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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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ONLY THE BEST OF THE BEST SHOULD DEFEND OUR NATION – CAS AT BMTC 44 PASSING OUT PARADE

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ONLY THE BEST OF THE BEST SHOULD DEFEND OUR NATION – CAS AT BMTC 44 PASSING OUT PARADE

By: Kabiru Ali

The Chief of the Air Staff (CAS), Air Marshal Hasan Abubakar, has reaffirmed that the sacred duty of defending Nigeria’s sovereignty is entrusted only to individuals who demonstrate exceptional traits and abilities. He made this assertion today, 21 December 2024, while serving as the Guest of Honour and Reviewing Officer at the Passing Out Parade for Basic Military Training Course 44/2023, held at the Military Training Center (MTC), Nigerian Air Force (NAF) Base in Kaduna.

Speaking further, Air Marshal Abubakar commended the recruits for their perseverance and dedication, emphasising the transformative nature of their training. “Your training was deliberately challenging, moulding you into warriors, tradesmen, and leaders with courage, discipline, and resilience,” he said. “You are now a vital part of the Nigerian Air Force’s mission to safeguard our nation’s sovereignty.”

The CAS urged the newly inducted airmen and airwomen to uphold NAF’s core values of integrity, service before self, and excellence in all they do. He emphasized their responsibility to remain vigilant, respect civilians, and adhere strictly to rules of engagement and social media guidelines, noting that their actions now directly reflect on the esteemed image of the NAF. In his words; “I urge you to operate within the rules of engagement as enumerated in the Code of Conduct for Armed Forces Personnel involved in internal security operations. Respect and protect the innocent and law-abiding civilians whom you are paid to defend. Treat them with respect and protect their rights, as we build a nation where no man is oppressed.”

Air Marshal Abubakar also underscored the pivotal role the new recruits will play in addressing Nigeria’s security challenges, noting that many will be deployed to operational theatres and internal security operations. He urged them to embrace opportunities for continuous training and self development to enhance their professional growth and operational effectiveness. The CAS stated, “You are therefore called to a life of selfless service, and the efforts you make on the field will play a vital role in shaping the future of the Nigerian Air Force, strengthening the security of our nation, and ensuring its continued prosperity.” He further added, “Some of you will subsequently be deployed to operational theatres or internal security operations to contribute your quota to our national security.”

The CAS expressed heartfelt gratitude to the Commander-in-Chief of the Armed Forces, President Bola Ahmed Tinubu GCFR, for his unwavering commitment to addressing the operational, logistical, and welfare needs of the NAF. He remarked, “The President’s steadfast support enables us to perform our duties to the highest standards in service to our nation. I assure Mr President of our unalloyed loyalty and total commitment to his Agenda for a peaceful and prosperous Nigeria.” He also acknowledged the hospitality and support of the Governor and people of Kaduna State, as well as the collaboration of other security agencies in fostering a conducive environment for training.

The ceremony celebrated the successful completion of 6 months of intensive training by 1,190 airmen and airwomen. This latest batch of trainees were commended for their resilience, discipline, and determination in meeting the high standards required to join the NAF. The event was attended by dignitaries, families, and representatives from various security agencies. It also served as an occasion to recognise the efforts of the Air Officer Commanding Ground Training Command and the Commandant of the Military Training Centre, whose commitment to high-quality training was pivotal in shaping the recruits into capable airmen and airwomen.

As the newly inducted airmen and airwomen embark on their careers, they are expected to uphold the highest standards of professionalism, discipline, and dedication in service to Nigeria. The ceremony concluded with a resounding call for them to wear their uniforms with pride, serve with honour, and contribute to the peace and security of the nation. Immediately after the elaborate parade, an Oath Taking Ceremony was held where the new airmen and airwomen pledged their absolute loyalty to the Federal Republic of Nigeria.

The CAS, before departing Kaduna State, took the opportunity to assess the progress of construction work on the new Air Force Secondary School (Day School). He also commissioned a newly constructed classroom block dedicated to children with special needs at the NAFOWA Little Angels Nursery and Primary School. The project was built by the Nigerian Air Force Officers’ Wives Association under the leadership of its National President, Architect Dr Rakiya Abubakar.

ONLY THE BEST OF THE BEST SHOULD DEFEND OUR NATION – CAS AT BMTC 44 PASSING OUT PARADE

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FG Expresses Commitment to Enhancing Operations of Waste Pickers in the Country

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FG Expresses Commitment to Enhancing Operations of Waste Pickers in the Country

By: Michael Mike

The Federal Government on Thursday said it is committed to enhancing the operations of waste pickers in the country by formalizing their operational framework in the informal economy in a more inclusive way.

