The Nation Newspaper

Category: Lead

  • Naira crisis: where do presidential candidates stand?

    Naira crisis: where do presidential candidates stand?

    Nigeria, African most populous country, is in disarray. A pall of gloom has descended on 36 coordinate units of a troubled federation. The hand of the Central Bank of Nigeria (CBN) is heavy on over 200 million citizens who are being pushed to the wall by a policy, whose intended and unintended consequences were not properly considered.

    Nigerians are united in sorrow, dejection and despair. The Naira crisis affects all and sundry. Nobody is particularly insulated from the sharp arrow of inexplicable Naira confiscation and ultimate deprivation. Old and young, poor and rich, students and traders are confused. Businesses have been crippled, and in some sectors, beyond imagination.

    President Muhammadu Buhari asked for seven days to reflect on the policy and the hardship it has brought on the people. At the expiration of the self-imposed ultimatum, he has kept mute.

    The Council of State has waded into the crisis. To avert prolonged tragedy, the advisory body of present and past leaders counselled that Federal Government/CBN should pull the brake and allow the old and new notes to co-exist as legal tenders.

    The Supreme Court gave a ruling. There is no evidence to show that the ruling is being obeyed.

    The International Monetary Fund (IMF) has called for caution. The advice of the global body has been ignored.

    The policy has floundered. It may be that government, in a fit of ego, is not prepared to accept the reality. It is certain from the poor conception to shoddy implementation of the policy that the administration and those saddled with the implementation have reached the wits end on the all-important issue.

    Public anger is pilling up on the trapped cash. If CBN Governor Godwin Emefiele has arrogantly ignored public outcry, what is the legitimately elected president doing to restore order into a near state of pandemonium and uphold public interest?

    What is the way out? In less than two weeks, a new president is expected to be elected. What is the position of the presidential candidates on the cash crush, redesign and controversial swap?

    What is the position of the major political parties? Where are other Nigerian elderstatesmen? Is this not the right time to speak up so that ordinary Nigerians can have a respite?

    Also, where are the presidential economic advisers? What advise are they giving to the government in these troubled times?

    Financial experts have pondered on the economic oppression. Nigeria has reached a brick wall, said Presidential Economic Advisory Council member Bismarck Rewane, who pointed out that the Nigerian economy has N2.48 trillion shortfall as only N400 million was printed. He said the fuel scarcity, high prices and lack of cash have worsened the cost of living crisis ahead of the presidential election.

    Lamenting that private consumption, which contributes to 70 per cent of the Gross Domestic Product (GDP) is squeezed and investment inflows could be further hampered by the crisis of confidence, Rewane said:”The macroeconomic impact of the downtime due to ATM queues, petrol queues and the cash crunch could result in contradiction of three to five percent of GDP in the first quarter of 2023.”

    A new leadership will take over in three months, on- May 29 specifically. Will things be done differently? Where do those aspiring to take over from the current leadership  stand on  the matter? What is their understanding of currency swap as an economic tool? In enlightened climes, the issue of the moment will be a major factor in the election.

    Atiku:

    Atiku Abubakar, presidential candidate of the Peoples Democratic Party (PDP), has not taken a position beyond criticising, at first, the position of the All Progressives Congress (APC) candidate, Asiwaju Bola Ahmed Tinubu, who has spoken on behalf of the masses.

    What solution has Atiku proferred? None. He asked the Federal Government and CBN to stick to the Feb 10 deadline. It is curious. What is the basis for the romances? Atiku, according to observers, ignored the hardships Nigerians are going through.

    Obi:

    Former Anambra State Governor Peter Obi, presidential candidate of the Labour Party (LP)’s rabble rousing is understandable. He has been likened to a political amoeba, floating without a structure and acting more or less like an independent candidate. LP, in this dispensation, has largely existed like a borrowed platform, often used and dumped at will by desperate politicians, particularly serial defectors hungry for an emergency refuge.

    Obi’s economic knowledge appears suspect, judging by his penchant for brandishing unsubstantiated data and faulty economic analysis, instead of restricting himself to some aspects of elementary import trading he has also flaunted.

