A fiery cleric, Bishop Abraham Chris Udeh has expressed displeasure over a declaration yesterday by President Muhammadu Buhari that the old N1,000 and N500 notes should cease to be legal tenders with effect from yesterday.
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He therefore asked the national assembly to invoke the powers conferred on them by the relevant sections of the Nigerian Constitution to impeach President Buhari for starving Nigerians to death in the name of checkmating vote buying through new naira notes swap.
Bishop Udeh who is also the General Overseer of Mount Zion Faith Global Liberation Ministries (aka “By Fire By Fire”), Nnewi, Anambra state, said the Central Bank, CBN Governor, Godwin Emefiele should be booted out of office and possibly prosecuted for inhuman treatment to Nigerians.
He said it is quite disheartening that Nigerians are roaming the streets in an endless search for new naira notes and both Buhari and Emefiele are busy telling them to have patience and wait for the stability of the new naira notes when the masses are dying of hunger and starvation.
He said more worrisome is the fact that the federal government refused to obey the Supreme Court order to allow the old naira notes coexist with the new notes till February 22 when the Apex court is expected to give a final verdict on the suit filed by three state governors against the federal government as it concerns the new naira notes.
On the continued detention of Nnamdi Kanu, lesder of the Indigenous People of Biafra, IPoB, Bishop Udeh also accused the federal government of deliberately keeping Kanu in perpetual detention at the DSS facility in order to create a sit-at-home scenario that will lead to disenfranchisement of greater majority of Ndigbi who incidentally are the
supporters of the Labour Party presidential candidate, Peter Obi on the election day.
He wondered why the federal government should decide to disobey the Appeal Court order which ruled that Kanu should be released unconditionally since last year, adding that the interpretation of the government disobedience to court order could mean that government is deliberately keeping him in detention so that out of fear Ndigbo will not come out that election day to vote for Peter Obi.
He revealed that in the spiritual realm, he saw an Army general dressing up as if he is the president of Nigeria and he woke up and started praying against military coup in Nigeria.
He declared: “let what I saw in the spiritual realm where an army general is dressing up not manifest in the physical realm as a military coup because we all are aware that the worst civilian rule is batter than a military regime”.
The folly of man is his inability to come to terms with the realities of his fatalistic nature and his falability. He often foolishly and stupidly conducts himself with such arrogant grandiose mien under the false impression of being in charge, while by his very nature he is created not to be in charge of the basic things that are his being.
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These are things like the air he breathes, how long he will live, when he will die, where he will die, worst still, where and how he will be buried. Yet he subsumes himself as an exterminator and a determinator of the very elements determined by the Almighty.
You often hear them whisper “ATIKU WILL NEVER BE PRESIDENT IN AS LONG AS WE LIVE”. In this assumed role of God, they contrived a satanic script consummated from the bottomless pit of hell – the abode of BELZABUB and called him all names that are unprintable and accused him of all manners of crime, without any shred or iota of evidence.
Their satanic objective is to create a perception that will serve their purpose. This they did without any conscience, not surprising because they are not honorable men. Everything that is politically and socially incorrect, they associate with Atiku.
They are so politically scared of him that they put up a narrative that is intended to permanently confine him to the abyss of political annihilation and therefore think they can stop whatever God has intended to make of him politically.
Their allegations are so preposterous that they blame him even when their wives have failed to conceive and bear forth offspring, despite several busy magnetic schedule in the other room.
Yes, they are the ones; Governor Nasir Ahmad El Rufai and Senator Bola Ahmed Tinubu, the two ingrates who have benefited tremendously from Atiku’s political generosity.
One was brought out of obscurity and made Director-General, Bureau of Public Enterprises and subsequently Minister of the Federal Capital Territory. This catapulted him into political limelights and now he prides himself as the “En fan Terrible” of Kaduna political space, where his words are laws.
With the monies he stole from the FCT when he was Minister, he went into Estate Development using Urban Shelter. With these stolen billions, he purchased the Gubernatorial seat in Kaduna and became its Governor where he steals public funds daily and deployed them to suppress the will of the Southern Kaduna people during the kaduna state local government elections and other elections.
Yes, it was he who destroyed the marriage of his bosom friend, took over the wife, made her his Chief of Staff and the Managing Director, Nigerian Ports Authority with a mandate to steal so much money from the organisation with the intention of acquiring and stashing enough stolen liquid that will be handy in the fulfilment of his future Presidential ambition.
