TheNewsGuru

Tag: Council of State

  • NAIRA SWAP CRISIS: President Buhari to address Nigerians

    NAIRA SWAP CRISIS: President Buhari to address Nigerians

    President Muhammadu Buhari will make a national broadcast on Thursday, February 16, 2023 at 7am.

    This was disclosed by a statement issued by the Special Adviser to the President (Media & Publicity), Femi Adesina, late Wednesday night.

    He said Television, radio stations and other electronic media outlets are enjoined to hook up to the network services of the Nigerian Television Authority (NTA) and Radio Nigeria for the broadcast.

    NAIRA SWAP CRISIS: President Buhari to address Nigerians

    TheNewsGuru.com (TNG) gathered that President Buhari’s address to the nation might not be unconnected to the chaos occasioned by the Naira swap policy of the Central Bank of Nigeria (CBN).

    TheNewsGuru.com (TNG) recalls that CBN had accepted culpability for the chaos arising from the redesign of the N200, N500 and N1000 banknotes and the resultant suffering Nigerians are faced with.

    Mr Folashodun Shonubi, CBN’s Deputy Governor in charge of Operations said the apex bank did not anticipate the resultant effects of the Naira redesign and cash withdrawal limits policies.

    Speaking at the 22nd fellowship conferment lecture and ceremony organised by the Nigerian Society of Engineers (NSE) in Abuja, Mr Shonubi acknowledged that there was an oversight.

    The lecture held on Thursday, February 9, 2023, was titled, ‘The intricacies of the naira redesign and its benefit to Nigerians’.

    “As you know, Nigerians are very ingenious. And we created a whole new line of business for people that we never envisaged.

    “An aspect of that is queuing, where you sell your position on the queue for money. Night crawling, where you wait till night, collect numerous cards from your friends and family and go to an ATM and empty them using different cards and then take the cash to sell.

    “So it’s been a bit stressful to be honest because we did not anticipate this kind of behaviour,” he said.

    However, Shonubi argued that numerous benefits have been achieved, including the retrieval of N2 trillion to the banking system since implementation commenced.

    He vowed that the CBN will do everything within its authority to ensure that it salvages the current situation and make the challenges become a thing of the past as soon as possible.

    Council of State gives CBN two options to address Naira scarcity
    Meanwhile, the Council of State had presented two options to the CBN with which to address the current shortage of Naira notes in the country.

    TheNewsGuru.com (TNG) reports the National Council of State asked the CBN to print more new notes or recirculate the old Naira notes to ease the current hardship being faced by Nigerians.

    However, the Council of State expressed support for the Naira redesign policy of the apex bank but stressed that the hardship on Nigerians was too much.

    Attorney General of the Federation and Minister of Justice, Abubakar Malami briefed State House reporters on the key issues after the Council of State meeting at the Presidential Villa, Abuja on Friday.

    According to Malami, the Council of State advised the CBN to urgently ensure the availability of Naira notes to douse tension and ameliorate the suffering of citizens across the country.

    “The two major resolutions that were driven by the deliberations of the Council are: one, that we are on course as far as the election is concerned and we are happy with the level of preparation by INEC and the institutions.

    “And then two, relating to the Naira redesign policy, the policy stands but the Council agreed that there is need for aggressive action on the part of the Central Bank of Nigeria (CBN) as it relates to implementation of the policy by way of ensuring adequate provision being made with particular regards to the supply of the Naira in the system,” Malami said.

    While corroborating the comments made by the Attorney General, Gov. Darius Ishaku of Taraba State said the INEC and the Inspector General of Police both gave details of their level of preparedness for the 2023 election.

    He said the governor of the CBN gave details of the Naira redesign policy as well as the merits and demerits of the policy.

    “The Governor of the Central Bank briefed us on the monetary change and issues that have arisen relating to that across the whole States of the Federation.

    ”He gave us the merits of that policy that is being implemented.