    It is a deservice to Nigeria that economic scholars and activists of yore around him have also hoarded knowledge, pretending not to know the implications of the Naira crunch that has turned socio-economic activities ‘upside down.’

     What solution has Obi proferred? None. He only asked Nigerians to bear with the government and the apex bank.

    Kwankwaso:

    The New Nigerian Peoples Party (NNPP), Senator Rabiu Kwankwaso, former governor of Kano State, is a household name in the country. He is an experience politician, who is contesting on a weak platform. NNPP has a good candidate. But, the party is not nationally popular.

    Kwankwaso has not proferred any solution to the Naira crisis. But, he has criticised the policy, saying that Nigerians do not deserve what they are going through.

    Tinubu:

    Only the APC candidate has made a difference. It is because he is masses oriented. “We feel the pains of our market women and artisans who have experienced low sales because customers do not have cash to make purchases,” he said in a statement titled: ‘Let’s make the best of this statement.’

    “We hear the loud cries of farmers in rural areas and hinterlands who have been forced to sell their produce at much lower prices so they don’t lose out completely. We hear every Nigerian dealing with the consequences of the roll-out of the cash swap programme,” he added.

    Tinubu clarified that he and his running mate, Senator Kashim Shettima, and the APC Campaign Council were not opposed to the CBN’s currency redesign and cashless policy.

    He maintained that he was only concerned about its disruptive implementation and hardship it has brought on Nigerians.

    Tinubu’s six-point suggestions have made the Tinubu/Shettima ticket the solution centre.

    To bring immediate relief to Nigerians, the APC candidate urged the CBN to consider the following:

    “The CBN, following the advice of the Council of State,  should announce that the old and new Naira notes (especially the non-withdrawn notes and coins) will co-exist as legal tender for the next 12 months to follow examples of countries that have successfully implemented similar monetary policy. This will immediately remove growing tension in the country, eliminate panic reactions by the populace and allow time to scale up infrastructural gaps around alternative payment options to cash.

    “We advise the immediate suspension of associated charges on online transactions and bank transfers and payments via POS until the current crisis is fully resolved. This cost should be considered a roll-out expense by the CBN to incentivise the envisaged shift to alternative transaction channels; for both the financial services consuming public and those in charge of implementing the scale-up programme.

    “Mobilise all Money Deposit Banks, Payment platforms to show clear commitment and timelines on expanding their infrastructure and support services.

    “Bring in Fintech companies with capabilities into currency swap programme for the next 90 days to help decongest banking halls and ATM points where people line up for hours.

    “The Central Bank and other relevant MDA’s should form an Inter-Agency Action Committee for immediate oversight over the cash supply gaps from the Nigerian Security and Minting Company and deal with issues around capabilities and turn around time to meet the needs of the informal sector and unbanked people.

    “The CBN, National Orientation Agency and Ministry of Information, State and Local Governments with their relevant organs in both the public and private sectors should commence a major public enlightenment and sensitisation campaign to further educate and empower our people on the new naira and cashless policy for better understanding and mainstream adoption.”

    Tinubu added: “As leaders, our commitment to our country everyday must be on how to make life better for our people and we are called upon not to waste the opportunity the moment presents to us to ramp up capacity and capability to serve 200 million Nigerians, leaving no one behind and ultimately improve the living conditions of every single Nigerian.

    “Our task now is to restore hope in the country by implementing these steps to energise our people that we can do big things for a better future and shared prosperity. We can build upon this citizen-focused policy challenge to offer a template on how governance should work for the people.”

    Blueprints:

    There are more questions: Who among the candidates is thinking? Who among them should be entrusted with management of the economy? The one who has shown a clear grasp of economic issues or those who have not demonstrated adequate understanding?

    Who among the candidates has come up with a blue print for economic revitalisation and development? The comparative analysis of the manifestos of the major contenders shows that Tinubu has conducted an indepth study, diagnosed the problems, and proposed an effective solution.   For example, on the fuel scarcity, which is another cause of the current hardships, the APC candidate has proposed fuel subsidy removal and proper overhauling of the existing refineries for optimal performance, so that fuel supply for domestic consumption will become seamless.

