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.
- 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.
- 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.
- 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 notes, till 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 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
- Notwithstanding the initial setbacks experienced, the evaluation and feedback mechanism set up has 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 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.
- 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 availability of appropriate amount of currency; and ability to make deposits.
- 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.
- 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 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.
- 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 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.
- 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 Elections.
Thank you for listening. God bless the Federal Republic of Nigeria.
Politicians Frustrating Nigerians, Another Protest Worse Than Endsars Looms — Aisha Yesufu
Popular socio-political activist, Aisha Yesufu, has said corrupt politicians in Nigeria are frustrating the masses, which can lead to another nationwide protest.
Yesufu said the anger burning in the hearts of Nigerians may sponsor another protest hotter than the one experienced in 2020 tagged ‘EndSARS’.
In 2020, Nigerians staged demonstrations across the nation to call for the end of the police unit, the Special Anti-Robbery Squad, SARS, notorious for brutalising youths.
The protest, which started on Twitter (now X), resulted in mass demonstrations occurring in all major cities of the country and accompanied by violence.
It led to the death of many young Nigerians, especially after military personnel shot at peaceful protesters at Lekki Toll Gate, Lagos.
Yesufu, the co-convener of the BringBackOur Girls, who was one of the activists at the centre of the protest, said Nigerians might just be caught unaware in another demonstration.
She made this known via X account, writing: “Nobody saw the #EndSARS protest coming. Nobody will see the next uprising coming.
“Sadly, it might end up being violent. There is simmering anger fuelled by the impunity and brazenness of the corrupt politicians and rulers, who have rigged their way into power. Nobody will be spared.”
Decision Day In Imo, Bayelsa, Kogi: INEC Affirms Readiness, DHQ Uncovers Plot To Cause Mayhem
• There will be injurious consequences, DHQ warns unknown gunmen
• ICPC deploys operatives to prevent vote-buying
• Police read riot act, warn perpetrators of violence, sponsors
The Defence Headquarters (DHQ) has said there are intelligence reports of plans by desperate politicians to cause violence with hoodlums wearing military uniform.
Responding to questions from newsmen at the bi-weekly briefing in Abuja yesterday, Director, Defence Media Operations, Major General Edward Buba, issued a stern warning to gunmen planning to disguise in military wears to cause violence during Saturday’s off-cycle governorship elections in Kogi, Imo, and Bayelsa states.
He warned that there would be injurious consequences for their actions, adding that the Nigerian military will not fold its arms and watch its image dragged into the mud during Saturday’s election.
He issued the warning while briefing journalists on military operations to counter threats of terrorists, bandits/kidnappers, oil theft perpetrators and other forms of insecurity across the country.
“For the off-season elections in Bayelsa, Imo and Kogi states this weekend, here is a message for you. The military is deployed in strength for the election to create a safe environment for voters to peacefully come out and cast their votes.
“However, we are aware of plans of some people to disguise themselves in military gear to orchestrate havoc and disrupt elections in some areas. Our message to such a group is that there will be injurious consequences for such an action,” he said.
The Independent National Electoral Commission (INEC) on Thursday, distributed electoral materials to all 27 Local Council Areas of Imo State ahead of tomorrow’s governorship election. The distribution took place at the Central Bank of Nigeria (CBN) branch in Owerri. The electoral materials distributed were Bimodal Voter Accreditation System (BVAS) machines, ballot papers and result sheets for the polls.
Speaking to newsmen on the movement of the electoral materials, the Southeast National Commissioner, Kenneth Ukeagu, said INEC was ready for the election, adding that the election would go freely as INEC officials have been trained properly to do the needful. He also urged the electorate to come out en masse and participate in the election.
According to him, “we are ready for the election. We are distributing sensitive materials to all the LGAs in the state because elections will take place in all the LGAs in the states. We have received assurance from the security agents for providing adequate security during and after the election. On our part, we are ready and on top of our plans. The people of the state have to come out on Saturday and elect a governor of their choice.”
The Independent Corrupt Practices and Other Related Offences Commission (ICPC), yesterday announced that it had deployed its operatives to monitor Saturday’s election in Bayelsa, Imo, and Kogi.
Spokesperson of the commission, Mrs Azuka Ogugua, stated that ICPC operatives had been deployed in the 56 local government areas and 649 wards in the three states to monitor and prevent vote-buying and other electoral malpractices at the various polling units during the electoral exercise.
The monitoring exercise, according to her, was a response to the invitation by the INEC Chairman, Prof. Mahmood Yakubu, for ICPC to participate in ensuring that the electoral processes in these states are free and fair.
Ogugua charged operatives to strictly adhere to the ICPC guidelines for monitoring elections, adding that they should always act with discipline and imbibe the spirit of integrity while on the field, while adding that the operatives stay close to each other and work as a team to achieve the desired goal.
