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Disobey Buhari, Nothing Will Happen; The FG Is Cruel – Nasir El-Rufai

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The Source
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THE DIE IS CAST

“Let us stand up strongly for democracy, peace and national unity”

State Broadcast by Malam Nasir El-Rufai, Governor of Kaduna State, 16th February 2023.

My dear people of Kaduna State,

  1. With just about 100 days before leaving office, and elections just round the corner, it was my intention to host another media chat to interact with the people of our state in the next few days. While I still hope to do so, I feel the need to address you all today due to the unprecedentedly cruel situation our people and their livelihoods have been thrown into, particularly in the last two to three weeks by the decisions, actions and inactions of the Federal Government of Nigeria.
  1. On behalf of the government of Kaduna State, I wish to express my deepest regret at the needless suffering you are enduring as a result of the prolonged fuel shortage and the difficulties occasioned by the so-called “currency redesign” policy of the Central Bank of Nigeria. We understand your pain. I assure you that as your State Governor, I have been working with my other colleagues to do everything in our power to end these pains.
  1. While publicly supporting what appeared to be a beneficial policy, we innocently engaged privately with the President and the leadership of the Central Bank of Nigeria to review the implementation of the policy so as to reduce its negative impact on the lives and livelihoods of our people, and end the pain being inflicted on citizens. In the absence of any progress to modify implementation on the part of the architects, we were forced to go public about two weeks ago, with our concerns and demand that this suffering must stop.
  1. We take seriously our duty to protect ordinary people from the consequences of these policy fiascos. The sad fact is that the victims of these mindless policies are the people that elected us. It is their welfare that is being threatened. Many of our people have been left in a situation where the money they put in banks has literally been confiscated, depriving them of the ability to buy food and basic necessities. Our traders cannot sell as much as they used to because their customers have no access to their hard-earned money.
  1. We have been officially informed that the currency redesign policy is to reduce money laundering and render useless stashes of high denomination Naira that many politicians and public officers have accumulated through corruption and other illicit activities. As earlier stated, we are fully in support of such a policy and we made this public from the beginning.
  1. We had privately expressed concerns about the timing of the currency design policy and the unrealistic timeline for its implementation. We were assured that all steps have been taken to ensure that we avoid the recent experience of India, where implementation of a similar demonetisation policy targeted at politicians ended up hurting the poorest and small businesses the most.
  1. In official briefings to the President, the Central Bank of Nigeria constantly alluded to the fact that the policy also targets politicians who have accumulated a huge war chest for vote buying during the elections. 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.
  1. 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.
  1. 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:
  1. 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;
  1. 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;
  1. 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;
  1. 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. I chose to speak out first as one person that has been particularly close to the President, believing that his actions were motivated by innocence, and mindful of his legacy. I have no regrets for doing my duty in this regard. One day, the President will appreciate what some of us are being insulted for today.
  1. Yet, the politicians that the officials have convinced the President to regard as the real targets of the currency redesign policy have not been impeded in any way by it so far. Indeed, two of the presidential candidates, and a running mate of the opposition parties own or have preferred access to some of the licensed banks. For that reason and by various clandestine arrangements, these politicians have access to hundreds of millions of these new notes, while the traders, merchants, students and other citizens are queuing for days to withdraw a few thousand Naira just to buy food and necessaries.
  1. Within two to three weeks of implementation, it was clear to everyone that the architects of this policy can see that it is our people that are being terribly affected, and not the politicians. It is quite unfortunate that many politicians who either own banks or have privileged access to money are so insulated from the pains of talakawa that they are recklessly endorsing a policy that is being badly implemented.
  1. I am referring here to the comments by the candidate of one of the opposition parties who expressed opposition to the recommendation first of the APC state governors, and subsequently of all the governors under the auspices of the Nigeria Governors Forum that the implementation timeline be extended, to enable the old and new notes to be legal tender side by side until the cash shortage ends.
  1. My dear people of Kaduna State. Let me explain how the architects of this policy intentionally designed it to fail. The total currency in circulation in Nigeria was estimated at N3.2 trillion at the end of 2022. According to the Central Bank of Nigeria, N2.1 trillion has been withdrawn as at early February. The CBN claimed that N700bn is the amount of cash needed for their functioning vision of a “cash-less” Nigerian economy. The Chief Economic Adviser to the President, Dr. Doyin Salami disagrees with this estimate, and believes at least N2 trillion of currency needs to be in circulation for our economic sustainability. Other experts variously estimate this to be between N1.2 trillion and above, so the CBN number of N700bn is not realistic.
  1. The CBN informed the President at the very beginning that the Mint (NSPMC) has enough capacity to print the needed currency in circulation within the 6-week timeframe for the so-called ‘cash swap’. By its own admission, only N400bn worth of new notes had been printed for CBN as at early February.The current cash shortage was therefore designed from the beginning, the President was lied to about the domestic capacity of the Mint to print, and even if the announced N700bn was printed, it would have been grossly inadequate anyway. Imagine then printing only N400bn, and making most of it unavailable to the banks but passed to favoured entities through special arrangements. How can the CBN collect N2.1 trillion from citizens and print only N400bn? Is this not a clear case of economic sabotage?
  1. It is bad economics to so curtail economic activity and the velocity of circulation of money. It is also insensitive to deliberately cause cash shortage and then seek to instigate the public against the mostly innocent commercial banks. Even the most honest and prudent action by banks cannot magically make N400bn to look like N2.1 trillion, or have the same spread and availability like the CBN should have ensured. As a regulator, the CBN should not be seen to be setting up the banking sector as the public enemy to cover up the glaring failure in its design and implementation of the cash swap policy.
  1. We have repeatedly appealed to the Federal Government to allow whatever remains of the old notes to circulate concurrently with the new notes. We recommended that the Federal Government should also hasten to ensure that more of the new notes are printed and brought into circulation. We thought that if the Nigerian Mint is incapable of printing the volume of cash needed as it appears, then necessary steps must urgently be taken to get a reliable supply source.
