Tag: Buhari

  • “National debt hits N46tn in fourth quarter of 2022” -DMO reveals

    “National debt hits N46tn in fourth quarter of 2022” -DMO reveals

    The Debt Management Office, DMO, on Thursday, revealed that Nigeria’s total public debt stock increased to N46.25tn or $103.11bn in the fourth quarter of 2022.

    The latest figure has made members of the organised private sector and economists to predict that tougher days are ahead for Nigerians and firms.

    The national debt as of September, 2022, was put at N44.06tn.

    According to the office, the new figure consists of the domestic and external total debt stocks of the Federal Government and the sub-national governments (36 state governments and the Federal Capital Territory).

    The latest figure was disclosed in a statement by the Debt Management Office.

    The DMO stated that the comparative figure of public debt as of December 31, 2021, was N39.56tn or $95.77bn.

    TheNewsGuru.com (TNG) reports that this means that the country’s debt increased by N6.69trn or $7.34bn within one year.

    Stating reasons for the increase, the DMO said new borrowings by the FGN and sub-national governments, primarily to fund budget deficits and execute projects and the issuance of promissory notes to settle some liabilities also contributed to the growth in the debt stock.

    The statement read in part, “As of December 31, 2022, the total public debt stock was N46.25tn or $103.11bn. In terms of composition, total domestic debt stock was N27.55tn ($61.42bn) while total external debt stock was N18.70tn ($41.69bn).

    “Amongst the reasons for the increase in the total public debt stock were new borrowings by the FGN and sub-national governments, primarily to fund budget deficits and execute projects. The issuance of promissory notes by the FGN to settle some liabilities also contributed to the growth in the debt stock.

    “On-going efforts by the Government to increase revenues from oil and non-oil sources through initiatives such as the Finance Acts and the Strategic Revenue Mobilization initiative are expected to support debt sustainability.”

    The DMO further explained that the debt figure under review was 23.20 per cent of the Gross Domestic Product, indicating that it was well within the limits set by both the federal government and international organisations.

    “The total public debt to gross domestic product (GDP) ratio for December 31, 2022, was 23.20 per cent and indicates a slight increase from the figure for December 31, 2022, at 22.47 per cent.

    “The ratio of 23.20 per cent is within the 40 per cent limit self-imposed by Nigeria, the 55 per cent limit recommended by the World Bank/International Monetary Fund, and, the 70 per cent limit recommended by the Economic Community of West African States.”

    Reacting, the Director, Center of Promotion for Private Enterprise, Muda Yusuf, expressed concern over the multiplier effect of the latest debt figure, stating that the country would continue to struggle with servicing of debts if drastic steps were not taken.

    He said, “What this means is that the country will continue to struggle with servicing of debts. Already, debt service is close to 80 per cent of our revenue and it is likely to increase with the new figure.

    “The implication is that we are likely to get ourselves into a vicious cycle of debt, like a debt trap because the higher debt service burden is, when your revenue is low, the more you continue to borrow to be able to sustain the system. Remember that the N23tn from the CBN Ways and Means is not part of this. If we add that, it will make it almost N80tn.

    On possible solutions, Yusuf stated that removal of fuel and foreign exchange subsidy would increase the nation’s revenue.

    “A possible solution is to increase our revenue through the removal of fuel subsidy and foreign exchange subsidy. This will bring relief of N8trn. We also have to address increasing oil production, curb leakages, cut our spending,” he added.

    On his part, a professor of Economics at the University of Uyo, Akpan Ekpo, “Those figures are worrisome because our revenue base is very low. I just hope the borrowing was for infrastructure and the government is transparent on what it was spent on.

    “Those debts should not be on recurrent expenditure because that is a waste. Borrowing to fill up the deficit is not good for our economy either. If it was spent on capital projects, can the projects pay the debts back? The debt is for future generations. We need to get information on debt servicing revenue ratio or debt revenue because our revenue base is not healthy at all.”