There are fears that distribution of materials by INEC, threats and counter threats by Biafra agitators may challenge tomorrow’s governorship election in Imo. Aside from fears of availability of commercial drivers to convey sensitive and non-sensitive materials to the flash spots, factions of the Biafra agitators are speaking differently about the exercise.
Already certain spots, including Ohaji/Egbema, Oguta, Orsu, Ihitte Uboma, Isiala Mbano, Okigwe local councils of the state have been identified as dark spots.
A faction of the agitators, led by Simeon Ekpa, asked residents to stay away from the election, while the Nnamdi Kanu-led Indigenous People of Biafra (IPOB) urged residents to go and vote, threatening to deal with any INEC official caught conniving with politicians to rig the election.
“All those employed and drafted to various polling units to help rig this election will be doing so to their own and family risks; their families must call them to order or they all will sorely regret having participated in this election. Anyone that enthroned evil on the people deserves no mercy. IPOB eyes are at every corner in the state monitoring the activities of political jobbers and criminals”, IPOB said in a statement by its spokesperson, Emma Powerful.
The Inspector General of Police (IGP), Kayode Egbetokun, has deployed the Deputy Inspector General (DIG), in charge of Training and Development, Frank Mba, to oversee the election with assurance of protection of lives and property.
Mba has arrived in the state. No fewer than 2,300 soldiers and other security personnel, and other para-military officials are to guard the exercise at various parts of the state.
On Thursday, the Commissioner of Police in Enugu State, Kanayo Uzoegbu said the command was moving 1,500 men to Imo state. He stated that the idea was to boost security and ensure free and fair exercise at the end of the day.
INEC has assured of enough ad-hoc staff to carry out election duties in the prone dark spots. The Commission has deployed nine Resident Electoral Commissioners (RECs), to assist the Imo REC, Prof. Sylvia Agu, in ensuring transparent elections.
Meanwhile, Head of Mission, International Organisation for Sustainable Development (IOSD), Dr. Timothy Ihemadu, told The Guardian, on Thursday, that they were concerned about heightened tension in six local government areas of the state, which are volatile.
“If citizens are not confident of their right to vote, the right to be voted for and free and fair atmosphere, in terms of security, it limits their confidence and fundamental right to vote.
“We want security deployed to protect the people and not to intimidate them. The security personnel should be professional and must understand the importance of human rights policing that seeks to protect the people first to avoid voter apathy.
“The NLC order as it concerns Imo and the blackout and air travel is anticipated to affect smooth conduct of the election as the importance of electricity to power election gadgets cannot be over emphasized, as well as arrival of critical personnel who may be challenged to arrive at their duty post”, he stated.
Amid the heightened tension created by alleged stockpiling of arms in Bayelsa and invasion of thugs from neighbouring states, the police, yesterday vowed to arrest and prosecute perpetrators of violence and their sponsors in Bayelsa.
The palpable tension, which is already causing apprehension in the state, was further heightened by the two major contenders and political stakeholders who continue to trade accusations over alleged plans to perpetrate violence.
Addressing a stakeholders’ meeting yesterday at the Police Officers Mess, Yenagoa, the DIG in charge of Saturday’s election, Sokari-Pedro, while assuring that the IGP, Egbetokun, is totally committed to the free, fair, safe and unhindered democratic atmosphere during the election, warned that no electoral offender will be spare.
He stated that though Bayelsa is a peaceful state, the three Senatorial zones are all volatile when it comes to election, while some local governments have already been identified as flashpoints.
“Officers have been directed to carry out a show of force, all the perpetrators of violence be put out of circulation and their sponsors, any civilian that is armed at any polling centre shall be arrested and failure to do that by the police, the police themselves or the sister agent who is responsible for such a lapse will be arrested.
“Any orderly or guard that escorts his principal to the polling centre shall be arrested and thereafter tried in the orderly room, in this case, if care is not taken, may lead to his dismissal.”
In Kogi, INEC reiterated that it is fully ready for the election. Speaking during a critical stakeholders’ meeting preparatory to the election, the INEC chairman, Yakubu said the commission is fully ready for the election. National Commissioner in charge Kogi, Kwara and Niger states, Prof. Sani Mohammed Adam, who spoke on behalf of the chairman, noted that sensitive and non-sensitive materials are on ground.
Given the volatile nature of election conduct in the state, the IGP, Egbetokun warned trouble makers to relocate from Kogi before Saturday. He also warned politicians and the electorate to allow security agents deployed to the state to do their jobs without being subjected to blackmail.
Already, 40,000 policemen and 3,000 men of the civil defence corps have been deployed to the state for the election, in addition to the heavy deployment of military that will complement the efforts of other security agencies.
Meanwhile, the Kogi State governor, Yahaya Bello has urged the operatives of the Nigerian Police and other sister agencies to ensure adherence to professional conduct during the Saturday polls. He noted that his party, APC in Kogi State, holds a track record of peaceful electioneering. The governor was speaking when he received the Inspector General of Police, on Wednesday.
