Connect with us

Politics

Tinubu: Allow Old, New Naira Notes Co-exist Till 2024

Published

on

Bola Tinubu, the All Progressives Congress’s presidential candidate, cleared the air yesterday regarding his stance on the Central Bank of Nigeria’s (CBN) effort to revamp the Naira and transition towards a cashless society.

He stated that he is not opposed to the idea, but rather the manner in which the policy was executed, which caused chaos and confusion.

In response to the recommendations of the Council of States, Tinubu called on the federal government and the Central Bank of Nigeria to announce a 12-month period in which both the old and new Naira notes, including the non-withdrawn coins and bills, would be recognized as legal tender.

This would follow the successful implementation of similar monetary policies in other countries and help to reduce public unrest.

In a personal statement released yesterday, Tinubu acknowledged that the recent events have been difficult for Nigerians, particularly small and medium-sized enterprises (SMEs), the low-income population, and those who rely on daily cash transactions.

He stated that these individuals have suffered greatly due to the shortage of both fuel and new Naira notes. The former Governor of Lagos expressed sympathy for market vendors and artisans who have seen decreased sales due to customers being unable to make purchases with cash.

“We hear the loud cries of farmers in rural areas and hinterlands who have been forced to sell their produce at much lower prices so they don’t lose out completely. We hear every Nigerian dealing with the consequences of the roll-out of the cash swap programme.” He added.

Tinubu, the APC presidential candidate, further noted that while the scarcity of the new Naira notes remains a problem, he is encouraged by reports that fuel lines across the country are beginning to clear due to improved supply.

He emphasized the importance of finding quick and sustainable solutions to the current difficulties faced by Nigerians, in order to restore normalcy to the financial sector and boost the nation’s overall productivity.

Tinubu also expressed support for the Council of States’ advice as a necessary first step in addressing the unintended consequences of what would have otherwise been a beneficial policy that required widespread acceptance.

Tinubu added, “We advise the immediate suspension of associated charges on online transactions and bank transfers and payments via PoS until the current crisis is fully resolved.

“This cost should be considered a roll-out expense by the CBN to incentivise the envisaged shift to alternative transaction channels; for both the financial services consuming public and those in charge of implementing the scale-up programme.” He added.

Tinubu stressed the need for the Central Bank of Nigeria, the National Orientation Agency, and the Ministry of Information, State and Local Governments, along with their respective public and private sector entities, to launch a major public education and awareness campaign.

The aim of this campaign would be to educate the public and empower them with a better understanding of the new Naira and cashless policy, which would lead to widespread acceptance and implementation.

 

 

 

 

 

 

 

 

 

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Politics

INEC To Present Certificates Of Return To Ondo Governor-Elect, Lucky Aiyedatiwa

Published

on

Ondo State Governor-elect, Lucky Aiyedatiwa, and his deputy will officially receive their certificates of return from the Independent National Electoral Commission (INEC) on Wednesday at the commission’s headquarters in Abuja.

INEC’s Chief Press Secretary, Rotimi Oyekanmi, confirmed the announcement, stating that the presentation ceremony will take place as scheduled.

READ MORE: Nigeria’s Water Project Under Fire As World Bank Reports Missing Funds

Aiyedatiwa triumphed in the Ondo governorship election with a total of 366,781 votes, defeating Agboola Ajayi of the Peoples Democratic Party (PDP), who garnered 117,845 votes.

The certificate presentation will mark the final step in formalizing his victory before his inauguration.

 

Continue Reading

Politics

Labour Party’s Ondo Candidate Blames Obi, NLC For Defeat

Published

on

The reinstated Labour Party governorship candidate in Ondo State, Ayodele Olorunfemi, has expressed frustration over his loss in the recent election, attributing his defeat to former Anambra State Governor, Peter Obi and the Nigeria Labour Congress (NLC).

Governor Lucky Aiyedatiwa of the All Progressives Congress (APC) emerged victorious, securing all 18 local government areas and earning 366,781 votes. Agboola Ajayi of the Peoples Democratic Party (PDP) trailed with 117,845 votes, according to the Independent National Electoral Commission (INEC).

