Connect with us

National News

Buhari’s nationwide address on new naira

Published

on

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

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

National News

CDHR, CAIDOV Ask SERAP to Respect Court Judgment in DSS Defamation Suit

Published

on

CDHR, CAIDOV Ask SERAP to Respect Court Judgment in DSS Defamation Suit

By: Michael Mike

The Committee for the Defence of Human Rights (CDHR) has urged the Socio-Economic Rights and Accountability Project (SERAP) to respect the judgment of the High Court of the Federal Capital Territory in the defamation suit instituted by two operatives of the Department of State Services (DSS).

In a statement issued on Thursday, the rights group said all individuals and organisations, including civil society bodies, must obey decisions of competent courts in line with the rule of law and democratic principles.

CDHR maintained that while advocacy organisations and citizens possess constitutional rights to freedom of expression and public criticism, such rights must be exercised responsibly and within the bounds of the law.

According to the organisation, the court, after reviewing evidence presented before it, found that the publication made against the DSS operatives was defamatory and injurious to their professional reputation.

The group consequently urged SERAP to comply with all lawful directives contained in the judgment pending any appeal and refrain from statements capable of escalating tensions or undermining judicial authority.

It also advised parties and public commentators to avoid inflammatory narratives that could deepen institutional distrust or portray the judiciary as partisan without credible evidence.

“The rule of law remains the foundation of every democratic society. Human rights advocacy must coexist with accountability, fairness, and respect for due process,” the statement said.

CDHR further stressed that no organisation is above the law, just as no security agency should be immune from lawful scrutiny.

The statement was jointly signed by CDHR President and Secretary of the Board of Trustees, Debo Adeniran, and the group’s National Publicity Secretary, Jeremiah Onyibe.

Meanwhile, the Centre Against Injustice and Domestic Violence (CAIDOV) also criticised SERAP over its reaction to the judgment, accusing the organisation of attempting to ridicule the court’s decision.

In a statement signed by its Executive Director, Comrade Gbenga Soloki, CAIDOV said SERAP had continued to pin on its X handle claims that DSS operatives invaded its Abuja office on September 9, 2024, despite what it described as a misrepresentation of facts.

“We in the human rights community should lead by example. We should not be seen as the very persons breaching human rights in the name of free speech. Human rights is universal. It is for everybody. We should not trample on the rights of others simply because they chose to be security agents,” the group stated.

CAIDOV argued that the N100 million damages awarded against SERAP for defamation should not be viewed as extraordinary, citing examples of global firms sanctioned over misconduct.

“Very big corporations around the world have at one time or the other been caught lying or cheating. Just last year, Deloitte, PwC and EY Netherlands were fined $8.5 million for cheating, while KPMG Netherlands was fined $25 million in 2024 for widespread cheating on training exams. What then is the big deal in a Nigerian court imposing a N100 million fine on SERAP for defamation?” the statement added.

The group also faulted Senior Advocate of Nigeria, Ebun-Olu Adegboruwa, for allegedly criticising the judgment instead of encouraging an appeal process.

“SERAP had nearly two years while the matter lasted in court to assemble the best lawyers in their arsenal. They failed to. All their legal luminaries waited until they lost the case, then turned to the media to wage propaganda against two DSS operatives,” CAIDOV said.

It added that it was ironic for SERAP, which had often relied on Nigerian courts to hold public institutions accountable, to now question the judiciary because the verdict did not favour it.

“If people like Ebun-Olu Adegboruwa feel they know more than our revered judges, it is not too late for him to transmute from a lawyer to a judge,” the group declared.

CDHR, CAIDOV Ask SERAP to Respect Court Judgment in DSS Defamation Suit

Continue Reading

Military

Power Minister-Designate Clarifies Promise on Fixing Nigeria’s Grid in Three Months

Published

on

Power Minister-Designate Clarifies Promise on Fixing Nigeria’s Grid in Three Months

By: Michael Mike

The camp of Nigeria’s Minister-designate for Power, Olasunkanmi Tegbe, has dismissed media reports claiming he promised to fix the country’s troubled national power grid within three months, describing the reports as inaccurate and misleading.

In a statement issued on Thursday by his spokesperson, Adeola Adelabu, the minister-designate clarified that no such commitment was made during his Senate screening on May 6, 2026.

According to the statement, Tegbe had clearly explained that timelines for major reforms in the power sector were still being developed and would depend on technical diagnostics as well as consultations with key stakeholders.

The clarification followed widespread reports suggesting that the minister-designate pledged to completely resolve Nigeria’s persistent electricity grid problems within a three-month period.

The statement stressed that while Tegbe assured lawmakers that initial efforts aimed at stabilising the national grid would begin within his first 100 days in office, he also acknowledged that deeper structural reforms in the sector could take significantly longer.

It quoted the minister-designate as saying that reforms relating to sector credibility, gas supply, metering and operational efficiency may require about one year to achieve meaningful progress.

“My promise to this chamber and to Nigeria is that Nigerians will see visible improvement in the sector,” Tegbe reportedly told senators during the screening.

He further pledged to stabilise the national grid, modernise electricity infrastructure, strengthen commercial frameworks within the sector and enforce accountability across the entire power value chain.

On electricity tariff reforms, Tegbe reportedly assured that vulnerable households would be protected while government works to balance affordability, sector sustainability, investor confidence and operational efficiency.

The statement also emphasised that the minister-designate remains open to constructive engagement with the media and encouraged journalists to seek clarification where necessary in order to avoid misinformation.

