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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

Tokunbo Wahab – The Steadfast Architect Of Lagos’ Water Revolution — By Babajide Fadoju

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In a city like Lagos, the hum of progress is often drowned out by the challenges of rapid urbanization, infrastructure projects can feel like distant promises rather than tangible realities. Yet, under the leadership of Governor Babajide Sanwo-Olu, Lagos State is steadily rewriting this narrative. One of the most transformative projects underway is the Adiyan Water Works (AWW), a bold initiative set to deliver 70 million gallons of clean, potable water daily to Lagosians. At the helm of this ambitious endeavor is Tokunbo Wahab, the Honourable Commissioner for the Environment and Water Resources—a man whose quiet determination and unwavering focus have become a source of hope for millions.

When Governor Sanwo-Olu recently visited the Adiyan Water Works site, it wasn’t just a routine inspection. It was a moment of affirmation—a recognition of the hard work and vision driving this project forward. As the governor walked through the site, the air buzzed with excitement, not just for the technical milestones achieved, but for what this project represents: a future where clean water is no longer a luxury but a given. For Tokunbo Wahab, this visit was a validation of his tireless efforts to turn a lofty vision into a reality that will touch the lives of everyday Lagosians.

The commissioner’s role in this project is nothing short of pivotal. Steering a project of this magnitude in a city as complex as Lagos is no small feat. Yet, under his watchful eye , the Adiyan Water Works has reached an impressive 80% completion rate. This isn’t just a statistic; it’s a testament to Wahab’s ability to navigate bureaucratic hurdles, logistical challenges, and the occasional skepticism that comes with large-scale infrastructure projects. His approach is not just about meeting deadlines; it’s about ensuring that every drop of water delivered will make a difference in the lives of Lagosians.

What sets Wahab apart is his deep understanding of what this project means for the people of Lagos. For him, it’s not just about pipes, pumps, and gallons per day. It’s about the mother who won’t have to walk miles to fetch water for her family. It’s about the child who can focus on school instead of worrying about waterborne diseases. It’s about the small business owner who can thrive with a reliable water supply. Wahab’s work is rooted in the belief that access to clean water is a fundamental right, and his actions reflect a commitment to making that right a reality for all.

The trust Governor Sanwo-Olu places in Wahab is evident. Their partnership is a rare example of how political leadership and administrative execution can come together to achieve something extraordinary. The governor’s frequent visits to the site and his public support for the project are not just gestures of goodwill; they are a recognition of Wahab’s ability to deliver on promises. In a political climate often marred by mistrust and unmet expectations, this synergy is a breath of fresh air.

But the Adiyan Water Works project is more than just an infrastructure upgrade. It’s a symbol of hope and progress for a city that has long grappled with water scarcity. When completed, it will not only improve public health but also boost local economies, create jobs, and attract investments. For communities that have endured years of unreliable water services, this project is a lifeline—a promise of dignity and a better quality of life.

Of course, the journey hasn’t been without its challenges. Large-scale projects like this require more than just technical expertise; they demand empathy and a deep connection to the communities they serve. Wahab has been mindful of this every step of the way. From ensuring fair compensation for affected residents to collaborating with neighboring states like Ogun, his approach has been inclusive and thoughtful. He understands that true progress is not just about building infrastructure but about building trust and fostering collaboration.

Critics may argue that such projects are fraught with complexities, and they’re not wrong. But Wahab’s track record shows that with determination, transparency, and a clear vision, even the most daunting challenges can be overcome. His work on the Adiyan Water Works is a shining example of what public service should be—a commitment to the greater good, even when the road is tough.

As Lagos continues to grow and evolve, the importance of reliable infrastructure cannot be overstated. Clean water is the foundation of health, education, and economic prosperity. The Adiyan Water Works project, under Wahab’s stewardship, is poised to become a cornerstone of Lagos’ transformation. And as the city eagerly awaits the day when clean water flows freely into every home, it’s clear that leaders like Tokunbo Wahab are the driving force behind this progress.

In the end, the success of the Adiyan Water Works will be more than just a technical achievement. It will be a story of hope, resilience, and the power of dedicated leadership. Tokunbo Wahab’s work is a reminder that even in the face of immense challenges, change is possible when leaders put people first. As the water begins to flow, so too will the promise of a brighter, more sustainable future for Lagos—a future built on the foundation of clean water and unwavering commitment.

Let the water flow, and with it, let the promise of progress and prosperity flow for all Lagosians.

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BIG STORY

Lagos House Of Assembly Call For Action Against Open Defecation, Laud Environment Commissioner Tokunbo Wahab

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The Lagos State House of Assembly has called on the Ministry of Environment and Water Resources to rigorously enforce environmental laws against “open defecation” and ensure the widespread availability of free public toilets across the state.

The lawmakers stressed the need for a broad and ongoing awareness campaign to educate residents about the dangers of “open defecation.” Speaker, Rt. Hon. Mojisola Meranda, condemned the practice, emphasizing the urgent need for better sanitation infrastructure.

The House also praised the Commissioner for the Environment and Water Resources, Tokunbo Wahab, calling him a “pride of the state.”

Raising the matter under “Urgent Public Importance,” Hon. Stephen Ogundipe (Oshodi-Isolo 1) warned that “open defecation” tarnishes Lagos’ reputation and obstructs sustainable development.

