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Naira Notes Swap: Court Bars CBN From Extending February 10 Deadline

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Justice Eneojo Eneche of the Federal Capital Territory (FCT) High Court, has stopped the Central Bank of Nigeria (CBN), President Muhammadu Buhari and 27 commercial banks from suspending or interfering with the currency redesign terminal date of February 10, or issue any directive contrary to the said date.

In a motion by five political parties, the court also granted an order directing the Chief Executive Officers (CEOs) of the banks, to show cause why they should not be arrested and prosecuted for the financial sabotage of the country, by illegally hoarding and not disbursing the new N200, N500, and N1000 bank notes, despite supply of such notes by the central bank.

Buhari, last year, approved the redesign of the banknotes. The move has, however, created hardship among Nigerians who have struggled to lay hands on the new notes as the February 10th deadline for the currency swap inches closer.

In the wake of the naira swap crisis, the CBN maintained it would not extend the deadline.

The recent CBN policy has been met with polarising views as some have expressed support for the apex bank’s decision, while many others have kicked against it as insensitive to the average Nigerian.

On the one hand, some critics of the directive have accused the central bank of deceiving Buhari.

For instance, a former National Chairman of the All Progressives Congress (APC), Adams Oshiomhole, faulted the policy, describing it as senseless and a plot by the apex bank to scuttle the general elections.

According to him, the CBN sold an anti-corruption motive to the President which made him approve the policy.

On the other hand, in spite of the policy presented as targeted at corrupt politicians and hoarders of illicit funds, some others like the presidential candidates of the Peoples Democratic Party (PDP), Atiku Abubakar; and Labour Party, Peter Obi, have shown support for the CBN.

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EID El Fitr: Let’s Embrace Ramadan Lessons – Senator Bamidele

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Senate Leader, Senator Michael Opeyemi Bamidele
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Leader of the Senate, Senator Michael Opeyemi Bamidele has rejoiced with the Muslim faithful as they celebrate Eid-el-Fitr nationwide.

Senator Bamidele in a statement he signed explains that ‘Eid-el-Fitr marks the end of the 2024 Ramadan fasting, which started from March 10 and ended on April 9. Stressing that Within this timeframe, we must have learnt a lot of lessons, especially at this critical time in our history’

The lawmaker says the period of Ramadan should again remind us about the essence of forgiving others, ministering of compassion to the less privilege, respect for human dignity, promoting peaceful co-existence and upholding propriety and piety in all facets of life, which we must all embrace irrespective of our ethnic and religious leanings.

The statement reads: ‘These lessons are not meant for the period of Ramadan fasting only. Also, they are indeed principles and values, which should always guide and shape the life of every Nigerian, the quest of all businesses and conglomerates, the timeless task of building our fatherland as well as the decisions of the governments at all levels’

‘Now that Ramadan has come to an end, these lessons should reflect in the way we support our governments to resolve the myriad of internal challenges that we are collectively as a federation. It should reflect in the way we intercede the more for this federation to sustain the gains of economic stability and political cohesion that we have started experiencing in recent times. It should also reflect in our approaches to conducting businesses; running governments at all levels and discharging civic responsibilities on a daily basis’

‘Since the sustained implementation of pro-people macro-economic policies under this government, stability has started returning to economic and fiscal spaces. As against ₦1,900/$ in February 2024, the value of Naira is ₦1,117.5/$ as at Wednesday. This represents a gain of about 42% within the space of two months.

Besides, the Central Bank of Nigeria (CBN) has settled $7 billion valid foreign exchange backlogs. The federal government has paid back a whopping sum of ₦4.83 trillion out of ₦30 trillion ways and means it obtained from the CBN. And the flow of foreign direct investments is improving by the day.’
‘With these indices, the consumer price index, which measures inflation, will no doubt begin to drop significantly by mid-year as we sustain the drive for economic and fiscal stability. At the National Assembly, we are committed to providing much-needed parliamentary buffers that always support key public institutions to efficiently discharge their mandates consistent with the provisions of the Constitution of the Federal Republic of Nigeria, 1999.’
Sustaining our drive for economic stability, political cohesion and social inclusion no doubt demands the outright adherence to the core essence of Eid-el-Fitr, which in entirety forbids the sabotage of government policies, the quest for profiteering, the exploitation of our collective resources and the sponsoring of internal disharmony, all in the name of selfish interest and political aspiration’

‘Happy Eid-el-Fitr Celebration to all Muslims Nationwide’

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Easter: Senate Leader Calls for Emulation of Sacrificial Spirit of Jesus Christ.

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Senate Leader, Senator Michael Opeyemi Bamidele
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As Nigerians join the rest of the world to celebrate another Easter in remembrance of the death and resurrection of our Lord Jesus Christ; the Senate Leader, Senator Micheal Opeyemi Bamidele  has called on them to imbibe the sacrifice and pains the saviour of mankind went through on the cross.

