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Naira Crisis: Vote The Candidate Of Your Choice, Vote Your Conscience — Buhari Addresses The Nation [SEE FULL TEXT]

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President Muhammadu Buhari on Thursday directed the Central Bank of Nigeria to recirculate old N200 notes till April 10.

Buhari who gave the directive during his address to Nigerians blamed unscrupulous bankers for the scarcity of new naira notes being experienced in the country.

Below is his full address:

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.

READ MORE: Breaking: Buhari Extends Validity Of ‘Only’ Old N200 Notes Till April 10
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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:

a. 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.

b. 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;

c. 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;

d. 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

e. 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. A strengthening of our macro economic parameters;

b. 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

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

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

e. Exchange Rate stability;

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

g. 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.

BIG STORY

Nigerian Firm Codix Bio To Begin Production Of Malaria, HIV Test Kits Amid USAID Fund Cutback

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Codix Bio Ltd, a Nigerian company, has announced plans to manufacture millions of HIV and malaria test kits at its new facility for use both locally and across the region.

As reported by Reuters on Thursday, the initiative aims to fill the gap created by funding reductions at the United States Agency for International Development (USAID), a US donor body.

Former US President Donald Trump had initiated a suspension of funding for HIV treatment in developing nations under an executive order concerning foreign aid.

These executive orders also disrupted the activities of USAID and other US-funded foreign aid programmes.

Speaking to Reuters, Olanrewaju Balaja, general manager of Codix Bio, said the plant located in Ogun state will begin distributing the test kits later this month.

He explained that the production will be done in partnership with SD Biosensor, a pharmaceutical firm based in South Korea, and supported by the World Health Organization (WHO).

According to him, the facility initially has the capacity to produce 147 million test kits annually, with potential expansion to over 160 million.

“From the statistics of what is supplied (by USAID and PEPFAR) for a specific programme year, and looking at what we have currently in capacity for Nigeria, we have enough capacity to meet the demand,” Balaja said.

He also indicated that the firm is prepared to expand its services to “West and Sub-Saharan Africa, including other African countries”.

“The focus was for us to be able to play in the field of supply of rapid diagnostic test kits for donor agencies, which particularly USAID was at the forefront,” Balaja added.

Balaja stated that both the Nigerian government and donor organisations such as the Global Fund are expected to source test kits from Codix Bio.

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BIG STORY

Benue Killings: We Are Starving, Dying, IDPs Cry Out

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Displaced persons from Yelwata community in Guma Local Government Area of Benue State, affected by coordinated attacks by suspected armed herders, protested on Thursday over poor living conditions in their camp.

The IDPs, currently staying at the International Market in Makurdi, the state capital, took to the streets and blocked major access routes leading to the temporary camp situated on George Akume Way, Makurdi, to express their frustration and the hardship they’ve faced since arriving at the facility.

They accused officials of the state government of diverting relief materials donated by well-meaning individuals and humanitarian groups, which they said has deepened their suffering.

One of the displaced persons, Fidelis Igban from Yelwata, described the conditions at the camp as unbearable due to starvation and a poor environment.

He stated, “Imagine, people would come to the camp and donate food items and other relief materials to us(IDPs), and once those items were handed over to the officials, it will end up not reaching us.”

He added, “Just few days ago, secretary to the government of the federation, Senator George Akume came to the camp and donated some items for onward distribution to IDPs. Up till now, we have not seen anything.”

He also said, “The Senior Pastor of Dunamis International Gospel Centre, Dr. Paul Enenche, came here and donated materials for our consumption, yet nothing gets to us. We are starving and dying here. We want to go back to our homes.”

He lamented the reality of being forced from their homes due to herdsmen attacks, only to face new hardships in the camp after losing loved ones.

“There’s no food, our children are starving, we sleep on the floor, and mosquitoes are almost killing us. We are suffering, and people are dying. officials overseeing camp management were hoarding and diverting donated materials,” he said.

Erdoo Targa, another IDP, said she was six months pregnant when she arrived and has struggled to access medical attention.

She said, “Government brought us here and abandoned us. No food, no medical care, hunger is telling us, we are starving and our children are getting sick day by day”.

She explained that the protest was to call the attention of the government and concerned individuals to their plight.