  1. There is no reason why the old notes and the new notes should not coexist until the old notes are gradually withdrawn over the years as is done in the United Kingdom, Saudi Arabia and other countries. It is unfortunate that in implementing this policy, Nigeria is departing from global best practise, without any compelling justification. The Kaduna State Government did all these, not in opposition to any person or authority, but because we stand with our people and their interests.
  1. When it was clear that our recommendations will not be seriously considered, the Kaduna State Government decided, along with the governments of Kogi and Zamfara States to declare a dispute with the Federal Government. In line with the provisions of the Constitution, we approached the Supreme Court of Nigeria to invoke its original jurisdiction to hear us and the cries of our people. The Court did on February 8th, and ordered that the deadline of February 10th for all the ‘old’ notes ceasing to be legal tender be rescinded until the determination of the suit. This ruling applies to the Federal Government and its agencies like the CBN, and all commercial banks! We are grateful to the Court for this ruling, and we had hoped that compliance by the CBN and the banks would bring relief to our people. It is now clear that the architects of this policy are determined to continue to inflict maximum pain on the citizens to achieve their objectives outlined earlier.
  1. It was our hope that the Federal Government of Nigeria would welcome this injunction as an opportunity to mitigate the needless human suffering being experienced and correct its course on this matter. There is no emergency situation that justifies the rushed and seemingly deliberate incompetent execution of this policy. We suggested that compliance with the ruling would include adopting a whole-of-government approach, that involves the agencies of the federal and state governments in modifying the design, execution the implementation of the currency redesign policy.
  1. Even when confronted with the facts above, the CBN and its masters remain determined to implement their agenda no matter how much human suffering, death and destruction results. It is clear that the architects of this policy always had objectives that are totally in conflict with public interest, peace and the unity of Nigeria. They neither considered our suggestions in line with the Court order, nor respected the unanimous resolution of the Council of State.
  1. It is also quite revealing that the Federal Government and its agencies not only disobeyed the February 8th ruling by continuing to say the February 10th deadline stands. It is shocking to see the blatant violation of the subsisting and continuing order of the Supreme Court that ALL the old and new notes should continue to be legal tender until it gives judgment in the case filed by the Kaduna State Government along with several others.
  1. The address by the President earlier this morning limiting the legal tender status of old notes to only N200 amounts to total disregard and disobedience of the ruling of February 8th which was extended further yesterday by the Supreme Court. The misguided action of the Attorney-General to mislead the President into engaging in this public violation of the order of the highest court of the land shows how desperate the policy architects are to cause national chaos, by showing open contempt for the judiciary.
  1. The decision to recognise only N200 as legal tender till April that the President announced this morning was offered to the state governments as part of proposals for an out-of-court settlement three days ago. The Federal Government asserted that this was offered because all the ‘old’ N1,000 and N500 notes had been destroyed. We rejected the offer and proved to the officials that not a single higher denomination note had been destroyed. We also believe that circulating N200 only to be inadequate in alleviating the suffering that we see every day. We insisted that all the components of the Supreme Court order should be complied with.
  1. But back home, what do we do in Kaduna State? My dear of people of Kaduna State, with the foregoing revelations, it is clear that our peaceful coexistence as a state, and a nation, is being placed under deliberate danger using the intentional combination of fuel and cash supply disruptions. These evil people using the instrumentality of the Federal Government and the President as convenient covers are willing to truncate our democracy because they have personally lost out. They are massively deploying resources and tools to defeat the political party that gave us the platform to serve the country just because they could not impose the candidates of their choice. Let us not help them
  1. Let us stay calm and peaceful, and support the lawful means being utilised to solve our problems. On behalf of the Kaduna State Government, I wish to assure you that none of you would lose the money you have in old notes. Let no artificial and illegal deadline frighten you. Whether you live in towns, villages or in our isolated rural communities, do not feel stampeded to deposit your old notes in the banks. Hold on to them. Continue to use them as legal tender as ordered by the Supreme Court of Nigeria. No deadline can render them worthless, ever. The law is on your side. The Central Bank of Nigeria Act, 2007 and the Bills of Exchange Act, both oblige the CBN to recognise your old notes and give you value in new notes whenever you bring them to the CBN, even in the next 100 years.
  1. Therefore, as your governor, I wish to assure you that the Kaduna State Government, in collaboration with elected legislators, traditional institution, elected local government councils, markets, and traders associations will help you collect, record, document, collate and deliver all your old notes to the Kaduna branch of the Central Bank on your behalf into the new ones immediately after the elections. We will also ensure the delivery of your new notes to your various locations without any hardship or expense on your part. We shall save you any panic and the stress of a long journey from your community to the CBN office in our state capital, from March until December 2023 if need be.
  1. For the avoidance of doubt, all the old and new notes shall remain in use as legal tender in Kaduna State until the Supreme Court of Nigeria decides otherwise. I therefore appeal to all residents of Kaduna State to continue to use the old and new notes side by side without any fear. The Kaduna State Government and its agencies shall seal any facility that refuses to accept the old notes as legal tender and prosecute the owners. If need be, we shall take further consequential actions according to the law.
  1. While urging you all not to fall for these antics of the enemies of Nigeria, please be patient and continue to exercise resilience in the face of open provocation and deliberate disinformation. We encourage you to be ready with your PVC to vote in the February 25 Presidential and National Assembly elections. We are doing all we can to ensure that it is peaceful, orderly and hitch-free. I appeal to you to understand the shenanigans of these unpatriotic elements in Abuja and ensure you vote massively for the intended victims of these last-minute policies of needless hardship and incitement of the citizens – our party, the APC and its candidates in all the elections.
  1. The Kaduna State Government is making this appeal, and taking all these measures to shield our people from the terrible consequences of the currency redesign policy. We seek to protect our people’s hard-earned money, their ability to engage in trade and exchange and buy what they need. We also seek to protect their civic rights, liberties and freedoms under a democratic dispensation. I call on the people of Kaduna State to remain peaceful and vigilant in the face of brazen attempts to engineer crisis in order to get a pretext for unconstitutional or undemocratic actions.
  1. In conclusion, our Presidential Candidate, Asiwaju Bola Ahmed Tinubu has asked me to convey his greetings, empathy and words of encouragement to the good people of Kaduna State. He urges us to remain patient, pray for our country and remain vigilant in our pursuit of Renewed Hope.