    A professor of Financial Economics at the University of Uyo, Leo Ukpong, posited that the inability of the country to service might lead to an increase in taxes.

    He said, “Borrowing tends to have a negative effect on the credibility of the borrower. Clearly, we know that public debt is very high and this increase is not good for the country.

    “When debts rise, you run the risk of bankruptcy but since a country can’t be declared bankrupt, it is likely that taxes will be increased which will reduce our purchasing power.”

    Members of the organised private have also reacted to the development.

    On his part, the Deputy-President of the Lagos Chamber of Commerce and Industry, Gabriel Idahosa described Nigeria’s continued recourse to borrowing as worrisome for the economy.

    Idahosa said, “We are looking at external borrowing that is not tied to specific revenue-generating projects, that are not collateralised. For example, if you want to take a loan to build a seaport, to be paid from the operations of the seaport, it can still raise money. But if you want to borrow money and use it for various projects that do not generate income, hoping to pay from the federal budget, then you are not likely to make any progress.”

  • Buhari approves appointment of six Federal Perm Secs(See List)

    Buhari approves appointment of six Federal Perm Secs(See List)

    President Muhammadu Buhari has approved the appointment of six new Federal Permanent Secretaries in the Federal Civil Service.

    The Head of the Civil Service of the Federation, Dr. Folasade Yemi-Esan, made this known on Wednesday, in Abuja.

    She noted that the appointment came following a recently conducted selection process, adding that the appointed Permanent Secretaries and their states of origin, are as follows: Mahmud Adam Kambari, Borno state; Esuabana Nko Asanye, Cross River state; Lamuwa Adamu Ibrahim, Gombe state.

    Others are: Yakubu Adam Kofar-Mata, Kano state; Oloruntola Olufemi Michael, Ogun state; Richard P. Pheelangwah, Taraba state.

  • Buhari swears in Ex-IGP Arase as PSC chairman, five CCB board members sworn in too

    Buhari swears in Ex-IGP Arase as PSC chairman, five CCB board members sworn in too

    The President, Major General Muhammadu Buhari (retd.), on Wednesday morning, swore in the new chairman of the Service Commission, former Inspector-General of Police, Dr Solomon Arase (retd.).

    Arase took his oath of office at 10:05 am at the council chamber of the Presidential Villa, Abuja, in the presence of Buhari, Vice President Yemi Osinbajo, SGF Boss Mustapha, Chief of Staff to the President, Prof. Ibrahim Gambari and other FEC members.

    This comes two months after the senate confirmed him as chairperson of the PSC.

    TheNewsGuru.com (TNG) recalls that on January 24, 2023, Buhari had forwarded Arase’s name to the Senate, asking the upper legislative chamber to confirm him in line with sections 153 (1) and 154 (1) of the constitution as amended.

    Ex-IGP Arase gets new job as PSC chairman, five CCB board members sworn in
    Dr Solomon Arase

    Arase, 65, who retired in 2016, was the 18th indigenous Inspector-General of Police (between April 2015 and June 2016) and has served in various capacities including as head of the Criminal Intelligence and Investigation Bureau, the foremost intelligence-gathering unit of the Nigerian police.

    TheNewsGuru.com (TNG) also reports that the President also swore in five board members of the Code of Conduct Bureau, CCB.

    They include Murtala Kankia from Katsina State (North-West); Zephaniah Bulus from Nasarawa State (North Central) and Farouk Umar from Yobe State (North East), Taofeek Abdulsalam from Ondo State (South West) and Prof. Juwaria Badamasi from Kogi State (North Central).

    Council members also observed a moment of silence in honour of Lt. Gen. Oladipo Diya who died on Sunday, March 26, 2023.

    Ex-IGP Arase gets new job as PSC chairman, five CCB board members sworn in
    Dr Solomon Arase

    Diya served as Chief of General Staff and Vice Chairman of the Provisional Ruling Council under the Abacha regime.

