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Buhari’s nationwide address on new naira

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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.

  1. 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.
  2. 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.
  3. In the last quarter of 2022, I authorised the Central Bank of Nigeria (CBN) to redesign the N200, N500, and N1000 Nigerian banknotes.
  4. 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.
  5. 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.
  6. 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

  1. Notwithstanding the initial setbacks experienced the evaluation and feedback mechanism set upset-revealed that gains have emerged from the policy initiative.
  2. 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.
  3. 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.

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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.
  6. 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.
  7. 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.
  8. 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.
  9. 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.
  10. I wish to once more appeal for your understanding till we overcome this difficult transient phase within the shortest possible time.
  11. 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.
  12. 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.
  13. 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.
  14. 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

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16 Days of Activism Against Gender-Based Violence: Daurama Foundation Premieres ‘Voices Within”

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16 Days of Activism Against Gender-Based Violence: Daurama Foundation Premieres ‘Voices Within”

By: Michael Mike

Daurama Foundation has announced the premiere of Voices Within, a powerful short film that sheds light on domestic and gender-based violence.

Produced by Take 7 Media and directed by Bem Pever, with screenplay by Mahdi Eldaw and Emil Garuba, this evocative film forms a key part of Daurama Foundation’s initiatives for the annual 16 Days of Activism, a global campaign to end violence against women and girls. The premiere will take place at Silverbird Cinema, Jabi Lake Mall, Abuja, on November 30, 2024, at 4:00 pm.

Voices Within tells the story of a young girl who witnesses a tragic cycle of abuse at home and turns to writing as an escape. Through her storytelling, she finds the strength to express her pain and resilience while dreaming of a safer world. Her story also unveils her mother’s plight—a survivor of abuse who, due to a childhood disability, is unable to defend herself physically. This moving narrative amplifies the voices of those often unheard, encouraging audiences to stand in solidarity against violence.

The cast features a talented ensemble of Nigerian actors, with standout performances by Grace Daudu, Mbasity Jesse, Tolu Asanu, Franca Igwe, Lanzy Janpak, Hoomsuk Alex Jibrin, Austin Mangs, and Senenge Abela. Dr. Samira Buhari, Executive Producer and Chair of Daurama Foundation, shares that Voices Within embodies the Foundation’s commitment to empowering women and fostering communities that advocate against violence.

Daurama Foundation is a Nigerian non-governmental organisation focused on improving health outcomes and advocating for the rights of women and girls through education, outreach, and community engagement. Their work addresses critical issues affecting women’s and girls’ well-being, developing programs and resources that combat domestic violence and provide a pathway forward for survivors.

“The release of Voices Within marks an important milestone in our mission to not only raise awareness but also inspire action. We invite the public, stakeholders, and community members to attend this premiere, be moved by the story, and join us in saying ‘no more’ to gender-based violence,” said Dr. Samira Buhari. For those committed to creating a safer and more inclusive world, Voices Within is a call to action. These premiere promises to be a transformative event that unites communities in the fight against domestic violence and gender-based violence.

16 Days of Activism Against Gender-Based Violence: Daurama Foundation Premieres ‘Voices Within”

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EndBadGovernance: NHRC Condemns Arraignment of Minors for Treason by Police

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EndBadGovernance: NHRC Condemns Arraignment of Minors for Treason by Police

By: Michael Mike

The National Human Rights Commission (NHRC) has condemned in its entirety the arraignment for treason of children and minors who allegedly participated in the recent nationwide #EndBadGovernance protests.

The Commission in a statement at the weekend said it wishes to state that the arrest, detention and arraignment of these minors by the Nigerian Police on charges of treason and attempting to overthrow a legitimate government among other charges clearly contravenes a plethora of national, regional and international laws.

The Executive Secretary of the Commission, Dr. Tony Ojukwu, who stated this in Abuja over the weekend noted that the action of the Nigeria Police has raised significant concerns among senior lawyers and legal experts, the human rights community, development partners, sister national human rights institutions and well meaning Nigerians as it is widely considered as an excessive and inappropriate use of State Institutions against Citizens and it is even worse when the victims are children and minors whose best interest were not considered at all in line with the law.

Ojukwu stressed the importance of ensuring that legal proceedings align with children’s rights as protected under the Nigeria’s Child’s Rights Act 2003, the Administration of Criminal Justice Act 2015 (ACJA), and some regional and international legal frameworks, including the African Charter on the Rights and Welfare of the Child and the United Nations Convention on the Rights of the Child (CRC).

He noted that these frameworks emphasize that children should be treated differently and separated from adults within the justice system, focusing on their best interest, protection and rehabilitation rather than harsh punitive measures.

He added that unfortunately, the trial court that should know better than the police unleashed a draconian bail condition which almost all the children cannot meet, and adjourned the matter to Jan 2025, knowing fully well that these are children who have been detained since August 2024. Infact, the judge witnessed some of the children looking malnourished and unwell which calls to question the mental state of the judge when imposing such bail conditions on the children and minors for participating in a protest now turned treason.

Ojukwu explained that The NHRC’s criticism mainly centers on insensitivity of the prosecution and the court for the lack of humanity, accountability and impunity in the application of the law to the children , the severe nature of the charges, the draconian bail conditions and the potential for the psychological harm such impunity in actions might cause minors, bearing in mind that there are procedures for the treatment of the underaged, even when they come in conflict with the law. When treated in the way the prosecution and the court have done, our children could grow up with deep grudge against society, and unleash huge contempt on society in future.

He said: “We are therefore calling for immediate corrective action to ensure that children are not unfairly subjected to extreme inhumanity and slammed with charges like treason, which carry heavy penalties generally reserved for adult offenders accused of severe crimes against the state.”

