National News
Buhari’s nationwide address on new naira
Buhari’s nationwide address on new naira
President Muhammadu Buhari has approved the contincontinous use of the old N200 as legal tender till April 10.
The President made this known on Thursday morning during an address to Nigerians following a series of controversies and protests across the country.
See the full text below;
My Dear Compatriots,
I have found it necessary to address you today, on the state of the nation and to render an account of the efforts of our administration to sustain and strengthen our economy, enhance the fight against corruption and sustain our gains in the fight against terrorism and insecurity which has, undoubtedly, been impacted by several internal and external factors.
- Particularly, I am addressing you, as your democratically elected President, to identify with you and express my sympathy, over the difficulties being experienced as we continue the implementation of new monetary policies, aimed at boosting our economy and tightening loopholes associated with money laundering.
- Let me re-assreassureians, that strengthening our economy, enhancing security and blockage leakages associated with illicit financial flows remain the top priority of our administration. And I shall remain committed to my oath of protecting and advancing the interest of Nigerians and the nation, at all times.
- In the last quarter of 2022, I authorised the Central Bank of Nigeria (CBN) to redesign the N200, N500, and N1000 Nigerian banknotes.
- For a smooth transition, I similarly approved that the redesigned banknotes should circulate concurrently with the old bank banknotes on 31 January 2023, before the old notes, cease to be legal tender.
- In appreciation of the systemic and human difficulties encountered during implementation and in response to the appeal of all citizens, an extension of ten days was authorized till 10th February 2023 for the completion of the process. All these activities are being carried out within the ambit of the Constitution, the relevant law under the CBN Act 2007 and in line with global best practices.
- Fellow citizens, while I seek your understanding and patience during this transient phase of implementation, I feel obliged to avail you of a few critical points underpinning the policy decision. These include:
a. The need to restore the statutory ability of the CBN to keep firm control over the money in circulation. In 2015 when this administration commenced its first term, Currency-in-Circulation was only N1.4 trillion.
b. The proportion of currency outside banks grew from 78%in 2015 to 85% in 2022. As of October 2022, therefore, currency in circulation had risen to N3.23 trillion; out of which only N500 billion was within the Banking System while N2.7 trillion remained permanently outside the system; thereby distorting the financial policy and efficient management of inflation;
c. The huge volume of Bank Notes outside the banking system has proven to be practically unavailable for economic activities and by implication, retard the attainment of potential economic growth;
d. Economic growth projections make it imperative for government to aim at expanding financial inclusion in the country by reducing the number of the unbanked population; and
e. Given the prevailing security situation across the country, which keeps improving, it also becomes compelling for government to deepen its continuing support for security agencies to successfully combat banditry and ransom-taking in Nigeria
- Notwithstanding the initial setbacks experienced the evaluation and feedback mechanism set upset-revealed that gains have emerged from the policy initiative.
- I have been reliably informed that since the commencement of this program, about N2.1 trillion out of the banknotes previously held outside the banking system, had been successfully retrieved.
- This represents about 80% of such funds. In the short to medium and long terms, therefore, it is expected that there would be:
a. A strengthening of our macroeconomic parameters;
b. Reduction of broad money supply leading to a deceleration of the velocity of money in the economy which should result in fewer pressures on domestic prices;
c. Lowering of Inflation as a result of the accompanying decline in the money supply that will slow the pace of inflation;
d. Collapse of Illegal Economic Activities which would help to stem corruption and acquisition of money through illegal ways;
e. Exchange Rate stability;
f. Availability of Easy Loans and lowering of interest rates; and
g. Greater visibility and transparency of our financial actions translating to efficient enforcement of our anti-money laundering legislations.
- I am not unaware of the obstacles placed on the path of innocent Nigerians by unscrupulous officials in the banking industry, entrusted with the process of implementation of the new monetary policy. I am deeply pained and sincerely sympathise with you all, over these unintended outcomes.
- To stem this tide, I have directed the CBN to deploy all legitimate resources and legal means to ensure that our citizens are adequately educated on the policy; enjoy easy access to cash withdrawal through the availability of appropriate amounts of currency; and abilihave try to make deposits.