    ”What took more time was the monetary issue because of the scarcity of money in circulation but generally the view is that principally the policy was accepted.

    “But the major issue is that of implementation. So many views were proffered particularly that the CBN governor should look into making sure that the new money is available in quantum.

    ”And there were suggestions too that if the new money is not enough or printing them could be difficult, the old currency could be recirculated or pumped into circulation to ease the tension, particularly for the poor people in the society who will need a little money to buy their food or drugs on a daily basis,” he said.

    Ishaku said all deliberations at the Council were advisory, but the president would take the final decision.

    Gov. Babajide Sanwo-Olu, who also briefed newsmen, assured that the president would take the right decision at the end of the day for the benefit of all Nigerians.

    “All we said or discussed were advisory and the president will retire back to his office and I think with all of this advice, the executive knows what to do as we move on.

    ”I’m sure the president will make his thoughts and views known to the nation,” he added.

    TNG reports present at the Council of State meeting are former presidents Goodluck Jonathan, Yakubu Gowon and Abdulsalami Abubakar, Olusegun Obasanjo, who joined the meeting virtually.

    Chairman of the Independent National Electoral Commission (INEC), Prof Mahmood Yakubu, the CBN Governor, Godwin Emefiele, and the Inspector General of Police, Usman Baba were also present to brief the council.

    The Council of State is an organ of the Federal Government of Nigeria that advises the executive on key policy making.

    This would be the first Council of State meeting held in 2023, coming 14 days to the presidential elections and amid the twin crisis facing the economy: fuel scarcity and a cash crunch occasioned by the CBN’s Naira redesign policy.

     

  • Council of State gives CBN two options to address Naira scarcity

    Council of State gives CBN two options to address Naira scarcity

    The Council of State has presented two options to the Central Bank of Nigeria (CBN) with which to address the current shortage of Naira notes in the country.

    TheNewsGuru.com (TNG) reports the National Council of State asked the CBN to print more new notes or recirculate the old Naira notes to ease the current hardship being faced by Nigerians.

    However, the Council of State expressed support for the Naira redesign policy of the apex bank but stressed that the hardship on Nigerians was too much.

    Attorney General of the Federation and Minister of Justice, Abubakar Malami briefed State House reporters on the key issues after the Council of State meeting at the Presidential Villa, Abuja on Friday.

    According to Malami, the Council of State advised the CBN to urgently ensure the availability of Naira notes to douse tension and ameliorate the suffering of citizens across the country.

    “The two major resolutions that were driven by the deliberations of the Council are: one, that we are on course as far as the election is concerned and we are happy with the level of preparation by INEC and the institutions.

    “And then two, relating to the Naira redesign policy, the policy stands but the Council agreed that there is need for aggressive action on the part of the Central Bank of Nigeria (CBN) as it relates to implementation of the policy by way of ensuring adequate provision being made with particular regards to the supply of the Naira in the system,” Malami said.

    While corroborating the comments made by the Attorney General, Gov. Darius Ishaku of Taraba State said the INEC and the Inspector General of Police both gave details of their level of preparedness for the 2023 election.

    He said the governor of the CBN gave details of the Naira redesign policy as well as the merits and demerits of the policy.

    “The Governor of the Central Bank briefed us on the monetary change and issues that have arisen relating to that across the whole States of the Federation.

    ”He gave us the merits of that policy that is being implemented.

    ”What took more time was the monetary issue because of the scarcity of money in circulation but generally the view is that principally the policy was accepted.

    “But the major issue is that of implementation. So many views were proffered particularly that the CBN governor should look into making sure that the new money is available in quantum.

    ”And there were suggestions too that if the new money is not enough or printing them could be difficult, the old currency could be recirculated or pumped into circulation to ease the tension particularly for the poor people in the society who will need a little money to buy their food or drugs on daily basis,” he said.

    Ishaku said all deliberations at the Council were advisory, but the president would take the final decision.

