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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.”

NEWS

N12tn Subsidy Discrepancy: APM Calls for EFCC Probe of Oyedele, Edun

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Economic and Financial Crimes Commission, EFCC,

The Allied Peoples’ Movement, APM, has petitioned the Economic and Financial Crimes Commission, EFCC, to investigate an alleged N12 trillion discrepancy in savings from the removal of petrol subsidy.

The party also called on the anti-graft agency to question the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, his predecessor, Wale Edun, and relevant officials of the Ministry of Petroleum Resources over the figures.

The demand was contained in a statement by APM National Publicity Secretary, Abubakar Yusuf, who said the alleged discrepancy must be fully accounted for.

SEE MORE: EFCC Brokers Structured Repayment Plan over Nestoil

According to the party, Oyedele had put the savings from petrol subsidy removal at N15.8 trillion, while earlier government figures under Edun indicated that about $20 billion, equivalent to N27 trillion, had been saved as of November 2024.

Yusuf said, “The APM therefore petitions the EFCC to investigate the N12 trillion discrepancy by inviting the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, his predecessors in office, Wale Edun as well as officials of the Ministry of Petroleum Resources for questioning.”

APM also urged the National Assembly to conduct an open inquest into the alleged discrepancy, insisting that Nigerians deserve a clear account of the subsidy savings.

The party argued that the alleged N12 trillion difference could have been used to finance major infrastructure projects and improve the economy.

It said the amount would be enough to build a refinery with a capacity of between 250,000 and 300,000 barrels per day, potentially creating jobs, attracting ancillary investments and helping to reduce petroleum prices.

APM further claimed that the funds could finance about 1,000 kilometres of standard railway linking Lagos, Abuja and other parts of the country.

According to the party, such an investment would ease transportation, boost commerce and reduce pressure on the nation’s roads.

“It is therefore disheartening that due to sheer greed, avarice and incurable corruption of the APC, Nigerians have been denied these life-enhancing benefits,” the party said.

APM alleged that the discrepancy had heightened concerns over the possible diversion of subsidy savings by corrupt officials and associates of the Tinubu administration.

The party vowed to continue demanding accountability until every kobo from the subsidy savings is accounted for.

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International News

US Military Newspaper Chiefs Sacked Over Editorial Freedom Row

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The United States Department of Defense has fired the editor-in-chief, publisher and a reporter of a long-running military newspaper amid a growing dispute over editorial independence.

The newspaper’s editor-in-chief, Erik Slavin, told CBS News that he was dismissed for “insubordination” after speaking to the network about disagreements with the Department of Defense.

SEE ALSO: Iran’s Threat Pushes Brent Over $90

The department had earlier this year said it wanted to steer the publication’s coverage away from what it described as “woke distractions.”

The newspaper’s publisher, Max Lederer, who had served in the position since 2007, was also notified that he was being terminated. His dismissal came just three days after he announced plans to retire from the publication.

Reporter Lara Korte also confirmed that she had been fired for alleged insubordination.

“Today, I was informed that the Department of Defense is firing me for insubordination after I told a CBS reporter that I work for Stars and Stripes — not the Pentagon, not any administration, and not any policy maker,” Korte wrote on X.

The dismissals came only days after the newspaper published a report detailing grim conditions faced by crewmembers aboard the USS Abraham Lincoln.

The report triggered fresh criticism of President Donald Trump’s handling of the war with Iran. The aircraft carrier had been deployed before the conflict in the Middle East began in February.

Last weekend, the US military announced that a new carrier strike group had arrived in the region, while Trump said the Lincoln would be replaced.

Slavin had also drawn attention last month after publicly opposing what he described as attempts by the Department of Defense to interfere with the newspaper’s editorial decisions.

During an interview on “CBS Sunday Morning,” Slavin was asked whether there were any editorial red lines he would not cross.

“‘Don’t run a perfectly accurate story, run this instead. Here it is, written by the Pentagon.’ That would be a red line,” he said.

Lederer had announced his retirement on Tuesday, with his departure initially scheduled for September 30.

He said his decision followed fundamental differences between his leadership philosophy and the plans the Department of Defense had for the organisation.

Meanwhile, US Secretary of Defense Pete Hegseth has faced criticism from sections of the media over his approach to journalism since taking charge of the department in 2025.

The independence of US military media outlets has increasingly come under scrutiny.

Shortly before Lederer announced his retirement, active-duty US Navy Captain William Urban was installed as military deputy to the publisher, a move interpreted by some, including Democratic lawmakers, as weakening the publication’s editorial independence.

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NEWS

Tinubu’s Men Bomb Atiku on Fuel Subsidy

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Nigeria’s former Vice President Atiku Abubakar’s promise of restoring petrol subsidy if elected president in 2027 has drawn attacks from the corner of President Bola Ahmed Tinubu.

The Presidency reacted sharply to Atiku’s pledge, describing it as a deceptive political jab, capable of undermining Nigeria’s economic recovery.

The Special Adviser to the President on Media and Public Communication, Sunday Dare, stated this in a statement on Thursday, following Atiku’s declaration that he would reverse the subsidy removal if elected.

Dare accused Atiku of attempting to manipulate Nigerians for political gain, saying the former Vice President’s position could halt what he described as ongoing recovery across various sectors of the economy.

“Atiku Abubakar: Your pronouncement that you will bring back fuel subsidy is drenched in hypocrisy and deceit. It is an unpardonable manipulation of the public psyche, designed to hoodwink unsuspecting Nigerians into voting for you,” Dare said.

READ ALSO: NUPRC Says Nigeria has Extracted 4.6bn Barrels from Deep Offshore

He added, “The ongoing recovery across various sectors of our national life annoys you, and will be halted if this thinking of yours is implemented. By the Grace of God, it will not happen, and all good men of conscience must rise up against you.”

Atiku had made the pledge during a Facebook Live session while responding to questions on the removal of the petrol subsidy and how the savings from the policy had been utilised.

The former Vice President said he initially did not oppose the subsidy removal but questioned how the savings had been spent.

“I initially did not oppose the removal of the fuel subsidy. But now that it has been removed, where is the money? Where has the subsidy money gone? Has it been used to improve healthcare, education or security?” Atiku asked.

He added, “If I win the presidential election, I will restore the subsidy. And anyone who stole Nigeria’s subsidy funds must return the money.”

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