Any wonder why he is shouting over the impending failure that awaits him and the presidential candidate of the All Progressives Congress? To the ordinary mind, El-rufai is fighting for justice with the right moral compass but where was this sense of justice when he unleashed political terror on Southern Kaduna?
The simple truth behind his more than the bereaved cries on naira scarcity and some policies of the Buhari administration is the hopelessness that has beclouded his anticipated buccaneering role in Tinubu’s Presidency as well as his ascendancy to power as President after Tinubu.
Such frustration have resulted to his barrage of criticisms against Buhari and his government. But is anyone surprised about his outbursts? A leopard can befriend other animals but can never change the spot on it’s skin. El-rufai is eternally married to political treacheries against his benefactors.
On the other hands, Tinubu has displayed his legendary political non-reliability to the man who saved him from political oblivion when against all odds; Atiku as Vice President persuaded President Obasanjo not to take Lagos State from him in 2003. It was Atiku that rescued Tinubu from the political tsunami that swept away the Alliance for Democracy controlled western states in 2003.
El-rufai after turning blind eyes to the killings in Southern Kaduna has suddenly become the advocate of the people simply because their boast of stopping Atiku from any political progress in life has failed.
A title strange in its contrition and ramifications which satisfies his gluttonic political appetite, preparatory for 2023 where it was dreamt that Buhari would be blackmailed and manipulated into allowing himself to be succeeded by Tinubu and El-rufai based on the notion that this will be achieved by a successfully contrived diabolic transition with the north putting up no resistance.
Gosh! how fallacious is man, when he has no God in his plans. Yes, God made Buhari the President of Nigeria against all odds. He alone did it even when Buhari had lost hope in himself and cried profusely at the International Conference Center and vowed not to run for Nigeria’s Presidency again.
So, no man can claim the glory of God by asserting that he made Buhari President, not even the bogus claims by some charlatans who pretended to have been the ones who made it possible.
To those who know, El-rufai’s cry is not about the naira scarcity but about his affront to God’s favour to him when he thinks that by attacking Atiku’s businesses, instigating APC government and sympathisers to threaten Atiku and members of his family to force him to retire from politics by subjecting him to several humiliating attacks in the media by agents of the state in order to give credence to their false narratives against him.
How unwise is man when he disregard God in his permutations? They hoarded the money meant for Nigerians while paralyzing Atiku’s businesses thinking they would use the accumulated war chest to buy votes come February 25th but God has shown that He does not share His glory with man.
God will surely disgrace the ungodly in his selfish permutations for power.
Owerri, the capital of Imo State, practically stood still on Tuesday as citizens trooped out in their numbers to receive the presidential candidate of the All Progressives Congress (APC), Senator Bola Ahmed Tinubu, accompanied by President Muhammadu Buhari and key Party leaders to a rally that qualifies as mother of all rallies.
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The Dan Anyiam stadium on popular Wetheral road, Owerri, where the presidential rally took place was filled to capacity with thousands of APC faithful taking available space outside.
The sea of heads in attendance was a beautiful sight to behold with Governor Hope Uzodimma of Imo State who doubles as the South East Coordinator for the APC Presidential Campaign assuring visiting President Buhari, Tinubu and the key Party leaders who came from far and wide, that Imo citizens are prepared to elect the APC Presidential candidate as their President come February 25, 2023.
Signs of joy over President Buhari’s visit, the fourth since Governor Uzodimma took over power, started manifesting hours before the APC Presidential rally took off when the President was honoured with a chieftaincy title of Nwanne di na Mba of Imo State ( brother in Diaspora) by the entire traditional rulers in Imo State, represented by the 27 Chairmen across local government areas who superintendent over the affairs of their communities.
The event which took place at the Eze Imo Palace at Mbari Street, Owerri was coordinated by the Chairman of Imo State Council of traditional rulers, HRH Eze Dr. Emmanuel C Okeke and also had in attendance, Tinubu, the Party’s National President, Sen. Abdullahi Adamu and other key leaders of the APC.
Clad in his chieftaincy regalia, a grateful President Buhari proceeded straight to commission the 12.5 km MCC road abandoned 39 years ago but rebuilt by the Uzodimma administration amid praises by residents.
Welcoming Mr President to the State for the APC mega rally and commissioning of the road project, the Governor expressed gratitude on behalf of Imo people for his support to his administration in the last three years which he said has resulted to improved road infrastructure, fight against insecurity, upgrade of State and Federal establishments, among others.