- I have similarly directed that the CBN should intensify collaboration with anti-corruption agencies so that any institution or person(s) found to have impeded or sabotaged the implementation should be made to bear the full weight of the law.
- During the extended phase of the deadline for currency swap, I listened to invaluable pieces of advice from well-meaning citizens and institutions across the nation.
- I similarly consulted widely with representatives of the State Governors as well as the Council of State. Above all, as an administration that respects the rule of law, I have also noted that the subject matter is before the courts of our land and some pronouncements have been made.
- To further ease the supply pressures, particularly to our citizens, I have givenapprovedCBN that the old N200 bank notes be released back into circulation and that they soothed also be allowed to circulate as legal tender with the new N200, N500, and N1000 banknotes for 60 days from February 10, 2023, to April 10, 2023, when the old N200 notes cease to be legal tender.
- In line with Section 20(3) of the CBN Act 2007, all existing old N1000 and N500 notes remain redeemable at the CBN and designated points.
- Considering the health of our economy and the legacy we must bequeath to the next administration and future generations of Nigerians, I admonish every citizen to strive harder to make their deposits by taking advantage of the platforms and windows being provided by the CBN.
- Let me assure Nigerians that our administration will continue to assess the implementation to ensure Nigerians are not unnecessarily burdened. In this regard, the CBN shall ensure that new notes become more available and accessible to our citizens through the banks.
- I wish to once more appeal for your understanding till we overcome this difficult transient phase within the shortest possible time.
- Fellow citizens, on the 25th of February, 2023 the nation would be electing a new President and National Assembly members. I am aware that this new monetary policy has also contributed immensely to the minimization of the influence of money in politics.
- This is a positive departure from the past and represents a bold legacy step by this administration, towards laying a strong foundation for free and fair elections.
- I urge every citizen, therefore, to go out to vote for their candidates of choice without fear, because security shall be provided and your vote shall count.
- I however admonish you to eschew violence and avoid actions capable of disrupting the electoral processes. I wish us all a successful General Electelectionank you for listening. God bless the Federal Republic of Nigeria.
Buhari’s nationwide address on new naira
National News
Rebuilding the North-East: Inside Nigeria’s Largest Post-Conflict Recovery Experiment
Rebuilding the North-East: Inside Nigeria’s Largest Post-Conflict Recovery Experiment
How the NEDC is attempting to turn years of devastation into a pathway for long-term development
By Michael Olukayode
For more than a decade, Nigeria’s North-East has remained a symbol of prolonged conflict and humanitarian collapse. The insurgency led by Boko Haram and its breakaway factions did far more than disrupt security—it dismantled entire communities, shattered economic systems, and altered the social and cultural foundations of a region once anchored by farming and cross-border trade.
The human cost has been staggering. More than 350,000 people are estimated to have died directly and indirectly from the conflict. Over 2.5 million individuals were forced from their homes, while at the height of the crisis, about 8.4 million people required urgent humanitarian support. Entire settlements across Borno, Adamawa, and Yobe were destroyed, leaving behind a region marked by displacement and ruin.
A System Built from Collapse
The scale of destruction prompted the establishment of the North-East Development Commission (NEDC) in 2017 under former President Muhammadu Buhari. It was created not simply as a relief agency, but as a long-term institutional response to structural breakdown across an entire region.
Early post-conflict assessments placed the cost of destruction at over $9 billion. Infrastructure losses were extensive: thousands of homes were destroyed, more than 1,400 schools were damaged or completely wiped out, and in some areas over 70 percent of health facilities became unusable. The agricultural sector—long the backbone of the regional economy—collapsed almost entirely, deepening poverty and food insecurity.

To coordinate recovery, the Commission was tasked with implementing the North-East Stabilisation and Development Master Plan (NESDMP), a blueprint designed to move the region from emergency humanitarian response into structured reconstruction and sustainable development.
