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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.
Abubakar Rabe, retired Major General former spokesman of the Nigerian Army who was abducted by bandits in Katsina State exactly two weeks ago, has died in captivity, reports coming from the state, one of the hotbeds of terrorist activities in Nigeria, confirmed on Saturday.
The retired senior military officer was kidnapped alongside his wife around the Matazu area of Katsina State while traveling to attend a wedding ceremony, was said to have died of complications from diabetes and high blood pressure in the camp of his abductors.
Nasiru Mu’azu, Commissioner for Internal Security and Home Affairs, in the state, who confirmed the incident, in a statement, said the government received the news with heavy heart and deep sense of loss.
He wrote: “It is with profound sadness that we confirm the General’s death while in bandits captivity. Despite the relentless and concerted efforts of the State Government and various Security Agencies to secure his safe release, the situation ended in this tragedy.
“The deceased Retired General died a natural death from complications of diabetes and hypertension. His abduction and subsequent death are not only a loss to his family and Katsina State but a monumental loss to the entire country.
“His Excellency, the Executive Governor of Katsina State Malam Dikko Umaru Radda, PhD, CON, extends his deepest condolences to the family of the late General and the country at-large.
“The Governor has described this incident as a “dark moment” and a reminder of the urgent need for a collective and intensified front against the criminal elements threatening the peace of our communities.
“The Katsina State Government remains committed to working with the Federal Government and security forces to ensure that those responsible for this heinous act are brought to justice. We assure the citizens of Katsina State that our resolve to eliminate banditry and ensure the safety of all residents remains unshaken.
“Our thoughts and prayers are with the bereaved family during this difficult time. May the soul of the departed Retired Major General Rabe Abdulakdir rest in eternal peace.”
By Hon Eseme Eyiboh mnipr
When Senator Godswill Obot Akpabio assumed office as President of Nigeria’s 10th Senate in June 2023, expectations were understandably high. Nigeria was grappling with economic headwinds, persistent security challenges, and growing public demand for more responsive and effective democratic institutions. In such a climate, the National Assembly was expected not merely to make laws, but to provide leadership, strengthen oversight, and restore public confidence in governance.
Three years into his tenure, the Senate under Akpabio has increasingly sought to position itself as a stable, proactive, and policy-driven legislative institution. Through a combination of legislative initiatives, institutional reforms, parliamentary diplomacy, and engagement with critical national issues, the Senate has played a visible role in shaping the country’s governance landscape. While critics have raised concerns on certain matters—an inevitable feature of democratic leadership—the overall record presents a legislature that has remained active, cohesive, and focused on its constitutional responsibilities during a period of significant national transition.
The foremost responsibility of any legislature is lawmaking, and in this regard, the 10th Senate has maintained an ambitious legislative agenda. Hundreds of bills have been introduced and processed, many of them directly targeting Nigeria’s pressing economic, fiscal, and governance challenges. According to Senate Leader Opeyemi Bamidele, in a midterm scorecard released in June 2025, the upper chamber introduced 983 bills and passed 108 into law between June 2023 and June 2025. This included 83 bills passed in the 2024/2025 legislative year alone, compared to 25 bills in the 9th Senate in the same period. Official legislative records also indicate a significant rise in legislative activity compared to previous assemblies, suggesting that the 10th Senate has been notably active by legislative output metrics.
More significant than the volume of legislation, however, has been the Senate’s focus on measures with far-reaching national implications. The emphasis has not been on legislative activity for its own sake, but on advancing reforms designed to address some of Nigeria’s most pressing economic and governance challenges. The Senate has prioritised reforms aimed at stimulating economic growth, improving public finance management, strengthening institutions, and expanding social protection.
One of the defining legislative undertakings of the 10th Senate has been its commitment to tax reform and fiscal modernization. Nigeria’s tax system has long been criticised for fragmentation, multiple taxation, weak compliance, and excessive dependence on oil revenue. Under Akpabio’s leadership, the Senate pursued reforms aimed at simplifying tax administration, broadening the tax base, promoting digital compliance, and providing greater relief for small businesses and low-income earners. In May 2025, the Senate passed four major tax reform bills which, according to the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms and now Minister of Finance, Taiwo Oyedele, could increase Nigeria’s tax-to-GDP ratio from about 10 per cent in 2023 to approximately 18 per cent by the end of 2027.
These reforms are significant because Nigeria’s tax-to-GDP ratio remains among the lowest in Africa, limiting government revenue and public investment capacity. By supporting measures aimed at modernising tax collection and reducing leakages, the Senate sought to create a more sustainable fiscal framework capable of supporting infrastructure, education, healthcare, and social services.
Beyond fiscal reforms, the Senate has devoted significant legislative attention to education, regional development, agriculture, energy, and the digital economy. Bills relating to tertiary education, regional development etc commissions, agricultural growth, and public sector modernization have featured prominently on its agenda. Notable examples include the Student Loan (Access to Higher Education) Act, 2024, which reportedly facilitated over one million applications through the Nigerian Education Loan Fund, and the Electricity Act (Amendment) 2023, which expanded the role of states and private investors in electricity generation and distribution.