The Governor recalled that the President was kind enough to grant his genuine requests to reconstruct Owerri/Okigwe road, Owerri/Orlu road, Owerri/Umuahia road and Orlu/Mgbee/Akaokwa/Ugah roads, among others.
“This is in addition to granting my request for the establishment of a Teaching Hospital at the present Federal Medical Centre and the upgrade of Alvan Ikoku College of Education to a University Status.”
The Governor added that “when it became obvious that Imo is being taken over by bandits and the activities of oil theft were growing astronomically, Mr. President came to the rescue through the establishment of a Naval Base at Oguta and sent in security agencies to bring peace and ensure reasonable security of lives and property in Imo State.”
He therefore assured Mr. President that his government and the people of Imo State “will in the spirit of Valentine’s Day show Mr. President and his entourage love in both spirit and action,” noting that “Imo State is an APC State in spirit and action.”
Governor Uzodimma reiterated that the APC in Imo State will not disappoint Mr. President’s expectations and assured him that as governor, he will never betray the confidence reposed in him by the people of Imo State.
He also reminded President Buhari that “Imo people are ready for the elections and will surely vote Asiwaju Ahmed Tinubu come Saturday, the 25th of February, 2023.”
President Buhari in his brief remarks at the rally expressed gratitude to the Government and people of Imo State for their support to his government and urged them to do well to “elect the APC Presidential Candidate, Asiwaju Bola Ahmed Tinubu as the next President of Nigeria.”
Addressing the mammoth crowd, the APC Presidential Candidate expressed happiness that the rally in Imo State coincided with the Valentine’s Day celebration and used the opportunity to wish all and sundry a happy Valentine’s Day.
He told the APC faithful that he came to Imo State with love, peace, stability and progress and promised to join the Governor Uzodimma to continue the developmental programmes of the APC-led administration at both the National and the State government levels.
He assured that he will “make Imo State one of the most attractive tourism states, add value to real estate in Imo State as well as improve the educational standard and programmes of the State and country in general where there will be no more ASUU strike and four years will be four years.”
Furthermore, Tinubu pledged to imbibe the incorruptible principles of President Buhari by “prudently managing and improving revenue capacity as well as joining the Imo State Governor and Government to eliminate insecurity and inhuman treatment.”
In their different speeches, the National Chairman of the APC, Senator Abdullahi Adamu, his predecessor, former Governor of Edo State, Adams Oshiomhole who represented the DG, Presidential Campaign Council, Governor Simon Lalong, the Governor of Ebonyi State, Eng. Dave Umahi, that of Lagos State, Governor Babajide Sanwo-Olu, all expressed happiness over the turn out of Party faithful which they said reinforced their confidence in the capacity of Governor Uzodimma to deliver on every assignment given to him.
They were all in agreement that Governor Uzodimma has shown leadership, competence and character and urged Imo people to “vote for better future, for security and improved economy in the coming elections.”
Earlier on arrival in Imo State, President Buhari and the Presidential Candidate of the APC, Tinubu and their entourage had paid a courtesy call on the Chairman, Imo State Council of Traditional Rulers, HRM Eze Dr. Okeke at the Palace of Eze Imo in Mbari Street Owerri, Imo State where Mr. President was conferred with the Chieftaincy Title of “NWANNE DI NA MBA” of Imo State.
Responding to the gesture by the Traditional Rulers, President Buhari said that he will “cherish the honour done to him for the rest of his life.’’
He told the Traditional Rulers and all present that he chose to come to Imo with the Presidential Candidate because he sees Imo State as his own, noting that he “will be ready to come to Imo again and again when invited.”
President Buhari reminded the monarchs and other statesmen that “the Governor of Imo State is always coming to Abuja to ask for assistance on things that concern Imo people and that has endeared me to his government and his administration.”
Also speaking at the Eze Imo Palace, Tinubu thanked the monarchs for the honour done to Mr. President and expressed happiness that Imo Traditional Rulers were able to recognize the strong bond that exists between the Governor and Mr. President, hence the conferment of the title.
“The visit is part of the process towards stepping into the shoes of Buhari as the next president of Nigeria.”
Governor Uzodimma on his part at the courtesy call also thanked the Traditional Rulers for the honour done Mr. President and used the occasion to reiterate the gratitude of the government and people of Imo State to President Buhari over his assistance that facilitated the growth and development of the State.
