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Naira Re-design: CBN/Finance Minister face off sign of confused govt – Kachukwu

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Kachukwu denies being suspended

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.

Kachukwu denies being suspended

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.

Read also>>>CBN destroys N6 trillion banknotes in Buhari’s regime

“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.”

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BREAKING: Sen Kingibe Weeps Over Arraignment Of Minors In Adult Court

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The Senator representing the Federal Capital Territory, Abuja, Ireti Kingibe, has wept openly that Nigeria has ‘become a nation that turns against its own children’.

The senator was reacting to the “arraignment of over 100 young boys, aged between 10 and 16, who participated in the #EndBadGovernance protest,” in an adult court, against established legal standards.

She took to her verified handle on micro-blogging site, X, on Saturday, to shed tears and register her strong disappointment with all the parties involved in the shameful and illegal act.

ALSO READ: #EndBadGovernance2024: Atiku Decries Dehumanisation Of Minors

According to Sen Kingibe “How can a government tasked with protecting its citizens justify holding minors in correctional centers, treating their peaceful protest as a criminal offense?”

On the law enforcement agencies breaching the law, Sen Kingibe pointed out that, “According to Nigeria’s Criminal Procedure Act (CPA), minors between the ages of 1 and 17 should never be arraigned in adult criminal courts but instead in juvenile courts, which have exclusive jurisdiction over such cases. Yet, these minors were held in maximum correctional centers for over 85 days before being charged with treason.”

She expressed her firm position that all relevant stakeholders must “urgently unite to secure the immediate and unconditional release of these minors.”

Sen Kingibe wrote, “As the Senator representing the Federal Capital Territory, I condemn in the strongest terms the recent arraignment of over 100 young boys, aged between 10 and 16, who participated in the #EndBadGovernance protest. These minors, who bravely voiced their grievances against the unbearable hardship and hunger ravaging our land, are now being charged with treason — an offense that, if found guilty, carries the death penalty.

“When did we become a nation that turns against its own children — our very hope for tomorrow? When did we lose our compassion and humanity to the extent that we humiliate, arrest, and drag young children into court for the “crime” of speaking out? This shameful prosecution of our youth is not only unjust — it is a betrayal of our humanity and an assault on our future. How can we stand idly by as the dreams of our children are crushed under the weight of oppression? This must end.

“This is utterly disgraceful, and everyone involved should feel ashamed. We owe our citizens, particularly our children, not just protection from external threats but also from unjust treatment within. Children deserve quality education, better healthcare, and protection from domestic violence and abuse, not brutal treatment for exercising their constitutional rights. According to Nigeria’s Criminal Procedure Act (CPA), minors between the ages of 1 and 17 should never be arraigned in adult criminal courts but instead in juvenile courts, which have exclusive jurisdiction over such cases. Yet, these minors were held in maximum correctional centers for over 85 days before being charged with treason.

“How have we, as leaders, stooped so low? Instead of addressing the root causes of their protest, we prosecute those who cry out against them. How can a government tasked with protecting its citizens justify holding minors in correctional centers, treating their peaceful protest as a criminal offense? When did peaceful protest — a fundamental right of citizens — become a crime in Nigeria?

“Numerous videos circulating on social media and news platforms show malnourished children with visible collarbones, countable ribs, fainting, crying, hungry, sick, and, most horrifically, being manhandled. This has turned us into an international embarrassment. If we cannot protect our own citizens, how can we expect to safeguard foreign investors whom we are actively trying to attract to our country?

“This is not only condemnable but an absolute disgrace, and it cannot stand. I demand that every relevant authority — the Ministry of Women Affairs, the Ministry of Humanitarian Affairs, the Ministry of Justice, and the Chief Justice of the Federation — as well as the Human Rights Commission and all human rights lawyers, urgently unite to secure the immediate and unconditional release of these minors. I also call upon all mothers and women across the nation to rise in protest against this deplorable treatment of our children. This is not the Nigeria we dreamed of; we cannot allow our future to be sacrificed in silence.”