According to his statement, the incident also points to broader systemic issues within Nigeria’s criminal and juvenile justice system and the need for reforms and enlightenment of police and the judiciary of the need to protect child rights in compliance with both national and international human rights standards.

Ojukwu commended the Attorney General of the Federation and Minister of Justice, Prince Lateef Fagbemi for intervening by instructing the police to forward the case files of these minors to his office for a review by the Director of Public Prosecution of the Federation (DPPF).

He noted that this action by the Attorney General of the Federation is seen as a positive step towards ensuring a fair and careful evaluation of the charges levelled against the minors, providing an opportunity to reassess the appropriateness of the charges, the combination of adults and children in the same charges, the venue of trial of adults and children, the length of adjournment, the venue of the incarceration of the children, the onerous bail conditions, the health and nutrition of the children and a host of other considerations enumerated in the law concerning the treatment of Children when in conflict with the law. These considerations have been disregarded with impunity so far by both the police and the trial Judge therefore casting doubts as to whether the children can get fairness and justice from the current handlers within the police and court under the circumstances.

He added that the intervention of the AGF further underscores the importance of prosecutorial and judicial oversight, particularly in cases involving children for serious allegations like treason.

He noted that: “By involving the DPPF, the Attorney General’s office has demonstrated a commitment to upholding due process and the rights of children, who should be afforded protections and rehabilitation within the justice system.”

Ojukwu said the NHRC’s position is to use this opportunity to re-emphasize the right to peaceful protest during the End Bad Governance Protests and the need for a balanced approach to justice, ensuring that the legal rights of minors are protected and that any legal proceedings reflect the principles of fairness and child protection as outlined in Nigeria’s legal frameworks.

EndBadGovernance: NHRC Condemns Arraignment of Minors for Treason by Police

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EndBadGovernance: Group Asks FG to Release Detained Protesters Now or Face Nationwide Mobilization Against “State Repression.”

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EndBadGovernance: Group Asks FG to Release Detained Protesters Now or Face Nationwide Mobilization Against “State Repression.”

By: Michael Mike

The Movement for the Transformation of Nigeria (MOTiON) has said it is outraged and appalled by the blatant display of government repression that has led to the unconscionable detention of 76 protesters across the nation including 32 minors.

The group in a statement on Sunday by its Convener, Hauwa Mustapha, noted that these protesters are being charged with ludicrous accusations of terrorism, attempted mutiny, and treason simply for exercising their democratic right to protest against government mismanagement of the commonwealth resources, hunger and hardship.

The statement read that: “This alarming attempt to criminalize peaceful expression as guaranteed by the 1999 Constitution as Amended is yet another assault on the fundamental rights and freedoms of Nigerian citizens.

“It is increasingly apparent that the Nigerian government is not only weaponizing state power but is also acting in dangerous alignment with external forces like the International Monetary Fund (IMF) and the World Bank. In seeking to implement an agenda driven by these international entities, the government has seemingly resorted to brutal repression to silence dissent and discourage citizens from publicly resisting harmful policies.

“The government’s actions— including detaining minors, inflicting trauma on protesters, and issuing punitive bail conditions – of N10 million each send a clear message that protests, and free expression are being treated as criminal acts and is a shameless and deliberate act designed to keep them imprisoned indefinitely and send a warning to all who might dare to dissent.”

The statement added that: “The root causes of these protests reflect deep-seated issues of bad governance, a crippling inflation rate that has sharply reduced the purchasing power of citizens, and an unmanageable cost of living that leaves countless Nigerians grappling with hunger and poverty.

“Rather than the government addressing these deep-rooted issues of poverty which is affecting over 65 percent of citizens and has seen at least 20 million children roaming the streets of the nation, government has resorted to high handed approach of fighting the very citizens it swore to protect.

“These are the real crises that have driven citizens to take to the streets, to demand accountability and a government that prioritizes the well-being of its people over external agenda.”

MOTiON further said: “The coordinated suppression of public expression is uncalled for, as it is disturbingly aligned with an IMF and World Bank playbook notorious for encouraging governments to suppress their people to enforce often oppressive economic reforms.

“The Nigerian government’s partnership with these entities has evidently come at the cost of the democratic rights of its own citizens.

“These recent events position the current administration as systematically paving the way toward full state capture and adopting a dangerous blend of dictatorship under the guise of democracy. MOTiON calls upon the Federal Government to recognize that dissent is not a crime; it is a democratic right. Attempts to criminalize it will only strengthen the resolve of the Nigerian people to demand justice and accountability.”

MOTiON emphatically demanded for the immediate and unconditional release of all detained protesters, including the minors, by the Attorney General of the Federation, who has the authority to withdraw these “baseless charges.”

“An end to the criminalization of peaceful protest and a complete halt to the harassment of citizens exercising their constitutional rights.”

It said failure to heed these demands will compel MOTiON “to mobilize the full force of our membership, along with millions of Nigerians, to resist this unbridled tyranny. MOTiON will not rest until justice is served. We are prepared to confront this state repression head-on, alongside every Nigerian who believes in a just and democratic society.”

MOTiON, according to the statement, is a collective force of Nigerians from mass democratic organisations, workers’ organisations, pro-democracy movements, movements for social justice, women groups, citizens groups, NGOs, academia, students and youth groups, and climate action groups.

The statement described the group as “a movement of movements channelling shared anger, frustration and aspirations of Nigerians into purposeful action. Through concerted, strategic effort, we are engaging in citizens’ actions to address and overcome the root causes of Nigeria’s current state: elite capture, ineffective leadership, institutional corruption, insecurity, and the pervasive culture of impunity.”

EndBadGovernance: Group Asks FG to Release Detained Protesters Now or Face Nationwide Mobilization Against “State Repression.”

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