From Emergency Response to Large-Scale Reconstruction
Since beginning operations, the NEDC has implemented interventions worth hundreds of billions of naira, funded through federal allocations and supported by development partners.
Its activities span all six states of the region—Borno, Adamawa, Yobe, Bauchi, Gombe, and Taraba—where thousands of projects have either been completed or are ongoing.
Across its portfolio, the Commission has:
• Built and rehabilitated thousands of housing units for displaced families
• Executed more than 1,000 infrastructure projects, including roads, schools, and healthcare centres
• Distributed millions of relief items during peak humanitarian emergencies
• Supported agricultural programmes reaching hundreds of thousands of farmers
The Managing Director/Chief Executive Officer of the Commission, Mohammed Goni Alkali, explained that the institution is now deliberately evolving its focus.

“We are transitioning from humanitarian interventions to sustainable development,” he said. “The priority is building systems that can endure beyond immediate recovery.”
He added that reconstruction must be understood beyond physical structures.
“It is not only about rebuilding infrastructure. It is about restoring livelihoods, rebuilding institutions, and restoring hope to communities,” Alkali said.
Gradual Return to Normalcy Across Communities
On the ground, signs of recovery are beginning to emerge across the region, though unevenly.
Large numbers of internally displaced persons have started returning to reconstructed communities, easing long-standing pressure on overcrowded camps. Schools that were destroyed or abandoned during the peak of the insurgency are being rehabilitated and reopened, restoring access to education for thousands of children.
Healthcare delivery has also improved, with rebuilt and newly equipped facilities expanding access, particularly in rural areas that were previously cut off. Road reconstruction projects are reconnecting isolated communities, improving movement, trade, and access to services.
The Governor of Borno State, Professor Babagana Umara Zulum, acknowledged the role of the Commission in supporting recovery efforts.
“The NEDC has played a critical role in supporting the rebuilding of communities and restoring hope to our people,” he said.
Restoring the Economic Lifeline
Before the insurgency, agriculture was the dominant economic activity in the North-East, employing a large portion of the population. The conflict disrupted farming cycles, displaced rural communities, and left vast tracts of farmland abandoned.
Recovery efforts are now focusing on reversing that collapse. Through the distribution of seeds, fertilisers, and farming equipment, as well as investments in irrigation and dry-season farming, agricultural production is gradually resuming. Small businesses and cooperatives are also receiving support to stimulate local economies.
According to Alkali, economic recovery remains central to the Commission’s strategy.
“Without livelihoods, recovery cannot be sustained,” he said. “Economic empowerment is therefore at the core of our interventions.”
Moving Away from Long-Term Aid Dependence
One of the most significant shifts emerging in the region is the gradual transition from humanitarian dependency to self-reliance.
Although millions of people still require assistance, returning communities are increasingly rebuilding their own economic and social systems as stability improves.
Former United Nations Resident and Humanitarian Coordinator in Nigeria, Matthias Schmale, noted that recovery efforts are beginning to produce measurable improvements.

“There is clear evidence that living conditions are improving and that basic services are being restored,” he said.
Security Gains and Lingering Vulnerability
Despite notable progress in stabilisation, the North-East remains fragile. Military operations have significantly degraded insurgent capabilities, but sporadic attacks continue in some areas.
The Chairman of the Governing Board of the NEDC, Major General Paul Tarfa (rtd.), stressed that development must consolidate security achievements.
“Security gains must be reinforced with development initiatives. Only then can we achieve lasting peace,” he said.
Persistent Gaps in the Recovery Process
Even with extensive interventions, major challenges remain. Millions of residents are still dependent on humanitarian assistance, unemployment among young people remains high, and environmental pressures—including climate-related shocks—continue to threaten agricultural recovery.
In addition, funding limitations remain a key constraint, with the scale of needs far exceeding available resources.
The Managing Director acknowledged these gaps but reaffirmed the Commission’s commitment.
“The level of devastation is enormous, but we are committed to working with all stakeholders to deliver sustainable recovery,” Alkali said.
A Region Still in Transition
The North-East today exists in a complex state between crisis and recovery. It remains one of Nigeria’s most vulnerable regions, but also one of its most ambitious reconstruction theatres.