    Born on April 3, 1944 at Odogbolu in Ogun State, Diya joined the Nigerian Defence Academy, Kaduna and fought during the Nigerian Civil War.

    He was appointed Chief of General Staff in 1993 and Vice Chairman of the Provisional Ruling Council in 1994.

    As Chief of the General Staff, he was second in command and the de facto vice president of Nigeria under General Sani Abacha from 1994 to 1997.

    Buhari went on to preside over this week’s Federal Executive Council meeting which began around 10:30 am.

  • Despite electoral cases, Buhari won’t spend one minute beyond May 29-FG

    Despite electoral cases, Buhari won’t spend one minute beyond May 29-FG

    Despite electoral petitions filed by the presidential candidates of the opposition parties to challenge the results of the 2023 presidential election, President Muhammadu Buhari’s administration has promised not spend one minute beyond May 29 in office

    Promised a smooth transition of power to the new administration to be led by ‘president-elect’, Bola Tinubu.

    “On May 29th, there would be a peaceful formal transfer of power to the new President,” Boss Mustapha, chairman of the transition committee, has said.

    The Independent Electoral Commission INEC which conducted the presidential election declared Tinubu the winner, having polled a total of 8,794,726 to defeat his closest rivals Peoples Democratic Party candidate Alhaji Atiku Abubakar and Labour Party’s Peter Obi.

    Meanwhile, Atiku and Obi have filed petitions at the Presidential Election Petition Tribunal sitting at the Court of Appeal in Abuja, to challenge the outcome of the poll.

    However, Mustapha told journalists in Abuja on Tuesday that the litigation would not prevent the handover ceremony from taking place.

  • Buhari signs Copyright Act, Laboratory Institute bill into law

    Buhari signs Copyright Act, Laboratory Institute bill into law

    President Muhammadu Buhari has assented to two Bills recently passed by the National Assembly.

    The bills are the Copyright Act 2022 and the Federal College of Medical Laboratory Science and Technology, Jos, Act.

    Senior Special Assistant to the President on National Assembly Matters (House of Representatives), Nasiru Baballe Ila, disclosed this in a statement and explained that the two bills were assented to by the President on the 17th of March 2023.

    He said: “Copyright Act 2022, this Act repeals the Copyright Act, Cap C28, Laws of the Federation of Nigeria, 2004 and enact the Copyright Act 2022 to provide for the regulation, protection and administration of copyright.

    “The enactment the new Copyright Act has again demonstrated the commitment of this administration to re-energizing Nigeria’s creative economy and making it more globally competitive in the digital and age.

    “The principal objectives of the new law, as outlined in section 1 are to: protect the rights of authors and ensure just rewards and recognition for their intellectual efforts; provide appropriate limitations and exceptions to guarantee access to creative works; facilitate Nigeria’s compliance with obligations arising from relevant international copyright treaties and conventions; and enhance the capacity of the Nigerian Copyright Commission for effective regulation, administration, and enforcement.”

    According to him, the new Copyright Act “expands the rights of authors, raises the sanctions for criminal infringements and more adequately addresses the challenges posed by digital and online use of copyright works.

    “The Act also provides specially for the needs blind, visually impaired and print disabled persons to have access to learning and reading materials in accessible formats.”

    He further observed that the ‘Federal College of Medical Laboratory Science and Technology, Jos, Act, repeals the Federal School of Medical Laboratory Science, Jos (Establishment) Act, 2018 and enacts the Federal College of Medical Laboratory Science and Technology, Jos Act, 2023.

    “To this end, the newly signed Act “establishes the Federal College of Medical Laboratory Science, Jos, to make the Institution more effective in the discharge of its functions by strengthening the organisational framework, and to bring its provision in conformity with current democratic principles and operations of existing educational institutions, and the laws of the Federal Republic of Nigeria,” Hon. Ila noted.