While the APC candidate was declared the winner, Olorunfemi lamented the disruption caused by internal party conflicts, particularly involving Peter Obi’s backing of Olusola Ebiseni.

Olorunfemi accused Obi and the NLC of undermining his campaign by supporting Ebiseni’s candidacy before the Court of Appeal reinstated Olorunfemi’s position on the ballot.

READ MORE: Dangote Cement Ibese Fetes Host Communities’ Senior Citizens

In a statement to The PUNCH, Olorunfemi criticized the actions of the NLC and Obi, alleging that attempts were made to force his withdrawal through a forged letter. “I have Peter Obi and the NLC to thank for that. They have scuttled my aspirations and chances to win this Ondo election,” he stated. He further claimed that Ebiseni acted without his consent, presenting the forged letter in court.

Olorunfemi vowed to take legal action, stating, “I am planning to petition the Inspector General of Police to probe how they wrote that letter, put my signature, and presented it before the court.”

The Labour Party’s internal strife was highlighted by accusations from the NLC’s acting Political Commission Chairman, Prof. Theophilus Ndubuaku, who described Olorunfemi as unreliable. He alleged that Olorunfemi had initially sought to sell the ticket to Ebiseni for N20 million but reneged on the agreement, leading to the court battle.

Despite his reinstatement days before the election, Olorunfemi admitted his campaign efforts were insufficient to secure victory. As of this report, neither Peter Obi nor Ebiseni had responded to the allegations.

Continue Reading

Politics

APC Spent Over N35bn Inducing Voters In Ondo – PDP

Published

on

The Peoples Democratic Party (PDP) has accused the All Progressives Congress (APC) of spending over N35 billion to induce voters in the recently concluded Ondo State governorship election.

The accusation came shortly after the Independent National Electoral Commission (INEC) declared APC’s candidate, Governor Lucky Aiyedatiwa, as the winner.

At precisely 2:29 pm on Saturday, INEC’s Returning Officer, Prof. Olayemi Akinwunmi, announced Aiyedatiwa’s victory, with the incumbent securing 366,781 votes.

READ MORE: Tyson, Paul Savour Moments In Ring

His closest rival, PDP’s Agboola Ajayi, garnered 117,845 votes, while Adeyemi Nejo of the African Democratic Party placed third with 4,138 votes.

In a press statement following the announcement, Olaniyi Ogungbuji, the PDP State Collation Agent, criticized the APC’s campaign methods, alleging widespread vote-buying.

“This is the end result of the election, but I can tell you that APC as a party deployed over N35bn into inducing the electorate. If this is the future of this nation, we are doomed for it,” Ogungbuji said.

Ogungbuji also raised concerns about the failure of elections to take place in certain polling units in Idanre Local Government Area.

However, these concerns were dismissed during the collation process. The PDP agent hinted that the party and Ajayi would deliberate on the next steps in the coming days.

Meanwhile, APC’s State Agent, Ade Adeogun, strongly rejected the PDP’s accusations, labeling them as unfounded and an attempt to explain away their electoral loss.

“You need to understand that throughout this electioneering period, we even complained that Ondo State was over-policed. If they had any genuine evidence, they should have reported it to the security agencies. Those involved in vote buying would have been arrested,” Adeogun stated.

He also dismissed the allegations as “flippant excuses,” emphasizing that elections should be won based on merit, not claims without proof.

“Without evidence, you can’t just go around and make flippant excuses,” he said. “They lost woefully, and they’re looking for a straw to hold onto.”

Adeogun further stated that the PDP’s complaints were simply a result of their defeat, adding, “Let them weep; they lost woefully. They didn’t deserve to win.”

As tensions continue to simmer, both parties remain locked in a bitter dispute over the results of the Ondo governorship election, with the PDP considering legal action in the days to come.

 

Continue Reading

Copyright © 2022. Biztellers, powered by Alphaxristi.