; enjoy easy access to cash withdrawal through availability of appropriate amount of currency; and ability to make deposits.

“​I have similarly directed that the CBN should intensify collaboration with anti-corruption agencies, so as to ensure that any institution or person(s) found to have impeded or sabotaged the implementation should be made to bear the full weight of the law.”

President Buhari Extends Circulation Of N200 Notes Till April

By
Ayodele Oni
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0
Muhammadu Buhari
Muhammadu Buhari

By Ayodele Oni

President Muhammadu Buhari has directed the Central Bank of Nigeria (CBN) to return into circulation the old N200 notes.

The President gave the order in a broadcast on Thursday morning.

He said the old N200 note will be spent alongside the new notes of N200, N500 and N1000 till April 10, 2023.

He said, “To further ease the supply pressures particularly to our citizens, I have given approval to the CBN that the old N200 bank notes be released back into circulation and that it should also be allowed to circulate as legal tender with the new N200, N500, and N1000 banknotes for 60 days from February 10, 2023 to April 10 2023 when the old N200 notes ceases to be legal tender.

“In line with Section 20(3) of the CBN Act 2007, all existing old N1000 and N500 notes remain redeemable at the CBN and designated points.

“Considering the health of our economy and the legacy we must bequeath to the next administration and future generations of Nigerians, I admonish every citizen to strive harder to make their deposits by taking advantage of the platforms and windows being provided by the CBN.”

Feb 25: Wike Has Joined APC After Meeting Tinubu, PDP Says

By
James Orji
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0
Wike and Tinubu

Speculation over the defection of Governor Nyesom Wike of Rivers state has ended after the governor met with Bola Ahmed Tinubu, the presidential candidate of the All Progressives Congress, APC and other officials of the party in Port Harcourt, the Peoples Democratic Party, PDP, has said.

Governor Wike  hosted Tinubu and other APC apparatchiks in the Rivers government house ahead of the party’s presidential campaign yesterday.

As the leader of the G5 PDP governors not in support of the candidacy of Atiku Abubakar, the PDP presidential candidate, not a few insist that Wike’s association with the opposition party has become too close for comfort, even though the governor has not openly declared for APC.

According to a statement issued by the Rivers state chapter of the PDP on Thursday, and signed by Dr. Leloonu Nwibubasa, the party said the meeting Governor Wike had with Tinubu and other APC top shots  has ended speculation on where he stands.

The PDP said: “Today marked the end of all speculations by Nigerians and hypocritical denials by Governor Nyesom Wike of his current political standing as Wike play host to the APC presidential candidate Bola Ahmed Tinubu in the council chamber of the Rivers State Government House with all members of the Rivers State executive council present.

“This has not only justified the consistent position of the Rivers state Presidential Campaigns Council that Governor Wike who has wholly engaged himself in anti-party activities, has criminalized the mandate of the People’s Democratic Party who offered him the platform upon which he was elected governor.

“The utterances of Governor Wike in time past against President Buhari’s policies and poor performance in governance and the manner in which the Governor vilified and spoke despicably about Bola Ahmed Tinubu for telling Nigerians that he wants to continue Buhari’s legacy of good works, is diagnostic that he has no single strand of integrity and credibility left in him for turning around not just to embrace but to consummate his marriage to a party he described as Cancer.

“The show of shame is seen to have been ignorantly celebrated by his minions who are all soon to become internally displaced politicians if they don’t return to good reasoning.

“The people of Rivers state would have benefited more if the Five hundred million Naira that was disbursed for the failed mobilization of people to the APC presidential rally was voted into SMEs for wealth and job creation for the surging population of unemployed youths or for the payments of retirees benefits and gratuity.

“It’s now obvious why Governor Wike ran to the courts to seek judicial asylum knowing he was about playing his highly predictable last game of desecrating the mandate of the People’s Democratic Party.

Governor Wike had approached the court to stop the PDP from suspending him, but the party said he cannot remain in the party and continue to break the rules.

“Governor Wike as a lawyer should know that you can not suspend the hands of justice in perpetuity while you continue to break all known laws that govern a system. The day of reckoning is here. The leadership of the party must act to save what is left of the PDP in Rivers State,” the statement said.

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