NEWS
[FULL TEXT] PMB’s Nationwide Broadcast on Naira Redesign
President Muhammadu Buhari in a nationwide broadcast on Thursday approved the continuous use of the old N200 as legal tender till April 10.
Find below the full text of President Buhari’s broadcast:
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 N1.4 trillion.
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 macroeconomic 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 amounts 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 cease 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.
Alike Dangote, Africa’s wealthiest individual and Chairman of the Dangote Group, has disclosed that Nigeria will cease gasoline imports next month due to the strategic initiatives of the Dangote Refinery.
Speaking at the Africa CEO Forum Annual Summit in Kigali, Dangote expressed optimism about revolutionizing Africa’s energy landscape.
Dangote emphasized the refinery’s capability to meet not only Nigeria’s gasoline demands but also those of West Africa for petrol and diesel, along with the continent’s aviation fuel requirements.
He said, “Right now, Nigeria has no cause to import anything apart from gasoline and by sometime in June, within the next four or five weeks, Nigeria shouldn’t import anything like gasoline; not one drop of a litre.”
Additionally, Dangote outlined the progress made by the oil company to ensure that Africa achieves self-sufficiency in the energy sector.
He said, “We have enough gasoline to give to at least the entire West Africa, diesel to give to West Africa and Central Africa. We have enough aviation fuel to give to the entire continent and also export some to Brazil and Mexico.
“Today, our polypropylene and our polyethene will meet the entire demand of Africa and we are doing base oil, which is like engine oil, we are doing linear benzyl, which is raw material to produce detergent. We have 1.4 billion people in the population, nobody is producing that in Africa.
“So, all the raw materials for our detergents are imported. We are producing that raw material to make Africa self-sufficient. As I said, give us three or a maximum of four years and Africa will not, I repeat, not import any more fertilizer from anywhere.
“We will make Africa self-sufficient in potash, phosphate, and urea, we are at three million tonnes and in the next twenty months, we will be at six million tonnes of urea which is the entire capacity of Egypt. We are getting there.”
Dangote further elaborated on the achievements of the company since the commissioning of the refinery in February.
“For some of us, despite the boom of the capital market of the US, you know, Google, Microsoft and the rest, we didn’t participate, we took all our money and invested in Africa.
“We had this dream, just about five years ago and we said we want to move from five billion (dollars) revenue to thirty billion revenue and we made it happen. It is possible and now we have made it happen and now we have finished our refinery.
“Our refinery is quite big, it is something that we believe that Africa needs. If you look at the whole continent, there are only two countries that don’t import petroleum products which is a tragedy. They are only Algeria and Libya. The rest are all importers.
“So, we need to change and make sure that we don’t just go and produce raw materials, we should also produce finished products and create jobs.
“One of the things we also need to know as Africans is that we produce raw materials and export them when you export raw materials and somebody now keeps importing things into your continent and dumping goods. what you are importing is poverty and exporting jobs. So, we have to change that narrative.
“We just commissioned in February and now we are producing jet fuel, we are producing diesel and by next month, we will be producing gasoline.
“What that would do is that we would be taking most of the African crude that is being produced and also be able to supply not only Nigeria, because our capacity is too big for Nigeria, but it would also supply West Africa, Central Africa and also South Africa.
“We have 650,000 barrels per day, 1 million tonnes of polypropylene, we have 590,000 carbon black, that is the raw materials ink, dyes and co. We are expanding more. This is the first phase and we are going out to the next phase which will start early next year,” he said.
The Ulama Forum in Nigeria, representing Islamic clerics, and the Muslim Lawyers Association of Nigeria (MULAN) have voiced their disapproval of Minister of Women Affairs, Uju Kennedy-Ohanenye’s decision to challenge a proposed mass wedding for orphaned girls in Niger State through legal means.
Both groups have thrown their support behind Abdulmalik Sarkin-Daji, the Speaker of the Niger State House of Assembly, who initiated the idea of conducting a mass wedding for girls who lost their parents to bandit attacks in the state.