In his welcome remarks, Eze Okeke thanked President Buhari for his love for Ndi Imo and for the Governor as shown in the Federal Government’s presence within the three years of Governor Uzodimma’s administration and urged him to continue to keep the channel of friendship and brotherliness open.
Eze Okeke, on behalf of the whole Traditional Rulers in Imo State wished President Buhari and the APC leadership a successful outing on their mega campaign rally in Owerri and after.
The Ohanaeze Ndigbo in IKom Local Government Area (LGA) of Cross River State has declared to support the candidates of All Progressives Congress (APC) for the 2023 elections holding on February 25 and March 11.
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The declaration was made by members of the apex Igbo socio-cultural organisation in Nigeria when former Senate Leader, Distinguished Senator Victor Ndoma-Egba, SAN, visited the Igbo Community in Ikom LGA to canvass votes for APC in the forthcoming elections.
Speaking on behalf of the members who came out in large numbers to warmly welcome Ndoma-Egba and his entourage, the President General (PG) of Ohanaeze Ndigbo in Ikom, Mr. Agwu Nwokedi, said the APC chieftain has been helpful and supportive to the Igbo community right from when he represented Cross River Central Senatorial District in the Senate.
Recalling how their sister, Amaka, Ndoma-Egba’s late wife played significant role in ensuring that the Igbo community was given due recognition with the full support of the ex-Senate Leader, Mr. Nwokedi said the group will work for APC, knowing that with his position as a leading light in the party, the Igbos will be remembered in the scheme of things.
The PG said the Ohanaeze Ndigbo cannot forget so soon how the erstwhile leader of the Senate use his office to positively affect the lives of the people.
Earlier, in his speech, the APC heavyweight while thanking the Igbo community for the tremendous support he had always received from the group, particular in the course of his 12-year sojourn in the Red Chamber, assured them that they will not regret throwing their weight behind the party for the 2023 polls.
“I thank you all for the warm reception. I’m quite impressed with the large turnout for this meeting despite the short notice. Today, I have come here to plead with you to vote for our party, the All Progressives Congress (APC) in all the elections holding on February 25 and March 11. I have had a very good relationship with the Igbo community in Ikom over the years, and so, I’m confident that whatever I ask from you, you will do for me. I am asking you to vote 5/5 for APC in the coming elections. Vote for all our candidates – Asiwaju Bola Ahmed Tinubu for President, Senator Bassey Otu aka Sweet Prince for Governor, Our current Speaker, Rt. Hon. Eteng Jonah Williams for Senate, Victor Abang aka Mature for House of Reps and Agbor Bassey aka Correct Man for House of Assembly. I can assure you that you stand to gain a lot from voting for all the candidates of APC, the party in power in Cross River State and at the centre,” the APC stalwart declared.
Even though he is not standing as a candidate in the 2023 elections, Ndoma-Egba, a highly respected grassroots politician who is the Secretary of the Campaign Planning Directorate of APC Presidential Campaign Council (PPC), has been working round the clock to ensure the victory of his party. He has just completed his ward to ward campaign for APC in Ikom and has started the unit to unit movement while also meeting with stakeholders/groups.
A Kaduna Chief Magistrates’ Court on Thursday ordered that a 28-year-old man, Illiyasu Garba, be remanded in a correctional centre for allegedly sodomising a 10-year-old boy.
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The Magistrate, Mr Ibrahim Emmanuel. did not take the plea of Garba for want in jurisdiction.
Emmanuel ordered that the case file should be sent to the Kaduna State Director of Public Prosecutions (DPP) for advice.
He adjourned the case until March 20 for DPP’s advice.
Earlier, the prosecutor, Insp Chidi Leo, told the court that Garba committed the offence on Jan. 22 at his residence.
Leo said that the suspect lured the boy into his room and defiled him.
He said that the offence contravened the provisions of Section 261 of the Penal Code of Kaduna State, 2017.
President Muhammadu Buhari will on Thursday depart Abuja for Addis Ababa, Ethiopia, to participate in the 36th Ordinary Session of the Assembly of the African Union (AU).
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The theme of the AU Summit is ‘‘Acceleration of the African Continental Free Trade Area (AfCFTA) Implementation.’’
The President will participate in three High Level meetings on peace and security, climate change and the political situation in some West African countries.
First is the Peace and Security Council (PSC) meeting of Heads of State and Government on the situation in the Eastern Democratic Republic of Congo (AUPSC High Level AU), to be chaired by the President of South Africa, in his capacity as the Chair of the Council for the month of February.
