Connect with us

NEWS

[FULL TEXT] PMB’s Nationwide Broadcast on Naira Redesign

Published

on

FULL TEXT: President Buhari Delivers Last New Year Message To Nigerians

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.

NEWS

Kuje Chairman Breaks Silence Over Viral ‘Leave If You’re Not APC’ Comment

Published

on

The Chairman of Kuje Area Council in the Federal Capital Territory (FCT), Danjuma Shekwolo, has clarified his controversial remarks in a viral video where he appeared to tell residents who do not support the All Progressives Congress (APC) to leave the council.

Shekwolo, who came under criticism following the circulation of the video, said his remarks were made in a specific context during a meeting with APC youths and loyalists and were subsequently taken out of context.

ALSO SEE: Abuja One-Chance Scare: How Criminals Turn Taxis Into Death Traps

In the viral footage, the chairman was heard saying: “I have said in my area council, it’s either you are doing APC or leave the area council. I am not arguing with you.”

The statement sparked concerns over political intimidation and residents’ freedom to support political parties of their choice, particularly as political activities intensify ahead of the 2027 general elections.

However, in a clarification issued on Wednesday, Shekwolo said he had no intention of disenfranchising residents or denying anyone their fundamental rights.

According to him, the meeting where the statement was made focused on administrative efficiency, local development and the welfare of communities within Kuje Area Council.

“The remarks in question were made in a specific context aimed at addressing administrative efficiency, local development, and community welfare. You may recall that event that led to the unfortunate incident was a meeting with the APC party youths and loyalties,” he said.

The chairman stressed that political affiliation could not be used as a basis for denying residents their rights.

“And as the Executive Chairman of Kuje Area Council, I have no right to disenfranchise any residents or citizen of their fundamental human rights in the council,” Shekwolo said.

He also denied any intention to create disaffection or undermine any group, saying his administration remained committed to serving all communities in Kuje.

“At no point did I intend to cause disaffection, undermine any group, or promote policies that do not serve the best interest of our citizens,” he said.

Shekwolo further appealed to residents and stakeholders to support the development of Kuje regardless of their political, religious or ethnic differences.

“I urge the people of Kuje Area Council and the general public, regardless of their political affiliation, religious, or ethnic difference, to join hands with the administration to make Kuje the area council of our dreams,” he said.

The chairman also appealed to journalists to verify the context of statements before publishing reports, describing the media and government as “partners in progress.”

The controversy followed widespread criticism of the original remarks, with rights groups and political actors raising concerns over the implications of linking residency in Kuje to political support.

Continue Reading

NEWS

CNG Can Cut Fuel Cost From N200,000 to N40,000 — FG

Published

on

The Federal Government has said Compressed Natural Gas can significantly reduce fuel and transportation costs, citing a traveller whose fuel expenditure reportedly dropped from more than N200,000 to about N40,000 after switching to CNG.

The Director-General of the National Automotive Design and Development Council, Oluwemimo Joseph Osanipin, disclosed this on Wednesday after meeting with President Bola Tinubu at the Presidential Villa in Abuja.

SEE MORE: FG, NADDC Empower NYSC Members in South-East with CNG Conversion Skills

Osanipin said the example demonstrated the potential of CNG to deliver substantial savings as the government expands infrastructure and access to alternative energy across the country.

He said the traveller was able to refill with gas in Kano, demonstrating the expanding availability of CNG beyond major commercial centres.

“So, a lot of people are already benefiting from this policy, and more and more will come now that we are having more people and more firms going into it and investing in it,” he said.

According to Osanipin, the number of companies licensed to retail gas had increased sharply from about four to 81, describing the development as evidence of growing private-sector participation in the Federal Government’s CNG initiative.

However, he acknowledged concerns that some commercial transport operators benefiting from lower CNG costs had yet to pass the savings on to commuters through reduced fares.

“We have a lot that are already doing it; fleet operators are already benefiting from this. So what we are pushing for again, because someone asked me that question, is that I have seen a lot of people benefiting from it, but they refuse to transfer the price to the masses.

“So that is going to be the next stage. But we just want to make sure that all the infrastructure and everything is coming. Then we now see enforcement of some of these policies,” he said.

Osanipin stressed that adequate infrastructure, including filling stations, mobile refuelling units and gas production facilities, remained critical to making the CNG initiative sustainable.

He also disclosed that the Federal Government had taken delivery of the first batch of electric vehicles promised to civil servants, describing it as the beginning of a broader rollout of cleaner-energy vehicles.

 

 

Continue Reading

NEWS

FG Begins Electric Car Rollout for Civil Servants as First Batch Arrives

Published

on

The Federal Government has begun the rollout of electric cars for civil servants with the delivery of the first batch of vehicles promised by President Bola Tinubu.

The Director-General of the National Automotive Design and Development Council, Oluwemimo Joseph Osanipin, disclosed this on Wednesday after meeting with President Tinubu at the Presidential Villa in Abuja.

Osanipin said the arrival of the vehicles marked the beginning of a broader plan to expand electric mobility in Nigeria, reduce transportation costs and promote cleaner energy.

SEE MORE: ‘Painful Loss to Nigeria’ — Tinubu Mourns Eagle Online Publisher Dotun Oladipo

“Today, you must have heard in the news that the first batch of the electric vehicle that the President promised civil servants was delivered today, and they are all electric vehicles. This is the beginning of more and more that will come,” he said.

According to him, the government has also deployed electric-vehicle infrastructure in about 16 universities across the country to support the development of an ecosystem for alternative-energy transportation.

Osanipin said the government’s policies on electric vehicles and Compressed Natural Gas would become increasingly visible as investments in supporting infrastructure continue to grow.

He stressed that infrastructure was critical to the success of the alternative-energy transition, noting that CNG adoption, for instance, requires filling stations, mobile refuelling units and gas production facilities.

“You can’t put a policy in place today and start having the immediate impact,” he said, adding that investments were already being made in the required infrastructure.

The NADDC boss also disclosed that the number of companies licensed to retail gas had increased from about four to 81.

He described the development as evidence of growing private-sector participation in the Federal Government’s CNG initiative and said gas was becoming more available in some states.

Osanipin further highlighted the potential of CNG to reduce transportation expenses, citing the experience of a traveller whose fuel expenditure reportedly fell from more than N200,000 to about N40,000 after switching to CNG.

He said the traveller was able to refuel with gas in Kano, demonstrating the expanding availability of CNG beyond major commercial centres.

However, Osanipin acknowledged concerns that some commercial transport operators benefiting from lower CNG costs had yet to transfer the savings to commuters through reduced fares.

“We have a lot that are already doing it; fleet operators are already benefiting from this. So what we are pushing for again, because someone asked me that question, is that I have seen a lot of people benefiting from it, but they refuse to transfer the price to the masses,” he said.

He explained that the next phase of the government’s intervention would focus on ensuring that the benefits of cheaper alternative energy translate into lower transportation costs for Nigerians.

Osanipin said his meeting with President Tinubu also provided an opportunity to brief him on developments in the automotive sector, ongoing investments and a draft legislation being developed for the industry.

The Federal Government has continued to promote electric mobility and CNG as part of efforts to diversify Nigeria’s transportation energy mix, reduce dependence on petrol and diesel, lower transportation costs and cut emissions.

Continue Reading

Copyright © 2022. Biztellers, powered by Alphaxristi.

0
Would love your thoughts, please comment.x
()
x