    Gov. Babajide Sanwo-Olu, who also briefed newsmen, assured that the president would take the right decision at the end of the day for the benefit of all Nigerians.

    “All we said or discussed were advisory and the president will retire back to his office and I think with all of this advice, the executive knows what to do as we move on.

    ”I’m sure the president will make his thoughts and views known to the nation,” he added.

    TNG reports present at the Council of State meeting are former presidents Goodluck Jonathan, Yakubu Gowon and Abdulsalami Abubakar, Olusegun Obasanjo, who joined the meeting virtually.

    Chairman of the Independent National Electoral Commission (INEC), Prof Mahmood Yakubu, the CBN Governor, Godwin Emefiele, and the Inspector General of Police, Usman Baba were also present to brief the council.

    The Council of State is an organ of the Federal Government of Nigeria which advises the executive on key policy making.

    This would be the first Council of State meeting held in 2023, coming 14 days to the presidential elections and amid the twin crisis facing the economy: fuel scarcity and a cash crunch occasioned by the CBN’s Naira redesign policy.

  • CBN accepts culpability for chaos arising from Naira redesign

    CBN accepts culpability for chaos arising from Naira redesign

    The Central Bank of Nigeria (CBN) has accepted culpability for the chaos arising from the redesign of the N200, N500 and N1000 banknotes and the resultant suffering Nigerians are faced with.

    Mr Folashodun Shonubi, CBN’s Deputy Governor in charge of Operations said the apex bank did not anticipate the resultant effects of the Naira redesign and cash withdrawal limits policies.

    Speaking at the 22nd fellowship conferment lecture and ceremony organised by the Nigerian Society of Engineers (NSE) in Abuja, Mr Shonubi acknowledged that there was an oversight.

    The lecture held on Thursday, February 9, 2023, was titled, ‘The intricacies of the naira redesign and its benefit to Nigerians’.

    “As you know, Nigerians are very ingenious. And we created a whole new line of business for people that we never envisaged.

    “An aspect of that is queuing, where you sell your position on the queue for money. Night crawling, where you wait till night, collect numerous cards from your friends and family and go to an ATM and empty them using different cards and then take the cash to sell.

    “So it’s been a bit stressful to be honest because we did not anticipate this kind of behaviour,” he said.

    However, Shonubi argued that numerous benefits have been achieved, including the retrieval of N2 trillion to the banking system since implementation commenced.

    He vowed that the CBN will do everything within its authority to ensure that it salvages the current situation and make the challenges become a thing of the past as soon as possible.

    Council of State gives CBN two options to address Naira scarcity

    Meanwhile, the Council of State has presented two options to the CBN with which to address the current shortage of Naira notes in the country.

    TheNewsGuru.com (TNG) reports the National Council of State asked the CBN to print more new notes or recirculate the old Naira notes to ease the current hardship being faced by Nigerians.

    However, the Council of State expressed support for the Naira redesign policy of the apex bank but stressed that the hardship on Nigerians was too much.

    Attorney General of the Federation and Minister of Justice, Abubakar Malami briefed State House reporters on the key issues after the Council of State meeting at the Presidential Villa, Abuja on Friday.

    According to Malami, the Council of State advised the CBN to urgently ensure the availability of Naira notes to douse tension and ameliorate the suffering of citizens across the country.

    “The two major resolutions that were driven by the deliberations of the Council are: one, that we are on course as far as the election is concerned and we are happy with the level of preparation by INEC and the institutions.

    “And then two, relating to the Naira redesign policy, the policy stands but the Council agreed that there is need for aggressive action on the part of the Central Bank of Nigeria (CBN) as it relates to implementation of the policy by way of ensuring adequate provision being made with particular regards to the supply of the Naira in the system,” Malami said.

    While corroborating the comments made by the Attorney General, Gov. Darius Ishaku of Taraba State said the INEC and the Inspector General of Police both gave details of their level of preparedness for the 2023 election.

    He said the governor of the CBN gave details of the Naira redesign policy as well as the merits and demerits of the policy.

