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
UK, Nigeria Launch Flagship Economic Reform Programmes to Strengthen Stability and Drive Economic Growth
UK, Nigeria Launch Flagship Economic Reform Programmes to Strengthen Stability and Drive Economic Growth
By: Michael Mike
The British High Commission in Abuja has launched two flagship economic reform programmes – the Nigeria Economic Stability & Transformation (NEST) programme and the Nigeria Public Finance Facility (NPFF) – reaffirming the United Kingdom’s long-term commitment to supporting Nigeria’s economic reform and growth agenda.
Backed by a £12.4 million UK investment, NEST and NPFF sit at the centre of the UK-Nigeria mutual growth partnership and support Nigeria’s efforts to strengthen macroeconomic stability, improve fiscal resilience, and create a more competitive environment for investment and private-sector growth.
Speaking at the launch, Head of Development Cooperation at the British High Commission in Abuja, Cynthia Rowe, said: “These two programmes sit at the heart of our economic development cooperation with Nigeria. They reflect a shared commitment to strengthening the fundamentals that matter most for our stability, confidence, and long-term growth.”

The launch followed the inaugural meeting of the Joint UK-Nigeria Steering Committee, which endorsed the approach of both programmes and confirmed strong alignment between the UK and Nigeria on priority areas for delivery.
Representing the Government of Nigeria, Special Adviser to the President of Nigeria on Finance and the Economy, Sanyade Okoli, welcomed the collaboration: “We welcome the United Kingdom’s support through these new programmes as a strong demonstration of our shared commitment to Nigeria’s economic stability and long-term prosperity. At a time when we are implementing critical reforms to strengthen fiscal resilience, improve macroeconomic stability, and unlock inclusive growth, this partnership will provide valuable technical support. Together, we are laying the foundation for a more resilient economy that delivers sustainable development and improved livelihoods for all Nigerians.”
On his part, the British Deputy High Commissioner in Lagos, Jonny Baxter, highlighted the significance of the programmes within the wider UK-Nigeria mutual growth partnership:
He said: “NEST and NPFF are central to our shared approach to strengthening the foundations that underpin long-term economic prosperity. They sit firmly within the UK-Nigeria mutual growth partnership.”
The launch was attended by senior officials from the Federal Ministry of Finance, Central Bank of Nigeria, Federal Inland Revenue Service, Debt Management Office, Budget Office of the Federation, and international development partners.
UK, Nigeria Launch Flagship Economic Reform Programmes to Strengthen Stability and Drive Economic Growth
National News
NIS-Flags-Off 2025 Service Delivery Reforms
NIS-Flags-Off 2025 Service Delivery Reforms
By: Michael Mike
The Nigerian Immigration Service (NIS) has formally launched its 2025 national sensitisation campaign aimed at strengthening transparency, improving efficiency and deepening anti-corruption reforms across its operations nationwide.
The flag-off ceremony, held in Abuja, brought together senior officers of the NIS, representatives of key security agencies, members of the diplomatic community, civil society actors and the media.
The Comptroller General of Immigration, Kemi Nandap emphasised that the campaign, themed: “Elevating for Transparency and Efficiency: Strengthening Service Delivery and Combating Corruption through Reforms,” represents a renewed commitment by the Service to uphold accountability and build a modern, trusted and globally competitive institution.
She said: “This campaign is not merely a slogan. It is our collective pact with Nigerians that service must be transparent, efficient and accountable.”
The CG disclosed that the NIS has expanded its digital architecture to simplify services, automate passport applications and deploy biometric verification systems at national borders.
She said: “Citizens are now able to initiate and track applications with clearer timelines and minimal physical interaction,” adding that: “These reforms have improved processing timelines across commands and significantly reduced opportunities for extortion.”
She further disclosed that passport offices have been restructured nationwide to enhance speed and fairness, supported by a 24-hour call centre, monitored social media channels, and dedicated email platforms to ensure that complaints and enquiries are addressed promptly.
