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Only Old 200 Naira Remains Legal Tender Till April-Buhari

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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.

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:

a. 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.

b. 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;

c. 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;

d. 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

 

e. 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

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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:

a. A strengthening of our macro economic parameters;

b. 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;

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

d. Collapse of Illegal Economic Activities which would help to stem corruption and acquisition of money through illegal ways;

e. Exchange Rate stability;

f. Availability of Easy Loans and lowering of interest rates; and

g. 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.

16. 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.

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DG National Productivity Centre congratulates Gov. Namadi on award of Doctorate Degree

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The Director General, National Productivity Center, Dr. Baffa Babba Dan Agundi, extends heartfelt congratulations to Governor Malam Umar A. Namadi on being awarded an honorary doctorate degree (Honoris Causa) in Business and Sustainability by the Federal University of Otuoke, Bayelsa State.

In his message to pressmen and media, Babba Dan Agundi described the honor as a well-deserved recognition of Governor Namadi’s exceptional leadership and unwavering commitment to transparent governance, public service reforms, agricultural development and productivity, education, youth empowerment, as well as economic development in Jigawa State and beyond.

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The Director General joins fellow citizens in celebrating this “remarkable milestone” and offers prayers for continued wisdom and success in the Governor’s efforts to drive progress in the state.

“This prestigious recognition reflects your exemplary leadership and commitment to public service, youth empowerment, and economic growth in Jigawa State,” he said.

Dr. Baffa Babba Dan Agundi highlighted that this award is not only a personal achievement for Governor Namadi but also a source of pride for all Jigawa State citizens.

He commended the Federal University of Otuoke for recognizing excellence in public policy and administration, noting that Governor Namadi’s distinction will inspire many in and out of public office to embrace service with integrity and discipline.

 

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CITAD Condemns Arrest of Abubakar Idris, Demands His Immediate Release

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The Centre for Information Technology and Development (CITAD) condemns the arrest and continued detention of Abubakar Idris, popularly known as Comrade Danhabu, by the Kaduna State Police Command over a social media post.

This was contained in a statement by the director of the centre Malam YZ Yau

Malam Y Z Yau said COTAD views the arrest as a clear abuse of power and a troubling attack on citizens’ constitutionally guaranteed rights to freedom of expression and participation in public discourse. Criticism of public officials and government actions, whether online or offline, is not a crime but a core pillar of democratic governance.

He said CITAD are deeply concerned by the growing pattern of arbitrary arrests, intimidation, and harassment of activists, journalists, and citizens across the country, often under the guise of cybercrime and other vague allegations. These actions undermine public trust in law enforcement institutions and erode democratic values.

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CITAD therefore calls on the Nigeria Police Force to immediately release Abubakar Idris unconditionally and to desist from being used as a tool to silence dissenting voices. Law enforcement agencies must uphold the rule of law and protect citizens, not intimidate them for expressing legitimate concerns.

The centre further urge Governor Uba Sani of Kaduna State to focus on the real priorities of governance—improving security, livelihoods, service delivery, and the overall welfare of Kaduna citizens—rather than presiding over the arrest of critics whose only “offence” is demanding transparency and accountability. Silencing critics does not solve governance challenges; it only deepens public frustration.

CITAD reiterates that accountability, openness, and respect for human rights are essential for sustainable development and democratic stability. We will continue to stand with citizens, activists, and all defenders of civic space in Nigeria.

 

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SPECIAL REPORT:“Nigeria’s Democracy and the Endless Cycle of One-Party Dominance”

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A historical analysis reveals how Nigeria’s democracy repeatedly succumbs to one-party dominance, with the current regime being worst as it perfects the playbook of past eras.

By Yusuf Danjuma Yunusa

Dominant-party politics—where one party consistently controls political power while opposition exists but faces significant systemic disadvantages—has manifested at various points in Nigeria’s political history. While the current situation under President Bola Tinubu’s APC-led administration is evidently worst as it shows concerning trends toward a total dominance, historical precedents exist, particularly during the First Republic and the prolonged military eras that indirectly shaped party systems.

In The First Republic(1963-1966)

Nigeria’s first experiment with multiparty democracy effectively functioned as a “three-dominant-party system” at the regional level:

If checked critically in the Northern region as at that time, the Northern People’s Congress (NPC) held virtually unassailable dominance, leveraging the feudal structure, ethnic solidarity (Hausa-Fulani), and control of Native Authority police and taxation. Opposition parties like the Northern Elements Progressive Union (NEPU) were systematically marginalized.

While in the Western region, the Action Group (AG) under Chief Obafemi Awolowo dominated until the 1962–63 crisis, which split the party and led to a federal government-backed takeover by the Nigerian National Democratic Party (NNDP).

In the Eastern region the National Council of Nigerian Citizens (NCNC) held sway, though with more competitive politics than the North.

It’s worth noting that this was regionalized dominance rather than a single nationwide dominant party. The federal government was a fragile NPC-NCNC coalition.

In The Second Republic(1979-1983)

The National Party of Nigeria (NPN) emerged as a nationwide dominant party in the second republic.

It won the presidency with Shehu Shagari as its candidate without a clear popular majority. But through patronage, co-optation of opponents (“boarding the bus”), and control of federal resources, the NPN gained “surprise” gubernatorial victories and parliamentary seats, particularly in the 1983 elections—which was widely viewed as heavily rigged.

It used federal might to unseat opposition governors, a good example of it which is the Ondo State saga, through controversial judicial processes.