Minister of Foreign Affairs, Ambassador Yusuf Tuggar, stated this in his remarks during the presentation of the research report on the Waste Pickers Economy in Nigeria tagged: “Formalizing the Informal Waste Picker Economy for Sustainable Development in Nigeria.”

The workshop was organized by the Institute of Peace and Conflict Resolution (IPCR) in collaboration with renowned agency -INCLUDE in Abuja on Thursday, to boost the waste pickers to enhance social protection, promote decent work, and address environmental challenges facing them through informed policy direction.

The Minister, who was represented by the Director Economy, Trade & Investment in the ministry, Ambassador Bolaji Akinremi,
emphasized the importance of the research in highlighting the contributions of waste pickers, adding that it has broader implications for Nigeria’s national and international development goals.

The minister while commending the IPCR for the research, said: “The findings from this research are timely and significant, particularly as we continue to pursue policies that foster inclusive economic growth, social harmony, and environmental sustainability.”

He added that: “Waste pickers, often working in informal and precarious conditions, are a crucial part of Nigeria’s waste management ecosystem. They contribute to the recycling industry, reduce the burden on landfills, and generate livelihoods for millions of individuals. Yet, despite the value they provide to our society, their work is frequently marginalized, and their contributions go largely unrecognized.

“This report helps to fill that gap and provides an opportunity for all of us—government, civil society, and the private sector—to better understand the challenges and opportunities within this sector.”

The minister further said that: “This research presents a unique opportunity to engage with our international partners, NGOs, and multilateral organizations to create global dialogue and exchange best practices in waste management, workers’ rights, and economic inclusion.”

On his part, the Director General of IPCR, Dr. Joseph Ochogwu said the workshop is an important step toward understanding and addressing the challenges faced by one of the most overlooked yet crucial groups in the society—the informal waste pickers.

He added that: “These individuals play a crucial role in bridging the recycling gap, contributing an impressive 59.3% of waste collection and management across the country, while formal systems account for just 4.7%. Their efforts not only help reduce environmental waste but also support the circular economy, generating jobs and economic opportunities at multiple levels.”

He however lamented that despite these vital contributions, waste pickers remain some of the most marginalized, stigmatized, and criminalized members of our society. He added that waste pickers are not mere collectors but enablers of a recycling system that supports industries and reduces pressure on landfills, thereby adding tremendous value to both our economy and environment.

“Beyond their economic and environmental contributions, this research enhances our understanding of informal economies. It documents the lived experiences of waste pickers and provides a framework for integrating them into formal systems. By doing so, we can improve their dignity, safety, and livelihoods while aligning their work with Nigeria’s broader sustainability and development goals,” he noted.

FG Expresses Commitment to Enhancing Operations of Waste Pickers in the Country

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Tinubu Asked to Stop Shell from Selling Remaining Shares

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Tinubu Asked to Stop Shell from Selling Remaining Shares

By: Michael Mike

A conglomerate of Civil Society Organisations, community leaders, and concerned citizens have called on President Bola Tinubu to sustain the Nigeria Upstream Petroleum Regulatory Commission’s (NUPRC) rejection of Shell’s request to sell its remaining shares in the Shell Petroleum Development Company (SPDC) to the Renaissance consortium.

The group while alleging that other international oil corporations, such as TotalEnergies, are also attempting to sell their stakes in SPDC and other Nigerian onshore oil assets, stated that any approval of Shell’s and Total’s requests would weaken regulatory independence, ignore the interests of the Niger Delta communities, jeopardize the environmental and social well-being of the region for generations to come, and undermine Nigeria’s sovereignty.

Signatories to the request are Nnimmo Bassey (Health of Mother Earth Foundation (HOMEF)), Dr. Isaac ‘Asume’ Osuoka (Social Action Nigeria), Olanrewaju Suraju (HEDA Resource Centre), Emem Okon (Kebetkache Women Development and Resource Centre),
Akinbode Oluwafemi (Corporate Accountability and Public Participation Africa (CAPPA)), Idoreyin Bassey (League of Queens International Empowerment),
Tijah Bolton-Akpan (Policy Alert), Ken Henshaw (We the People), Rita Uwaka (Environmental Rights Action/Friends of the Earth Nigeria), David Ugolor (Africa Network for Environment and Economic Justice (ANEEJ)) Mfon Utin (Healthy Life Development initiative), Comr. Cynthia Buluebiere Bright (Gbolekekro Women Empowerment And Development Organization (GWEDO)), Auwal Musa Rafsanjani (Civil Society Legislative Advocacy Centre (CISLAC)), Cookey Tammy (Centre for Environment, Human Rights and Development (CEHRD)), Umo Isua-Ikoh (Peace Point Development Foundation),
Friday Nbani (Lekeh Development Foundation)