Thank you all for listening. God Bless Kaduna State. God Bless the Federal Republic of Nigeria.

We Applaud President Buhari On The Currency Swap Policy” –  NAC; Says Those Opposed To It Are Economic Saboteurs

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The Source
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The Neo Africana Centre (NAC), a public policy think tank, has thrown its weight behind the currency swap policy of the Federal Government which has seen some denominations of the old Naira notes give way to redesigned ones.

The Centre said it is persuaded to back the policy following the valuable light which President Muhammadu Buhari has shed on the matter.

In a national broadcast on Thursday, President Buhari pointed out that a very high percentage of Currency-in-Circulation was outside the banking system, thereby aiding illicit financial flows and distorting financial policy and efficient management of inflation.

Under the new policy, about 80 percent of bank notes which were hitherto kept in the private vaults of individuals and institutions have been reintroduced into the system. This development will accelerate economic activities, reduce inflation and strengthen our macro economic activities. It will also minimize the influence of money in politics as we go into general elections next week.

NAC said that these laudable economic outcomes flowing from the new monetary policy should be supported by patriotic and well meaning Nigerians.

It believes that any person or institution opposed to these noble objectives is an economic saboteur and should be treated as such. The Centre also calls on Nigerians not to make themselves available to be used by unscrupulous elements to disrupt public peace.

In a statement by its Director of Public Affairs, Jenkins Udu, NAIC urges Nigerians to appreciate the noble intentions of government and understand that the policy is not directed at any person or group but an effort to stabilize the Nigerian economy.

The statement reads in part:

“After listening to the president’s address on the ongoing currency swap, we are convinced the more that the policy is in the best interest of Nigerians. As an institution that pays serious attention to matters of public policy and democracy, we urge Nigerians to embrace this new monetary policy. Before now, we had frowned on the orchestrated effort within the fold of the All Progressives Congress (APC) to truncate the policy. It has now become obvious that those devious moves by some highly placed politicians especially in the APC are self-serving and unpatriotic.

“It is, however, gratifying to note that some patriotic politicians like Mr Peter Obi of the Labour Party have embraced the policy for all the good reasons. We applaud this selfless disposition of Mr Obi and urge other politicians to look beyond their partisan interests and appreciate the fact that the new monetary policy is in the best interest of the country. Those who seek to take advantage of the system for their personal gains are enemies of the people snd should be shunned like a plague.

“We therefore call on Nigerians not to be taken in by the antics of naysayers who have been sponsoring protests in some parts of the country. We suspect that these sponsored protests are ploys aimed at truncating the general elections just by the corner. Nigerians should not allow a few bag eggs in the system to pollute the rest of the people.

“We reiterate the fact that the new policy, if it is allowed to thrive, will reduce the influence of money in our elections. This is what we need at this time that the country is going into a very crucial elections. Anybody interested in fair, transparent and credible elections should support this laudable economic policy.”

OPINION: Looking Back, Facing Forward As Nigeria Decides

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The Source
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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.”

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