  • Buhari salutes Transcorp Chairman, Tony Elumelu at 60

    Buhari salutes Transcorp Chairman, Tony Elumelu at 60

    President Muhammadu Buhari has felicitated billionaire businessman and Chairman of Transcorp, Tony Elumelu, as he clocks 60 on Wednesday, March 22.

    In a statement by his Special Adviser to the President on Media and Publicity, Femi Adesina, the president said he shared the joy and warmth of the occasion with the distinguished banker, economist, and philanthropist, who was ranked amongst World’s 100 most influential personalities in 2020 by Time.

    “President Buhari felicitates with Chairman of the United Bank of Africa (UBA) Group on the milestone, affirming the honor and pride that the benefactor has brought to Nigeria, and Africa, with his achievements, lighting the way for many to grow through inspiration, mentorship and training, with focus on raising generation of entrepreneurs.

    “The President believes Elumelu’s benevolence typifies his humble background and upbringing, starting out as a young banker, daring to dream of a modern and technologically friendly financial institution, Standard Trust Bank, and leading one of the biggest mergers with the UBA, which made history and strengthened the economy.

    “President Buhari notes the combination of youthfulness in style, broadness in networking, with both old and young, and the passion in pursuing and realizing dreams that the entrepreneur continually projects, graciously guiding others to nurture their business ideas to reality, especially in meeting societal needs and rendering value.

    “As the Chairman of Heirs Holdings, Transcorp and Tony Elumelu Foundation clocks 60, the President joins family members, particularly his wife, Dr Awele Elumelu, in thanksgiving to God for all the resourcefulness and impact, with brighter future ahead,” the statement read in part.

    President Buhari prayed for long life, good health and wisdom for the humanitarian.

    TheNewsGuru.com (TNG) reports that following the merger of Standard Trust Bank and United Bank for Africa in 2005, Elumelu led the company as Group Managing Director from a single-country banking group to a pan-African bank with subsidiaries in 20 African countries, France, the U.S and the U.K, eventually stepping down in 2010. 

    Elumelu currently chairs the board of the United Bank for Africa.

  • Just In: Senate demands to know why Buhari rejected 19 constitution alteration bills

    Just In: Senate demands to know why Buhari rejected 19 constitution alteration bills

    The Senate on Tuesday said it has constituted a committee to probe why President Muhammadu Buhari did not assent to 19 out of the 35 constitution review bills transmitted to him by the National Assembly.

    The Senate President, Ahmad Lawan, made this assertion in his remarks during resumption of plenary after the Governorship and State Houses of Assembly election.

    President Buhari had last week signed into law 16 constitution amendment bills out of the 35 bills transmitted to him by the ninth National Assembly.

    Lawan commended President Buhari for assenting to 16 constitution amendment bills, particularly the bills to guarantee the independence of state legislatures and the judiciary.

    He, however, said the Upper chamber will engage with the Presidency to understand why the remaining 19 bills were not assented to.

    Details shortly…

  • Nigerians believe in us, they will vote for us again, says Buhari

    Nigerians believe in us, they will vote for us again, says Buhari

    President Muhammadu Buhari says outcomes of the Governorship and State of Assembly elections will favour the All Progressives Congress (APC) across the country as Nigerians know the party “means what it says, and says what it means.’’

    The president stated this while addressing newsmen after casting his vote at polling unit 003 at Sarkin Yara Ward A in Daura, Katsina State, on Saturday.

    Buhari said that he was not surprised at the results of the Presidential elections on February 25, 2023, which saw Sen. Bola Tinubu emerging as President-elect, since the APC campaigns were thorough, and detailed.

    “I am sure we are going to win, again,’’ he reassured.

    The president urged the electorate to follow their conscience in choosing the right leaders, both state executives and legislatures, admonishing that the era of vote buying had been diminished.

    “I am aware that the money is not there like before for people to sway voters, like they used to do.

