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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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Nigeria, UNESCO Launch World’s First Media and Information Literacy Institute in Abuja

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Nigeria, UNESCO Launch World’s First Media and Information Literacy Institute in Abuja

By: Michael Mike

Nigeria has taken a significant step onto the global stage with the launch of the world’s first International Media and Information Literacy Institute (IMILI), a landmark initiative developed in partnership with United Nations Educational, Scientific and Cultural Organisation (UNESCO).

The institute was officially unveiled on Wednesday in Abuja by the Federal Ministry of Information and National Orientation, positioning Nigeria at the forefront of global efforts to strengthen media literacy, combat misinformation, and promote critical thinking in an increasingly complex digital age.

The establishment of IMILI marks a historic milestone not just for Nigeria, but for Africa and the international community, as it becomes the first UNESCO Category 2 Institute globally dedicated solely to Media and Information Literacy (MIL).

Speaking at the launch, UNESCO Assistant Director-General for Communication and Information, Mariya Gabriel, described the institute as a timely and transformative response to one of the defining challenges of the modern era — ensuring that access to information translates into informed, responsible, and empowered societies.

“In a world where the volume of information continues to grow exponentially, the ability to distinguish between reliable and misleading content has become essential,” she said.

IMILI is expected to serve as a global hub for research, innovation, and capacity development in media literacy. It will provide training for educators, policymakers, media professionals, and young people, equipping them with tools to critically engage with information, counter misinformation, and actively participate in democratic processes.

The institute will also support curriculum development, foster international collaboration, and connect Nigeria to a global network of expertise, reinforcing Media and Information Literacy as a universal public good.

UNESCO commended the leadership of President Bola Ahmed Tinubu for his vision and commitment in bringing the initiative to fruition. It also acknowledged the pivotal role played by the Minister of Information and National Orientation, Mohammed Idris Malagi, whose strategic leadership was described as instrumental in advancing the media literacy agenda in Nigeria.

The organisation further recognised contributions from key stakeholders, including the Nigerian National Commission for UNESCO, the UNESCO Abuja Office, and Nigeria’s Permanent Delegation to UNESCO, whose collaborative efforts ensured the successful establishment of the institute.

By hosting IMILI, Nigeria is sending a strong signal that Africa is not only responding to the challenges of the digital age but is actively shaping global solutions. With its vibrant media landscape, youthful population, and expanding digital ecosystem, the country is seen as uniquely positioned to lead this transformative agenda.

Beyond its institutional significance, the launch of IMILI represents a broader commitment to empowering citizens — not just to access information, but to understand, question, and use it responsibly.

As the institute begins operations, it is expected to serve as a catalyst for strengthening trust, promoting informed decision-making, and advancing democratic values across Nigeria, Africa, and the wider world.

Nigeria, UNESCO Launch World’s First Media and Information Literacy Institute in Abuja

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China Hands Over Landmark ECOWAS Headquarters in Abuja, as Leaders Call for Stronger West African Unity

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China Hands Over Landmark ECOWAS Headquarters in Abuja, as Leaders Call for Stronger West African Unity

By: Michael Mike

The Government of China on Tuesday officially handed over the newly constructed headquarters complex of the Economic Community of West African States in Abuja, in a ceremony marked by strong appeals for unity, deeper integration, and renewed commitment to regional cooperation across West Africa.

The event brought together senior government officials, diplomats, and regional leaders, with speakers consistently framing the project as more than infrastructure—describing it as a strategic symbol of partnership, vision, and collective ambition for the sub-region.

President of the ECOWAS Commission, Omar Alieu Touray, described the occasion as a historic milestone, noting that it coincides with the bloc’s 50th anniversary.

“Today marks an important day for ECOWAS and we should all be glad to be witnesses to this momentous occasion marking the official handover of the New ECOWAS Headquarters Complex to the Commission,” he said, adding that the development comes at an opportune time in the organisation’s integration journey.

Touray clarified that the ceremony represents the completion and handover of the building, while the formal inauguration will take place later in the year. The commissioning is expected to be led by Sierra Leone’s President, Julius Maada Bio, in his capacity as Chairman of the ECOWAS Authority, alongside Nigeria’s President, Bola Ahmed Tinubu, and other heads of state.

Reflecting on the project’s origins, he recalled that the groundbreaking took place in October 2023 with funding support from China amounting to approximately $56.57 million.

“As you may recall, back in October 2023, we convened here for the groundbreaking ceremony of this complex… Today, two years after that initiation, we are gathered for the handover ceremony of this remarkable building,” he said.

Touray commended the speed and quality of delivery, noting: “Considering the time usually taken to complete infrastructure projects of this magnitude and complexity, the completion of this ECOWAS Headquarters Complex within two years is highly commendable and we should all applaud our Chinese brothers and sisters.”

He also extended appreciation to Chinese President Xi Jinping, represented by Ambassador Yu Dunhai, for what he described as a generous contribution to regional development, while acknowledging China’s broader support for ECOWAS peace and security operations, including assistance to the ECOWAS Standby Force.

Touray further thanked Nigerian authorities, including the FCT Minister Nyesom Wike, for their support in facilitating the successful execution of the project.

Chinese Ambassador Yu Dunhai, in his remarks, described the headquarters as a flagship project and a symbol of enduring China-Africa cooperation.

