NEWS
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.”
In response to the recent security alerts, the Osun State Government has approved the establishment of a Joint Security Taskforce to strengthen security response and alert to threats to lives and properties in the state.
According to a government house statement on Thursday, to ensure smooth take off of the JTF, the state government declared its readiness to provide all necessary logistics that will strengthen the protection of lives and property of the people throughout Osun State .
The decision was adopted at the State Security Council (SSC) meeting convened yesterday by Governor Ademola Adeleke and presided over by the Deputy Governor, Prince Kola Adewusi with the new Commissioner of Police personally in attendance alongside other security top brass.
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The Deputy Governor while opening the meeting conveyed the best wishes of the state Governor to the service commanders and lauded their steadfastness during recent security challenges and tasked them not to relent in the face of fresh security threats.
Accompanied by the Attorney General of the state, Hon Wole Jimi-Bada; the Head of Service, Elder Ayanleye Aina; and the Governor’s Special Adviser on Security, Mr Samuel Ojo, the Deputy Governor told the commanders that the governor is committed to further empowering the security agencies to secure the state while calling on the traditional rulers to sustain their local security oversight.
The Council during its deliberations also used the opportunity of the meeting which lasted several hours to further allay the fears of the residents on their security and protection, noting that Osun state remains safe and secured.
The Council further tasks residents to be extra vigilant particularly in churches, mosques and schools, tasking stakeholders to put extra security measures around their premises.
While assuring the public of their safety, the Council further requested timely intelligence sharing to security agencies by members of the public to forestall attacks by suspected terrorists and bandits.
The Nigeria Police in conjunction with other security agencies were also directed to be on a 24 hour red alert to curtail the threats of the said bandits and terrorists.
At the meeting, an agreement was also reached between the Ministry of Justice, the Nigeria Police, and the DSS, to collaborate with a view to ensuring that all the suspects are properly investigated and prosecuted accordingly without delay.
The meeting ended with a commendation of the new Commissioner of Police, Mr Ibrahim Zungura for instituting policing reforms since his assumption of office and for attending the security meeting in person.
Vice President Kashim Shettima has arrived in Yola, Adamawa State, to lead a Federal Government delegation on a condolence visit to the family of the late elder statesman, Alhaji Bamanga Muhammad Tukur.
Shettima’s visit is at the instance of President Bola Ahmed Tinubu, following the death of the former Governor of the old Gongola State and former National Chairman of the Peoples Democratic Party (PDP).
The Vice President was received in Yola by Adamawa State Governor, Ahmadu Umaru Fintiri, alongside members of the state executive council.
Tukur, who died on September 12, 2026, was a prominent businessman, politician and elder statesman whose career in public service and business spanned several decades.
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He served as Governor of the defunct Gongola State and later became National Chairman of the PDP. He was also recognised for his contributions to Nigeria’s political development and Africa’s business community.
The presidential delegation accompanying Shettima includes the APC Deputy National Chairman (North), Hon. Ali Bukar Dalori; former Minister of Transportation, Senator Sa’idu Ahmed Alkali; Deputy Chief of Staff to the President (Office of the Vice President), Senator Ibrahim Hassan Hadejia; and Senior Special Assistant to the President on National Assembly Matters (Senate), Senator Abdullahi Abubakar Gumel.
Others on the delegation are Hon. Abdulrazaq Sa’ad Namdas; Sarkin Gabas Adamawa, Dr Mahmood Halilu Ahmed (Modi); and APC National Vice Chairman (North-East), Comrade Mustapha Salihu, among others.
The condolence visit comes as political leaders, government officials and other Nigerians continue to mourn the death of the former governor and PDP national chairman.
Peter Obi has condemned the reported killing of some Nigerians abducted in Borgu, Niger State, saying the country must never normalise the killing of its citizens.
Obi made this known in a statement released via X on Wednesday, where he described the reports emerging from Borgu as increasingly difficult to comprehend and deeply painful.
He recalled that on August 27, he had expressed his anguish over the reported abduction of about 600 Nigerians, including women, children and elderly people, alongside the killing of others.
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According to him, his anguish has deepened following continuing reports of the gruesome killing of some of those abducted, while many others remain unaccounted for.
Obi also referred to another disturbing incident in which a bandit group reportedly beheaded a Nigerian and sent his severed head to a community leader over a ₦50 million levy.
“If the reported killing was intended to increase pressure on the community and extract more money for those still being held, then we must recognise the terrible reality before us: human life is being deliberately turned into a bargaining instrument,” he said.
The former Anambra State governor said one person being killed to terrorise an entire community while others are kept alive as hostages for more ransom amounts to the systematic devaluation of human life.
“These are not statistics. They are Nigerians. They are mothers, fathers, children, brothers, sisters and elderly people,” Obi said.
He questioned how long the country would continue to accept the kidnapping of hundreds of citizens, killings, criminal levies, displacement and ransom payments as unavoidable features of Nigerian life.
Obi said insecurity also affects families, farms, businesses, education and public confidence in government.
He called for intelligence-led operations, stronger community security, rapid response, better coordination and equipment for security forces, effective border protection and sustained action against criminal networks.
“The primary responsibility of government is the security and welfare of its citizens,” he said.
“While politicians prepare for elections, Nigerians are asking for something more fundamental: the right to live.”
Obi urged the government to match prayers with action, insisting that no criminal group should determine who lives or dies anywhere in Nigeria.
“Every Nigerian life matters. Every victim deserves justice. Every community deserves protection. Nigeria must restore security, justice, and the dignity of human life,” he added
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