National News

Buhari’s nationwide address on new naira

Published

3 years ago

February 16, 2023

Ochuwa Ibrahim

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

EU Declares Nigeria Matters to Us

Published

2 hours ago

October 27, 2025

Ochuwa Ibrahim

EU Declares Nigeria Matters to Us

… Reiterates Commitment to Strengthen Long Standing Partnership

By: Michael Mike

The Chairman of the European Parliament’s Committee on Foreign Affairs, David MacAllister on Monday declared the importance of Nigeria to the bloc, stating that Nigeria “matters” to us.

He also reiterated the bloc’s commitment to strengthening its long-standing partnership with Africa’s largest democracy, Nigeria.

MacAllister, who led a six-member European Parliament delegation on an official visit to Nigeria on Monday, after a meeting with the Nigeria’s Minister of Foreign Affairs, Ambassador Yusuf Tuggar disclosed that their mission to Nigeria was designed to deepen mutual understanding, explore new areas of collaboration, and reinforce political and economic ties between both sides.

He said: “We are a delegation of the European Parliament’s Foreign Affairs Committee, We are six members in total from five different countries, from three different political groups in the European Parliament. And this shows a cross-party interest in further deepening and strengthening the relations between the European Union and Nigeria.”

MacAllister while describing Nigeria as a strategic partner whose influence on the continent and beyond makes it an indispensable ally in shaping Africa–EU relations, said: “Nigeria is considered as a strategic partner for the European Union. “We have a long-lasting, good and close relationship based on shared values and also on joint interests.”

He noted that the visit was part of the Parliament’s tradition of engaging directly with partner nations to better understand their challenges and opportunities.

He said: “The European Parliament’s Foreign Affairs Committee travels with smaller delegations a few times a year to other parts of the world,” adding that: “We mainly travel to get to know better the countries, to understand better the challenges these countries are facing, and also the opportunities these countries have. And we are also there to very carefully listen.”

MacAllister while expressing appreciation to Nigeria’s Minister of Foreign Affairs for hosting the delegation, noted that their discussion was insightful and covered a broad range of regional and global issues.

He said: “It was a great honour for us to be received by the Honourable Minister. His Excellency took more than one and a half hours of his precious time to really go into detail with many, many questions we had as regards the further development of the African Union, the further development of ECOWAS, and the developments in all neighbouring countries of Nigeria.”

He said the dialogue also reflected a shared interest in understanding the trajectories of both regions, stating that: “The Minister was also very interested in finding out how the further developments of the European Union will look like.”

He said: “Because just like Nigeria, just like ECOWAS, we in the European Union, of course, are also facing enormous challenges.”

He reaffirmed that Nigeria remains a vital partner in Europe’s engagement with Africa, stating that: “To sum up in one sentence — Nigeria matters. Nigeria matters for us in the European Union, and we in the European

Parliament are very keen to deepen the strategic partnership with Nigeria. And this will be our message when we go back home to Brussels.”

Responding, Nigeria’s Minister of Foreign Affairs, Ambassador Yusuf Tuggar, welcomed the lawmakers to the Ministry of Foreign Affairs, describing the European Union as a critical partner in trade, security, and development.

He said: “Any visit from the European Union has to be considered very important because Europe still remains our largest trading partner,” adding that: “Figures may vary, but it is not less than 31.8 billion euros.”

He described Europe and Africa as “natural neighbours,” emphasizing that geography should unite rather than separate the two continents.

He said: “For those who understand a bit of Latin, ‘Mediterranean’ means ‘water in the middle of land. So where Europe is concerned in its relations to Africa, what we have is water in the middle of land—we are closer than we imagine.”

He noted that Nigeria’s partnership with the EU extends beyond trade, touching on regional stability, food security, and job creation.

Tuggar said: “President Bola Ahmed Tinubu emphasizes food security as his number one priority because we are a nation of 230 million people, expected to become 400 million by 2050. We are in a race against time to create jobs, feed our people, and ensure our population is healthy.”

He added that Nigeria’s recent inclusion as the 77th shareholder of the European Bank for Reconstruction and Development reflects its commitment to global economic cooperation.

He saud: “We have a lot of lessons to learn from the European Union, which itself is still integrating. It gives us hope and serves as a model that we seek to emulate. We will continue to strengthen our collaboration with the EU in all areas.”

Other members of the European Parliament delegation included Christophe Thomas (France), Jaliana Lefebvre (Croatia), Marta Emigo (Portugal), and Tim Kenan (Finland).