Second is the meeting of the Committee of the Heads of State and Government on Climate Change (CAHOSCC), currently chaired by the President of Niger Republic.
On the margins of the annual meetings of the AU, President Buhari will also attend an extraordinary summit of the Authority of Heads of State and Government of ECOWAS.
The Nigerian leader will deliver remarks at these events as well as present his National Statement at the opening session of the Summit, which brings together leaders from the AU member countries as well as a number of non-AU countries and international institutions accredited to the AU in Addis Ababa.
President Buhari will be accompanied on the trip by some Ministers and other top government officials.
Soldiers threw residents and business owners in Ogijo area of Ogun State, into confusion, after they stormed the area to avenge their colleague who was killed by a policeman on Tuesday.
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According to reports, a policemen stabbed the soldier to death and during a reprisal, property including vehicles, and a police station, among others, were burnt.
A resident of the area who simply identified himself as Sam said that trouble started when a policeman allegedly killed a soldier.
He said the slain soldier’s colleagues mobilized and attacked the Ogijo Police Station.
Commenting on the incident in a post on Twitter, an eyewitness, Rofiat Alhameed, said the unrest made a lot of commuters stranded as there were no vehicles to convey them to their destinations, adding that she trekked from Odogunyan to the Ogijo area.
Using her handle, @Fee_arh, she wrote: “I had to trek from Odogunyan to Ogijo today running from one place to another trying to avoid soldiers beating passersby and those driving between Odogunyan to Ogijo after a soldier was allegedly killed by area boys while some claimed a MOPOL stabbed the soldier in Ikorodu.”
A vehicle that was set ablaze was seen in the video clip attached to Alhameed’s post.
Also commenting on the development in a post on Twitter, a lady identified simply as Fisayo, using her handle, @This_Fisayo, urged people to be cautious while plying the Ogijo area to their destinations.
The post read: “If you’re going towards Ikorodu first gate down to Ogijo precisely, please stay safe; heard they killed a soldier this evening and they’ve been fighting.”
However, contrary to insinuations that the incident happened in Lagos State, the Lagos State Police Public Relations Officer, SP Benjamin Hundeyin, in a tweet, clarified that the incident happened in Ogun State.
The tweet read: “There are stories making the rounds that riots have broken out in Odonguyan, Ikorodu. We wish to clarify that the unrest is at Ogijo, Ogun State, though very close to Ikorodu, Lagos. Our officers are on the alert and would not allow any breakdown of law and order within Lagos State.”
…says APC fueling crises to force election postponement
A former Deputy National Publicity Secretary of the All Progressives Congress (APC), Timi Frank, on Thursday, said that accused the APC was fueling agitations and riots over the scarcity of new Naira notes to heat up Nigeria to procure a recipe for the postponement of the election.
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According to him, the APC has chosen a dangerous route to retain power by instigating killings and destruction of property by paid irate mob protesting scarcity of Naira.
He advised President, Major General Muhammadu Buhari not to bow to pressure and blackmail through ongoing sponsorship of riots to trigger election shift.
Frank, Ambassador to United Liberation Movement for West Papua (East Africa and Middle East), expressed these views in a statement issued in Abuja.
He insisted that the APC was fueling the crisis to enable them perfect their vote buying and rigging strategies ahead of the elections.
“It is unfortunate that the APC has chosen a dangerous route to retain power by instigating killings and destruction of property by paid irate mob protesting scarcity of new Naira notes.
“I dare say that the country is bigger than any political party or party candidates. Instigating crisis to provoke a postponement of the elections is least expected of the APC”, Frank said.
He called on President Buhari and the Independent National Electoral Commission to be resolute in their commitment to conduct the elections notwithstanding the evil machinations of the APC to get the polls shifted.
The activist called on the international community especially election observers already deployed by statutory bodies to monitor the elections to put pressure on the nation’s election management body to hold the election as scheduled.
He insisted that if elections are being held in countries in worse security situations or experiencing full blown war, there is no justification to postpone the forthcoming elections on the basis of protests over scarcity of new Naira notes.
Frank said, “Even though the riots seem localized in the southern parts of the country, we have information that very soon APC will cause it to spread to states in the North.
“This to enable them sustain their blackmail and pressure on INEC and Buhari to postpone the elections under the guise of widespread violence.
“We condemn this resort to violence being masterminded by the APC and we call on all well meaning Nigerians and international development partners not only to condemn this shenanigans by the ruling party but to hold it responsible for all deaths and properties being destroyed at this time as well as any postponement of the election.”
