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Naira Re-design: CBN/Finance Minister face off sign of confused govt – Kachukwu
By John Danjuma
The Presidential candidate of the African Democratic Congress (ADC), Dumebi Kachukwu, has described the face off between the governor of Central Bank of Nigeria, CBN and the Minister of Finance, Zainab Ahmed, over Naira re-designing as sign of a confused government with no direction.
Dumebi Kachukwu
It would be recalled that barely two days after the CBN announced the move to redesign the Naira billed for December 15, 2022, the minister disowned the policy saying she was not aware of it, warning the CBN of the consequences that may arise from it.
Speaking in Abuja on Monday, Kachukwu said the controversy between the finance minister and the Central Bank of Nigeria has exposed the fact that some appointees of the government are working at cross purpose.
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“It further speaks to the confusion that goes on daily in President Muhammadu Buhari” administration, the fact that the minister of finance who is a key part of the economy, who superitends over the economy to get to know the policy of Naira redesigning through the media says a lot about our country and the government.
“It says a lot about the fact that in this government, something that concern monetary policy, the minister of finance was not part of the meeting to be briefed. She might not have a supervisory role over the CBN Governor but she is a key part of the economy. She would have pointed out the fact that the policy is ill timed.
Kachukwu reiterated his believe that the planned redesigning of the Naira is ill timed policy which will further erode the value of the Nigerian currency against the American Dollar.
He said President Muhammadu Buhari has continued to destroy the Nigerian economy with wrong and ill-timed policies that mostly benefit a few.
“Millions are daily thrown into the poverty bracket. Our middle class has been wiped out as the dollar today exchanges for N800 and above. Diesel which powers most businesses and industries retails for around N900. A bag of local rice sells for N50,000 in some parts of Nigeria.
“A bag of Dangote cement retails for N4100. Mind you cement is the building block for the construction industry and that same construction industry is a key driver of any economy.
“One begins to wonder if this government is deliberately trying to set a record of creating the greatest number of poor people in the shortest period possible.
“How do you explain the timing of the re-design of the naira? The sensible thing to do is weigh the pros and cons before taking such a decision which has further weakened the naira.
“How many Nigerians actually store money in their homes as is being speculated? Do we further destroy the naira because of a few Nigerians?
“At a time like this. It is extremely ill-timed. Before this time, the Naira was doing N788 to $1, today it is over N800 and in Lagos it is over N1000 because people are now speculating.
“Everyday Nigerians are now leaving this country in droves. As they leave Nigeria they are selling their properties, they are buying forex.
“Our economy is in tatters while the managers of our economy fight over who informed who or who got Presidential approval.
“As the naira continues to plunge, more businesses will collapse this week. Thousands will be thrown into the employment market daily. This is our reality.
“We need to see all the factors affecting our Naira. If these people are not in touch with the reality of what is happening in Nigeria they keep on making wrong headed policies. They will keep on making mistakes.
“In a country like ours we have been speaking for seven years about diversifying our economy about strengthening the Naira, I want to challenge this government, the banks to tell us how many new businesses the banks have supported to export this year.
“If you want to strengthen the Naira you have to look at the balance of trade, you have to export more than we import. They should ask the banks how many people they funded to export, how many small businesses in the last 10 months, in the last one year or two years, five years or throughout the lifespan of this administration that will show you what is going in Nigeria.
“It is a very unserious government that does not know what is to be done.”
He challenged the security agents to fish out those that are hoarding the Naira to warrant the new policy.
“Why can’t our security agencies up their game, identify those who have been speculated to store billions in their homes and then use legal means to recover the money.
“By the way who says all money stored at home is ill-gotten wealth? There are those who simply don’t trust banks or don’t want to incur the extortionist bank charges imposed by some banks”
On the security security advisory by some of the western nations and the departure of embassy officials and their families which have led to panic amongst Nigerians he said it is because the President failed to respond to rumours that some convicted terrorists were released to secure the freedom of the remaining Kaduna train captives.
“Some now accuse his government of undermining the efforts of our men and women in the field by the indiscriminate release of those who have sworn to destroy our way of life. Only the President can confirm if this is true or not.
“Nigerians now live in fear of the unknown as they wonder if they could be in the right place at the wrong time. Our highways have gotten worse as bandits now take on and kill convoys with several policemen. If those with a retinue of police aides are being attacked and, in some cases killed, then who is safe in Buhari’s Nigeria?
“Even though President Buhari has sought to assure Nigerians that all is well one begins to wonder what is really going on.”
“We can’t continue to keep quiet while our President continues to pauperise us. I call on President Buhari to convene an emergency economic summit.
“We all need to get involved in this conversation. It is meaningless to keep on talking about the 2023 general elections when our present realities suggest that we might not have a nation by that time.
“We can’t continue acting like we don’t know tens of millions of Nigerians are unemployed and impoverished.Their plight gets worse as our economy gets worse. When is breaking point?