What is unfolding is a slow transformation: from destruction to rebuilding, from dependency to resilience, and from emergency survival to structured development.
Former United Nations Resident and Humanitarian Coordinator in Nigeria, Matthias Schmale, noted that recovery efforts are beginning to produce measurable improvements.
“There is clear evidence that living conditions are improving and that basic services are being restored,” he said.
Observing during his tenure in the country that: “The transition is visible, but sustaining it will require long-term investment and strong collaboration.”
Conclusion: Beyond Reconstruction
The work of the North-East Development Commission goes beyond rebuilding damaged infrastructure. It represents an attempt to reimagine post-conflict recovery at scale—linking humanitarian relief with long-term development planning.
From housing and healthcare to education and livelihoods, the foundations of a new regional reality are gradually taking shape.
Yet, as stakeholders consistently emphasise, the true measure of success will not be the number of projects completed, but whether the region can sustain stability, dignity, and opportunity over time.
In the North-East, the story of recovery is no longer only about survival.
It is about building a future that once seemed impossible—and ensuring it endures.
Rebuilding the North-East: Inside Nigeria’s Largest Post-Conflict Recovery Experiment
National News
UK–Nigeria Trade Mission Turns State Visit Momentum into High-Impact Commercial Deals Across Key Growth Sectors
UK–Nigeria Trade Mission Turns State Visit Momentum into High-Impact Commercial Deals Across Key Growth Sectors
By: Michael Mike
The United Kingdom has concluded its first trade and investment mission to Nigeria since the recent State Visit, reinforcing efforts to convert high-level political commitments into concrete commercial outcomes for businesses in both countries.
Organised by the UK Department for Business and Trade and delivered by DMA Invest in partnership with the Nigeria Investment Promotion Commission (NIPC), the two-day mission brought together 43 delegates from 30 British companies. The delegation engaged Nigerian counterparts to explore partnerships and investment opportunities across key sectors of mutual interest.
Bilateral trade between both countries has now reached a record £8.1 billion, with Nigeria remaining the UK’s largest export market in Africa. The mission underscored where UK expertise can support Nigeria’s ongoing economic reforms, with discussions spanning infrastructure, energy and power, water and environmental solutions, agriculture, financial and professional services, logistics and supply chains, standards and certification, as well as technology sectors including education, aviation and communications.

These priorities align with the UK–Nigeria Enhanced Trade and Investment Partnership (ETIP), reflecting areas where UK capabilities and long-term partnership models match Nigeria’s evolving economic agenda.
Beyond sectoral engagement, the mission also sought to challenge outdated perceptions of Nigeria, highlighting its transition toward a reform-driven, opportunity-rich economy with improving macroeconomic fundamentals. Both sides emphasised the importance of deeper private sector collaboration to unlock sustainable growth.
British High Commissioner to Nigeria, Dr Richard Montgomery, said the mission demonstrated a clear shift from diplomatic alignment to practical delivery.
“This trade mission is a clear signal of intent. As the first UK business delegation to Nigeria since the State Visit, it shows how we are turning strong political alignment into real commercial action and long-term partnerships for businesses in both countries,” he said.
He added that collaboration with Nigerian institutions and private sector partners reflects the UK’s long-term commitment to doing business with Nigeria.
Chief Executive Officer of the NIPC, Aisha Rimi, described the mission as a timely step toward translating diplomatic momentum into measurable investment outcomes.
“The strong interest from UK companies reflects growing confidence in Nigeria’s reforms and its position as a leading investment destination in Africa,” she said, adding that the Commission remains committed to facilitating investments that drive job creation and inclusive growth.
On his part, the Vice Chairman of Hitech and ITB, Ronald Chagoury Jr., highlighted recent infrastructure milestones, including a $1 billion ports transaction backed by UK Export Finance, describing it as evidence of strong international investor confidence in Nigeria’s reform agenda.
Chief Executive of DMA Invest, Atam Sandhu, said the mission reflects the value of structured, deal-focused engagement between governments and investors.