    ”And if they bring out money now, the people should pocket it and still vote their conscience,’’ Buhari said.

    The president said that the APC followed the constitutional procedure for the entire electoral process, choosing a party Chairman, Sen. Abdullahi Adamu.

    Buhari said Adamu had served as a two-term Governor in Nasarawa State, and legislator in the Senate, with an experience that would secure the electoral value and relevance of the party.

    He said: “Nigerians trust us because we mean what we say and say what we mean. We have maintained that trust.

    ”We told Nigerians that we will work for them, and we have done our best in education and health facilities, and Nigerians appreciate our efforts,’’ he said.

    On deepening of democratic culture and rising awareness among Nigerians, the president said the media had played a major role in empowering people with information on their rights, and providing a platform for voters to challenge leaders on promises and records.

    “The media is doing very well in creating awareness and enabling the right conversation. You can hear the tough questions for leaders during interviews on TV, radio and other platforms, and the journalists always press for answers,’’ he noted.

    President Buhari’s family members and aides also voted at the ward.

  • States to generate, transmit and distribute electricity, as Buhari signs amended constitution

    States to generate, transmit and distribute electricity, as Buhari signs amended constitution

    President Muhammadu Buhari has signed into law the constitutional amendment allowing states in the country to licence, generate, transmit, and distribute electricity.

    This was made known in a tweet by the presidential media spokesperson, Tolu Ogunlesi, on Friday.

    He tweeted, “President #MBuhari has signed 16 constitution amendment bills into law. By this signing, State Houses of Assembly & judiciaries now have constitutionally guaranteed financial independence, while railways have moved from Exclusive Legislative List to the concurrent list.

    States to generate, transmit and distribute electricity, as Buhari signs amended constitutional

    “Another landmark change: By virtue of the presidential assent, Nigerian states can now generate, transmit and distribute electricity in areas covered by the national grid. (This) wasn’t allowed pre-amendment. This is genuine, realistic restructuring- through the constitution.”

    TheNewsGuru.com (TNG) gathered that the electricity sector in Nigeria generates, transmits and distributes megawatts(MW) of electric power that is significantly less than what is needed to meet basic household and industrial needs.

    Nigeria has twenty-three (23) power generating plants connected to the national grid with the capacity to generate 11,165.4 MW of electricity. These plants are managed by generation companies (GenCos), independent power providers, and Niger Delta Holding Company.

    States to generate, transmit and distribute electricity, as Buhari signs amended constitutional

    In 2012, the industry labored to distribute 5,000 MW, very much less than the 40,000 MW needed to sustain the basic needs of the population.

    This deficit is also exacerbated by unannounced load shedding, partial and total system collapse and power failure.

    To meet demand, many households and businesses resort to purchasing generating sets to power their properties, this source of energy provided 6,000 MW in 2008.

    Nigeria has a chronic electricity shortage that has affected the country for many years. In 2022, its power grid collapsed twice during one week.

  • State of the nation: Clark, Adebanjo, Bitrus, Ezeife, Emuchay write Buhari to end tension in Nigeria

    State of the nation: Clark, Adebanjo, Bitrus, Ezeife, Emuchay write Buhari to end tension in Nigeria

    Chief Edwin Clark, Chief Ayo Adebanjo, Dr. Pogu Bitrus, Dr. Chukwuemeka Ezeife and Ambassador Okey Emuchay, have written an open letter to President Muhammadu Buhari on some nagging national issues demanding that he should the tension in Nigeria.

    In the letter, the elder statesmen drew the attention of the President to the problems plaguing the nation.

    They demanded for immediate attention from the President to end fuel scarcity, scarcity of the redesigned naira notes, actions to douse tension following the conduct of the February 25 presidential and national assembly elections.

    They urged the President to peruse the issues raised in the letter and act accordingly to save the nation from disintegration.