In a statement issued jointly from Kano and signed by the forum’s Convener, Aminu Inuwa Muhammad, and Secretary, Engineer Bashir Adamu Aliyu, the Ulama Forum affirmed its backing of the planned weddings for victims of banditry and kidnapping in Niger State.
The forum criticized the minister for what they perceive as her attempt to garner media attention with what they described as “her Islamophobic rhetoric,” alleging that her actions demonstrate a lack of respect for Sharia law.
The forum characterized the minister’s actions as selective, amateurish, and tribalistic, asserting that the 1999 Constitution upholds religious freedom and acknowledges Sharia provisions allowing the marriage of the prospective brides.
Furthermore, they highlighted that, as a lawyer, the minister should be aware that the Child Rights Act does not extend beyond the Federal Capital Territory (FCT).
The forum cautioned the administration of President Bola Tinubu to be cautious of “such public officers and institutions that will set it against the people.”
Likewise, MULAN has declared its intent to confront the minister in a rigorous legal confrontation regarding her efforts to halt the mass wedding of 100 orphans.
In a statement endorsed by its President, Barrister Saeed Muhammad Tudun-Wada, MULAN asserted that the proposed wedding adhered to the principles and regulations of both Islamic and Nigerian laws, while criticizing the minister for her alleged lack of understanding.
“We understand that the proposed mass wedding scheduled for May 24, 2024, has been subjected to a needless controversy arising from the recent intrusion of the minister,” MULAN said.
“Incidentally, we understand that Mrs Ohanenye has instituted legal action to stop the noble course and further petitioned the Inspector General of Police, IGP Kayode Egbetokum, against the move of Niger State Speaker Rt. Hon. Abdulmalik Sarkin-Daji to sponsor the marriage of 100 girls.
“In the light of this, the Muslim lawyers have resolved to meet the minister at the court of competent jurisdiction. Already, we have assembled not less than five Senior Advocates of Nigeria (SAN) and 27 other members of the association to join in challenging the minister.
“MULAN regretted that the minister had decided to venture into a matter she lacked the right and competence to delve into. By so doing, she has overstretched her limit by interfering with the private and personal interests of the Niger girls. We are prepared to join issues with her.
“For the purpose of emphasis, the constitution of the Federal Republic of Nigeria is generous enough to allow every Nigerian to conduct marriage with whomever he or she so wishes, so long such an act did not violate any provision of the constitution.
“MULAN is fully behind the proposed mass wedding and the genuine interest of the Speaker to ease the burden of the marriage is well in line with Islamic principles.”
The Minister of Women Affairs on Friday, addressed her legal action against Speaker Sarkindaji, citing his proposal to marry off 100 orphans from his constituency.
During an appearance on Channels TV’s Politics Today, the minister emphasized her adherence to the constitution in her duties, stating: “When I’m doing my work, I focus on the constitution. What I stood for was the fundamental human rights of the children. I want an investigation carried out. Religion is not part of the work I am doing.”
She also mentioned collaborating with the Speaker and other stakeholders to empower the girls instead of arranging marriages for them.
She said “When I met with the speaker recently, he said to me that he never thought about it in the manner I was thinking about it, that he thought he was helping.
“But now that I have brought this up, we have partnered together to look into how we empower these children, take them to school, open businesses for them and make their lives better. He said he will partner with me.”
President Bola Ahmed Tinubu has announced the appointment of 555 individuals to serve as chairpersons and members of the governing councils for tertiary institutions across Nigeria.
This significant move aims to enhance the governance and oversight of the country’s higher education sector.
The inauguration and orientation retreat for the newly appointed council members is scheduled for Thursday, May 30, and Friday, May 31, 2024.
In a related development, the government has successfully resolved the potential strike threat from the Academic Staff Union of Universities (ASUU).
Nigeria To Stop Fuel Imports By June – Dangote
Ulama, Lawyers Slam Minister Over Niger Mass Wedding Opposition
Tinubu Appoints 555 To Education Councils, ASUU Strike Resolved
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