“This headquarter building stands as a milestone—it is China’s flagship aid project for ECOWAS and another headquarters for an international organization,” he said, comparing it to other major Chinese-supported institutional projects on the continent.

Affectionately called the “Eye of West Africa,” the ambassador said the structure was completed after “more than 1,200 days and nights of meticulous craftsmanship,” blending Chinese engineering expertise with West African cultural identity.

“The building harmonizes the excellence of Chinese architectural technique with the unique culture of West Africa,” he said, adding that it will strengthen ECOWAS’ operational capacity and serve as a platform for regional development.

Yu also situated the project within broader diplomatic context, noting that this year marks 70 years of China-Africa relations. He said China continues to support African modernization through initiatives such as the “Ten Partnership Actions,” expanded South-South cooperation frameworks, and zero-tariff access for African exports.

“We remain committed to a demand-driven approach that respects African autonomy and sovereignty, translating our support into tangible actions for Africa’s revitalization,” he said.

He reaffirmed China’s support for ECOWAS and praised its role in regional peace and integration, while also acknowledging Nigeria’s leadership in the partnership.

For Nigeria, the host nation, the project carries deep symbolic weight.

Minister of the Federal Capital Territory, Nyesom Wike, said the occasion represented far more than a physical handover.

“Today is not just about the handover of a building. Today marks the handover of a vision. A vision of partnership. A vision of regional solidarity. A vision of a West Africa that is prepared to build the institutions that will carry its future,” he said.

Wike described the headquarters as “more than concrete, steel, and glass,” calling it “a statement that cooperation still matters” and proof that diplomacy can still deliver tangible results.

He emphasized Abuja’s status as a diplomatic hub, noting: “Abuja is not only the seat of government; Abuja is the diplomatic capital of this nation, a meeting point of nations.”

He added: “Great institutions deserve worthy homes,” describing ECOWAS as a key expression of regional identity and hope.

Minister of State for Foreign Affairs, Bianca Odumegwu-Ojukwu, also framed the handover as a historic and symbolic moment.

“It is with profound honour and a deep sense of history that I stand before you today,” she said, describing the event as more than the commissioning of a building, but “the consolidation of a vision, a reaffirmation of unity, and a renewed commitment to peace and sustainable development.”

She highlighted ECOWAS’ role since 1975 in conflict prevention, peacekeeping, economic integration, and governance, stressing that the new headquarters would enhance institutional efficiency and coordination.

“This new Headquarters therefore symbolizes more than administrative convenience. It is a strategic asset that will enhance institutional effectiveness… and reinforce the capacity of the Commission to respond to emerging regional and global challenges,” she said.

Odumegwu-Ojukwu praised President Tinubu’s leadership in advancing regional integration and commended China for what she called a “remarkable gesture of goodwill,” adding that the project reflects “mutual respect, shared prosperity, and South-South cooperation.”

She also issued a strong call to member states:

“At a time when our region is confronted with complex challenges… our unity is not optional, it is imperative. We must continue to act in concert, speak with one voice.”

Across all speeches, a consistent message emerged: while the new headquarters represents a major infrastructural achievement, its true value will depend on the political unity and collective resolve of West African states.

As the ceremony concluded, leaders underscored that the building is not an end in itself, but a platform for the next phase of regional integration—one defined not by construction, but by cooperation.

China Hands Over Landmark ECOWAS Headquarters in Abuja, as Leaders Call for Stronger West African Unity

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NDLEA, Customs Forge Alliance to Tackle Drug Trafficking

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NDLEA, Customs Forge Alliance to Tackle Drug Trafficking

By: Michael Mike

The National Drug Law Enforcement Agency (NDLEA) and the Nigeria Customs Service (NCS) have formalized a strategic partnership aimed at strengthening border security and combating drug trafficking across Nigeria.

The agreement was reached during a high-level meeting at the NDLEA headquarters in Abuja on Monday, where a joint communiqué was signed by NDLEA Chairman, Buba Marwa, and the Comptroller-General of Customs, Bashir Adewale Adeniyi.

Both agencies acknowledged the growing sophistication of transnational organized crime, stressing that a coordinated institutional response is essential to effectively disrupt illicit drug networks.

Under the new framework, NDLEA and Customs will enhance intelligence sharing through a secure and structured platform designed to enable early detection and prevention of criminal activities. The collaboration will also see the deployment of joint task forces at key operational points, including seaports, airports, and land borders.

The agreement further seeks to eliminate operational overlaps and reduce inter-agency friction by clearly defining roles and respecting each agency’s legal mandate. A Standing Inter-Agency Committee will also be established to promptly address disputes and ensure smooth coordination.

Speaking on the development, both Marwa and Adeniyi emphasized that the partnership represents a critical step toward strengthening Nigeria’s security architecture while maintaining the efficiency of legitimate trade operations.

They reiterated their commitment to professionalism, mutual respect, and national interest, noting that aligning the capabilities of both agencies would create a more effective barrier against the trafficking of illicit substances.

The collaboration is expected to significantly boost enforcement efficiency at Nigeria’s entry and exit points, reinforcing ongoing efforts to curb drug-related crimes and safeguard public safety.

NDLEA, Customs Forge Alliance to Tackle Drug Trafficking

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