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Buhari’s nationwide address on new naira

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2 years ago

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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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VAPP Act @10: Be Ready for Strong Bite, Increased Prosecution of Sex Offenders- NAPTIP DG

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7 hours ago

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May 25, 2025

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VAPP Act @10: Be Ready for Strong Bite, Increased Prosecution of Sex Offenders- NAPTIP DG

By: Michael Mike

Director General of the National Agency for the Prohibition of Trafficking in Persons (NAPTIP), Binta Adamu Bello has promised a strong bite, increased prosecution of sex offenders, proactive implementation of the provisions of the Violence Against Persons Prohibition (VAPP) Act, 2015 to enhance the protection of Nigerians from issues of sexual and gender based violence (SGBV).

She gave the promise at the agency’s headquarters, Abuja, while speaking on the 10th year anniversary of the passage of the Violence Against Persons Prohibition (VAPP) Act, 2015.

The VAPP Act, which was designed to eliminate violence in public and private life, prohibits all forms of violence against persons and provides maximum protection and effective remedies for victims, and punishment for perpetrators, was passed on May 25th, 2015, and is being implemented by NAPTIP.

The Act is applicable within the Federal Capital Territory and already domesticated by several states across the country.

The Director General, who hailed the efficacy of the Act, said: “Today marks a significant milestone in Nigeria’s journey towards a just, inclusive, and violence-free society. The Violence Against Persons Prohibition (VAPP) Act, signed into law in 2015, is 10 years old. This landmark legislation remains one of Nigeria’s most comprehensive legal frameworks for the protection of human rights, especially for women, children, and other vulnerable groups.

“As the Director General of NAPTIP, I am immensely proud to announce a decade of impactful implementation of the VAPP Law, which has been domesticated and gazetted by 32 states across Nigeria.

“Over the past 10 years, we have raised the bar for justice and given voice to the voiceless, empowering survivors of violence to seek redress. We have protected the vulnerable, restored dignity to victims, and enhanced support systems for survivors of abuse.We have contributed to the restoration of peace and harmony in homes, communities, and institutions affected by gender-based violence.

“We have fought relentlessly to end the culture of silence and impunity, ensuring that perpetrators are held accountable under the law.

“The journey has not been without challenges, but our resolve has remained unshaken. With the unwavering support of our partners, stakeholders, and civil society, NAPTIP has successfully secured 25 convictions of perpetrators, including two life imprisonment sentences of high-profile individuals in Nigeria, with over 1557 cases in courts and provided support to over 5000survivors through shelters, legal aid, psychosocial services, and reintegration programmes.

“As we celebrate this 10-year milestone, we reaffirm our commitment to strengthened enforcement of the VAPP Act across all States of the Federation by scaling up advocacy and enlightenment to ensure that every Nigerian understands their rights under this law, collaboration with traditional, religious, and community leaders to deepen grassroots impact, and a proactive, data-driven approach to tackling all forms of violence, especially those rooted in harmful cultural and gender norms”, she stated.

The Director General thanked the Federal Ministry of Justice and the entire Judiciary for sustained support to the agency in implementing the Act, the partnering Ministries, Departments, and Agencies (MDAs), Development Partners, members of the Civil Society Organization (CSOs), the Media, and other stakeholders for their collaboration and partnership with NAPTIP, which have culminated in the successful implementation of the legislation.

“While extending our heartfelt gratitude to all who have walked this journey with us and survivors whichcontinue to show courage, the law enforcement officers, healthcare workers, legal advocates, development partners, and the general public, we promise double portion of trouble for perpetrators in the years ahead”, the DG said.

VAPP Act @10: Be Ready for Strong Bite, Increased Prosecution of Sex Offenders- NAPTIP DG

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Beyond condemnation, why Governor Kefas must act decisively to end karim lamido crisis

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1 day ago

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May 24, 2025

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Beyond condemnation, why Governor Kefas must act decisively to end karim lamido crisis

By: Zagazola Makama

The latest attack on Munga Lelau community in Karim Lamido Local Government Area of Taraba State has once again thrust the fragile security situation in the region into national focus. The attack, which reportedly occurred on Friday evening, left many dead and communities in mourning.

In response, Governor Agbu Kefas swiftly condemned the incident, describing the carnage as “horrendous and unacceptable.” In a press statement issued by his Special Adviser on Media and Digital Communications, Emmanuel Bello, the governor expressed outrage at the continuous assaults, warned of grave repercussions for the perpetrators, and reiterated his administration’s commitment to securing the state.