To strengthen the country’s electoral process, the Senate also pursued amendments to the Electoral Act aimed at improving internal party democracy and clarifying procedures around party primaries and consensus candidacies. Supporters of the reforms argue that clearer legal definitions and procedural safeguards could help reduce arbitrary candidate selection and strengthen transparency within political parties. Senate Leader Bamidele has also indicated that additional reforms, including possible provisions for diaspora voting and early voting for security personnel, remain priorities for the remaining legislative period.
Beyond lawmaking, one of the less visible but significant developments of the 10th Senate has been institutional stability. Historically, Nigeria’s upper legislative chamber has often been characterised by prolonged leadership disputes, partisan confrontations, and disruptions capable of slowing governance processes. Under Akpabio’s leadership, however, the Senate has largely maintained operational cohesion and stability.
Plenary debates have generally remained issue-focused rather than personality-driven, while contentious national matters have often been managed through consultation and negotiation. This atmosphere of relative stability has reduced legislative deadlocks and allowed committees to function with greater consistency.
The Senate President’s leadership style has leaned heavily toward consultation and consensus-building. In a politically diverse chamber comprising members of the APC, PDP, Labour Party, NNPP, SDP, and other minority parties, Akpabio has consistently emphasized bipartisan cooperation over rigid partisanship. Committee appointments, major motions, and sensitive legislative debates have reflected efforts to accommodate competing interests while preserving institutional cohesion.
As a result, the 10th Senate has witnessed substantial cross-party cooperation on key national issues, even though disagreements naturally remain part of democratic governance.
Another area in which the Senate has demonstrated effectiveness is budgetary coordination. For three consecutive fiscal years, the National Assembly passed the national budget before the start of the new financial year. The 2024 budget of N27.5 trillion, for instance, was approved on December 30, 2023, ahead of the fiscal cycle. The Senate also passed the 2024 and 2025 appropriations totalling N43.5 trillion, although implementation timelines for some projects were subsequently extended to facilitate completion.
This marked a departure from previous cycles characterised by delayed budget approvals and implementation uncertainty. Timely budget passage improves predictability for Ministries, Departments, and Agencies, enhances investor confidence, allows contractors to plan more effectively, and supports smoother execution of government projects. In a developing economy like Nigeria, where public expenditure plays a major role in economic activity, budget stability remains important to growth and development.
At the same time, the Senate has continued to discharge its constitutional oversight responsibilities through investigative hearings, committee reviews, and ministerial screenings. During periods of persistent fuel scarcity, the Senate leadership engaged key stakeholders in the petroleum sector, including an oversight visit to the Dangote Petroleum Refinery. Supporters contend that the intervention helped keep national attention focused on domestic refining capacity and crude supply arrangements.
Subsequent Federal Government measures, including support for naira-denominated crude transactions, were widely viewed as part of a broader effort to ease supply constraints and calm the downstream market. Today, the long fuel queues that once defined daily life have receded considerably, although deeper challenges in the energy sector remain.
On the international stage, the Senate under Akpabio has strengthened parliamentary diplomacy, carrying Nigeria’s voice into global conversations on democracy, development, security, and international cooperation. Nigeria has assumed a more visible role within the Inter-Parliamentary Union (IPU), contributing to debates on democratic governance, collective security, climate resilience, and legislative best practices. Through these engagements, the Senate has sought not only to advance Nigeria’s interests but also to position the country as a constructive participant in addressing shared global challenges.
A notable diplomatic milestone was Nigeria’s election into the IPU Executive Committee for the first time in decades, a development widely interpreted as recognition of the country’s renewed parliamentary engagement within international legislative circles. Akpabio was also designated to serve on the Preparatory Committee for the 6th World Conference of Speakers of Parliament in 2024.
Domestically, one of the Senate’s most consequential constitutional moments came in August 2023 during the crisis in the Niger Republic following the military coup. When President Bola Ahmed Tinubu, acting as Chairman of ECOWAS, sought legislative backing for possible regional intervention, the Senate urged restraint and prioritized diplomatic engagement over immediate military action. Widely viewed as a demonstration of legislative independence and respect for the principle of separation of powers, the decision reaffirmed the Senate’s constitutional role in matters of security and foreign policy while underscoring a preference for dialogue, diplomacy, and regional stability at a moment of heightened tension across West Africa.
No balanced assessment of the 10th Senate can entirely overlook concerns raised by critics and observers. Questions have occasionally been raised regarding the depth of scrutiny applied during the confirmation of some executive nominees, while certain oversight investigations produced outcomes that critics considered less robust than expected.
In broader terms, the 10th Senate has combined increased legislative activity with relative political stability while attempting to align its priorities with Nigeria’s economic and governance realities. Supporters point to the passage of the National Minimum Wage Amendment Act, the Investments and Securities Act, and multiple regional development commission bills as examples of substantive legislation with potentially long-term national impact.
