I sympathise with you, but it’s a necessary pain! Buhari’s broadcast on Naira swap pains
NATIONAL BROADCAST BY HIS EXCELLENCY MUHAMMADU BUHARI, PRESIDENT, FEDERAL REPUBLIC OF NIGERIA ON THE CHALLENGES OF THE CURRENCY SWAP AND STATE OF THE NATION, ON 16th FEBRUARY, 2023
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.
- 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.
- 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.
- In the last quarter of 2022, I authorised the Central Bank of Nigeria (CBN) to redesign the N200, N500, and N1000 Nigerian banknotes.
- 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.
- 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.
- 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:
- 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.
- 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;
- 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;
- 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
- 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
- Notwithstanding the initial setbacks experienced, the evaluation and feedback mechanism set up has revealed that gains have emerged from the policy initiative.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- I wish to once more appeal for your understanding till we overcome this difficult transient phase within the shortest possible time.
- 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.
- 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.
- 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.
- 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.
BREAKING: All clear for Tinubu! S’Court dismisses PDP’s double nomination suit *Says, PDP a busy-body
For being a meddlesome interloper and a busy-body in bringing a case that was none of its business, the Supreme Court, on Friday slammed a N2million fine on the Peoples Democratic Party (PDP), over its suit demanding that the ticket of the All Progressives Congress (APC) in the February 25 presidential election be vitiated.
The main opposition party, had claimed that Kashim Shettima, being a candidate in a Senatorial election in Borno and as well as the running mate to Bola Ahmed Tinubu, the APC presidential candidate in the election, amounted to double Nomination, which is forbidden by the law.
Based on that, the prayed the apex court to declare the ticket null and void and the votes recorded for it in the election, through which they were declared winner by the Independent National Electoral Commission (INEC), wasted, a prayer, which if it had succeeded, would pave the way for Atiku Abubakar, the candidate of the party in the election to take over from Tinubu as the 16th President on Monday, when he is due to be inaugurated.
But the court, while dismissing the prayers, which originated from the Federal High Court Abuja, and travelled through the Court of Appeal, before it, agreeing with the positions of the lower courts which dismissed them on the ground of lacking in locus standi to institute the case.
But, Justice Adamu Jauro who read the Judgement, not only held that the PDP acted as meddlesome Interloper and a busy body as it is an internal affair of the APC, ordered the main opposition party to pay N2milllion, for its troubles, after establishing that its arguments tended to misleading the court, which was “sad”.
The court, which said it was aware of the case of Uche Nwosu, former governorship candidate in Imo State, the court, held that it did not applay in the instant case, as it agreed that Shettima withdrew his senate nomination on 6th July 2022 and was subsequently replaced and therefore, was no longer a candidate for the Senate before he picked up the running mate ticket, thus, making the allegation of multiple nomination untenable.
On the other hand, the court, held that Nwosu in his case, got nominated by two political parties for different positions, and having not being on all fours, PDP suit, was bound to fail right from the trial court, to the Court of Appeal, and the Supreme Court.
Accusing the PDP of attempts to use the social media to set a trap for the apex court to blackmail it, which he said was “painful, unfortunate and uncalled for,” the court said a political party had no right to challenge the action of another party, or the decision of INEC, in respect of another party, adding that for a person to have locus standi to challenge the nomination process of a political party, the person must be a neutral person and an aspirant to that position, and a member of the party.
Nigerians must allow the love they share abroad resonate at home – Obasanjo
Former President Olusegun Obasanjo is worried that the level of love Nigerians abroad share among themselves is not replicated at home, adding that a situation where they are quick to become friends outside and enemies at home, must be stop. The former President, who acknowledged how Nigerians in the diaspora were making the country proud in their different areas of endeavour, told participants at an evening reception held at New Brunswick, New Jersey, USA, that Nigerians in the diaspora must conduct themselves as good citizens wherever they domiciled.
Obasanjo, whose views were captured in a statement by, Kehinde Akinyemi, his spokesman, expressed satisfaction over the unity exhibited among Nigerians in the United States of America, urging them to reciprocate such togetherness when they are back home.
The former President, said to have spoken on behalf of a delegation of eminent traditional leaders and academics that included the Olowu of Owu Kingdom, Oba Saka Matemilola, was quoted as saying: “Nigerian nationals are often very united when they are abroad, but something else when they return to the country, therefore, I want to urge all to be good citizens, not only where you are, but when also you come home to Nigeria.”
Uproar, social media exchange of fire, over Ooni’s handshake with Pete Edochie, KOK
The exchange of handshakes between veteran actors Pete Edochie and Kanayo O. Kanayo with Ooni of Ife, Oba Adeyey Ogunwusi Enitan, has spurred a flurry of reactions on social media, The Nation, is reporting.
The paper, which reviewed the viral video shared on Thursday, where Edochie and Kanayo approached Ooni’s table at Elizabeth Jack Rich’s 40th birthday party on Tuesday and exchanged Igbo “cultural” handshakes with the monarch, acknowledged the different meanings being read into it.
Social media users on Twitter took to the comment section of the video with some knocking the actors for disrespecting the tradition by exchanging handshakes with the monarch, while others praised Ooni for showing respect to the Igbo culture.
Man of Letters said: “Igbakeji Oorisa?! It’s acceptable that he received the cross-culture respect handshake with Pete Edochie because the man Pete carry, but what’s his excuse for doing it with Kanayo O Kanayo??”
Kelvin Odanz said. “Is this ceremony holding in the Ooni palace? I mean, if an Igbo man (from a culture that doesn’t bow to another man) meets the Ooni in the UK for instance, is it disrespectful if he chooses to greet the respected Oba in a way he was brought up to respect dignitaries?”
Another user Onyemauchi tweeted: “This man supposed be King for him community”
Another tweep tracesorba wrote: “Igbos don’t bow down to any man, An evolved or wise man is their our own Chi.”