“Our role is to convene the right stakeholders and translate strategic alignment into practical commercial outcomes,” he said. “The depth of engagement across infrastructure, energy, finance and other sectors reflects the scale of opportunity in Nigeria.”
All 43 delegates participated in the UK–Nigeria Business Forum alongside senior government officials and private sector leaders from both countries. The forum provided a platform for direct engagement, relationship-building, and exploration of new commercial partnerships aligned with Nigeria’s reform priorities.
The mission is expected to strengthen long-term cooperation between both countries by accelerating investment discussions, deepening trust, and supporting sustainable economic growth.
UK–Nigeria Trade Mission Turns State Visit Momentum into High-Impact Commercial Deals Across Key Growth Sectors
National News
Human Rights Violation; NHRC, Police Collaborate to Prosecute Offenders
Human Rights Violation; NHRC, Police Collaborate to Prosecute Offenders
By: Michael Mike
The National Human Rights Commission has joined forces with the Nigeria Police Force to confront rising concerns over human rights abuses, launching a high-level town hall engagement in the Federal Capital Territory aimed at entrenching accountability, professionalism, and rights-based policing.
The strategic dialogue brought together top police officials, human rights experts, and civil society actors to chart a clear path toward ending impunity, strengthening oversight, and restoring public trust in law enforcement institutions.

Representing the Inspector General of Police, Olatunji Disu, Chief Superintendent of Police, Head of the Police Ng CRU, CSP Anietie Okokon Iniedu,delivered a strong message of reform, acknowledging public outcry over misconduct and pledging decisive action to ensure officers operate strictly within the law.
“I have heard the cries of many Nigerians, and we are putting measures together to ensure that this administration will end impunity,” he said, stressing that internal oversight mechanisms, including the Complaints Response Unit (CRU), have been strengthened to enforce compliance with human rights standards and international obligations.
He assured that resolutions from the town hall would go beyond rhetoric, revealing plans to institutionalise the outcomes across all police formations nationwide—from Force Headquarters to divisional commands—ensuring reforms are fully implemented and sustained.
The Executive Secretary of the Commission, Tony Ojukwu, underscored the urgency of sustained collaboration, capacity building, and institutional discipline to curb violations within policing structures.
He warned that despite the existence of robust legal frameworks such as the Police Act 2020 and the Police Regulations 2025, enforcement remains weak at operational levels, allowing abuses such as unlawful detention, excessive force, and denial of legal representation to persist.
“Human rights are not ordinary privileges; they are fundamental constitutional guarantees that must guide every action of law enforcement agencies,” Ojukwu stated, emphasising that respect for these rights is the foundation of a just and civilised society.
Director of Civil and Political Rights at the Commission, Halilu Adamu, explained that the town hall was designed to move human rights compliance from theory to daily policing practice within the FCT.
He highlighted key reform priorities, including strengthening legal awareness among officers, enforcing due process in arrests and interrogations, and mandating the electronic recording of statements alongside the presence of legal counsel to eliminate coerced confessions.
Experts at the session also stressed the importance of aligning policing practices with the Administration of Criminal Justice Act (ACJA), noting that justice must not only be done but must be seen to be done without violating citizens’ rights.
Presentations at the forum exposed recurring abuses such as arbitrary arrests, prolonged detention without trial, and poor documentation of cases—practices that continue to erode public confidence and expose the system to legal consequences.
Participants called for stronger accountability mechanisms, including improved record-keeping, regular judicial inspections, and active oversight by magistrates and human rights bodies. They also emphasised detainees’ rights to healthcare, legal counsel, and communication with family members.
The town hall marks a critical step in ongoing reform efforts, with both the Commission and the Police vowing to translate dialogue into concrete action.
With growing public demand for justice and transparency, stakeholders say the success of the initiative will ultimately depend on sustained enforcement, institutional discipline, and a clear commitment to uphold the rule of law at every level of policing in Nigeria.
Human Rights Violation; NHRC, Police Collaborate to Prosecute Offenders
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