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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

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President Muhammadu Buhari
President Muhammadu Buhari
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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.

  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 of the loopholes associated with money laundering.
  2. 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.

 

  1. In the last quarter of 2022, I authorised the Central Bank of Nigeria (CBN) to redesign the N200, N500, and N1000 Nigerian banknotes.

 

  1. 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.

 

  1. 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.

 

  1. 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:

 

  1. 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.

 

  1. 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;

 

  1. 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;

 

  1. 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
  2. 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 up has revealed that gains have emerged from the policy initiative.

 

  1. 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.

 

  1. This represents about 80% of such funds. In the short to medium and long terms, therefore, it is expected that there would be:

 

  1. A strengthening of our macro-economic parameters;

 

  1. 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;

 

  1. Lowering of Inflation as a result of the accompanying decline in money supply that will slow the pace of inflation;

 

  1. Collapse of Illegal Economic Activities which would help to stem corruption and acquisition of money through illegal ways;

 

  1. Exchange Rate stability;

 

  1. Availability of Easy Loans and lowering of interest rates; and

 

  1. 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 availability of appropriate amount of currency; and ability to make deposits.

 

  1. 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.

 

  1. 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.

 

  1. 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.

 

  1. 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.

 

  1. 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.

 

  1. 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.

 

  1. 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.

 

  1. I wish to once more appeal for your understanding till we overcome this difficult transient phase within the shortest possible time.

 

  1. 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.

 

  1. 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.

 

  1. 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.

 

  1. 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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Police Question Wike’s Aide, Detain INEC Official Over Voter Data Leak

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Lere Olayinka
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The Nigeria Police Force (NPF) has interrogated Lere Olayinka, media aide to the Minister of the Federal Capital Territory (FCT), Nyesom Wike, over the alleged leakage of sensitive voter information from the database of the Independent National Electoral Commission (INEC).

Olayinka was reportedly questioned on Tuesday by operatives of the Force Intelligence Department–Intelligence Response Team (FID-IRT) at the Police Headquarters in Abuja as part of an ongoing investigation into allegations of cyber-related offences, unauthorized access to electoral records, and the disclosure of classified information.

A serving INEC official, whose identity has not been made public, has also been detained in connection with the incident and is currently being investigated by security agencies.

How the Controversy Began

The investigation was triggered after Olayinka shared screenshots on his X (formerly Twitter) account showing details of Nollywood actor and politician Emeka Ike’s voter registration transfer from Imo State to the Federal Capital Territory.

Olayinka used the information to question Ike’s eligibility to contest for a House of Representatives seat in the FCT following the actor’s criticism of the Nigeria Democratic Congress (NDC) primary election process.

The post immediately sparked public concern, with many Nigerians alleging that the information could only have been obtained through unauthorized access to INEC’s password-protected voter registration portal.

INEC Denies External Breach

Responding to the controversy, INEC stated on Tuesday that its Continuous Voter Registration (CVR) database was not hacked and had not suffered any external security breach.

According to the commission, preliminary findings indicated that the disclosure resulted from the misuse of legitimate internal access credentials by an authorized staff member rather than a cyberattack on its systems.

INEC Official Allegedly Shared Information

Sources familiar with the investigation disclosed that the detained electoral officer allegedly initiated contact with Olayinka through Facebook Messenger.

The official reportedly sought to provide evidence that Emeka Ike’s voter transfer request had only recently been submitted and was still awaiting approval.

After the initial contact, the officer allegedly forwarded the voter registration document to Olayinka via WhatsApp.

During questioning, Olayinka reportedly told investigators that he had no prior relationship with the INEC official and was unaware that the information shared with him was classified.

Sources further revealed that Olayinka maintained that the electoral officer never informed him that the document was restricted or confidential.

DSS Also Investigating

In addition to the police investigation, the Department of State Services (DSS) has launched a parallel probe into the circumstances surrounding the release of the voter information.

Security agencies are examining whether any laws relating to data protection, cybercrime, or the handling of classified government documents were violated.

Possible Charges

Investigators are said to be considering a range of charges against both Olayinka and the detained INEC official, including:

Criminal conspiracy

Cyber-related offences

Unauthorized disclosure of classified documents

Misuse of official credentials

Actions capable of causing a breach of public peace

The investigations by both the police and the DSS are ongoing, while INEC continues its internal review of the incident and the circumstances that led to the release of the voter data.

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Okada, Tricycle riders Assure Oyebanji of massive votes on June 20

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Commercial motorcyclists (Okada) and tricycle operators in Ekiti State have pledged their unflinching support for Governor Biodun Oyebanji’s re-election, assuring him of massive votes in appreciation of what they described as his people-oriented policies and excellent working relationship with transport unions.

The riders gave the assurance during an engagement with the Governor in Ado Ekiti on Tuesday, where they commended the Governor for what they described as improved dialogue, better welfare consideration and efforts to stabilize the transport sector across the state. This , according to them have contributed to peace and stability in the state.