“The worst thing that can happen to anyone is having issues and not knowing where to turn,” she noted. “We corrected that by ensuring Nigerians always have someone listening and responding.”
Reaffirming the Service’s zero-tolerance policy for corruption, the CG announced strengthened internal audits, enhanced enforcement of ethical codes and improved disciplinary measures to deter misconduct.
She said: “Digital payment systems and automated checkpoints now limit cash-based interactions,” she said. “Transparency is not optional it’s the foundation for the work we do.”
She added that officers are undergoing continuous training and process redesign to align with global border management standards.
The CG noted that the NIS has deepened partnerships with sister security agencies, multilateral institutions, migration platforms and the diplomatic corps to support ongoing reforms.
“Change is difficult. Many people resist it,” she said. “But by engaging these agencies and bringing their personnel into our training and sensitisation sessions, they now understand why we are implementing these changes and how to navigate the new systems.”
A major appeal of the campaign is to discourage Nigerians from patronising touts and unauthorised agents.
She said: “You can sit in the comfort of your home and apply for most of our services. Follow our clearly outlined procedures. Do not put yourself at the mercy of anybody.”
She urged the public to use official platforms for enquiries, suggestions and complaints, including phone lines, website portals, social media channels and suggestion boxes.
The CG lamented the killing of NIS officers in the line of duty in Borno, Kebbi and Niger States. She said: “They were attacked by unknown persons while serving their country.”
The CG emphasised that meaningful change requires the collective effort of officers, citizens and stakeholders.
“Efficiency is not achieved by policy pronouncements alone. It requires personal responsibility at every desk, every command and every border post,” she said.
She added that: “The change we seek starts with us. If everyone here decides to do something differently, imagine the transformation we can achieve.”
NIS-Flags-Off 2025 Service Delivery Reforms
National News
Shettima announces Special Fund of N166b for disaster management in 2026
Shettima announces Special Fund of N166b for disaster management in 2026
By: Michael Mike
The Vice President, Senator Kashim Shettima has announced Nigeria’s readiness to lead in the new era of data-driven preparedness against disasters.
Shettima, while making the announcement on Thursday, also announced that the Federal Government has given approval for a N166 billion special intervention fund to help provide anticipatory action before the occurrence of any form of disaster in the coming year.
The Vice President revealed that the country is strengthening national systems to ensure that early warning is not just issued but heard, understood, and acted upon, noting that the essence is to make Nigeria more proactive and enhance its anticipatory capacity.
The Vice President spoke at the National conference on Anticipatory Action in Nigeria, with the theme: “Unlocking the Power of Data-Driven Anticipatory Action in Nigeria” organised by International Rescue Committee, Nigeria.
Shettima said the country is investing in national data generating agencies, Climate-resilient agriculture, Flood prediction models integrated with machine learning systems like IGNITIA, Data-driven disaster management frameworks and Community-led resilience initiatives.
He noted that the target is to have a nation where no community is abandoned to rising waters, failed rains, or eroding livelihoods.
The VP, who was represented by the Deputy Chief of Staff to the President, Senator Ibrahim Hassan Hadejia disclosed that: “A special intervention of N166 billion has been committed by the National Economic Council to fund the National Anticipatory Action Framework in 2026.”
He added: “We are strengthening national systems to ensure that early warning is not just issued but heard, understood, and acted upon at the last mile. “
He stated that the country’s vision is to become a nation that anticipates, not reacts.
He said: “The Nigeria we are building will not be one that waits helplessly for rescue. We will be a proactive nation, not reactive, resilient, not vulnerable.
“A nation where no community is abandoned to rising waters, failed rains, or eroding livelihoods. A nation where innovation meets governance, and data meets compassion.”
The Vice President also said that Anticipatory Action is not only a humanitarian necessity but a development path and climate strategy.
“Anticipatory Action is not only a humanitarian necessity, it is a development pathway. It is a climate strategy. It is a governance strength,” he said.