However, while such condemnation is commendable and necessary to signal empathy and political will, what is urgently required now is a comprehensive, transparent, and sustained response that goes beyond words. The time has come for Governor Kefas to not only condemn the attacks but also to lead a full-fledged, fact-based investigation into what truly transpired and why.

The attack in Munga Lelau is not an isolated case. It follows a recent incident in Bandawa where two farmers were reportedly killed by suspected bandits. This recurring pattern of violence often fueled by retaliatory attacks between farmers and herders points to deeper, unresolved tensions in the Karim Lamido axis. While the rainy season usually heightens competition for land and water resources, what we are seeing is the escalation of low-grade communal tension into full-blown armed conflict.

Security forces have, on several occasions, brokered peace accords between aggrieved parties. Yet, these agreements have often been short-lived. Just Yesterday, troops under Operation Lafiyan Jamaa had to intervene after youths from Badanwa reportedly attacked herders grazing near their village, sparking reprisals and further bloodshed.

This cycle of provocation and retaliation is precisely why Governor Kefas must now go beyond condemning the violence and institute a full investigation. There is a growing concern that certain individuals referred to as “conflict entrepreneurs” may be exploiting these tensions for personal or political gain. These actors must be identified and held accountable, regardless of ethnic or political affiliation.

Equally, justice must not be selective. All sides must be heard, and those found culpable, whether among farmers or herders, must face the full weight of the law. Only a fair and balanced approach can restore confidence in government intervention and prevent further descent into lawlessness.

To achieve lasting peace, the state government must adopt a three-pronged approach:

Deploy additional security personnel to flashpoints in Karim Lamido and impose necessary restrictions, including curfews, where needed to prevent reprisal attacks. Peace committees comprising community leaders, religious heads, and youth representatives should be activated or reconstituted to immediately de-escalate tensions.

Establish an independent investigative panel to ascertain the root causes of the recurring violence. This panel should be empowered to take testimonies, review previous peace accords, and recommend actionable strategies. Simultaneously, set up mobile courts to fast-track justice delivery and deter impunity.

Develop and implement a comprehensive land-use and grazing policy, supported by modern conflict resolution training and dialogue platforms across LGAs. More investments should also go into education, vocational training, and rural infrastructure to address some of the socioeconomic drivers of insecurity.

Taraba must not be allowed to slide into a theatre of unchecked violence. Now is the time for Gov. Kefas to lead boldly, ensuring not only that peace is restored but that it is sustainable, just, and inclusive.

Beyond condemnation, why Governor Kefas must act decisively to end karim lamido crisis

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NDLEA, US-DEA to strengthen collaboration on drug war

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2 days ago

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May 23, 2025

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NDLEA, US-DEA to strengthen collaboration on drug war

By: Michael Mike

The National Drug Law Enforcement Agency (NDLEA) and the Drug Enforcement Administration of the United States (DEA) have stressed the need to strengthen current collaboration between the two agencies on the fight against the menace of substance abuse and illicit drug trafficking.

This was the highpoint of discussion during a meeting between the Chairman/Chief Executive Officer of NDLEA, Brig Gen Buba Marwa (Rtd) and the Country Attache of US-DEA, Ms. Daphne Morrison on Friday at the NDLEA Headquarters in Abuja

Marwa, while appreciating the cordial
working relationship and partnership between NDLEA and DEA, Ms. Morrison who was recently posted to Nigeria said “I wanted to make this one of my priorities to come meet with you so we can continue to collaborate and work together.

“And thank you so much for your support over the years, and we’re ready to keep things going. I know you’ve been working well with the last Country Attaché, so I’m ready to get back in and collaborate and do some really great things with you.”

She said efforts are ongoing to organise more trainings for officers and men of the Special Operations Units of the afency Amwhile looking forward to a number of joint operations with NDLEA in already identified areas of interests.

In his response, the NDLEA boss acknowledged the excellent relationships with Morrison’s predecessors. He said: “They’ve been very, very supportive, and I have absolutely no doubt in my mind that it will be the same, if not better, with you.” He acknowledged the recent evolution of NDLEA in the size of its workforce, expansion of operational and administrative structures as well as remarkable successes recorded in its drug supply reduction and drug demand reduction efforts.

While acknowledging the support received from DEA over the years especially in areas of equipment, training, and joint operations, Marwa expressed hope that more of such support will continue. “I think we would welcome much more support but because this being your first visit to introduce yourself, I’m not going to bring out a long list of demands or requests, but just to acknowledge that we appreciate all the support we’ve been receiving.”

NDLEA, US-DEA to strengthen collaboration on drug war

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