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I sympathise with you, but it’s a necessary pain! Buhari’s broadcast on Naira swap pains
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.
- 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.
The Nigerian National Petroleum Company (NNPC) Limited has denied reports that it is selling scrap materials, equipment, or components from its refineries to individuals and private companies.
A Friday statement titled ‘Fraudulent Claims on Sale of Refinery Scrap and Equipment’ issued by its Chief Corporate Communications Officer, Andy Odeh, in Abuja, described the circulating reports as misleading and false.
“The Company wishes to categorically state that this information is untrue. NNPC Limited has not issued any request for bids, tenders, expressions of interest, or approvals for the sale of scrap materials, refinery components, or any items from the warehouses or inventories of any of its refineries”.
It also distanced itself from persons reportedly presenting themselves as the company’s representatives or agents, claiming to facilitate the sale of so-called “scrap metals” or refinery equipment.
“These individuals are not authorised by NNPC Limited and are attempting to mislead members of the public.”
The Company therefore advised the public, corporate organisations, and industry stakeholders to disregard any such claims or solicitations and to exercise caution in dealing with anyone making such representations.
“For the avoidance of doubt, NNPC Limited is not conducting, nor has it authorised, any sale of scrap metals, equipment, or refinery components from any of its facilities”, the statement added, saying that any legitimate disposal of assets by NNPC Limited will only be conducted through established and transparent processes, publicly communicated through the Company’s official channels and in accordance with applicable regulations.
“Members of the public who encounter individuals or entities making such claims are encouraged to report the matter to the appropriate law enforcement authorities.
“NNPC Limited remains committed to transparency, accountability, and the responsible management of national energy assets”, the statement added.
“Disorder cannot be rebranded as authenticity simply because it occurs in public. The allegations regarding judicial interference are equally speculative and irresponsible,” were the words with which the Presidency, pushed back on Saturday to the allegation suppression of democracy in Nigeria by the African Democratic Congress (ADC).
Sunday Dare, spokesman to President Bola in a quick riposte after the ADC’s National Legislators Serving and Former Forum criticised President Bola Tinubu over remarks describing the convention as “noise and a street convention,” dismissed the coalition party as suffering from internal disarray.
Ukeje, on the heels of the ADC national convention recently at the Rainbow Event Centre in Abuja, despite a last-minute alleged attempt to block the gathering had argued that Nigeria is at a critical democratic juncture and accused the administration of shrinking political space.
The group also referenced Tinubu’s past as an opposition leader who once advocated political pluralism and judicial independence, saying his current leadership posture appears inconsistent with those democratic values.
Dare, who described the ADC as a party struggling to maintain “coherence and balance” in a statement titled: ‘WHAT’S THAT NOISE! Response to Hon. Nnenna Elendu Ukeje and the ADC Forum of National Legislators- Nigeria’s latest bunch of conspiracy theorists,’ wrote: “Even before the official commencement of the election season and before the Polls open, the “opposition”, a hurriedly stitched together contraption in search of a launch pad are screaming blue murder.
“The script is familiar: attack and blackmail the President, discredit and second guess the electoral process and hold Press briefings to flaunt unsubstantiated allegations and lies against the administration.
“All of these so that the international community will “help” them. In Honorable Nnenna, the ADC legislators found someone fit for the role. As former chair, foreign affairs committee, 7th and 8th House of Representatives she was their best voice.
“Sadly, ADC will need more than the sophistry and phonetics in her delivery. Let’s begin to tear apart her claims and that of her ADC Forum. The so-called ADC National Legislators Coalition delivered an outing remarkably full of theatrics but expectedly short on substance, restraint, and constitutional fidelity.
“What Nigerians just witnessed from the ADC motley crowed is not a principled defense of democracy, but a calculated attempt to weaponize rhetoric, manufacture outrage, and distract from internal disarray within a political party struggling to maintain coherence and balance. Ironically, the ADC press conference began on a note of truth.
“In their own words, they painstakingly chronicled the democratic credentials of President Bola Ahmed Tinubu—his historic role in strengthening opposition politics, expanding democratic space, defending pluralism, and standing firm even under military and authoritarian pressures.
“They reminded Nigerians that he mobilized resistance, nurtured political contestation, and remained a central pillar in sustaining democratic governance.
“On that point, they were correct and that is because they could not change that solid democratic foundation and narrative of President Bola Tinubu. Let’s give them some acknowledgement for stating it plainly.
“But having established those facts, they took a curious turn—attempting, without evidence, to portray the very same individual as a threat to the democratic values he has consistently upheld.