EU Declares Nigeria Matters to Us

National News

PRESIDENT TINUBU CHANGES SERVICE CHIEFS

Published

3 days ago

October 24, 2025

Ochuwa Ibrahim

PRESIDENT TINUBU CHANGES SERVICE CHIEFS

By: Our Reporter

President Bola Tinubu has made changes in the hierarchy of the Service Chiefs in furtherance of the efforts of the Federal Government of Nigeria to strengthen the national security architecture.

The President appointed General Olufemi Oluyede to replace General Christopher Musa as the new Chief of Defence Staff. The new Chief of Army Staff is Major-General W. Shaibu. Air Vice Marshall S.K Aneke is Chief of Air Staff while Rear Admiral I. Abbas is the new Chief of Naval Staff.

Chief of Defence Intelligence Major-General E.A.P Undiendeye retains his position.

The President, Commander-in-Chief of the Armed Forces, expresses most profound appreciation to the outgoing Chief of Defence Staff, General Christopher Musa and the other Service Chiefs for their patriotic service, and dedicated leadership.

The President charges the newly appointed Service Chiefs to justify the confidence reposed in them to further enhance the professionalism, vigilance and comradeship that define the Armed Forces of Nigeria.

All appointments take immediate effect.

PRESIDENT TINUBU CHANGES SERVICE CHIEFS

National News

Nigeria-Germany Trade Volume Hits €3 billion – Envoy

Published

4 days ago

October 24, 2025

Ochuwa Ibrahim

Nigeria-Germany Trade Volume Hits €3 billion – Envoy

By: Michael Mike

Nigeria-Germany trade volume has hit an all-time high of €3 billion, the German Ambassador to Nigeria, Annett Gunther said on Thursday

The envoy who addressed a press conference in Abuja said the 30% increase could be attributed to Nigeria’s economic recovery.

Gunther who called the press conference ahead of the joint Nigerian-German binational commission scheduled for Berlin, in German, noted that Nigeria remains “Germany’s second biggest trading partner in Sub-Saharan Africa with a total trade volume of 3 billion Euros,” adding that: “Trade volumes have increased this year by 30% due to Nigeria’s economic recovery.”

The envoy equally revealed that more than 90 German companies are active in the country, “indirectly creating about 17.000 jobs in Nigeria.”

Gunther also told journalists that good times between both countries were not over, promising Nigerians that more investments are on the way, especially in the energy and the pharmaceutical sectors.

She revealed that in the energy sector, the Presidential Power initiative is now in the second phase.

She said: “This cooperation with the German energy giant Siemens will add about 7 Gigawatts to Nigeria’s Energy Grid. Secondly, the German –Nigerian cooperation in the Gas sector, eliminating gas flaring and improving Nigeria´s CO2 footprint.”

The envoy revealed that the relationship has also improved in the area of Visa and Migration as no fewer than 7,600 visas were issued to both students and short term stay, adding that plans were already in place to increase the number.

Gunther said: “All the common goals and projects would not work if they were not supported by travels on all levels between our two countries, plus legal migration. Last year alone, the German Embassy here in Abuja and the German Consulate General in Lagos granted around 1400 long-term visas for purposes such as study in Germany, family reunion and employment as well as around 6200 visas for short-term stays such as business and tourism.

She revealed that: “This year, we are well on track to raise those numbers,” stating that:
“The German missions remain committed to furthering the bilateral relations by granting visas to properly documented applications.”

She also assured that in the area of military cooperation, Germany will continue to stand by Nigeria.

She said: “This year marked a new chapter: the launch of our first Bilateral Annual Programme, bringing military experts from both countries together for in-depth exchanges and joint planning.

“Through the Bundeswehr Advisory Group, Germany has been a reliable partner — supporting Nigeria with field medical expertise and counter-IED operations, car mechanical training and other interventions.

“And we’re not stopping here. Germany will continue to stand with Nigeria in the fight against terrorism.

“Next month, we’ll take this cooperation to the next level: for the first time, high-level military staff talks will take place in Abuja, opening the door to even closer collaboration in the future.”

She also revealed other areas of cooperation which includes support for the Nigeria police force and the drug enforcement agency amongst others.

In the area of stabilization efforts at containing impacts of terrorism and climate change, the envoy said: “Germany is supporting the development of resilient state institutions and the strengthening of local communities.”

She said focus are on the North East (Borno, Adamawa, Yobe) and the North West (Zamfara, Sokoto, Katsina), “where initiatives such as the reconstruction of schools, health centres, markets, housing, and police stations are improving both security and daily life for local people.”

Nigeria-Germany Trade Volume Hits €3 billion – Envoy