NEWS
Currency Redesign: Senate Backs Shift in Deadline
In a move considered by observers as mounting political pressure on monetary policy, the Senate has urged the Central Bank of Nigeria (CBN) to shift the deadline for the existing naira notes to June 30, from the slated January 31, 2023.
The Senate made its position known in resolution passed at plenary on Wednesday following a point of order, raised by Sen. Mohammed Ndume (APC-Borno).
Recall that the CBN had on October 26, unveiled an agenda for redesigning the N200, N500, and N1,000 notes.
But riding on Orders 41 and 51 of Senate Standing Rule, Sen. Ndume demanded that the call for extension of the date should be considered as a matter of urgent national importance so as to forestall imminent hardship for Nigerians.
Sen. Ndume said, “This senate notes that many Nigerian banks on Thursday, December 15, opened their vaults to customers and depositors to exchange their old currency for the newly redesigned currency which has a stipulated deadline of Jan. 31.
“Some Nigerians are already envisaging long queues in the banking hall across the country as a result of people trying to get access to the new naira note.
“The old notes are expected to be in circulation along the new ones until Jan. 31 when the old ones are expected to be phased out.
“It is expected that many Nigerian businesses will start rejecting the old notes as soon as banks start paying redesigned notes to customers.”
He further averred that access to the new notes would be compounded by recent circular by the CBN which limited the amount of cash withdrawal by corporate entities.
“The withdrawal of old notes from circulation, if not extended beyond January 31, will make many Nigerians to be thrown into hardship. We need to avoid the repeat of 1984 experience in terms of the withdrawal of old notes,” he added.
In his contribution, Sen. Adamu Aliero (PDP-Kebbi) pointed out that rural dwellers were not aware of the currency redesign, describing the motion as “apt and timely”.
“So this motion is very apt and timely. If we insist on the date given by CBN, it will cause a lot of hardship for our rural dwellers. Majority of our people live in rural areas where there are no banks and PoS. It is appropriate we extend the time as suggested in the motion,” Sen. Aliero said.
NEWS
Atiku Mourns 25 Killed in NAF Aircraft Crash in Ondo
Former Vice President and African Democratic Congress (ADC) presidential candidate for the 2027 election, Atiku Abubakar, has expressed deep sadness over the Nigerian Air Force aircraft crash in Ondo State that claimed 25 lives.
Atiku disclosed this in a statement posted on X on Tuesday, describing the tragedy as heartbreaking and extending his condolences to the families of the victims and the Nigerian Armed Forces.
The Nigerian Air Force ATR-42 aircraft, with registration number NGR 931, crashed in the Inbound area of Ilaje Local Government Area of Ondo State on Monday while on a routine mission from Benin to Lagos.
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The aircraft disappeared from radar after air traffic controllers lost contact with it at about 9:13 a.m.
Its wreckage was later located near the Naval Base in Igbokoda, where search-and-rescue operations were launched.
The Nigerian Air Force subsequently confirmed that 25 people were on board, comprising five crew members and 20 passengers, with no survivors.
Reacting to the tragedy, Atiku said the scale and circumstances of the crash were heartbreaking.
“Among those who lost their lives were airmen, soldiers and members of their families,” he said.
He added that the victims included people whose lives were dedicated to service, as well as families and individuals whose lives were cut short in the tragedy.
“My thoughts and prayers are with the families of all the deceased,” Atiku said.
He noted that no words could adequately comfort parents who had lost their children, children who had lost their parents, or families suddenly deprived of their loved ones.
Atiku also extended his heartfelt condolences to the Nigerian Air Force and the Armed Forces of Nigeria, as well as the governments and people of Nigeria and Ondo State.
He prayed that Almighty God would grant eternal rest to the souls of the departed, comfort their grieving families and give the Nigerian Air Force and the nation the strength to bear the painful loss.
