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BIG STORY

Banks To Blame For Scarcity Of New Naira Notes —- Emefiele

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Banks are to blame for the scarcity of new naira notes, Central Bank of Nigeria (CBN) Governor Godwin Emefiele said yesterday.

He said some of them have not complied with a directive to only load the new notes on Automatic Teller Machines (ATMs).

Emefiele said instead, the banks have been handing out bundles to individuals who spray them at parties.

Cash-strapped Nigerians have been toiling to withdraw money from ATMs across the country.

Banks have stopped issuing the old notes, which will cease to be legal tender on February 10, but the new notes have been scarce.

Emefiele, who clarified that old notes can still be deposited after the extended deadline, said anti-graft agencies have been sent after erring banks and officials.

The CBN governor spoke when he appeared before the House of Representatives Adhoc Committee on the New Naira Redesign.

He was accompanied by Deputy Governors Aisha Ahmed (Financial System Stability), Edward Adamu (Corporate Services), Ade Shonubi (Operations), and Kingsley Obiora (Economic Policy).

The House and the CBN agreed that a time limit will not apply to the validity of old naira notes after the February 10 deadline, in line with the law.

After apologizing for his inability to honour previous invitations, Emefiele said the CBN met many times with the banks and provided them with guidance notes on the collection and processing of old notes and the distribution of new ones.

He said: “These include specific directives to the banks to load the new notes into the ATM nationwide to ensure equitable and transparent mechanisms for the distribution of the new notes to all Nigerians.

“We wanted to be sure that as the currency is issued, the banks must go through a process that is equitable and transparent, not treating some customers as a priority and some as less important.

“They were told to load this currency into the ATM. The ATM is a robot. People can only collect a maximum of N20,000 or N40,000, whether they are priority or not priority customers.

“I addressed the bankers on Sunday and I expressed to them my disappointment and in fact, the disappointment of the President and that of leaders with the way this has gone.

“Many of us have unfortunately seen the new naira, instead of being used for the purpose it’s meant, is used in parties, in celebrations.

“Some said, maybe, it’s money from the ATM and I said no, money from the ATMs is already broken. They (the ones spread at parties) are in leaflets.

“What we saw being stamped on people at parties were packages of the new naira notes, which means they (banks) had breached certain aspects of the guidance note we gave to them.”

The CBN governor said the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices and other Related Offences Commission (ICPC), the Nigerian Financial Intelligence Unit (NFIU), and the Department of State Services (DSS) have been directed to go after the violators.

“When I met President Buhari, I told him that we have met with the EFCC, ICPC, and NFIU to join us in monitoring the flow of this currency to our people.

“I am delighted that even yesterday (Monday), I read that the DSS had even started, which is what we want.”

Emefiele said while the old notes will cease to be legal tender on February 10, Nigerians can still take the old notes to the bank and exchange them for new ones or deposit the old notes.

Section 20(3) of the CBN Act 2007 provides that the apex bank should continue to accept the old notes until they go out of circulation.

Emefiele agreed with the House on the provisions, assuring Nigerians that they will not lose their money after February 10.

The CBN governor said: “You will not lose your money even when it loses its legal tender.

“You can take it to the bank and pay it into your account. But we should please, allow this policy to succeed.

“Section 20(3) of the CBN Act says even after the old currency has lost its legal tender status, we are mandated to collect those monies. I stand with the House of Representatives on this.

“What does that mean? The old notes would have lost its legal tender status, which means we have moved on.

“But, if you have the money that you have not been able to send into the bank, we will give you the opportunity to bring it back into the CBN to redeem it.

“Either you pay into your bank account or you want to exchange it, we will give it to you. It is your money. That’s the assurance I give to Nigerians.”

According to Emefiele, there have been noticeable benefits.

He said: “Inflation last month did not rise. We are expecting that it will continue to moderate and the exchange rate will be stable. We hope that with this exercise, the naira can even get stronger.

“We were able to support our security agencies. The incidence of banditry has reduced during this period. So, what we have done here is for the good of Nigerians.”

Emefiele apologized for the pain Nigerians have been subjected to in the last few days.

He said: “At these initial stages, there will be a few hitches and glitches. We apologize.

“But I want to say that the overriding interest is the economy – to make it stronger and better.

“We know in the process that some will be hurt, I will say temporarily. But it’s a pain that I will appeal to all of us to please, show some understanding.

“The overriding benefit to Nigerians is what we are interested in, which is about making our economy stronger and combatting the high incidence of insecurity.

“Yes, we saw a few failings on the part of the banks and we appealed to EFCC, ICPC, and NFIU and they are currently working with our officials nationwide to make sure that this process goes on seamlessly.

“We are happy that the exercise has achieved a success of over 75 percent in our villages, etc.