“That contradiction is not just weak—it is intellectually untenable. A leader’s record is not a switch that flips overnight. The same discipline, convictions, and democratic instincts that defined President Tinubu’s political journey have not suddenly evaporated.
“You cannot spend the first half of a press conference affirming a man’s lifelong commitment to democracy, and the second half alleging—without proof—that he has abandoned it. It simply does not hold.
“On the specific issue that triggered this reaction: the President did not mention the ADC—by name or by implication. His remarks were general, as is consistent with his style as a national leader addressing a broad audience.”
Dare noted that the decision by the ADC to assume those remarks were directed at them is, at best, an exercise in self-indictment. If the description of “noise” resonates, perhaps the issue is not with the statement—but with the conduct it reflects.
“This is not a matter of suppression; it is a matter of standards. Democracy thrives on competition, yes—but it also demands organization, coherence, and credibility. Disorder cannot be rebranded as authenticity simply because it occurs in public. The allegations regarding judicial interference are equally speculative and irresponsible.
“Nigeria’s judiciary remains constitutionally independent, and no amount of conjecture can substitute for evidence. Attempting to cast doubt on the integrity of the courts based on political disagreements is a dangerous path—one that weakens institutions rather than protects them.”
Arsenal returned to the top of the Premier League as Eberechi Eze’s rocket sealed a tense but vital 1-0 win against Newcastle on Saturday.
For the first time since October, Arsenal had started a league game out of pole position after Manchester City’s 1-0 win at Burnley on Wednesday sent them to the summit.
But Eze lifted the Gunners back into first place with his sublime strike in the first half at the Emirates Stadium.
Eze’s 10th goal this season opened up a three-point lead over second-placed City, who were booking their place in the FA Cup final with a 2-1 win against Southampton, while Arsenal were in league action.
It was an essential victory for Arsenal, whose 2-1 defeat at City last weekend was a huge blow to their title hopes.
After losing just three of their first 49 matches in all competitions this season, Arsenal had been beaten in four of the previous six, suffering successive league defeats for the first time since 2023.
Having blown substantial leads in the title race in 2023 and 2024, allowing City to pip them in the trophy, the north Londoners’ recent slump has left them in danger of squandering another golden opportunity to win their first English crown since 2004.
City have a game in hand on Arsenal, keeping the destiny of the title in their hands.
However, they do not play their next league game until May 4 when they visit Everton, giving Arsenal the chance to move six points clear when they host Fulham next weekend.
Before that, Arsenal visit Atletico Madrid in the Champions League semi-final first leg on Wednesday.
City’s win against Burnley had ended Arsenal’s 209-day run as leaders due to their superior goals scored tally.
While Arsenal are back on top with a one-goal better goal difference than City, their failure to run up the score on toothless Newcastle could come back to haunt them.
Newcastle have been in even worse form than Arsenal, and this was their ninth defeat in 12 league games, adding to the pressure on under-fire boss Eddie Howe.
Eze drilled narrowly wide from the edge of the area, a warning that Newcastle failed to heed as the England midfielder put Arsenal ahead in the ninth minute.
Once again, Arsenal’s set-piece mastery paid dividends, but Newcastle were guilty of woeful defending.
Martin Odegaard found Kai Havertz inside the area, and he teed up Eze — left unmarked in virtually the same position as his shot moments earlier — to smash a superb curler into the top corner from 18 yards.
Arsenal’s 17th goal from a corner this season set a new Premier League record for a single campaign.
After playing just six short corners in the league all season prior to facing Newcastle, Arteta’s men deployed three in the first half alone to exploit a vulnerability in the visitors’ defence.
Arsenal were far from flawless themselves, and keeper David Raya was almost caught out by Sandro Tonali’s dipping drive from distance.
Havertz limped off in the 34th minute to extend his injury-plagued season.
And there was more bad news for Arteta on the injury front when Eze was forced off early in the second half.
Arsenal lost their rhythm after the injuries, and Yoane Wissa should have made them pay when he volleyed over from eight yards.
Arsenal’s anxiety was palpable in the stands and on the pitch as Dan Burn’s header was clutched by Raya in the closing stages.
Shaking his head on the touchline, Arteta breathed a sigh of relief as a gripping title race took another twist.
Caveat: Beware of fraudsters! *NNPC not selling off assets!
Presidency to ADC: You can’t bully yourself to power! No vacancy in the Villa
Eze fires Arsenal back to top of Premier League table
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