He therefore stressed the importance of timely and accurate data, noting that it helps to provide reliable early warning systems, and proactive financing.
He sold: “And it is a moral duty. If we unlock the power of data-driven anticipatory action, we will build a Nigeria that withstands shocks, protects its citizens, and stands as a global model for resilience.”
He reminded participants that the gathering is “to chart a course that will redefine how Nigeria anticipates, prepares for, and responds to climate-related disasters. He went on: : “This is not simply a conference, it is a national reset on how we safeguard lives, livelihoods, and the future of our communities.
He noted that: “Our Reality: The Climate Crisis Is No Longer a Distant Threat; Nigeria is already living the consequences.
“Floods sweeping through communities in over 26 states, year after year.
“Drought shrinking agricultural yields in the Northeast and Northwest.
“Cholera, meningitis, and vector-borne diseases rising with changing temperatures. Tens of thousands are displaced annually. Families losing livelihoods to rising waters or failed rains.
For the families affected, these are not “climate events.” They are life-altering emergencies. They determine whether a family eats, whether a child goes to school, whether a business survives, and whether communities remain stable. The climate crisis is not abstract. It is personal, immediate, and local.
“The Opportunity Before Us: Turning Predictability Into Protection. Amid this challenge lies an extraordinary opportunity. Around the world, Anticipatory Action (AA) has proven that if we act before a disaster hits based on data, forecasting, and science we save more lives, protect more livelihoods, and spend fewer resources.
“With accurate data, reliable early warning systems, and proactive financing, we can: Move families to safety before flooding
“Protect farms before drought damages seedlings. Deliver cash support before households resorts to negative coping strategies; Strengthen local systems before they are overwhelmed.”
“This is common sense. It is smart economics. It is good governance. And above all, it is humane leadership,” he added.
He cited government collaboration with the United Nations, The International Rescue Committee (IRC), donors, and partners in Adamawa where the programme has been a huge success.
“Their work shows that when data and proactive action meet, communities recover faster, cope better, and move forward with dignity.
He also called on donors and partners to increase their investment in Anticipatory Action, stating that: “Today, I call on both institutional and private donors: Now is the time to scale up anticipatory action financing in Nigeria, the window to act is narrow, the need is urgent, And the returns in lives saved and communities protected are extraordinary, Every naira or dollar spent before a crisis saves multiple times that amount after a crisis, This is not charity, this is strategic investment in stability, economic growth, and resilience for Africa’s largest nation.”
He also urged all the stakeholders to act together to strengthen data collection and hydro-meteorological infrastructure expand forecasting capacity using advanced analytics and machine learning; develop accessible and reliable early warning systems; scale climate-resilient agriculture and water management; empower communities with tools, financing, and knowledge to act early and review and cascade the National Anticipatory Action Framework to all States affected by floods and other climate induced disasters.
He warned that: “We can no longer afford a response system where communities only receive help after devastation has occurred.”
In his opening remarks, the Country Director, International Rescue Committee- Nigeria, Babatunde Ojei, said “Anticipatory Action is more than an innovation; it is a lifeline. It is the power to act before a crisis becomes a catastrophe. It is the power to protect before families lose everything. It is the power to prevent suffering before it begins.”
He therefore said the gathering was more than a conference; “it is a turning point for our country. A moment where science meets leadership, where data meets decisive action, and where Nigeria demonstrates to the world that we will not wait for disaster to strike before we protect our people.”
He stressed that “For too long, our nation has suffered the harsh reality of a changing climate: floods, droughts, displacement, crop failures, food insecurity, and loss of livelihoods. These crises are not statistics; they are the lived experiences of ordinary Nigerians — farmers, mothers, children, traders, and entire communities struggling to survive forces beyond their control. But today, gathered in this hall, is the collective intelligence, leadership, and commitment necessary to change that story.”
Shettima announces Special Fund of N166b for disaster management in 2026
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