 

Speaking on behalf of the Okada riders, the Chairman of the association, Mr Kunle Asaolu commended the Governor for his unwavering commitment to the welfare of transport workers, noting that the administration has consistently responded to the needs of their members across the state.

 

He said the governor has demonstrated sincerity and reliability in governance by fulfilling promises made to members of the transport unions.

The Chairman added that the governor’s exemplary leadership and inclusive governance have brought unity and stability among transport workers, particularly through efforts aimed at reconciling previously divided groups within the sector.

 

He assured the governor that they would reciprocate the good gestures by mobilizing massive support and votes for his re-election come June 20.

 

Also speaking on behalf of the Tricycle riders Association, the Chairman, Mr Kunle Asaolu said there was virtually nothing the transport workers had requested that Governor Oyebanji had not addressed.

 

According to him, the governor has remained faithful to his promises and has continued to prioritize the interests of transport operators in the state.

 

Mr Akinola Alabi praised the Governor for restoring harmony among transport unions through deliberate reconciliation efforts, stressing that the peace being currently enjoyed within the sector is a testament to the administration’s commitment to inclusiveness. He pledged that members of the association would repay the governor’s support with overwhelming votes whenever the opportunity arises.

 

In his remarks, Governor Biodun Oyebanji, who expressed appreciation to the transport workers for the confidence they reposed in him and his administration during the 2022 governorship election despite not knowing him closely at the time, said the trust placed in his government has yielded positive results, adding that the progress recorded in the state was made possible through the support and cooperation of the people.

 

Emphasizing the importance of the June 20 election, Governor Oyebanji said the date is crucial because it presents an opportunity for Ekiti people to ensure continuity of the developmental strides recorded by his administration.

 

“It is also an opportunity to appreciate President Bola Tinubu for what he described as unprecedented support for Ekiti State”, Governor Oyebaniji said. He added that no previous President had extended such goodwill to the state since its creation.

 

The Governor therefore urged the transport workers to come out en masse and vote for the ruling party as a way of encouraging the President to do even more for the state.

 

“Three and a half years ago, we came to you and asked you to vote for us, you took a gamble, you did not know us but you voted for us and that gamble has paid off today and I must thank you also for maintaining peace with each other.

 

“For this peace to continue, June 20 is very important to us for two reasons, first, for all these good works you have mentioned can continue, secondly we have a President that has been so good to us in Ekiti state, Ekiti is 29 years old, there is no President that has been this good to us since creation of Ekiti state. So, a President that has been so good to us deserves to be encouraged and the only way to encourage him is by coming out on June 20 and cast your vote for his party”. The Governor asserted

 

Also present at the forum were the Deputy Governor, Chief (Mrs) Monisade Afuye, Director-General of the Campaign, Senator Cyril Fasuyi, Secretary to the State Government, Prof Habibat Adubiaro, Chief of Staff to the Governor and secretary of the Campaign Council, Mr Niyi Adebayo, among others

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TINUBU RETURNS TO ABUJA AFTER EID-EL-KABIR HOLIDAY, RESUMES OFFICIAL DUTIES

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President Bola Tinubu
President Bola Ahmed Tinubu
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President Bola Ahmed Tinubu has returned to Abuja following the Eid-el-Kabir holiday in Lagos, where he participated in a series of political, governmental, and national engagements.

The President arrived at the Presidential Wing of the Nnamdi Azikiwe International Airport, Abuja, at about 5:17 p.m. on Tuesday. He was received by top government officials, including the Minister of the Federal Capital Territory, Nyesom Wike; the Chief of Staff to the President, Femi Gbajabiamila; the National Security Adviser, Nuhu Ribadu; and the Inspector General of Police, Tunji Disu.

During the Sallah holiday, President Tinubu hosted several dignitaries and political leaders who paid him the traditional Eid homage. Among them were Vice President Kashim Shettima and members of the leadership of the Senate led by Senate President Godswill Akpabio.

The President also received members of the Nigeria Governors’ Forum, led by its Chairman and Governor of Kwara State, AbdulRahman AbdulRazaq. Other visitors included leaders and stakeholders of the ruling All Progressives Congress from Oyo and Lagos states.

As part of activities marking the 70th anniversary of the Nigerian Navy, President Tinubu attended the International Fleet Review held at Eko Atlantic City Waterfront on Monday.

During the event, he commissioned three naval vessels — NNS Oloibiri, NNS Mambila, and NNS Gurara.
The President also held a bilateral meeting with Romuald Wadagni, where both leaders discussed strengthening diplomatic relations, regional cooperation, and economic ties between Nigeria and the neighbouring Benin.

Before the Eid-el-Kabir celebrations, President Tinubu participated in the APC primary elections in Lagos. According to the Presidency, he emerged as the party’s presidential candidate for the 2027 general election after securing widespread support from party members across the country.

The President is expected to resume official engagements and continue overseeing government activities from the nation’s capital following his return.

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