    See letter below:

    OPEN LETTER TO MUHAMMADU BUHARI, GCFR
    President and Commander-in-Chief of the Armed Forces, Federal Republic of Nigeria

    Mr. President,

    POST 2023 PRSIDENTIAL ELECTION AND STATE OF THE NATION

    We have elected to write this letter to you, in the spirit of national patriotism, after conscientious review of the State of the Nation, since after the February 25 Presidential Elections. Mr. President should note that there has been an uneasy calm in the land and that the polity is laden with uncertainty orchestrated by the conduct and outcome of the Presidential election.

    It’s hoped that Mr. President will carefully reflect on the issues raised herein and act accordingly, not only in the interest of Nigeria’s unity and stability, but the sustenance of our democratic journey as well.

    Your Excellency, across Nigeria, voters of all ages and groups, consider the conduct and outcome of the February 25 presidential election as fraudulent.

    Likewise, many foreign and local observers concluded that the conduct of the election failed to meet the expectations of Nigerians and that the Independent National Electoral Commission (INEC) failed to follow the Electoral Act 2022, and even its own guidelines in the conduct of the poll.

    This was in spite of the humongous amount of tax payers’ money spent by INEC and the promises of free, fair and credible elections given to Nigerians and the international community, ahead of the elections, by Mr. President and the Independent National Electoral Commission (INEC).

    Indeed, there’s palpable tension in the country and Nigeria would have been sweltering now were it not for the appeals for calm by well-meaning Nigerians, particularly the Presidential candidate of the Labour Party in the election, Mr. Peter Obi, and most of us, who are elders and statesmen across the country.

    Unfortunately, while we are imploring for peace and calm on the part of all who are dissatisfied with the conduct and outcome of the polls, and to hold forth for the judiciary to dispense justice on the matter, it seems Mr. President and the Independent National Electoral Commission, do not appreciate the mood of the country.

    We highlight with concern, the following:

    THE CONTINUED MALFEASANCE OF INEC

    i. The unusual swiftness by INEC to approach the Court of Appeal for an order to professedly “reconfigure” the Bimodal Voter Accreditation System (BVAS) machines used for the conduct of the February 25 Presidential Election, and securing same, even when experts have indicated that BVAS devices need not necessarily be reconfigured before holding the Governorship and House of Assembly Elections.

    ii. The cunning manner in which INEC rescheduled the Governorship and State House of Assembly elections earlier scheduled for today, March 11, few hours after securing the relieve they sought from the Court of Appeal, Abuja.

    iii. The seeming reluctance of INEC to timeously allow lawyers of the presidential candidate of Labour Party access to inspect and obtain essential materials used across Nigeria for the conduct of the February 25 Presidential election, despite an Order of the Court of Appeal to that effect.

    THE CONDUCT AND UTTERANCES OF MR. PRESIDENT DURING AND AFTER THE ELECTION

    Even more worrisome, Mr. President, are your conduct and utterances during and after the presidential election:

    i. On Saturday, February 25, 2023, during the Presidential and National assembly elections, Mr. President was seen in a viral image displaying your ballot paper after thumb printing, to show who you voted, certainly to influence other voters, before casting your vote at your polling unit in Daura, your hometown. That was an absurd and brazen violation of provisions of the Electoral Act 2022 and INEC’s voting procedures by no less a person than the President and Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria. The question is what example was Mr. President providing?

    It must be noted that Section 50 (1) of the Electoral Act of 2022 stipulates that “(1) Voting at an election under this Act shall be by open secret ballot and that “(2) Subject to section 63 of this Act, voting at an election and transmission of results under this Act shall be in accordance with the procedure determined by the Commission.”

    Furthermore, the 2023 general election procedures released by the Independent National Electoral Commission (INEC) state that voting is by secrecy; “You will go to the voting cubicle to mark your choice on the ballot paper in secret… and then drop the marked ballot paper into the ballot box in full view of all present. A voter is not allowed to take photograph of the ballot paper when in the voting cubicle.

