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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
Published
4 years agoon
By
News Editor
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:
- 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.
- 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;
- 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;
- 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
- 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 strengthening of our macro-economic parameters;
- 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;
- Lowering of Inflation as a result of the accompanying decline in money supply that will slow the pace of inflation;
- Collapse of Illegal Economic Activities which would help to stem corruption and acquisition of money through illegal ways;
- Exchange Rate stability;
- Availability of Easy Loans and lowering of interest rates; and
- 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
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News
Benin-Asaba Road to Be Redesigned on Concrete Pavement
Published
9 hours agoon
September 24, 2026
The Minister of Works, Dave Umahi, has said the 136-kilometre Benin-Asaba Road will be redesigned with reinforced concrete pavement following a directive from President Bola Tinubu.
Umahi made this known on Thursday in Benin City during the ‘Operation Rescue Benin-Asaba Road’ event.
He also clarified that the Federal Government had not awarded any company a contract for the emergency rehabilitation of the road.
According to the minister, the government is currently carrying out temporary intervention works to improve the condition of the road while arrangements for its long-term reconstruction are being developed.
Umahi said the Federal Government had presented three options to the concessionaire for the continuation of the agreement, but none was accepted.
He said the development had led to a new approach, with President Tinubu directing the redesign of the entire 136-kilometre dual carriageway with reinforced concrete pavement.
The minister said the project had been defined and that immediate intervention would begin on the Benin Bypass.
Umahi further explained that the emergency rehabilitation was not awarded to Hitech or any other contractor.
He said the Ministry of Works had instead hired equipment from contractors operating along the road corridor, including Hitech, CECC and CBC, to carry out the temporary repairs.
According to him, the ministry is still sourcing additional equipment and plans to undertake intensive intervention works to improve the road within the next four weeks.
The minister said the temporary intervention is intended to make the road safer and more accessible while the Federal Government works on the permanent reconstruction of the route.l
News
MY SECOND-TERM PROJECTS’LL BOOST COMMERCE, PRODUCTIVITY — OYEBANJI
Published
2 days agoon
September 23, 2026By
News Editor
…Says Ekiti’ll take Tinubu’s re-election seriously
…As monarchs, youths pledge more support for governor
Ekiti State Governor, Mr Biodun Oyebanji, says projects to be executed during his second term will be strategically targeted at boosting commerce, enhancing productivity and stimulating sustainable business growth across the state.
The Governor also says Ekiti State will take the re-election bid of President Bola Ahmed Tinubu in the 2027 presidential election seriously, promising increased mobilisation to improve the President’s votes in the state.
Oyebanji spoke on Wednesday at a Town Hall Meeting with stakeholders from Ekiti North Senatorial District as part of consultations ahead of the 2027 Budget, held in Ifaki-Ekiti.
At the meeting, traditional rulers, community leaders, youths and other stakeholders pledged stronger support for the Governor’s second-term administration, which begins on October 16, 2026, to enable him to deliver on his shared prosperity agenda.
Oyebanji said his administration would sustain its consultative approach to governance in the second term, with greater emphasis on public participation and inclusive development.
He said government investments would be channelled strategically into critical sectors, including healthcare, electricity, roads and water supply, to improve living standards and enhance economic productivity.
The Governor said: “In our second term, whatever we are going to do must add value, because resources are limited. There must be value addition. We must catalyse productivity and ensure our people are productive.
“It is only when there is value that artisans like welders and auto mechanics can thrive and become prosperous.”
On electricity, Oyebanji said his administration had expanded access to power in some communities, but noted that existing legal provisions limiting states largely to electricity generation had affected efforts to fully address distribution challenges.
He reaffirmed his commitment to participatory governance, saying inputs from communities would continue to guide government’s decisions on project prioritisation.
“Governance is about the people. We are what we are today because of you. You gave us your mandate, and we must continue to seek your counsel in delivering good governance,” he said.
The Governor also commended traditional rulers for their support, particularly in intelligence gathering, which he said had contributed to improved security across the state.
He, however, urged residents to remain vigilant and continue to support security agencies with useful information.
On the 2027 presidential election, Oyebanji called on Ekiti voters to reciprocate what he described as President Tinubu’s support for the state by increasing the votes delivered to the President.
He cited federal appointments and infrastructure projects benefiting the state as evidence of the Federal Government’s attention to Ekiti.