“The President can’t keep on saying he is fighting inflation yet in an import dependent economy small businesses are paying up to N5 million to clear a 20ft container and up to N9million for a 40ft container.
“Who is advising our President? Inflation begins from your ports. This government is killing small businesses. If the President is serious about strengthening the naira, he should find out how many new export oriented businesses Nigerian banks funded in the last one year.
“He should find out how many new businesses Nigerian banks funded in the last 10 months. We can’t keep on deceiving ourselves.”
The Governor of Benue State, Rev. Fr. Hyacinth Alia, has assured corps members deployed to the state of their safety, despite rising security concerns across the region.
Speaking on Friday through the Commissioner for Youth, Sports Development and Creativity, Hon. Terkimbi Ikyange, Governor Alia said his administration is working closely with security agencies to ensure the safety and well-being of all National Youth Service Corps (NYSC) members throughout their service year.
“Sadly, our nation is currently bedevilled with security challenges, and Benue State is not exempt,” the governor stated.
“However, let me quickly allay your fears and assure you that, as a government, we are committed to ensuring that your safety is guaranteed throughout your stay in the state.”
He noted that comprehensive protective measures have been implemented across corps lodges and other areas occupied by corps members in the state.
Governor Alia also encouraged the new corps members to take full advantage of the NYSC’s Skills Acquisition and Entrepreneurship Development (SAED) programme, describing it as a “gateway to great opportunities.”
He further urged them to use their God-given talents to contribute meaningfully to the nation’s development.
In her remarks, the State Coordinator of the NYSC, Mrs. Veronica Garba, thanked the governor and the people of Benue for their continued support of the scheme.
She charged the new inductees to actively participate in the four cardinal components of the orientation course: physical training, motivational lectures, sporting activities, and SAED.
The orientation exercise welcomed a total of 1,600 corps members, officially inducted into the programme by Justice Peter Ukande, who represented the Chief Judge of Benue State, Justice Maurice Ikpambeae.
The Federal Ministry of Health and Social Welfare has approved the appointment of a new Acting Director of Administration for the David Umahi Federal University Teaching Hospital (DUFUTH), Uburu.
This was contained in a statement in Uburu on Thursday by the DUFUTH’s Public Relations Officer, Agwu N. O.
According to Agwu, the new appointee is Edith Anih, an indigene of Enugu State with relevant working experience, having worked at the University of Nigeria Teaching Hospital (UNTH), Enugu, where she was Deputy Director of Administration.
It was gathered that the approval was conveyed in a letter dated April 23, 2025, addressed to the Chief Medical Director.
Prior to her appointment, Anih held the position of Deputy Director of Administration at the University of Nigeria Teaching Hospital (UNTH), Enugu.
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He wrote, “Mrs. Anih Edith Ndidi is a seasoned administrator born on May 22, 1973. She is married and hails from Enugu State, specifically Enugu South Local Government Area.
“She holds a Bachelor’s degree in Public Administration and a Master’s degree in Human Resources Management. She is also an associate member of the Institute of Health Service Administrators of Nigeria (IHSAN).
“The Management of DUFUTH extends a warm welcome to the new DA and looks forward to collaborating with her as she brings a fresh perspective to the hospital’s administrative leadership.”
The Federal Government of Nigeria is set to launch a forensic audit of the Nigerian National Petroleum Company Limited (NNPCL), in a major move aimed at enhancing transparency and accountability in the oil and gas sector.
This was disclosed by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, at the ongoing Nigerian Investor Forum, held on the sidelines of the IMF/World Bank Spring Meetings in Washington DC.
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Edun explained that the upcoming audit, along with recent changes in NNPCL management, is part of a broader effort to reform the state-owned oil company and rebuild trust in Nigeria’s economic institutions.
Addressing top global investors, including representatives from financial giant J.P. Morgan, Edun outlined a series of bold economic reforms introduced by the administration of President Bola Tinubu.
He said the measures are already yielding positive results and have laid a strong foundation for future growth.
“Our goal is not just to maintain this momentum, but to accelerate it,” Edun said. “We are targeting seven per cent annual growth, and we believe the policies we have implemented have laid the groundwork to achieve this.”
According to Edun, Nigeria’s economy grew by 3.84% in the fourth quarter of 2024, with an overall annual growth rate of 3.4%.
He described the government’s economic strategy as “unprecedented,” adding that key indicators such as the budget deficit, trade balance, and exchange rate have all shown signs of improvement.
“We said we would do it, and now we have done it. This time, we’re staying the course,” he emphasized.
The minister also highlighted the government’s focus on agriculture as a critical driver of economic growth, saying efforts are underway to close the food supply gap by empowering local producers.
“We aim to close the food supply gap, not by importing more, but by enabling domestic producers to scale and innovate,” he said.
In the area of infrastructure, Edun announced that 90,000km of fibre optic cable has been rolled out to boost internet connectivity, especially for young Nigerians and the tech ecosystem.
Additionally, 4,000km of roads have been earmarked for private sector participation, with the first 1,000km already approved for construction.
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