    Atiku:

    Atiku said his agenda would be guided by three basic principles, which are greater private sector participation, discontinuation of government monopoly in infrastructure, including refineries, rail transportation and power transmission,  and greater market leverage in price determination and elimination of persistent price distortion due to interventionist exchange rate management policy.

    But, the summary is thst all government-owned refineries would be sold and new licences issued for greenfield investment in crude oil refining.

    Obi:

    Obi said: “As your president, I, Peter Gregory Onwubuasi Obi, my Vice President, Yusuf Datti Baba Ahmed, and our team pledge to:

     “Secure and unite our dear nation, to manage our diversity such that no one is left behind in Nigeria; move Nigeria from consumption to production; embark on comprehensive legal and institutional reforms and practicable restructuring measures, to fight corruption, enthrone rule of law, and an all-inclusive and effective government; and prioritise Human Capital Development through robust investments in STEM education, health, and infrastructural development, with emphasis on wealth creation, distribution and sustainable development.”

    He also promised to: “engineer the transition of Nigeria from fossil fuel dependency to climate and eco-friendly energy use; pursue holistic poverty eradication with emphasis on agricultural revolution through effective utilisation of our vast arable lands, particularly in Northern Nigeria, and erase Nigeria’s categorisation as the poverty capital of the world.”

    How will he do the above? The LP candidate is silent on how to achieve the target he has set for himself.

    What is left to voters is to examine how he ran Anambra as two-term governor before they will make up their minds.

    Kwankwaso:

    The NNPP candidate said his administration will run an emergency rescue plan to salvage the economy, protect the citizens’ savings, restore fiscal discipline, and improve crude oil and gas production.

     Kwankwaso said he would also improve non-oil revenue, target inflation, save the naira from the current “uncontrolled devaluation”, and limit capital flight from the country.

     “We shall expand the tax base and the tax net by ensuring that businesses that are actively avoiding and/or evading tax are brought into the tax system. We shall create the enabling environment where trade, investments and businesses will blossom and manufacturing (re-industrialization) will be the pivot upon which the Nigerian economy will stand,” the document reads.

     “The economy will be actively diversified. Aggressive efforts will be made to strengthen the non-oil sectors, hone the potentialities, harness the opportunities and harvest the yields for the good of all Nigerians.”

     According to the document, fiscal discipline will be restored by reducing the size of the Federal Government’s recurrent expenditure to bring down the level of deficit.

    Tinubu:

    Tinubu has presented a much clearer plan. He accords power much priority in his manifesto. He recognises that the problem of unemployment, under-unemployment and moribund industries are a reflection of the state of the country’s power sector.

    Tinubu has acknowledged that electricity is key to industrialisation, particularly the revival of the manufacturing sector. More employment opportunities will be generated if industries that have closed due to the unconducive atmosphere are revived.

     Power has been a problematic sector for over three decades. As governor of Lagos, Tinubu came up with the Eron Project, which was frustrated by the Federal Government. Currently, the nation has approximately 12,000MW of installed capacity, generates only 8.000MW and is only able to distribute a maximum of 4,500MW to consumers. Tinubu lamented that the economy is, accordingly, constrained by our inability to generate, transmit, and distribute power efficiently.

    The nation’s power problems, Tinubu admitted, cannot be solved overnight. What can be done, and what he has promised to do is to build on the foundation laid by President Buhari’s Presidential Power Initiative. Increased generation, transmission and distribution is Tinubu’s cardinal goal. Apart from encouraging off-grid and renewable power generation options and solutions undertaken by willing private sector participants, he also promised to work with the private sector and interested state governments to provide access to low-cost finance for power projects.

     He also promised to eliminate estimated billing, an unpopular and harmful practice that has upset consumers and ensure that all electricity bills are meter-based.