    It is worthy to note that the “Presidency” did not issue a disclaimer over the said viral picture, and dismally, Mr. President has not shown compunction for that action in any way. Like the Benue State Governor, Samuel Ortom and former Governor of Abia State, Senator Orji Kalu, who also posed for pictures with their ballot papers after thumb printing before casting the ballots at their respective polling units.

    ii. Mr. President did not only mute himself in the face of allegations of irregularities and compromise against the Independent National Electoral Commission (INEC) during and immediate aftermath of the Presidential Election, but, as usual, embarked on an international journey soon after.

    iii. The recent open declaration by Mr. President through a statement issued by his Senior Special Assistant on Media and Publicity, Garba Shehu, that he will inaugurate President-elect, Bola Tinubu as President of Nigeria on May 29, 2023 and that there will not be a repeat of the June 12, 1993 Presidential poll saga.

    WE ARE IN A DEMOCRACY, NOT A MILITARY JUNTA

    To say the least, the aforecited actions and avowals of Mr. President are detrimental to national tranquility. It may be necessary to remind Mr. President that Nigeria is not under a military junta and that he cannot annul any election:

    i. Therefore, the reference to June 12, do not arise this time, as the President, in a constitutional democracy, do not have powers to annul a Presidential election nor any election conducted in Nigeria, as was the case with the then Military President, General Ibrahim Babangida, in 1993.

    ii. That Mr. President has no RIGHT WHATSOEVER to determine who will be sworn into office on May 29, 2023 as the case is currently with the judiciary and the President has no known powers to determine for the Judiciary who will win the case before her.

    iii. That those utterances of Mr. President are prejudicial and are in contempt to fair hearing. It is offensive to the law of the land and it is obstruction of justice and an intimidation to the Lord Justices who are to hear the case. It could be regarded as an indirect attempt at directing the Court as to what it should do on the case.

    That in a country with weak institutions and where the judiciary has not lived up to expectation in recent years, the assertions of Mr. President amount to “call for self-help”, given that Nigerians displeased with the outcome of the Presidential election have anchored their hope on the judiciary and are expecting that the judiciary would uphold justice and truth in deciding the matter.

    We believe that in time like this, leaders, especially the President of Nigeria, ought to be circumspect on what he says or does in other not to engulf Nigeria into an avoidable Political crisis.

    Suffice to add this continued militarized disposition of Mr. President is a threat to the nation’s democracy and explicates the administrations recurrent disobedience of court orders, lack of openness to dialogue and the reluctance to heed patriotic advice, resulting in the many challenges confronting the nation and its citizens.

    THE NAIRA REDESIGN POLICY DEBACLE

    Mr. President, in view of recent occurrences, this communication would be incomplete without reference to the Naira redesign policy, which was approved by you.

    On October 26, 2022, the Governor of Central Bank of Nigeria, Mr. Godwin Emefiele, made public the intention of the bank to redesign the nation’s currency and stated that the old N200, N500 and N1000 currency notes would seize to be legal tender by February 10, 2023. Though the policy was welcomed by many Nigerians, there were grave concerns that the 3-month time frame for the transition was abrupt and could elicit serious consequences.

    Mr. President ignored appeals by patriotic Nigerians; including the All Progressives Congress Governors’ Forum, to prevail on the Central Bank of Nigeria (CBN) to allow the old notes to circulate concurrently with the new ones for at least six months rather than sticking to February 10, 2023 deadline that was fixed by the apex bank, to ease the hardship Nigerians were facing

    On February 8, 2023, a seven member panel of the Supreme Court led by Justice John Okoro gave an interim order that the old and new naira notes should continue to circulate until the determination of the suit brought before it by some State Governors. Oddly, eight days after, on February 16, 2023, Mr. President, in a nationwide broadcast directed that only the N200 note should remain legal tender, as it were, overriding the interim order of the Supreme Court.