“We must show appreciation. It will not be enough to repeat previous figures. We must do more in the next election,” he said.
On infrastructure, the Governor disclosed that collaboration with the Federal Government had facilitated the award of major road projects, including the Ado-Ijan-Ilumoba-Ikole and Ado-Aramoko-Ita-Ore roads.
He added that other critical roads across the state would be addressed subsequently.
Providing sectoral updates, the Commissioner for Health, Dr Oyebanji Filani, said more than 300 nurses and 1,500 health assistants had been recruited over the past four years.
He said the government had also upgraded several primary and secondary healthcare facilities, while three new general hospitals had been approved for Ipao, Ikogosi and Awo-Ekiti.
Also speaking, the Commissioner for Infrastructure and Public Utilities, Professor Bolaji Aluko, disclosed that more than 500 boreholes had been constructed across the state, while an additional 110 had been proposed to ensure equitable distribution of water.
In their remarks, traditional rulers and community representatives from Ekiti North Senatorial District commended the Governor for his development efforts and highlighted priority areas for consideration in the 2027 Budget.
Their requests included improved roads, electricity, water supply, healthcare and security.
Speaking on behalf of Ikole Local Government, the Alaaye of Oke Ayedun, Oba Femi Aribisala, appealed to the government to urgently intervene in the areas of roads, water and electricity.
He said poor road access and inadequate electricity supply were hindering economic activities and development in the area.
Representatives of Moba Local Government and the Obaleo of Erinmope, Oba Sunday Aniyi; Ido/Osi Local Government and the Olojudo of Ido-Ekiti, Oba Ayorinde Ilori-Faboro; as well as Oye Local Government and the Onisan of Isan-Ekiti, Oba Gabriel Adejuwon, also called for increased attention to roads, electricity, security and water supply in the 2027 Budget.
Dignitaries at the event included the Deputy Governor, Chief (Mrs) Monisade Afuye; Secretary to the State Government, Professor Habibat Adubiaro; Chief of Staff, Mr Oyeniyi Adebayo; Head of Service, Dr Folakemi Olomojobi; members of the State Executive Council; local government chairmen; traditional rulers; political leaders; and representatives of various community groups.
News
FG Suspends 20 NSCDC Officers Over Deaths Of 37 Suspected Illegal Miners
Published
6 days agoon
September 19, 2026By
News Editor
The Federal Government has suspended 20 officers of the Nigeria Security and Civil Defence Corps (NSCDC) over the reported deaths of 37 suspected illegal miners who were in the Corps’ custody in Niger State.
The Minister of Interior, Olubunmi Tunji-Ojo, announced the suspension on Saturday, following President Bola Tinubu’s directive for a transparent and comprehensive investigation into the incident, which occurred on Thursday.
Tunji-Ojo said the suspension would remain in place pending the outcome of the investigation. The affected officers include personnel involved in the arrest, investigation, security and detention of the suspected miners.
The Minister also constituted a 10-member independent committee to investigate the deaths and establish the identities of the deceased, the circumstances surrounding their arrest and detention, and the actual cause of death.
The committee is also expected to determine whether there was any responsibility, negligence or misconduct and recommend appropriate action, including compensation where necessary.
The committee is chaired by retired DSS Deputy Director-General, Jonathan Kure, mni, while Prof. Isa Hayatu Chiroma, SAN, a former Director-General of the Nigerian Law School, will serve as Secretary.
Other members include retired AIG Hosea Hassan Karma, Prof. Olayinka Buhari, representatives of the Minna Emirate Council and Niger State Government, the National Secretary of the Miners Association of Nigeria, Alhaji Liman Sulaiman, lawyer and human rights activist Deji Adeyanju, Blueprint Newspaper’s Zainab Suleiman Okino, and public affairs analyst Dr. George Agbakahi.
The committee has two weeks to complete its investigation and submit its report to the Minister.
Tunji-Ojo directed the NSCDC leadership and all relevant officers to fully cooperate with the investigation and ensure that all records and evidence relating to the incident are preserved.
He warned that anyone who attempts to destroy or conceal evidence, intimidate witnesses or obstruct the investigation would face serious consequences.
The Minister described the deaths as deeply disturbing, condoled with the families of the deceased and appealed for calm while the investigation continues.
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