    “The Governor of the Central Bank briefed us on the monetary change and issues that have arisen relating to that across the whole States of the Federation.

    ”He gave us the merits of that policy that is being implemented.

    ”What took more time was the monetary issue because of the scarcity of money in circulation but generally the view is that principally the policy was accepted.

    “But the major issue is that of implementation. So many views were proffered particularly that the CBN governor should look into making sure that the new money is available in quantum.

    ”And there were suggestions too that if the new money is not enough or printing them could be difficult, the old currency could be recirculated or pumped into circulation to ease the tension particularly for the poor people in the society who will need a little money to buy their food or drugs on daily basis,” he said.

    Ishaku said all deliberations at the Council were advisory, but the president would take the final decision.

    Gov. Babajide Sanwo-Olu, who also briefed newsmen, assured that the president would take the right decision at the end of the day for the benefit of all Nigerians.

    “All we said or discussed were advisory and the president will retire back to his office and I think with all of this advice, the executive knows what to do as we move on.

    ”I’m sure the president will make his thoughts and views known to the nation,” he added.

    TNG reports present at the Council of State meeting are former presidents Goodluck Jonathan, Yakubu Gowon and Abdulsalami Abubakar, Olusegun Obasanjo, who joined the meeting virtually.

    Chairman of the Independent National Electoral Commission (INEC), Prof Mahmood Yakubu, the CBN Governor, Godwin Emefiele, and the Inspector General of Police, Usman Baba were also present to brief the council.

    The Council of State is an organ of the Federal Government of Nigeria which advises the executive on key policy making.

    This would be the first Council of State meeting held in 2023, coming 14 days to the presidential elections and amid the twin crisis facing the economy: fuel scarcity and a cash crunch occasioned by the CBN’s Naira redesign policy.

  • Council Of State faults CBN’s implementation of redesigned naira notes

    Council Of State faults CBN’s implementation of redesigned naira notes

    The Council of State has approved the naira redesign policy of the Central Bank of Nigeria (CBN) but faulted its implementation, stressing the need for more redesigned naira notes to be printed.

    They urged President Muhammadu Buhari to direct the CBN to allow the new and old banknotes to circulate concurrently to ease the tension caused by the scarcity of cash.

    Briefing State House Correspondents after the Council meeting chaired by the President, the Attorney General of the Federal, Abubakar Malami, who was flanked by Governor Darius Ishaku of Taraba State and Governor Babajide Sanwo-Olu of Lagos State, said that the Council illuminated the need for aggressive action by the CBN to ensure adequate supply of the naira in the system for proper implementation of the policy.

    Echoing submissions by the Council, Governor Ishaku stated that it proffered a number of suggestions to the President, particularly on the currency swap challenge which dominated discussions, following a debriefing from the CBN Governor Godwin Emefiele, and expressed the hope Buhari will make a decision soon.

    On the 2023 elections, Malami also expressed the Council’s satisfaction with the level of preparation by the Independent National Electoral Commission (INEC) and other institutions.

    Those who attended the Council meeting chaired by the President include the former presidents Goodluck Jonathan; Yakubu Gowon, and Abdulsalami Abubakar as well as ex-President Olusegun Obasanjo who attended virtually.

    Also present at the Chamber were the Vice President, Professor Yemi Osinbajo; the President of the Senate, Ahmad Lawan; Speaker of the House of Representatives, Femi Gbajabiamila.

    Governors in attendance were Nasir El-Rufai (Kaduna), Darius Ishaku (Taraba), Babajide Sanwo-Olu (Lagos), and Babagana Zulum (Borno). Other governors that virtually attended were Ademola Adeleke (Osun), Abubakar Badaru (Jigawa), Yahaya Bello (Kogi), Atiku Bagudu (Kebbi), Dapo Abiodun (Ogun), Aminu Tambuwal (Sokoto), Simon Lalong (Plateau) and the Deputy Governors Nasarawa and Bauchi states.

