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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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Senate Sets Up Committee to Harmonise Electoral Act Amendments Ahead of 2027 Polls

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By Yusuf Danjuma Yunusa

 

The Senate has constituted a seven-member ad hoc committee to harmonise and distil senators’ inputs on the proposed amendment of the Electoral Act, as lawmakers intensify efforts to strengthen Nigeria’s electoral framework ahead of the 2027 general elections.

The decision followed a three-hour closed-door executive session held on Thursday, during which senators further scrutinised the Electoral Act (Repeal and Enactment) Bill currently before the National Assembly.

Announcing the outcome of the session, Senate President Godswill Akpabio said the committee was set up to synthesise lawmakers’ views and address outstanding concerns on the proposed amendments.
He said the panel was “mandated to contribute, galvanise and distil the opinion of senators on the bill.

“In no particular order, the committee will be led by Niyi Adegbonmire, chairman of the Senate Committee on Judiciary, Human Rights and Legal Matters,” Akpabio said.

Other members of the committee are Adamu Aliero, Aminu Tambuwal, Adams Oshiomhole, Danjuma Goje, Tony Nwoye and Titus Zam.

Akpabio added that the committee has a maximum of three days to conclude its assignment and submit its report to the Senate by Tuesday.

The Senate had on Wednesday stepped down consideration of the report on the Electoral Act amendment bill, opting instead for an executive session to allow for deeper examination of the proposed legislation.

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The move followed deliberations on the report of the Senate Committee on Electoral Matters, which was presented in the absence of its chairman, Simon Lalong. Lawmakers agreed to suspend debate to give senators additional time to study the bill, citing its far-reaching implications for Nigeria’s electoral process.

Although the House of Representatives has already passed the bill, Akpabio stressed that the Senate must exercise due diligence before concurrence.

“This is a very important bill, especially as it’s election time. We must take our time to ensure justice is done to all, so that we do not end up at the tribunal,” he said.

According to the report of the Senate Committee on Electoral Matters, a clause-by-clause review indicates that the proposed amendments would strengthen electoral integrity, enhance transparency and boost public confidence in the electoral system.

The committee consequently recommended the passage of the Electoral Act (Repeal and Enactment) Bill, 2025, as amended, noting that the reforms would expand voter participation, curb electoral malpractice and strengthen the institutional capacity of the Independent National Electoral Commission.

Earlier, Senate Leader Opeyemi Bamidele outlined key components of the proposed amendments, describing the bill as a major step towards improving electoral credibility and safeguarding institutional independence.

He said the bill introduces stiffer sanctions for electoral offences such as vote-buying, including fines of up to N5m, a two-year jail term, and a 10-year ban from contesting elections.

The proposed law also prescribes tougher penalties for result falsification and obstruction of election officials, introduces electronically generated voter identification — including a downloadable voter card with a unique QR code — and mandates the electronic transmission of polling unit results.

Bamidele further disclosed that the bill recognises the voting rights of prisoners, mandates INEC to register eligible inmates, standardises delegates for indirect party primaries, and requires the release of election funds at least one year before polling day.

According to him, the reforms are aimed at guaranteeing credible, transparent and secure elections beginning with the 2027 general polls, subject to approval by at least two-thirds of state Houses of Assembly, in line with constitutional requirements.

“At the end of it all, good governance, enhanced security and the welfare of our constituents shall remain our cardinal objectives,” Bamidele said.

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Yusuf did not leave NNPP for self interest but kano state development and prosperity -NNPP

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The Dr Boniface Aniebonam led New Nigeria Peoples Party (NNPP) says Gov. Abba Yusuf of Kano State left the Kwankwasiya Movement and the party because of Sen. Rabiu Kwankwaso’s slavery intentions and not for selfish reasons.

The party also stated that the main betrayer in the saga is Kwankwaso, who betrayed the trust of the NNPP founder, Aniebonam and not Yusuf. All efforts made by Yusuf as the leader of NNPP for reconciliation were resisted out of arrogance and greed
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The party was reacting to comments by Elder Buba Galadima on Yusuf’s defection.