The Inter Party Advisory Council (IPAC) on Thursday, called on INEC to work diligently to reaffirm citizens’ confidence. IPAC also called on citizens in the three states to come out en-masse to exercise their rights to vote.
National Chairman of IPAC, Yabagi Sani, said IPAC has introduced an innovative intervention through Election Results Management System (ERMS), which was recently brought to the attention of INEC Chairman, all 19 National Chairmen and political party candidates.
Sani said: “Choosing leaders based on merit, vision, and their potential impact on the community is vital. Citizens should prioritize candidates who genuinely represent their interests and are committed to the welfare and development of their respective States. By doing so, they can ensure that their votes lead to the election of leaders, who will work towards the betterment of their lives and communities
“Citizens should be proactive in shaping the future of the nation. Grassroots involvement is fundamental to the success of any democracy. By disregarding the negative tactics of political actors and focusing on making informed choices, citizens can contribute to the establishment of a robust and accountable democratic system in Bayelsa, Imo, and Kogi by their conduct in the forthcoming election.
“The involvement of security agencies in the electoral process must be based on professionalism, neutrality, and a commitment to the defense of our democracy, rather than partisan interests. The citizens must feel secure in their participation in the electoral process, knowing that their safety and security are assured.”
113 Terrorists Eliminated, 300 Others Arrested In One Week – DHQ
The Defence Headquarters says the troops of the armed forces have eliminated 113 terrorists and apprehended 300 others in different operations in various theatres across the country in the last one week.
The Director, Defence Media Operations, Maj.-Gen. Edward Buba, said this while briefing journalists on the operations of the armed forces on Thursday in Abuja.
Mr Buba said the troops also apprehended 25 perpetrators of oil theft, rescued 91 kidnapped hostages and recovered 129 assorted weapons and 717 assorted ammunition within the period.
In the North East, he said the troops of Operation Hadin Kai, while conducting fighting patrols, arrested BH/ISWAP logistics suppliers in Kukawa, Damboa, Monguno and Konduga Local Government Areas of Borno.
The defence spokesman said the troops eliminated 17 Boko Haram/ISWAP terrorists, arrested 16 and rescued six kidnapped hostages, as well as recovered different calibres of arms and ammunition during the period.
He added that the air component of Operation Hadin Kai had, on Nov. 2, engaged terrorists hibernating in the Degbewa area, where several of them were neutralised and had their logistics destroyed.
In the North Central, Mr Buba said the troops of Operation Safe Haven conducted cordon and search operations in parts of Kaduna and Plateau States, killing five terrorists, arresting 14 and rescuing 15 kidnapped hostages.
He added that troops of Operation Operation Whirl Stroke conducted a raid operation at suspected criminal hideouts in parts of Nasarawa, Benue and Plateau States, neutralising two terrorists, arresting 10 and rescuing three kidnapped hostages.
In the North-West, Mr Buba said the troops of Operation Hadarin Daji neutralised 30 terrorists, arrested seven others and rescued 31 kidnapped hostages in Katsina, Kebbi and Zamfara States during the period.
He said the troops also recovered 15 AK47 rifles, one RPG Tube, five RPG bombs, six hand grenades, five pairs of desert camouflages, 10 pairs of magazine purges, IED-making material, unconfirmed no of ammo and the sum of $16,200.
He added that the air component had, on Nov. 2, acquired and conducted an interdiction at a terrorist leader’s residence in Kankara Local Government Area of Katsina State.
According to him, the terrorist leader known as Badaru had several terrorists hibernating at the residence who were neutralised in the air strikes.
“Troops of Operation Whirl Punch conducted an offensive operation against terrorists in Birnin Gwari and Chikun Local Government Areas of Kaduna State, neutralising 23 terrorists, arresting 83 suspects and rescuing four kidnapped hostages.
“Troops recovered 12 AK47 rifles, two pistols, one unserviceable AK47 rifle, 141 rounds of 7.62mm special ammo, one magazine, one motorcycle and three mobile phones,” he said.
In the Niger Delta region, Buba said the troops of Operation Delta Safe denied oil thieves an estimated sum of N571.7 million during the week.
He said the troops discovered and destroyed 76 dugout pits, 35 boats, 95 storage tanks, 10 vehicles, 129 cooking ovens, five pumping machines, 13 speedboats, six outboard engines, one vessel, three motorcycles and 49 illegal refining sites.
“Troops recovered 514,640 litres of stolen crude oil, 339,315 litres of illegally refined AGO and 775 litres of DPK,” he said.
In the South-East, Mr Buba said the troops of Operation UDO KA apprehended 10 suspected IPOB/ESN criminals and recovered one GT3 rifle, one locally fabricated pistol, two pump action guns, two dane guns, 30 live cartridges, two motorcycles and one cutlass amongst other items.
“All recovered items, arrested suspects, and rescued hostages were handed over to the relevant authorities for further action,” he added.