    The Minister of the FCT, Mohammed Bello; Secretary to the Government of the Federation, Boss Mustapha; Attorney General of the Federation and Minister of Justice, Abubakar Malami and the Governor of the Central Bank of Nigeria, Godwin Emefiele also attended the meeting.

    The INEC Chairman, Mahmood Yakubu was also physically in attendance and briefed the Council on preparations ahead of polls.

    All Service Chiefs and Heads of security agencies were also physically present.

  • President Buhari precides over Council of State meeting

    President Buhari precides over Council of State meeting

    President Muhammadu Buhari is presiding over the Council of State meeting at the Presidential Villa, Abuja.

     

    The ongoing Council of State meeting is the fourth session under the Buhari administration with the last one in August 2020.

     

    The meeting, which started by 10am, has Vice President Yemi Osinbajo; Secretary to the Government of the Federation Boss Mustapha; National Security Adviser Babagana Monguno and Chief of Staff to the President Prof. Ibarahim Gambari.

     

    Former Heads of State physically in attendance are Abdusalami Abubakar; Yakubu Gowon and former President Goodluck Jonathan.

     

    Others are attending the meeting virtually from their various locations.

     

    Governors in attendance include Kayode Fayemi (Ekiti); Hope Uzodinma (Imo) ; Atiku Bagudu (Kebbi); Bello Matawalle (Zamfara); Nasir El-rufa’i (Kaduna); Abdullahi Ganduje (Kano) and Abubakar Badaru (Jigawa).

     

    Before the commencement of proceedings, the Council observed a minute silence in honor of former Head of Interim Government Ernest Shonekan, who died on January 11, 2022.

     

    The meeting is the fourth in the current administration.

     

    The first held on October 21, 2015; the second on September 7, 2016 and the third one held virtually in August 2020.

     

    The Council of State is an organ of the Federal Government saddled with the responsibility of advising the executives on policy making.

     

    Matters of insecurity and economy are however expected to form part of today’s discussions.

     

     

  • Reps back Council of State, approves N30,000 Minimum Wage for Federal Workers

    Reps back Council of State, approves N30,000 Minimum Wage for Federal Workers

    The House of Representative has on Thursday debated and approved the new minimum wage of N30,000 as provided for in the New Minimum Wage Bill 2019 sent to the National Assembly by President Muhammadu Buhari.

    This followed the heated debate on the proposed legislation by President Buhari which was sent to the lawmakers and was moved by the House Leader Hon. Femi Gbajabiamila during plenary.

    It would be recalled that the National Council of State on Tuesday approved N27,000 for State government workers and N30,000 for federal government workers in the New National Minimum Wage Bill.

    But the lawmakers during the debate had lamented that the revised New Minimum Wage Bill is not good enough to address the challenges being faced by Nigerian workers at this inauspicious time.

    Most of the lawmakers who spoke during the debate on the bill had called for a two year review of the new minimum wage to cater for the needs of the average Nigerian workers.

    Some of the lawmakers who spoke at session notably Hon M. T Monguno Borno, APC), Hon. Sunday Karimi (Kogi, PDP), Hon.Sadiq Ibrahim (Adamawa, APC) and Hon. Toby Okechukwu (Enugu,PDP) had noted that the new wage bill is grossly inadequate to cater for the needs of the citizenry.

    Whereas Monguno noted that the new wage bill is not enough to address inflation in the country, Okechukwu particularly noted that it was auspicious for government to be addressing new minimum wage after almost 38 years.

    Consequently the House presided by the Speaker Hon Yakubu Dogara passed the bill into second reading.

    He thereafter referred it to the House Committee on Labour, Employment and Productivity for further inputs.

     

  • Council of State approves N27,000 minimum wage for states

    Council of State approves N27,000 minimum wage for states

    …Approves N30,000 for federal workers

    This amount is for the least paid workers in the states and the private sector.

    However, Federal Government workers will take home N30,000 as their minimum wage.