She urged the state government and relevant humanitarian bodies to investigate the alleged diversion of supplies and ensure fair distribution of aid.

Efforts to contact the Commissioner for Humanitarian and Disaster Management, Aondoaseer Kude, and the Executive Secretary of the State Emergency Management Agency, Dr James Iorpuu, were unsuccessful as they did not respond to calls or text messages.

The agency’s information officer, Tema Ager, said he was not authorised to speak on the protest.

He said, “Kindly get across to the Head of Administration of SEMA or the Commissioner for Humanitarian and Disaster Management. They are in better position to speak to journalists, thanks”.

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Road To 2027: President Tinubu Has No Rival In Kaduna — Speaker Abbas

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Speaker of the House of Representatives, Tajudeen Abbas, has said that residents of Kaduna State do not see any other option besides President Bola Tinubu for the 2027 presidential race.

He explained that the president has significantly impacted the state “In very practical terms” by initiating “A wide range of federal infrastructure projects that directly impact” its citizens.

According to Abbas, because of these efforts, the people of Kaduna are ready to surpass the votes President Tinubu received in the state during the 2023 elections.

He made these remarks during President Tinubu’s visit to Kaduna on Thursday to commission several projects carried out under Governor Uba Sani’s administration.

Among the projects inaugurated were the Institute of Vocational Training and Skills Development in Rigachikun, Soba, and Samaru-Kataf; a 300-bed hospital in Kaduna Millennium City; the 24km Kafanchan Township Road; the Tudun Biri Road; the 22km Kauru-Pambegua Road connecting Kauru and Kubau LGAs; a Vocational and Skills Training Centre in Tudun Biri; and the deployment of 100 Compressed Natural Gas buses.

Abbas noted that Kaduna remains central to Nigeria’s socio-economic growth and said Tinubu’s visit “Reflects a leadership that engages directly, listens attentively, and responds with action.”

In a statement by his Special Adviser on Media and Publicity, Musa Krishi, Abbas was quoted as saying, “Kaduna has no reason to vote for anyone else in 2027. My belief is strengthened by your administration’s commitment to Kaduna in very practical terms. You have initiated a wide range of federal infrastructure projects that directly impact the state of Kaduna.

“Mr President, Kaduna has long been at the centre of Nigeria’s national conversation, politically, economically, and historically. In the 2023 presidential election, the APC received about 30 per cent of the valid votes cast in the State. While that outcome is significant, it leaves room for growth.

“Therefore, on behalf of our governor, our party, and our communities, I assure you that Kaduna is determined to do more. Our goal is to double that margin and secure at least 60 per cent of the vote in 2027. This is not merely a political ambition; it is a coordinated objective backed by a united political structure and a population that believes in your leadership.”

He also praised the president for initiating the Abuja-Kaduna-Zaria-Kano Federal Highway reconstruction, noting it “Was flagged off by Your Excellency in April and reinforced by substantial budgetary approval from the Federal Executive Council.”

He described the $2.8bn Ajaokuta-Kaduna-Kano gas pipeline project, which had reached 72% completion by Q1 2025, as another milestone.

He added, “We also acknowledge with deep gratitude your vow to complete the Ibadan-Abuja-Kaduna-Kano railway project, which will further reinforce Kaduna’s role as a transport hub.

“Other significant projects under your administration include the recent establishment of the Federal Medical Centre in Kafanchan and the Federal University of Applied Sciences in Kachia. For the people of Southern Kaduna, these developments are not merely about access to health and education; they are, more importantly, about federal presence, institutional recognition, and long-overdue inclusion.”

Abbas said Zaria has also benefited under the current administration, stating, “We have also seen measurable progress, made possible by your support and federal backing. Through consistent legislative engagement and collaboration with your administration, we have secured significant federal investment in institutions of higher learning.

“These include the upgrade of the Federal College of Education, Zaria, into the Federal University of Education. Support has also been strengthened for the Nigerian Institute of Transport Technology, the Nigerian College of Aviation Technology, and the Ahmadu Bello University, Zaria.

“Federal funding secured under your administration is helping to expand their infrastructure, modernise their facilities, and increase their capacity to serve Nigeria more effectively.

“Mr President, these are not abstract achievements. They are deliberate outcomes made possible through political will, budgetary support, and executive collaboration,” he added.

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