In a statement by its National Vice Chairman Northwest, Alhaji Sani Danmasani, the party stated: “Let the relations and families of Kwankwaso and Galadima intervene before depression will catch up with them.

“This is because a critical analysis of the condition of Galadima on Arise television suggested that something may become clinically wrong.

“The cross over of Yusuf to APC is affecting Galadima’ and Kwankwaso so much that the bitterness and pain are evident in their speeches.

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“Their pain is so much that it may result to depression if something urgently is not done . It is most likely that these great men are having sleepless nights.”

According to the party, what is striking in the details of Galadima’s expression during the session on Arise TV were his experiences, travelling by road from Enugu airport to Umuawulu town in Anambra, hometown of NNPP Founder, Aniebonam.

“Galadima’ said he got to Anambra by 2.a.m to meet Aniebonam for the purposes of getting a political platform for Kwankwaso and others against the 2023 general elections.

“Incidentally Yusuf who is a prime beneficiary of the risky trip to Umuawulu is the one found to have betrayed NNPP family to join their enemy, a former governor Kano state and APC stalwart, Ganduje.

“Galadima and Kwankwaso crying fowl of betrayal of trust were the same people who were favoured at no cost to use the NNPP platform to contest elections in 2023.

“They were the same people who betrayed Aniebonam, and fighting to hijack the party he founded 2001. They are still fighting to hijack the structure of the NNPP without conscience, yet calling Yusuf a betrayer.

“One begin to wonder why Kwankwaso and Buba Galadima are crying fowl and disturbing the peace of the society as if they do not know that God acts differently.”

It noted that Yusuf’s decision was a self defence , protection from modern slavery and undue interference from Kwankwaso in governance of Kano state.

The party said that rather than continue to lament over Yusuf, Kwankwaso and his group should seek the face of God and ask for forgiveness from those they betrayed.

The party noted that Kwankwaso’s influence in Kano politics has fizzled out, and will not affect Yusuf’s re-election in 2027.

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Hon. Bichi commissions Hagagawa Mega Primary School, employs additional 180 temporary Teachers

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Hon. Abubakar Kabir Abubakar Bichi, the member of the House of Representatives for Bichi Federal Constituency from Kano State and the chairman of the House Committee on Appropriation, has officially commissioned the reconstructed Hagagawa Mega Primary School in Bichi Local Government Area yesterday, Tuesday.

Hagagawa Primary School was established in 1930 and before the reconstruction the structure was on the verge of collapse.

In addition, the lawmaker has employed 180 more classroom teachers, who will be deployed across primary schools in Bichi Local Government.

This brings the total number of teachers employed by Hon. Bichi to 500, each earning a monthly salary of N60,000. In total, the legislator spends N₦30,000,00 monthly on teachers’ salaries, amounting to ₦360,000,000 annually.

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Speaking at the Commissioning, Hon Bichi reaffirmed his commitment to building similar model schools in Danzabuwa in Bichi north, Saye in Bichi East and Ciranci communities.

Teachers and students associations across the local government commended the lawmaker during the commissioning of the school.

As part of the reconstruction, Hon. Bichi also constructed a modern mini-stadium, upgraded classrooms, a computer lab, a modern library and recreational facilities for students to enhance extracurricular activities.

The event was attended by prominent dignitaries, including Reps. Kabir Alhassan Rurum, Reps Sagir Ibrahim Koki, Repa Abdullahi Rogo, Reps. Hussaini Kero, MD Hadejia Jamare River Basin Development, Dr. Rabiu Suleiman Bichi, DG National Productivity commi, Hon. Baffa Babba, Chairman of Bichi Local Government, Hon. Hamza Maifata, and the member representing Bichi in the Kano state assembly Hon. Lawan Shehu Bichi, SUBEB Chairman Kano, Old Students, well wishers and other community leaders.

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