Others are Amanie Stella  (Society for Women and Youths Affairs (SWAYA)), Martha Agbani (Lokiaka Community Development Centre), Akpobari Celestine (People’s Advancement Centre
Ogoni Solidarity Forum), Chido Onumah (Africa Centre for Media and Information Literacy (AFRICMIL)), Ibrahim Zikirullahi (Resource Centre for Human Rights & Civic Education (CHRICED)), Odey Friday (Accountability Lab International Peace and Civic Responsibility Centre (IPCRC)), Arochukwu Ogbonna (Civil Rights Council) and Josesphine Alabi (Keen and Care Initiative)

The group stated that: “We are, again, compelled to ask for a comprehensive halt to all divestment requests from oil corporations in the Niger Delta, including Shell, Total, and other IOCs with similar plans, until the issues of concerned are addressed.”

Among the issues include: It is critical to emphasize that the Nigerian Petroleum Industry Act (PIA) and the NUPRC’s responsibility to uphold this law were clearly outlined when  Shell’s divestment request was initially rejected. NUPRC’s refusal was based on legitimate concerns, including Shell’s failure to adequately address the significant environmental and social liabilities associated with its operations in the Niger Delta, as was independently assessed and recommended by international assessors contracted by the country. Among the reasons for rejecting the sale, NUPRC cited the inability of the Renaissance consortium, a shady company with links to past Shell executives and Nigerian political actors, to demonstrate its financial and technical capacities to manage the assets and the pressing need for proper environmental remediation.
NUPRC’s rejection was in line with the responsibilities outlined under Nigerian law and global best practices for corporate accountability. It is a decision rooted in national interest — protecting the health, safety, and environment of the Niger Delta communities. Any attempt to approve Shell’s sale despite these valid concerns would risk undermining regulatory independence and signaling that Nigerian law can be bypassed to serve the interests of multinational corporations.
The Legacy of Pollution and Health Crisis
The environmental and health crises caused by Shell and other oil corporations operating in the Niger Delta are well documented. The United Nations Environment Programme’s (UNEP) report on Ogoniland describes an ecological disaster of immense proportions. UNEP’s findings revealed that:

  •    Drinking water sources are contaminated with dangerous levels of hydrocarbons, making them unsafe for human consumption.
  •    Oil spills have destroyed entire ecosystems, killing marine life and damaging the biodiversity that is crucial for the livelihood of local communities.
  •    The soil in Ogoniland has been contaminated with toxic substances, rendering it infertile and unsuitable for farming, exacerbating food insecurity in the region.
    UNEP’s assessment concluded that the cost of remediating the “environmental catastrophe” in Ogoniland alone would exceed $1 billion over the initial five years, with the cleanup expected to last more than 30 years. Yet, these costs are still insufficient to cover the broader environmental impacts of oil extraction across the Niger Delta, where similar damages exist.
    The Bayelsa State Oil and Environment Commission’s (BSOEC) report provides a detailed analysis of the severe pollution caused by Shell’s and other multinational companies’  operations, including health impacts on local populations. According to the BSOEC:
  •    High levels of toxins from oil pollution, such as total petroleum hydrocarbons (TPHs) and heavy metals (HMs), have infiltrated the air, water, and soil across the region, contributing to a public health emergency.
  •    Communities are suffering from respiratory issues, skin diseases, and cancers linked to oil pollution, and these problems are worsening by the year.
  •    The economic cost of these health impacts and the degradation of natural resources is incalculable, leaving most of the people in poverty and unable to sustain themselves through traditional means like farming and fishing.
    The BSOEC report also estimates that the cost of remediating the damage in Bayelsa State alone would exceed $12 billion over 12 years. Based on the UNEP and BSOEC reports, it would take about $100 billion to address the environmental damage in the entire Niger Delta comprehensively. Following the Deepwater Horizon oil spill in the United States, BP, the company responsible, paid over $60 billion to address the impacts of one oil spill incident alone. The environmental damage of the Niger Delta is much worse and has spanned decades. Therefore, to allow Shell, TotalEnergies, or any other company to walk away from their responsibilities would mean transferring these liabilities to the Nigerian state, the Niger Delta states, and the Nigerian people. This is an unjust and unsustainable burden that would further exacerbate the challenges faced by communities already suffering from the effects of pollution and environmental neglect.
    Dangerous Lessons from Past Asset Sales
    The experiences from past asset sales by Shell, ENI/AGIP, and ExxonMobil offer grave lessons. In the case of Shell’s divestment in Nembe to Aiteo, for instance, the local communities were left with unresolved pollution and no proper remedy for the environmental damage caused by decades of oil extraction. Environmental destruction has worsened in the area. Similarly, when ExxonMobil divested some of its assets, the responsibility for remediation was inadequately transferred to new operators, who were ill-prepared to manage the legacy of contamination. In ENI/AGIP’s case, the sale of assets to Oando continued to worsen the situation in the host communities as there were no comprehensive cleanup efforts undertaken.
    These sales not only failed to address the critical environmental liabilities but also deepened the social tensions in the Niger Delta, as new operators took over without addressing the root causes of community unrest or the longstanding health and environmental challenges. This pattern of irresponsible divestment must not be repeated, and the Nigerian government has a responsibility to stop it.
    The National Interest and the Urgency for Action
    We ask Mr. President to ensure that the immediate financial interests of a few multinational corporations and local profiteers do not outweigh the health, future, and survival of millions of Nigerians who have suffered for decades. President Tinubu must safeguard the future of Nigeria, ensuring that all its people, especially those in the Niger Delta, are not sacrificed for the benefit of global capital and a few local profiteers.
    An Approval of the Sale of Shell’s and Total’s Assets Would Be a Declaration of War with the Niger Delta
    We want to make it absolutely clear: approving Shell’s or TotalEnergies’ divestment in its current form without addressing the profound environmental and social costs would be a grave injustice to the people of the Niger Delta and could lead to significant unrest in the region. It would be an affront to the generations of Niger Deltans who have fought and died for environmental justice, their homes, and their livelihoods.
    Approving Shell’s SPDC share sale would send a dangerous message to all multinational corporations operating in Nigeria that they can extract our resources, leave devastation behind, and walk away without consequence. This is not just a question of corporate accountability; it is about Nigeria’s sovereignty, dignity, and the right of its people to live in a clean and safe environment.
    They demanded that President Tinubu: “Immediately halt all divestment processes until a transparent, comprehensive, and inclusive review is undertaken that addresses Shell’s and TotalEnergies’ historical environmental and social liabilities.

“Ensure inclusive and transparent consultation with state governments and the people of the sites of oil and gas extraction in the Niger Delta before any further divestment of IOC assets.

“Hold Shell, TotalEnergies, and all other IOCs accountable for their past and ongoing environmental damage, and ensure they fund a full cleanup and remediation program across the Niger Delta.

“Uphold the regulatory independence of NUPRC and allow it to fulfill its statutory duties without political interference.

“Respect the resolution of the National Assembly, which has called for a halt to all divestments by international oil companies in Nigeria.

“Ensure that new operators are properly vetted and committed to responsible environmental management and community welfare.

“Create an Environmental Restoration Fund that is sufficiently funded to meet the full and complete costs of environmental cleanup and reparations based on credible estimates of independent international experts and contributed to by Shell, TotalEnergies, and other international oil companies and future operators to address the long-term damage caused by their operations.

“Provide community profit-sharing opportunities for host communities as part of any divestment agreement, ensuring that the local people benefit from the oil resources they have hosted for decades.

“Mandate full disclosure of all environmental liabilities before divestment, requiring Shell, TotalEnergies, and any future operators to publicly declare and address all damages.

“Include gas flaring cessation and decommissioning plans in any divestment agreement, with clear timelines for ending harmful practices.

“Account for carbon emissions related to the divested assets and propose mitigation plans that align with Nigeria’s climate commitments.”

They stated that: “This is a defining moment in Nigeria. We urge President Tinubu to stand with the people of the Niger Delta and uphold the values of justice, fairness, and environmental protection. By halting Shell’s, TotalEnergies’ and any other IOC divestment and demanding accountability,

“President Tinubu will send a powerful message that Nigeria’s sovereignty and the welfare of its citizens are paramount.
We ask President Tinubu not to undermine Nigeria’s national interest and the oversight of democratic institutions. We stand ready to continue our advocacy but need President Tinubu to show leadership to ensure a just, sustainable, and prosperous future for all Nigerians.”

Tinubu Asked to Stop Shell from Selling Remaining Shares

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