With one legislative year remaining before the next election cycle begins to dominate political discourse, the principal test facing the 10th Senate may ultimately be one of implementation and public confidence. If the tax reforms strengthen revenue generation, if the student loan programme continues to expand educational access without major controversy, and if the Senate further enhances oversight transparency, the chamber may secure a more enduring institutional legacy. Conversely, if concerns about public perception and executive accommodation persist, critics may continue to question whether legislative productivity has translated into sufficient institutional independence. It is worth noting, however, that history suggests the most successful periods of national development have often occurred not during eras of executive-legislative confrontation, but when both arms of government cooperated effectively while remaining faithful to their distinct constitutional responsibilities.
If the reforms advanced by the Senate continue to produce measurable national impact, and if the institution successfully addresses concerns relating to oversight and accountability, history may ultimately remember the 10th Senate not merely as a productive legislature, but as one that contributed to stabilising governance and repositioning democratic institutions during a consequential period in Nigeria’s development.
* Rt Hon Eseme Eyiboh mnipr is a former member and Spokesperson in the House of Representatives and currently, the Special Adviser on Media/ Publicity and Official Spokesperson to the President of the 10th Senate.
For those believing that President Bola Tinubu’s exclusion of Humphrey Nwosu, the late Chairman of the defunct National Electoral Commission (NEC), was an error that would be corrected subsequently, their expectation came to naught on Friday, with his non-recognition once again.
In a surprise outing, the President failed once again to name the late Professor of Political Science as one of the Nigerians honoured, on the day Nigerians would be celebrating this year’s anniversary of June 12, designed to mark the historic 1993 presidential election, which has now been designated as Nigeria’s Democracy Day.
It was a day Moshood Kashimawo Olawale Abiola (MKO), the candidate of the defunct Social Democratic Party (SDP), was elected President in a transition programme undertaken by the military government of then President Ibrahim Badamasi Babangida (IBB).
Expectations are that because the Option A4 model used in achieving the outcome of the election, acknowledged as the freest and fairest election in Nigerian history, the late electoral commission’s boss, would feature prominently in the list of those to be honoured by the government.
But another list contained in the national broadcast by the President, suggested that the position of the treatment meted to the former NEC Chairman, reflected the thinking in the All Progressives Congress (APC), as the late President Muhammadu Buhari, Tinubu’s predecessor, under whom June 12 was given national recognition.
The list, populated mainly by names from the South West, which included both civilians and military personnel, did not capture the category of national honours to be bestowed on the recipients, as the government said further information would be released in due course.
Prominent among those recognized, was Shehu Musa Yar’Adua, a General and former Chief of Army Staff, Supreme Headquarters between 1976 and 1979, under the military regime of Olusegun Obasanjo, who died in Abakaliki Prison in 1997, where he was detained for allegedly participation in carrying out a coup against Sani Abacha, then Head of State.
Tinubu, said the completed Institute of Petroleum Studies, Kaduna, would now be known as General Shehu Musa Yar’Adua University of Geological Sciences and Engineering Technology, to honour the General, who later became a prominent figure in Nigerian politics, “for his vision of national partnership.”
Listing the other names, Tinubu said: “I am also pleased to announce national awards to the following Nigerians, who suffered persecution, endured indignities, exile, incarceration, and, at times, solitary confinement, so that we have democracy today.”
The recipients included: Ayoka Lawani, Tunde Fagbenle, Oladele Alake, Olatunji Bello, Louis Odion, Segun Babatope, Sam Omatseye, Ademola Osinubi, Bola Bolawole and the duo of Lade Bonuola, former Managing Director of The Guardian and Femi Kusa, former Editor of the Nigerian foremost newspaper.
Others, were: Debo Adeniran, Ayo Opadokun, Chief Ralph Obiora, Ose Osayande, Osa Director, Sylvester Odion-Akhaine, Arthur Nwankwo (Posthumous) and Osagie Obayuwana, all pro-democracy activists.
The list also included Joe Okei-Odumakin , Titus Mann, Joe Igbokwe, Richard Akinnola, Ben Charles-Obi (Posthumous), George Mbah Niran Malaolu, Ishola Williams, a retired Major-General, Femi Aborisade, Jenkins Alumona, Gbemiga Ogunleye, Muyiwa Adekeye, Babajide Kolade-Otitoju and Ike Okonta.
“We also recognise the soldier-democrats of the June 12 struggle: Major General MA Garba, Brigadier General Lawal Jaafaru Isa, Col Umar Farouk Ahmed; Col Sambo Dasuki;
Col Lawan Gwadabe; Brigadier Jonathan Ndam Temlong, Col Musa Shehu; Major General Chris Eze; Major General Harris Dzarma; Col Isa Jibrin; Maj. General Joseph Oshanupin; Col Olusegun Oloruntoba, Olugbede of Gbede Kingdom), Lieutenant Colonel Happy Kefas Bulus, Col J Okai;
Col Emmanuel Ndubueze; Lt Col Yakubu Muazu and Brigadier Yahaya Abubakar, the Current Etsu Nupe, who is already the holder of the CFR title.”
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