National Party of Nigeria(NPN) had a parallel mode of operations to today’s administration of President Tinubu. The party was also a broad, pragmatic coalition of elites from multiple regions–like the APC–using control of the petroleum boom economy to reward loyalty and fellowship.

In the military era, there usually would be nothing as party politics. Military rule suppressed party politics entirely but orchestrated networks and a centralized federal might that later shaped civilian dominant-party tendencies.

This was evident in the 1989–1993 two-party experiment (SDP and NRC) imposed by Gen. Babangida. It was an artificial, state-created duopoly—not genuine multiparty competition.

The Fourth Republic(1999-Present Day)

The Peoples Democratic Party(PDP) was the first national dominant party in the history of Nigeria.

The party held the Presidency, National Assembly majority, and most governorships for 16 consecutive years.

It employed massive patronage, control of INEC and security forces, and corruption of electoral processes especially under the 2007 election, described as “do-or-die” by President Obasanjo.

Opposition victories were rare to see with only Lagos, ANPP strongholds as the opposition voice. Although victories were possible, just that there were rare, it showed that the system was competitive, authoritarian rather than full one-party rule.

Dominance ended in 2015 due to internal fragmentation (the 2013–14 defection of the “nPDP” bloc to APC) and widespread public discontent over insecurity and corruption, not via a level playing field.

In 2015, APC’s era came and won the presidency (Buhari) and, by 2023, controlled 22 of 36 states.

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By 2024 till this very moment in 2025, the ruling APC has been massively receiving politicians from the main opposition PDP and others into its fold. The most recent of it was the defection of governor Fubara of Rivers State.

The tsunami has left the PDP with just 5 governors now: governor Fintiri of Adamawa State, Dauda Lawal of Zamfara State, Caleb Muftwang of Plateau State, governor Seyi Makinde of Oyo State, and Bala Mohammed of Bauchi State.

Governor Agbu Kefas of Taraba State and governor Adeleke of Osun State would have been the sixth and seventh governors for the party respectively, but reports have it that the former has also defected to the APC. Although, official declaration for that is yet to happen as it has been scheduled to hold next year January, 2026.

While governor Adeleke has officially joined the Accord Party and has picked the gubernatorial form for his second tenure.

Reports also have it that governor Caleb Muftwang of Plateau State is one step away from joining the ruling All Progressives Congress, citing heightened differences between him and some of the state executives of APC as the impediment to his official alignment.

The party, APC, now commands a supermajority capable of constitutional amendments without opposition support with 73 Senators and 175 Representatives.

It has also 28 governors in total, leaving the opposition parties with 8.

5–for PDP
1–for LP
1–for NNPP
1–for Accord Party

The Mechanisms of Dominance

Speaking with a public affairs analyst and political scientist, Austin Patrick, he shared that history has shown that financial advantage has been the tool in which ruling party use to dominate since democratic era.

“The control of oil revenues, state contracts, the capture of NNPC, CBN, and other agencies; alleged use of anti-graft agencies to pressure opponents are different mechanisms in which the ruling party use to dominate.”

He continued, “we all know that the Okowa case with the EFCC will no longer come to the public after his defection to the APC.”

Mr. Austin also emphasized on the judicial favouritism which the country has been witnessing in recent times, citing the position of court as the final arbiter in recent times.

“Courts now play an unprecedented role in determining election winners—over 80% of petitions in the 2023 cycle were dismissed on technicalities rather than merits,” he said.

On the other hand, Dr. Kabir Sufi, who is also a political analyst, opined that the APC’s dominance is largely attributed to structural advantages and the factions in the opposition parties.

“Well, the combination of the APC’s usage of structural advantages and fragmentation of the opposition contribute to how bigger and wider the ruling party has become.”

He also highlighted on the rumor by many Nigerians that the said fragmentation and weakness of the opposition is largely the orchestration of the APC itself.

The Dangers Of One-Party System

Dr. Sufi asserted that the dangers of one party system is largely on democracy itself rather than intergovernmental relations and federalism spirit.

“The implications are mostly for democracy itself, it’s not allowing the opposition to thrive.”

“The advantages in which oppositions are to enjoy are not actually realistic,” he added.

Although Dr. Sufi acknowledged that there are a lot of factors that have allowed the situation to become what it is today.

Meanwhile, Mr. Austin was of the opinion that the danger of one party system is ultimately accountability erosion.

“Weak opposition breeds legislative and fiscal oversight.”

He noted that with no external threat, APC may become more autocratic, stifling pragmatic democracy.

Mr. Austin also stated that one party dominance contributes to voter apathy among citizens.

“The belief that elections don’t change outcomes may depress turnout and fuel political violence.”

Moreover, Dr. Sufi, when asked if the opposition have any chance to unsit the APC in the coming 2027 presidential election, said that:

“With the wave of defections to the APC, the task may be getting harder for the opposition unless if there’s an implosion within APC.”

Summarily, while it’s evident that Nigeria is on the verge of becoming a one-party nation, it’s worth noting that it’s not yet completely a one-party state. Multiple parties still exist and compete, but it exhibits clear dominant-party authoritarian characteristics similar to the PDP’s peak (2003–2011).

The difference is that the current opposition is more fragmented and demoralized than in the past.

A thorough examination will reveal to one that dominant-party politics in Nigeria follows a cyclical pattern: a party gains power, uses state resources to entrench itself, becomes corrupt and fragmented, then collapses from internal splits rather than electoral defeat. The APC appears to be in the entrenchment phase, Nigerian Tracker News observed.

Yusuf Danjuma Yunusa is a freelance journalist and a reporter with the Nigerian Tracker News. He can be reached via: theonlygrandeur@gmail.com or 07069180810

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