According to the spokesperson, Tegbe views the media as critical partners in nation building and in helping Nigerians understand the scope and direction of the proposed reforms in the power sector.

Nigeria’s electricity sector has continued to face major challenges, including repeated national grid collapses, inadequate generation capacity, weak transmission infrastructure, gas supply constraints, poor metering and mounting debts across the value chain.

The minister-designate’s clarification comes amid heightened public expectations over the ability of the administration of President Bola Ahmed Tinubu to address the country’s longstanding electricity crisis and improve power supply to homes and businesses.

Power Minister-Designate Clarifies Promise on Fixing Nigeria’s Grid in Three Months

Continue Reading

National News

Giwa detention facility completes 1,450 terrorism cases, moves 500 suspects for trial

Published

on

Giwa detention facility completes 1,450 terrorism cases, moves 500 suspects for trial

By: Zagazola Makama

The Joint Investigation Center located at Giwa Barracks, Maiduguri, says it has concluded investigations in about 1,450 terrorism-related cases, while over 500 suspects have recently been transferred for prosecution, many of whom were subsequently convicted.

The Commander of the facility, Brig.-Gen. Yusuf Audu, disclosed this on Wednesday in a detailed briefing delivered by Capt. Obinwale, where he outlined the structure, operations and reforms of the multi-agency detention and investigation centre supporting counter-terrorism efforts in the North-East.

Audu said the facility, established as a unified interrogation and screening hub for suspects arrested during counter-insurgency operations, remains central to Nigeria’s fight against Boko Haram and ISWAP insurgents.

He explained that all suspects processed through the centre undergo structured investigations, legal review, and eventual classification into prosecution, rehabilitation, or reintegration pathways, depending on findings.

“After investigation, a complex casework group reviews all reports and provides legal advice. Based on the outcome, detainees are categorised into three groups: prosecution, rehabilitation, and reintegration,” he said.

He disclosed that “recently, the centre moved over 500 suspects for trial, most of whom were convicted,” adding that the development reflects improved coordination among security and justice institutions handling terrorism cases.

Audu said the centre operates as a multi-agency platform comprising personnel from the Nigerian Army, Defence Intelligence Agency, Nigeria Police Force, Department of State Services, Nigerian Correctional Service, Nigeria Security and Civil Defence Corps, National Drug Law Enforcement Agency, and Nigeria Immigration Service, alongside legal experts from the Office of the Attorney-General of the Federation.

According to him, the arrangement ensures a holistic approach to terrorism investigations and strengthens the integrity of prosecution processes.

He noted that suspects are received with preliminary investigation reports from frontline units, formally documented, and assigned to investigators drawn from various security agencies.

The commander said detainees are kept in segregated facilities, with special provisions for women and children, while minors accompanied by mothers are provided with basic education and care within the centre.

He added that medical support is a key component of the facility’s operations, with isolation and treatment available for detainees suffering from illnesses such as tuberculosis, in collaboration with humanitarian partners.

Audu said the centre maintains structured feeding arrangements, with three meals daily provided to detainees, supported by improved water supply systems, including a 40,000-litre solar-powered borehole constructed with support from the International Committee of the Red Cross (ICRC).

He also disclosed that inmates are provided with clothing, toiletries, and hygiene materials upon admission, while periodic fumigation is carried out to maintain sanitation standards.

According to him, detainees also benefit from physical and psychological support programmes, including access to sports, indoor games, and supervised exercise periods aimed at improving mental and physical well-being.

Audu said the facility also operates a “restoration of family links” programme, through which detainees communicate with relatives with support from international humanitarian organisations, including the ICRC.

On legal processes, he explained that investigations are conducted under the Terrorism Prevention Act of 2011, as amended in 2013 and 2022, with judicial oversight through federal high court remand orders and adherence to human rights standards.

He noted that biometric data of all suspects is captured and stored in a national database to support intelligence gathering and future security operations.

The commander further highlighted collaboration with international partners, including the International Organization for Migration (IOM), United Nations Office on Drugs and Crime (UNODC), UNICEF, and other humanitarian agencies, which have supported infrastructure development, training, and detainee welfare programmes.

He said UNODC constructed an evidence storage facility, while IOM established a data management system to improve screening and classification of suspects.

Audu added that UNICEF has provided educational materials for juveniles, while the ICRC continues to support healthcare delivery and humanitarian interventions within the facility.

He said detainees are also engaged in skill acquisition programmes such as tailoring, farming, poultry, fish farming, cap making, and bakery operations, designed to equip them with vocational skills for reintegration.

According to him, the bakery project recently established within the centre was introduced to reduce operational costs and enhance vocational training opportunities.

“The idea is to keep detainees engaged productively while awaiting investigation outcomes,” he said.

He explained that officers posted to the centre are carefully selected based on professional backgrounds in psychology, criminology, sociology, and related fields to improve investigative efficiency.

Audu also noted that the facility has received commendations from local and international dignitaries, including former defence ministers, service chiefs, United Nations officials, and counter-terrorism experts who have visited the centre.

He said the centre’s operations align with global best practices, particularly the United Nations principle that “effective counter-terrorism measures and protection of human rights are mutually reinforcing.”

Despite the achievements, he acknowledged challenges, including difficulty in securing witnesses from affected communities due to insecurity and fear of reprisal, as well as delays in prosecution processes which often prolong detainees’ stay in custody.

Giwa detention facility completes 1,450 terrorism cases, moves 500 suspects for trial

Continue Reading

Trending

Verified by MonsterInsights