     Of importance is the plan to boost the domestic manufacturing of electricity meters, the Renewable Energy Plan, based on Nigeria’s commitment to carbon neutrality by 2060, and the push for rural development.

  • Emefiele: old naira chapter closed

    Emefiele: old naira chapter closed

    • ‘Queues at ATM points artificial’

    The Central Bank of Nigeria (CBN) said yesterday the window for swapping old naira for new notes had closed with the lapse of its February 10 deadline.

    It also blamed the challenges in accessing new notes on many factors, saying that “our leaders who are buying and storing the notes” as well as “reprehensible activities of miscreants” at bank premises.

    But the CBN assured that it would make available “appropriate optimal amount of currency of N500, N200 N1000 denomination and even the existing N100 notes, N50 and N20 to support economic activities.”

    The bank also said it once notified President Muhammadu Buhari that anti-graft agencies were responsible for the large volume of cash in the hands of wealthy Nigerians.

    CBN Governor Godwin Emefiele stated this when he met with members of the diplomatic community in Nigeria at the Federal Ministry of Foreign Affairs, Abuja to explain the rationale behind the currency redesign and its fallouts.  

    Emefiele admitted there were “pockets of pressure in some areas” which, according to him, were “substantially calming down since the commencement of Over-The-Counter (OTC) payment to complement ATM disbursements and the use of super agents.”

    He added that with OTC payments, ATM disbursements and super agents’ involvements in cash payouts, “there is, therefore, no need to consider any shift from the deadline of February 10”.

    But Emefiele said the tension and agitations over the policy were “staged and exaggerated.”

    “Tension and elevated agitation are by our leaders who should be calming frayed nerves by the citizens. 

    “We believe that the large proportion of these agitations are staged, they have sponsored propaganda or an exaggeration of the reality,” he claimed. 

    The CBN boss alleged also that “miscreants” desperate to make easy money contribute to the rowdiness seen outside the premises of some banks.  

    His words: “There are pockets of pressure in some areas but the CBN is working hard to shift pressure and resources to those areas to ease the tension.

    “On long queues at some bank ATMs and banking halls, while some of these withdrawal requests are genuine, some are simply reprehensible activities of miscreants who do not have intentions of making a withdrawal but seek quick earnings just to queue up and sell their space for the money.

    “Panic mop up of notes, the CBN has also noticed that some of our leaders are buying the notes and storing them for whatever purposes. 

    “We have also noticed that some Nigerians are catalysing the time transition to charge exorbitant fees, these selfish actions for personal monetary gains are causes of hardship for Nigerians and come at the expense of lives and livelihood.  

    “We will continue to issue and circulate new notes but once we get to our optimal level, or slightly above, we will seek to put in place, a policy that people must not keep money in their homes, they must return it to the banks.”

    Emefiele said the optimal amount of cash that ought to be in circulation by the reckoning of the CBN should not be more than N700 billion and not N2.7 trillion that was outside the financial system.

    According to the CBN boss, the N2.7 trillion constituted a threat to the economy.

    He said: “The cash in circulation is undermining the economy. N2.7 trillion in circulation is not healthy. 

    “The optimal volume of cash for Nigeria should be around N700 billion; it is therefore not acceptable that N2.7 trillion is in people’s hands.

    “I will recall my private discussion with the President and with the Economic and Financial Crimes Commission (EFCC) Chairman (AbdulRasheed Bawa).

    “I asked Mr President, do you know why there is so much currency outside? And the President said ‘no, tell me why.’

    “The EFCC chairman looked at me and I said in the last five or six years, the CBN came up with a policy that we said that banks must report what we call suspicious transactions.

    “What we found in the course of investigating them, those who thought that they were being investigated for those suspicious transactions began to abandon the banks and began to build vaults in their homes. 

    Read Also: Naira crisis: where do presidential candidates stand?

    “That is the reason we’ve seen currency outside the banking industry at N2.72 trillion out of N3.32 trillion.”

    Emefiele frowned at “PoS agents getting involved in unholy activities” and warned that anti-graft agencies would go after them.