NEWS
‘Age of Prosperity’: Intentional Job Creation Is Nigeria’s Cure for Poverty – Aremu
The Director-General of the Michael Imoudu National Institute for Labour Studies, Issa Aremu, has said deliberate and intentional job creation is the key to tackling poverty and moving Nigeria into an “age of prosperity.”
Aremu stated this during an interview on Arise TV on Tuesday, while reflecting on President Bola Ahmed Tinubu’s Independence Day address and the administration’s economic reforms.
SEE ALSO: Tinubu Gov’t Does Not Engage, Everybody Is Its Enemy — Ajaero
He said the President’s speech contained several policy signals that gave hope that Nigeria was moving towards prosperity after navigating the challenges associated with its macroeconomic reforms.
According to Aremu, Nigeria’s path out of the current economic crisis should be driven by job-led and wage-led growth.
“The way out of the economic crisis we have today is to have a job-led growth, job-led growth. And if I want to add further, wage-led growth,” he said.
Aremu said Tinubu’s emphasis on productive work, employment and industrialisation showed that the government was looking beyond cheaper goods to creating opportunities for Nigerians to earn sustainable incomes.
He argued that tackling poverty requires a deliberate effort to create employment rather than relying solely on market forces or trickle-down economics.
“The key out of poverty, I think, also in our proverbs, you know, it’s work. Yoruba are very poetic: ‘Iṣẹ́ l’ọ̀ògùn iṣẹ́.’ You want to get out of poverty, you need to have jobs,” Aremu said.
“We have to be deliberate, intentional to create jobs. We can’t leave job creation to market forces, trickle-down economics of the recent times. So we have to be deliberate.”
The labour expert also praised the Tinubu administration for what he described as a different approach to economic reform, particularly its retention of public-sector employment.
Aremu contrasted the current administration’s approach with reforms under former President Olusegun Obasanjo, when policies such as downsizing, rightsizing and monetisation resulted in significant reductions in public-sector jobs.
He said the Tinubu administration had demonstrated that economic reforms could be implemented without necessarily sacrificing public-sector employment.
“President Bola Ahmed Tinubu has shown a different approach to reform, that you can have reforms not at the expense of public jobs,” he said.
Aremu further claimed that the number of federal employees had increased from about 720,000 in 2023 to nearly two million, attributing the rise partly to the creation of new institutions and agencies.
He cited the Regional Development Council and the Nigerian Education Loan Fund among institutions he said had contributed to additional employment opportunities.
He added that when state and local government employment were included, millions of jobs had been created across the public sector.
However, Aremu said the next priority should be ensuring that the jobs created are decent and capable of improving workers’ living standards.
He maintained that employment, industrialisation and productive work must remain central to Nigeria’s transition from economic reforms to broad-based prosperity.
NEWS
Military Gear Found at Ondo Crash Site as Helicopter Burns to Rubble
Military gear has reportedly been found at the scene of a helicopter crash in Igbokoda, headquarters of Ilaje Local Government Area of Ondo State.
The helicopter crashed in a swampy area of the coastal community on Monday, October 5, 2026, sparking panic among residents.
The Chairman of Ilaje Local Government Area, Maurice Oripelaye, said military personnel and equipment were seen at the crash site, raising the possibility that the aircraft could have been a military helicopter.
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However, the identity of the helicopter and its operator had not been officially established as of the time of filing this report.
Oripelaye said the aircraft crashed near the Naval Base area and was burnt to rubble following the incident.
He also said the number of people who were aboard the helicopter could not immediately be ascertained, while the fate of those on board remained unclear.
Earlier, residents reported hearing a loud sound from the direction of the crash before discovering that an aircraft had gone down in the swampy area.
The difficult terrain has also made access to the crash site challenging, with security personnel and other responders deployed to the area.
The Ondo State Police Command has confirmed the aircraft crash and said investigations are ongoing to establish the circumstances surrounding the incident.
The police urged residents of Igbokoda and adjoining communities to remain calm and avoid spreading unverified information, promising to provide further details as credible information becomes available.





