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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

 

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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Kano APC spokesperson accuses Presidency of sabotaging Ganduje

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Ahmad Aruwa ,Kano APC spokesperson

 

The spokesperson of the All Progressives Congress (APC) in Kano, Alhaji Ahmad Aruwa, has issued accusations against the Presidency for undermining and conspiring against the suspended Acting National Chairman of the APC Dr. Abdullahi Umar Ganduje.

Mr. Aruwa articulated these claims in a short video he produced in Kano circulating on social media where he blamed the some forces in the presidency that are pushing for the exit of the former Kano State Governor as the Ag. national chairman.

He asserted their awareness of individuals engaged in conspiracies to sabotage Mr. Ganduje’s efforts, with the intention of fracturing his relationship with the President.

He warned of the potential for a significant political upheaval if any APC members dared to oppose Ganduje in Nigeria as he was one of the pillars of President Bola Ahmed Tinubu’s success at the 2023 polls.

Breaking:Court Confirms Ganduje’s Suspension As APC member

“We will confront anyone within the APC who dares to challenge Ganduje, regardless of their status or political influence.”

Mr. Aruwa also criticized Tinubu for disregarding the support extended to him in Kano when others had rejected him.

He observed that no one in Kano, a state with largest voter turnout would support Tinubu’s cause, as Ganduje was the sole architect of his success in the state. Therefore, they will not tolerate any subversion at the Villa.

“I solemnly pledged that if anyone is to confront Ganduje within the APC, it would inevitably lead to a substantial political crisis which we are very ready to fight back.”

“Irrespective of the individual’s identity, we are acutely aware of the plotting and machinations orchestrated by certain APC members at the Villa.

“It was solely Ganduje who facilitated Tinubu’s presence in Kano when there was a lack of support from others.

“Every resident of Kano is refraining from associating with Tinubu, as those within the APC who are acquainted with him are distancing themselves due to Buhari’s influence.”

Reliable sources from the Presidential villa who pleaded for anonimity revealed that Ganduje’s trivails started when he was directed to galvanize the attention of Kano state Governor Abba Yusuf and his political Godfather Rabiu Kwankwaso to abandone thier political party (NNPP) and join the ruling APC.

It was reported that contrary to the terms of reference given to Mr. Ganduje, he arrived Kano and chaired a stakeholders meeting where he mocked Kwankwaso and Kano state Governor, a situation that stalled the negotiation process with Kwankwaso’s team.

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The Journey So Far: Mbum Ferdinand Presents Score Card Since Assumption Of Office As Mighty Jets International FC General Manager

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By Asile Abel, Jos

With the consciousness that his set objectives are sacrosanct, the General Manager of Mighty Jets international FC of Jos, Ferdinand Mbum has reeled out some of his achievements at the club since his assumption of office.

The Club, renowned for its rich history as one of the few in the early days of Nigerian football to place the country on the world map since its inception in 1970, has steadily stamped its authority in the circles of modern football around the country.

“Talent development has been at the core of everything we’re doing right now and the results are already manifesting, so we’re not perturbed nor shaken at all”, Mr. Ferdinand told a team of reporters at his office in Jos.

“Four of our youngsters have currently been invited to the Golden Eaglets team as a result of their performances in what is just their first season”, he further said.

Mr. Mbum maintained that their mandate is for the Club to be self-sufficient and prove that the status quo can change by all means legitimately possible.

Determined to make clear his arguments, he opined that several scouts have been sounded from his first day in office, “Some of whom have documented a good number of our players and are monitoring their development with data-driven tools which I cannot reveal to you.”

Accordingly, those at the top echelon of football activities within the Club have worked with a roadmap and clear cut instructions about the need to prioritize game time for young prospects, hence the reason for their involvement in first team duties with a hybrid of a number of experienced faces to strike a balance in that regard.

For the Club’s chief, the young footballers have to be trusted, “Talent may be universal but opportunity is not, we have to believe them enough and hand them the opportunities they need to prove themselves” he added.

Commenting on his recent foreign trip to England, he revealed that it was solely in the interest of the Club as he had the opportunity to peach the idea of exporting players to clubs that partnerships have not been struck with them at the initial stage such as Southampton, Tottenham Hotspur and Leganese in Spain, which was added to the list of clubs that Mighty Jets Int’l FC hopes to do a lot with in Spain. All these he said were part of his agenda during the International Sports Convention held in the United Kingdom.

According to him “Our journey overseas was not for a tea party by any means as we also held a number of strategic business meetings and beneficial networking.

Already two of our players will travel for trials in top Spanish clubs in addition to other mentioned breakthroughs.”

He did not also stop applauding the Executive Governor of the state, Barr. Caleb Manasseh Mutfwang for the free hand granted the management to operate without hindrance.

He reiterated that there is a close collaboration between the club’s Sporting Director and that of the state as they look to get the very best result moving forward.

While describing allegations of match-fixing against the club’s management as “baseless and unfounded”, he said the club will most likely initiate legal action against known persons who mischievously intend to peddle a narrative they know to be untrue.

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Member APC Working Committee Urges Public Not To Bow to NNPP’s Blackmail Over APC National Chairman

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Bashir Mai Sango with APC national chairman Dr Abdullahi Umar Ganduje

 

A member of the APC working committee in Kano Bashir Mai Sango urges the general public not to succumb to blackmail by certain sponsored elements seeking to discredit the APC national chairman, Dr. Abdullahi Umar Ganduje.

In a statement issued to newsmen Bashir Mai Sango, it was highlighted that the sponsored elements, bent on blackmailing the APC chairman, aim to destabilize the APC-led federal Government of President Bola Ahmad Tinubu, who, in his almost eleven months in office, has been striving to rectify the economy.

Bashir Maisango who is also the assistant secretary of Kano APC emphasized that these individuals are also apprehensive about the political acumen and successes of the APC national chairman, Dr. Abdullahi Umar Ganduje, who tirelessly collaborates with the President to strengthen the APC and position it as a formidable party in future general elections.

Bashir emphasized the importance of recognizing that the NNPP government, along with its agents in Kano and in collaboration with certain disgruntled elements, are working to divide party stalwarts at both the federal and state levels. They are doing so by sponsoring retrogressive elements to launch a campaign of defamation against the National chairman of the APC through court orders and by financing certain members to blackmail the chairman and the APC leadership.

The member Kano working committee further urged the National working committee of the APC, the people of Kano, and all other critical stakeholders not to yield to blackmail from the NNPP government and its propaganda machinery.

He mentioned that the NNPP government, led by Kwankwaso’s puppet, Governor Abba Kabir Yusuf, is doing so to appease his master instead of focusing on governance, as his failures are becoming increasingly evident.

The NNPP government aims to divert attention and ensure the innocent into its fold because the APC national chairman is their nightmare.

He said the national chairman, Dr. Abdullahi Umar Ganduje, has made significant strides in repositioning the party by establishing a progressive institute which underway . This institute is designed to consolidate robust political ideas for progressive politics, a feat never achieved before since the formation of APC in 2013.

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