    In consequence, Nigerians continued to suffer unprecedented economic hardship; buying naira notes at outrageous rates and even forced back to the era of “trade by barter”. Lives had been lost; businesses were being negatively impacted and property, especially, belonging to commercial banks worth billions of naira was reportedly destroyed during protests over scarcity of the new naira notes. Sadly, the “Presidency” did not perceive the unmentionable stench of suffering and agony citizens were facing, due to the ill-timed and poorly implemented redesign policy of the CBN.

    Fortunately, the Nation’s Supreme Court provided a soothing relief on Friday, March 3, 2023, and once again saved the country from possible wanton social crisis, by its ruling on the matter.
    In their judgment, the seven-member panel unanimously decided that Mr. President breached the constitution in the manner directives were issued on the redesigning of the naira notes. It held that the unconstitutional use of powers by Mr. President on the naira re-designing also breached the fundamental rights of the citizens in several ways.

    Now, the worst part of it all was that even after the definitive ruling on the matter by the Supreme Court on 3rd March 2023, Mr. President, it took your administration and the Central Bank of Nigeria ten days, until Wednesday,13th March 2023, to issue a statement and an official circular respectively, on the matter.

    At this point, it is expedient to demand that Mr. President should end all prevarications on the naira redesign policy as well as the associated cashless policy, and expressly direct the Central Bank of Nigeria to fully comply with the judgment of the Supreme Court. The Central Bank of Nigeria (CBN) should also immediately put out sufficient banknotes into circulation, to end the unwanted suffering in the country, arising from the implementation of these twin policies.

    THE GOVERNORSHIP AND STATE ASSEMBLY ELECTIONS

    Mr. President, the Independent National Electoral Commission (INEC) must be told, in unequivocal terms, to ensure that the inconsistencies and irregularities observed during the Presidential and National Assembly elections on February 25 will not reoccur in the Governorship and State Assembly elections, holding on Saturday, March 18, 2023. Elections belong to the people; it’s their decision and the people’s decision must be respected.

    Though the introduction of the Bimodal Voter Accreditation System may have mitigated the concern of ghost or multiple votes and the February 25 election resulted in a national assembly somewhat reflective of the extant political viewpoint of the country, the failure of the Independent National Electoral Commission (INEC) to strictly follow the Electoral Act 2022 marred the credibility of the election.

    The sanctity of the ballot must be upheld by the electoral umpire and results of the elections must truly reflective the will of the citizenry. We are not sure that pretexts of “technical glitches” with regard to uploading of results from the BVAS to the iREV immediately after collation at the polling units shall be tolerable in the Governorship and State Assembly elections. The elections must be free, fair and credible!

    In conclusion, Mr. President, while we acknowledge the resilience of all Nigerians, particularly the youths, for keeping faith despite the provocative actions of the Independent National Electoral Commission (INEC) amidst the subsisting difficult socio-economic situations; it is imperative to underline that those who seek to serve the people in a constitutional democracy must imbibe the tenets of democracy – the values of freedom, respect for the rule of law and human rights, inclusivity, fairness, equity, justice, etcetera, in the interest of the peace, unity and progress of our dear country, Nigeria.

    Let us allow the Judiciary to do its job, without interferences, and relieve Nigeria from any political crisis.

    An ancient saying instructs, “If you can hear the hissing of a snake, don’t complain when you are bitten.”

    Long Live the Federal Capital of Nigeria!!!

    Signed:

    Chief Dr. Edwin Kiagbodo Clark, OFR, CON – Leader

    Chief Ayo Adebanjo – Leader, Afenifere

    Dr. Pogu Bitrus – President, Middle Belt Forum

    His Excellency, Dr. Chukwuemeka Ezeife – former Governor of Anambra State

    Ambassador Okey Emuchay, MFR – Secretary General, Ohanaeze Ndigbo Worldwide