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Strike Relief: FG Releases Funds To NASU, Retirees

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In a significant development aimed at resolving the ongoing strike by non-academic university staff, the Federal Government has released funds to settle the long-overdue salaries owed to members of the Non-Academic Staff Union of Federal Universities (NASU).

The funds will also cover outstanding pension payments for retirees under the Nigerian Union of Pensioners Contributory Pension Scheme.

READ ALSO: Banky W, Adesua Etomi Welcome Second Child [VIDEO]

Bawa Mokwa, Director of Press and Public Relations in the Office of the Accountant-General of the Federation, confirmed the release in a statement on Saturday.

Mokwa stated that payments to NASU members have commenced, with numerous staff already confirming receipt of the funds.

The move comes after members of NASU and the Senior Staff Association of Nigerian Universities (SSANU), operating under a Joint Action Committee, began an indefinite strike last Monday in protest over the withheld salaries.

The strike brought federal universities across the country to a standstill, with various academic and administrative services halted.

Several other unions and universities expressed support for the protest, amplifying calls for the funds’ immediate release.

Tensions between the union leadership and the federal government had escalated in recent days, despite a directive from President Bola Tinubu for payments to be made.

On Wednesday, SSANU leaders expressed frustration, stating that many top university officials, including vice-chancellors, bursars, and registrars, had yet to receive the outstanding salaries, further straining relations.

SSANU leadership vowed to keep university facilities shut until all owed salaries are fully disbursed.

“We will not resume activities in our universities until every last outstanding payment has been made,” SSANU leaders warned in a statement.

In his official statement, Mokwa reassured all concerned parties that the government has fulfilled its commitment to fund these payments, which he called “a priority move to alleviate the financial strain on university staff and retirees.”

 

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#EndBadGovernance Protests: IGP Claims Suspects’ Collapse Staged To Sway Public Opinion

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The Inspector-General of Police (IGP), Kayode Egbetokun has alleged that the collapse of six suspects in court was a deliberate act intended to attract negative attention to law enforcement efforts.

The six individuals, part of a group of 76 mostly minor suspects facing charges related to the #EndBadGovernance protest, collapsed in the courtroom on Friday.

Related News: EndBadGovernance Protests: Court Sets N10m Bail Each For 67 Minors

Egbetokun, however, underscored that medical aid was promptly provided, highlighting the police’s commitment to the welfare of individuals in custody.

In a statement dated November 1 and signed by Force Spokesperson Muyiwa Adejobi, the IGP affirmed that under Nigerian law, individuals who reach the age of criminal responsibility are held accountable for their actions, irrespective of age.

“Today, an unexpected incident in court saw six of the suspects suddenly rush out and faint, drawing media attention in a deliberate and scripted manner to attract negative attention,” Egbetokun said.

“Medical aid was promptly provided to these individuals, demonstrating the Police Force’s commitment to the welfare of those in its custody, irrespective of the allegations they face.”

Recall that the court granted bail for each minor at N10 million, sparking criticism both domestically and internationally.

The arraigned individuals, many of whom appeared malnourished, are facing a series of grave charges including terrorism, arson, treasonable felony, and other allegations related to the destruction of public property and threats to national security.

The IGP emphasized that the Nigeria Police Force (NPF) remains committed to balancing justice with compassion, noting that the Force has adhered to legal procedures to ensure fairness.

“The NPF has rigorously adhered to legal provisions to ensure fairness and accountability under the rule of law,” he said.

“Throughout this process, the Police have worked to balance justice with compassion, ensuring that each suspect’s basic rights and privileges are respected, including access to medical care and other necessary provisions.”

In his statement, Egbetokun urged the public to avoid bias and pledged transparency throughout the legal proceedings.

“The NPF acknowledges public interest in this case and assures the public that our officers will maintain professionalism throughout the legal process.

“The public is encouraged to view this case without undue bias, as the Force remains focused on a transparent pursuit of justice.”

The police chief added that the Force is committed to aligning with international standards in justice, drawing comparisons to legal practices in countries like the United Kingdom, where young individuals facing serious charges are held accountable, though with empathy and respect for human rights.

 

 

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