Hon. Bonu Solomon (Badagry 1) called for the arrest of homeless individuals contributing to the sanitation crisis, urging local government chairmen to assist the state in maintaining cleanliness.

Hon. Gbolahan Yishawu (Eti-Osa 1) proposed the introduction of affordable public toilets, while Hon. Femi Saheed (Kosofe 2) urged the creation of clear policies regarding the management of public sanitation facilities.

Hon. Aro Moshood (Ikorodu 2) connected waste accumulation to “open defecation,” underscoring the need for stricter waste management, particularly in market areas like Mile 12.

The Assembly resolved to ramp up public awareness campaigns and collaborate with private companies to fund sanitation initiatives across Lagos.

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BIG STORY

JUST IN: Nollywood Star, Kenneth Okonkwo Resigns From Labour Party

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Kenneth Okonkwo, a former spokesperson for the Labour Party’s presidential campaign council, has announced his resignation from the party.

In a statement released on Tuesday, Okonkwo stated that his resignation will take effect from February 25, 2025, after which he will be free to join other like-minded Nigerians in shaping the country’s future.

He explained that his involvement in politics was driven by a desire for good governance, and he will continue working towards this goal.

Okonkwo expressed his gratitude to Nigerians who supported the party during its time of need and pledged his loyalty to the Nigerian people. He also mentioned that the Labour Party, in its current state, is non-existent, which led to his decision to resign.

His statement reads:

11th February, 2025

To all Nigerians of Goodwill,

RESIGNATION FROM LABOUR PARTY

I sincerely thank all Nigerians of goodwill for their immense support during the 2023 presidential election, where Nigerians believed in our message for a new Nigeria and voted for us across ethnic and religious lines. We were the only party that achieved 25% support in all six Geo-Political Zones and the Federal Capital Territory. I believe that we won the election under the Labour Party with your support but were denied victory due to a technical glitch.

2. By February 25, 2025, it will be two years since the 2023 presidential election, and two years before the next presidential election. It is a global democratic convention that political consultations, alignments, and re-alignments begin two years before the next election. Unfortunately, the Labour Party, as it is currently structured, cannot be part of the political force that will shape Nigeria’s political future.

3. To avoid any confusion, the Labour Party as it stands is non-existent. According to the Labour Party Constitution, the tenure of ward, local government, and state party executives is three years (see Article 15(2)(3)(4) of the Labour Party Constitution). Since no congresses have been held at these levels within the constitutionally allowed tenure, their leaderships have effectively expired.

4. The former National Chairman of the Labour Party, Julius Abure, and his National Working Committee, having not conducted any legally recognized national convention, according to the Independent National Electoral Commission (INEC) and the courts, the leadership issue within the Labour Party remains an internal matter that the courts cannot intervene in, leaving the party without effective national leadership.

5. The Caretaker Committee, led by Senator Nenadi Usman, which was lawfully set up by the National Executive Council (NEC) of the Labour Party after the INEC’s non-recognition of the Abure-led National Working Committee (NWC), was given six months to conduct congresses and a convention. This was the only viable option to salvage the Labour Party.

6. Unfortunately, Abure and his allies, in collaboration with external forces, have waged unnecessary legal challenges against this Caretaker Committee, preventing it from functioning. More than six months after the Committee’s inauguration, it has not even started, leading many to believe that the objective of these politicians and their collaborators is to bog down the serious members of the Labour Party with frivolous lawsuits until the 2027 election is over. It’s curious that a national executive whose members are defecting daily to other parties, and who cannot fight legal battles to recover these seats, is waging intense legal battles to maintain their destructive grip on the party.

7. It’s clear that Abure is more concerned with his own interests than with the survival of the Labour Party. If he were genuinely interested in fielding a southern candidate for the 2027 presidential election, he would have ceded the position of national chairman to the North, as is the convention when a party aims to field a southern presidential candidate. This was a suggestion from those of us genuinely interested in the party’s survival. While Nigerians, especially in the North, may have overlooked the combination of a southern national chairman and presidential candidate in 2023, they will not overlook it in 2027, having had time to prepare.

8. By not doing this, it’s obvious that Abure and his colleagues want to use some southern presidential candidates as cash cows, generating money for them without any intention of making the party competitive in 2027. This confirms the belief that they are secretly working for the ruling party’s victory. I pity any southern presidential candidate who still believes there’s a future in an Abure-led Labour Party, as they are clearly unaware of Nigeria’s current political realities.

9. I have never been deceitful or betrayed any cause I’ve fought for. My entry into politics was driven by the desire for good governance, and I will continue working for it to ensure that Nigeria becomes a great country led by incorruptible leaders. However, this can no longer be achieved within the current Labour Party, which, as presently constituted, is non-existent. Therefore, I am forced to resign from the party and thank all Nigerians of goodwill who supported us when we needed them most. I pledge my continued loyalty to the Nigerian people, regardless of the political path I choose to follow.

10. This resignation takes effect on February 25, 2025, marking the second anniversary of the 2023 presidential election. After this date, I will be free to join other well-meaning, like-minded Nigerians in shaping a brighter future for our country through good governance.

 

Thank you, and God bless.

Yours sincerely,

Kenneth Okonkwo

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