The Ebonyi State Government has said Ebubeagu security outfit will continue to operate legitimately as it was properly established by the law.
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The state government Wednesday disclosed this, during a joint press briefing by the Commissioner of Information and state orientation, Barr. Uchenna Orji, the Principal Secretary, Emmanuel Obasi and the State Security Consultant, Stanley Okoro Emegha, at the old government house Abakaliki.
Recall that Justice Riman Fatun had delivered judgement at a Federal High Court sitting in Abakaliki, declaring Ebubeagu illegal and unconstitutional.
Justice Riman had in his judgement disbanded the Ebubeagu security outfit and called on the Nigeria Police and other security agencies to disarm Ebubeagu Operatives.
But, the state government, during the press briefing through Barr Uchenna Orji and State Security Consultant, Stanley Emegha described the judgement as biased, which according to their belief cannot stand.
The State government revealed that the Ebubeagu security outfit was established by law 005 of 2021 of Ebonyi State and as such will continue to exist, and carry out its legitimate duties as stipulated under the law.
Orji said, “It’s our firm belief that the judgement cannot stand. We have got nothing in conflict with the constitution, in the way and manner the supreme court handled Ebubeagu. Ebubeagu has not done anything that is in conflict with the Nigerian Police.
“It’s a judicial misapplication and misinterpretation, having regard to the principle of judicial and judicious decision. The judgement of Justice Fatun Riman is a miscarriage of justice that is dead on arrival” he stated.
He revealed that the judgement by the Federal High Court had been appealed adding that the state will soon get a stay of execution.
Also, Security Consultant to the State, Chief Stanley Emegha stated that Ebubeagu have been working tirelessly, in union with other security agencies to ensure the security of lives and property of Ebonyians are protected.
He stated that most of the allegations levelled on Ebubeagu outfit are politically motivated, and however
expressed optimism that the appellate court would reverse the verdict in due time.
NATIONAL BROADCAST BY HIS EXCELLENCY MUHAMMADU BUHARI, PRESIDENT, FEDERAL REPUBLIC OF NIGERIA ON THE CHALLENGES OF THE CURRENCY SWAP AND STATE OF THE NATION, ON 16th FEBRUARY, 2023
My Dear Compatriots,
I have found it necessary to address you today, on the state of the nation and to render account on 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.
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2. 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 of the loopholes associated with money laundering.
3. Let me re-assure Nigerians, that strengthening our economy, enhancing security and blockage of leakages associated with illicit financial flows remain 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.
4. In the last quarter of 2022, I authorised the Central Bank of Nigeria (CBN) to redesign the N200, N500, and N1000 Nigerian banknotes.
5. For a smooth transition, I similarly approved that the redesigned banknotes should circulate concurrently with the old bank notes, till 31 January 2023, before the old notes, cease to be legal tender.
6. 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.
7. Fellow citizens, while I seek your understanding and patience during this transient phase of implementation, I feel obliged to avail you a few critical points underpinning the policy decision. These include:
a. The need to restore the statutory ability of the CBN to keep a firm control over money in circulation. In 2015 when this administration commenced its first term, Currency-in-Circulation was only N1.4trillion.
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
8. Notwithstanding the initial setbacks experienced, the evaluation and feedback mechanism set up has revealed that gains have emerged from the policy initiative.
9. 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.
10. 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 macro economic parameters;
b. Reduction of broad money supply leading to a deceleration of the velocity of money in the economy which should result in less pressures on domestic prices;
c. Lowering of Inflation as a result of the accompanying decline in 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.
11. 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.
12. 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 availability of appropriate amount of currency; and ability to make deposits.
13. I have similarly directed that the CBN should intensify collaboration with anti-corruption agencies, so as to ensure 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.
14. 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.
15. 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.
16. To further ease the supply pressures particularly to our citizens, I have given approval to the CBN that the old N200 bank notes be released back into circulation and that it should 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 ceases to be legal tender.
17. 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.
18. 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.
19. Let me assure Nigerians that our administration will continue to assess the implementation with a view to ensuring that 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.
20. I wish to once more appeal for your understanding till we overcome this difficult transient phase within the shortest possible time.
21. 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.
22. 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.
23. 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.
24. I however admonish you to eschew violence and avoid actions capable of disrupting the electoral processes. I wish us all a successful General Elections.
Thank you for listening. God bless the Federal Republic of Nigeria.
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