“It is on the basis of that we now have a 10 days extension for more and more of this to be collected.”

Chairman of the Committee and House Leader, Alhassan Ado Doguwa, said communication was essential.

“It is only when you interface that you have an opportunity to understand the policy of the government. So, this is a welcome submission but unfortunately at a belated point.

“If you (Emefiele) had communicated this much earlier, this crisis would not have come up at all. Nigerians would go home to sleep without any fear at all.

“I thank you for coming up with this submission, especially on the position of the law, that the bank will at all times respect the position of the laws of the land.

“It’s clear and written in black and white. I want to thank you on behalf of the committee for admitting the position of the law.”

Doguwa told the House during plenary that the CBN governor agreed to consider another extension of the validity of the old notes should there be a need for it.

BIG STORY

How Tokunbo Wahab Has Been Tackling Lagos’ Environmental Challenges — By Babajide Fadoju

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As the year 2024 winds down, Barrister Tokunbo Wahab, the Lagos State Commissioner for Environment and Water Resources, has cemented his position as one of the State’s most impactful leaders.

At a time when Lagos faces immense challenges ranging from waste management to flooding, Wahab has not only spearheaded transformative policies but has actively driven their implementation with visible results.

His hands-on approach and commitment to sustainability have reshaped the environmental landscape of the bustling megacity, earning him recognition as a leader who prioritizes action over rhetoric.

This year, Lagosians witnessed a determined fight against pollution, a bold restructuring of waste management systems, and an unwavering commitment to enforcing environmental laws. Under Wahab’s stewardship, the Lagos State Ministry of Environment and Water Resources has not only addressed long-standing issues but has also set a foundation for future resilience. This is not mere administration —it is leadership rooted in urgency, creativity, and a deep understanding of the environmental and infrastructural challenges facing the state.

As Lagos grapples with rapid urbanization, climate change, and the pressures of being Nigeria’s economic hub, Wahab’s efforts remind us that sustainable development is achievable when there is political will and a sense of purpose. From innovative waste-to-wealth initiatives to tackling open defecation and protecting Lagos’ green spaces, here’s an in-depth look at what Wahab has accomplished in 2024 and why his leadership matters.

Transforming waste management and sanitation: Waste-to-wealth initiatives and partnerships

This year marked a turning point in Lagos’ approach to waste management. Wahab, as the Man in charge of Environment, introduced waste-to-wealth programs designed to convert the City’s 13,000 tons of daily waste into valuable resources such as compost, energy, and recyclable materials.

Collaborating with private-sector partners, the state signed agreements to establish modern recycling plants and waste conversion facilities, creating a model that not only addresses waste disposal but generates economic opportunities. These initiatives have also provided jobs for informal waste pickers, integrating them into the formal economy.

Single-use plastics ban

In January 2025, Lagos will officially ban single-use plastics—a significant policy shift announced by Wahab this year. To prepare for this transition, his ministry launched an extensive public education campaign targeting businesses and residents, raising awareness about the environmental hazards of plastic waste. The ban, coupled with expanded recycling programs, is expected to significantly reduce plastic pollution, which has long plagued the city’s drainage systems and waterways.

Flood mitigation through better drainage systems

Flooding has been a perennial challenge in Lagos, particularly during the rainy season. Wahab’s leadership saw a proactive response, with major drainage systems cleared across the state.

Notable projects include the restoration of System 6C (Lord Chosen Canal) and work along the Orchid Corridor, areas notorious for heavy flooding.

His ministry also collaborated with local communities, encouraging residents to keep drains free of debris and participate in cleanup efforts. These interventions have brought tangible relief to neighborhoods that previously suffered devastating floods.

Combatting open defecation

Wahab’s ministry intensified its campaign against open defecation this year, enforcing sanitation laws while commissioning public toilet facilities in densely populated areas.

The effort is part of a broader plan to improve public hygiene and prevent the spread of diseases linked to poor sanitation. Advocacy efforts reached schools, markets, and community centers, ensuring that the message of clean and accessible sanitation was widely understood.

Enforcing environmental laws and green standards: Noise and air pollution enforcement

Wahab’s crackdown on noise pollution was a defining moment in 2024. Several establishments, including churches, mosques, and nightclubs, were sealed for violating noise regulations under the Lagos State Environmental Management and Protection Law of 2017.

This enforcement has brought long-needed relief to residents affected by excessive noise and set a precedent for future regulatory compliance.

Combating illegal street trading

Illegal street trading, especially the roadside sale of livestock and sickly puppies, has posed environmental and public health risks.

Wahab ensured strict enforcement of the law this year, deploying Kick Against Indiscipline (KAI) operatives to address the issue. This action not only protected public health but also reinforced the rule of law in Lagos’ marketplaces.