    The Council arrived at this decision at its meeting in Abuja on Tuesday.

    The Minister of Labour, Dr Chris Ngige, has just confirmed the development to State House Correspondents in Abuja.

    With the outcome of the meeting, Ngige stated that a bill would be sent to the National Assembly latest on Wednesday (tomorrow).

    Details soon…

     

  • Just in: IBB, Jonathan absent at Buhari’s Council of State meeting

    President Muhammadu Buhari is, at present, presiding over a meeting of the Council of State.

    Former leaders absent are Ibrahim Badamasi Babamgida, Goodluck Jonathan, Shehu Shagari and Earnest Shomekan are absent.

    Although, all living past Presidents and Heads of Government are members of the Council, former President Goodluck Jonathan, former President Shehu Shagari and former military dictator, Ibrahim Babangida are absent.

    Former President Olusegun Obasanjo, Gen. Yakubu Gowon (retd.) and Gen. Abdulsalami Abubakar (retd.), are however attending the meeting which is the third of such under Buhari.

    The meeting, which began at 11:05am, is also being attended by Vice President Yemi Osinbajo and Senate President Bukola Saraki.

    Gowon and a former Chief Justice of Nigeria, Justice Mohammed Uwais, said the opening prayer.

    Before the meeting started, President Buhari had gone round the Council Chambers to shake hands with his visitors.

    The governors in attendance are those of Sokoto, Delta, Adamawa, Imo, Benue, Lagos, Nasarawa, Abia, Bauchi, Jigawa, Kebbi, Plateau, Kano, Rivers, Akwa Ibom, Edo, Ekiti, Zamfara, Ogun, Niger and Ebonyi States.

    Former Chief Justices of Nigeria, Idris Kutigi and Aloma Muktar are also in attendance.

    A one-minute silence was observed in honour of the late former Chief Justice of Nigeria, Justice Dahiru Mustapha

  • IPOB: Jonathan reacts, tells Buhari to ‘summon Council of State meeting’

    IPOB: Jonathan reacts, tells Buhari to ‘summon Council of State meeting’

    Former President Goodluck Jonathan on Friday advised President Muhammadu Buhari to summon Council of State meeting over the recurring crisis in the South East.

    Jonathan, while condemning alleged killings of Biafra agitators by Nigerian soldiers, equally said “the desecration and destruction of religious places of worship or a police station” in protest cannot be justified.

    The former president said in trying to enforce orderliness, the military must be conscious of treating citizens humanly irrespective of their ethnic backgrounds.

    He, therefore, called for peaceful coexistence among Nigerians.

    Jonathan wrote on his Facebook Page: “The reports I have received about recent developments in the country lead me to appeal to all men of good will to use whatever influence they have to push for peaceful coexistence and restraint on all sides.

    <iframe src=”https://web.facebook.com/plugins/post.php?href=https%3A%2F%2Fweb.facebook.com%2Fjonathangoodluck%2Fposts%2F1626128597437508&width=500″ width=”500″ height=”256″ style=”border:none;overflow:hidden” scrolling=”no” frameborder=”0″ allowTransparency=”true”></iframe>

    “Perhaps it is time for the Council of State to intervene and offer its wise counsel.

    “Irrespective of whatever provocation, Nigerians must never turn on each other.

    “Even in the face of difficult circumstances, we must have faith that God in His infinite wisdom will guide us to finding a way out that is fair and just to all concerned. In as much as there may be a need to enforce order, there is a greater need to reinforce our humanity and treat Nigerian citizens humanely whether they be from the North or South.

    “Nothing justifies the desecration and destruction of religious places of worship or a police station. But even more so, nothing justifies the endangering of human life.

    “Let us exchange ideas instead of exchanging insults and threats. Nigeria is going through tough times because God wants us to grow through tough times. We must be resolute as a people even as we know that it is impossible to deny the brotherhood of all Nigerians after over a century of a shared commonwealth,” he wrote.