Bamidele who said this in a statement issued by his Directorate of Media and Public Affairs, noted that the price paid by Jesus Christ which eventually saved humanity from eternal damnation could be likened to the economic hardship currently being experienced by Nigerians, a situation he assured will pay off in due course.

He noted that “it is pertinent for us as an individual and citizens of Federal Republic of Nigeria to pick one or two lessons from the sacrifice of Jesus Christ on the cross, though it was a painful sacrifice, but the sacrifice paved the way for our external redemption.

“It is in the interest of nation building for both the leaders and followers to learn the importance of sacrifice as panacea to lay foundation for the future of any nation.

“The sacrifice we are undergoing today may be painful just as it was for Jesus Christ over 2000 years ago, yet I call on the citizenry to remain hopeful and undistracted as there’s light at the end of the tunnel.

“We should not allow pessimists to paint a picture of a failed nation before us, without recourse to the relentless efforts of the current administration of President Bola Ahmed Tinubu,” he assured.

Bamidele further expressed optimism that whatever sacrifice Nigerians may be going through shall not be in vain; adding that the Federal Government is on top of the situation and laying the foundation for a prosperous Nigeria.

He said current economic indices can attest to the fact that there are unprecedented rapid reforms taking place across key sectors of the life of the nation.

He gave the instance of the Foreign Exchange that had hit the roof top few weeks ago but now drastically dropping by 32.6 percent as a result of pragmatic steps taken by President Tinubu and and his economic team.

Bamidele further assured that investors are currently trooping into the country with job creating opportunities, while the National Assembly is prepared to give the President all the needed legislative backing to ensure that the sacrifices of Nigerians are soon rewarded.

The Senate Leader therefore urged Nigerians; as they continue to celebrate this year’s Easter to remember the leadership of the country in their prayers for divine wisdom and direction to pilot our affairs to a safe location.

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Constituency Projects: Oyebanji Joins Senate Leader On Tour Of Project Sites in Ekiti

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Ekiti State Governor, Biodun Oyebanji and Senate Leader, Sen. Michael Opeyemi Bamidele
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Ekiti State Governor, Biodun Oyebanji has commended the members of the State Caucus in the National Assembly for their dedication to the advancement of development in the State.

The Governor praised their efforts in initiating constituency projects that directly tackle pressing needs and improve the lives of citizens.

Oyebanji gave the commendation in Ado-Ekiti, the State Capital on Tuesday when he joined the Senator representing Ekiti Central Senatorial District and Leader of the Senate, Senator Michael Opeyemi Bamidele, on a tour of his constituency projects spanning various local government areas within the senatorial district.

The Governor said he is delighted at the remarkable partnership between the state government and National Assembly members, which according to him is now yielding positive results for the people of the state.

He explained that the projects are testimonials to what is possible when there is unity of purpose between the Executive and the legislative arms of government, commending Senator Bamidele’s commitment to grassroots development, dedication to service, and relentless pursuit of initiatives that directly impact the people.

While expressing his gratitude to Senator Bamidele, the Governor lauded the Senate Leader’s proactive approach to governance and his ability to mobilize resources to effectively implement impactful projects that uplift the socio-economic status of the people.

Governor Oyebanji reiterated his administration’s support for the projects and pledged continued collaboration with National Assembly members to advance sustainable development in the state, adding that he was confident that with the Senator’s visionary leadership and collective efforts of all stakeholders, Ekiti would continue to experience greater strides in development and prosperity.

“I am excited, happy and extremely grateful to God for this partnership that is working in the interest of Ekiti people, like the Senate Leader said, this is what we have when there is unity of purpose and collective ownership of vision to develop the state. A vision to run with the Renewed Hope Agenda of Mr President, and this tells me that I need to dig deeper in ensuring that there is continuous unity among the stakeholders in the National Assembly, “ the Governor said.

Earlier in his remarks, Senator Bamidele who thanked the Governor for his support and cooperation in realizing various development projects, said the purpose of the inspection is to assess the progress and impact of the projects across his constituency.

The Senate Leader, while emphasizing the significance of teamwork between the executive and legislative arms in driving positive change and progress in the state, restated his commitment to representing the interests of Ekiti people and working closely with the state government to address the people’s needs.

Senator Bamidele attributed various development projects in the state to purposeful and exemplary leadership provided by the Governor and assured the people that he would continue to work tirelessly to ensure the advancement of the interests of the people and promote development within the state.

“Part of the reason why this is going on is because am at peace with myself, am at peace with the state government and I don’t have any reason to want to isolate myself from what the state government is doing and we thank God Almighty”. He asserted.

Projects inspected included EKSU internal roads and the newly built medical student’s hostels, the newly built state Library in Ado Ekiti, the Mini stadium and sports complex in Erijiyan Ekiti, Intensive Care Unit and Amenities Center at Aramoko General Hospital, Ijero township road, newly built Iyin Ekiti General Hospital Intensive care Unit and Amenities Center, Iyin – Ilawe road, among others.

 

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