Tackling expired products in markets

In addition to enforcing pollution laws, Wahab targeted the sale of expired products in Lagos markets. The ministry conducted inspections and penalized offenders while urging traders to prioritize consumer safety.

His zero-tolerance approach underscored the government’s commitment to public health.

Promoting sustainable real estate development

At the Lagos Real Estate Marketplace Conference & Exhibition, Wahab emphasized the importance of green standards in Lagos’ booming real estate sector.

Partnering with agencies like LAWMA, LASEPA, and LASPARK, he ensured that environmental protection remains a core principle in urban development.

Restoring ecosystems and empowering communities: Reviving green spaces and protecting wetlands

In 2024, LASPARK, under Wahab’s supervision, restored several green spaces across Lagos. Parks were renovated, tree-planting campaigns were launched, and wetlands were protected from encroachment. These efforts have not only improved air quality but also provided recreational opportunities for residents.

Public awareness and grassroots engagement

Wahab has been a vocal advocate for environmental stewardship, leading campaigns that emphasize community responsibility.

Through the #CleanerLagos initiative, he has inspired grassroots efforts to promote cleanliness in neighborhoods. His focus on behavioral change has resonated with residents, making environmental conservation a shared responsibility.

Integrated waste management systems

Recognizing the need for long-term solutions, Wahab’s ministry introduced integrated waste management systems that combine recycling, composting, and safe disposal.

This approach has streamlined waste processing and reduced the pressure on Lagos’ landfill sites, offering a sustainable path forward.

Improving access to potable water

The Lagos State Water Corporation, under Wahab’s direction, repaired critical pipelines, including those in Yaba, ensuring access to clean water for thousands of residents.

This achievement reflects the ministry’s broader commitment to infrastructure improvement.

Conclusion: A legacy of action and hope

Wahab’s leadership in 2024 represents a paradigm shift in how Lagos approaches its environmental challenges. His policies and projects demonstrate a clear understanding of the complex interplay between urban growth, environmental sustainability, and public health.

Beyond addressing immediate issues, Wahab has laid the foundation for a more resilient and sustainable Lagos.

His work has shown that leadership is not about lofty promises but about rolling up one’s sleeves and driving change where it matters most.

From combating flooding to enforcing environmental laws, from advocating for waste conversion to restoring green spaces, Wahab’s achievements this year are a testament to what is possible when determination meets vision.

As Lagosians look to 2025, the path forward is clear: building on the successes of 2024, embracing sustainable practices, and fostering a city where everyone plays a role in protecting the environment.

Tokunbo Wahab has not only set the bar high but has also shown us what true environmental stewardship looks like.

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BIG STORY

Federal Government Earmarks N827bn For Education Infrastructure In 2025 Budget

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Nigeria’s President, Asiwaju Bola Ahmed Tinubu, has announced that the Federal Government has disbursed a total of N34bn in loans to students studying at tertiary institutions across the country through the “Nigeria Education Loan Fund.”

The President made this statement on Wednesday while presenting the N49.7tn 2025 budget estimates to a joint session of the National Assembly. He also highlighted that the government has allocated N826bn for infrastructure development in the education sector for the 2025 fiscal year.

He stated, “Our administration has so far disbursed N34bn to over 300,000 students via the Nigeria Education Loan Fund.”

“In the 2025 budget, we have made provision for N826.90bn for infrastructure development in the educational sector. This provision also includes those for the Universal Basic Education and the nine new higher educational institutions.”

He continued, “We are convinced that Universal Health Coverage initiatives will strengthen primary healthcare systems across Nigeria. In this way, we have allocated N402bn for infrastructure investments in the health sector in the 2025 budget and another N282.65bn for the Basic Health Care Fund.”

“Our hospitals will be revitalised with medication and better resources, ensuring quality care for all Nigerians.”

“This is consistent with the Federal Government’s planned procurement of essential drugs for distribution to public healthcare facilities nationwide, improving healthcare access and reducing medical import dependency.”

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BIG STORY

President Tinubu Targets N1,500 Per Dollar Rate In 2025 Budget Goals

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Nigeria’s President, Asiwaju Bola Ahmed Tinubu, on Wednesday, stated that the Federal Government aims to stabilise the exchange rate at N1,500 to the dollar to ensure the smooth implementation of the 2025 budget.

This marks a reduction of about N200 from the current rate of N1,700 to a dollar.

President Tinubu made this known while presenting the 2025 Appropriation Bill to a joint session of the 11th National Assembly in Abuja.

“The budget projects that inflation will decline from the current rate of 34.6% to 15% next year, while the exchange rate will improve from approximately N1,700 per dollar to N1,500. The base crude oil production assumption is set at 2.06 million barrels per day”, he said.

“The projections are based on the following observations: reducing the importation of petroleum products, increasing exports of refined petroleum”. He added.

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