    “We have made it clear that whatever their fee which is not meant to be more than N200 for any amount you exchange that we (CBN) will pay as part of our effort to lessen the burden of this problem associated with our policy,” he added.

     On the gains recorded so far from the naira redesign and its corresponding policy add-ons, Emefiele said: “ Today, the limited circulation of the new naira notes has forced the hand of speculators and we are beginning to witness some stability.

    “The initial pressure is projected to further moderate as the implementation of this policy takes off and a wider understanding of the system is achieved.

    “The policy is typically expected to cause deflation in the market as less cash only reduces currency outside the bank and money in circulation. 

    “The accompanying decline in money supply will first slow the pace of inflation as you can see. 

    “We have started to witness inflation trending downwards following general price stability in all genres of the market, including goods for goods and financial Products. 

    “For instance, analysis shows that effective implementation of the policy will by itself scrap four percentage points off the current level of inflation as it steadily slows inflation rate to 18 per cent by the mid of 2023.”

    Also yesterday, CBN Branch Controller in Bauchi State, Haladu Andaza, reiterated the apex bank’s readiness to receive the old naira notes by February 17 based on certain conditions.

    The conditions include filling out a form in the CBN’s portal, generating a code, providing a telephone number, basic personal information, account details and the amount to be deposited.

    Andaza said: “Customers are free to come to the bank and deposit old notes which they cannot do at the commercial banks anymore because the currency has been seized to be a legal tender since the 10th of this month. “Consequently, the management of the CBN decided that those customers will have a sigh of relief by coming to the CBN offices in all the 36 states of the federation and Federal Capital Territory ( FCT) to deposit their money.”

    Ondo residents protest at CBN office 

     Some residents of Akure stormed the Ondo State branch of the CBN to protest their inability to swap old naira notes in their possession.

    One of the protesters, who gave his name as Francis, said commercial banks refused to collect the old notes from them.

    Policemen were later drafted to protect the facility with some CBN officials informing the protesters that commercial banks had been contacted to accept their old notes. 

    Policy implementation political, says Wike 

    Rivers State Governor Nyesom Wike insisted that the naira swap policy was politically designed to inflict hardship on the masses.

    Wike, therefore, called on the Federal Government to ameliorate the suffering of the people.

    “We are in a difficult situation now. It doesn’t matter what anybody may say. The truth must be told at all times. 

    “Nigerians are suffering now and as a people, we owe that responsibility to cushion the level of hardship that Nigerians are facing, we are not to worsen the situation,” he said.

    The governor spoke during the presentation of a letter on his nomination for the “award of Independent Man of the Year 2022” in Port Harcourt.

    Wike, in a statement by his Special Assistant, Media, Kelvin Ebiri, said people were not necessarily opposed to the naira redesign but worried about the implementation.  

    He said those who insist that the policy would curb corruption and eliminate vote-buying were not sincere.

    “The whole thing is political and that is not what it is supposed to be,” he said.

    The governor added that persons advocating internet banking fail to take into cognisance that the vast majority of Nigerians, particularly those in the rural areas, do not have bank accounts.  

  • Buhari to UAE govt: lift visa ban on Nigerians

    Buhari to UAE govt: lift visa ban on Nigerians

    President Muhammadu Buhari has intervened in the diplomatic face-off between Nigeria and the United Arab Emirates (UAE), which led to a visa ban on Nigerians wishing to travel to the Middle Eastern nation.

    The Emirati authorities had, last October, slammed a blanket visa ban on Nigerian travellers, excluding those carrying diplomatic passports.

    Though the UAE did not specify its reasons for the decision, some had adduced the blanket visa ban on the misbehaviour of some Nigerians living or working in the country.

    But in a telephone conversation on Monday, President Buhari spoke to his UAE counterpart, Sheikh Mohamed bin Zayed Al Nahyan, who doubles as the Emir of Abu Dhabi, on the need for UAE to lift the visa ban.

    President Buhari’s conversation with Sheikh Al Nahyan was contained in a statement by his Senior Special Assistant on Media and Publicity, Mallam Garba Shehu, yesterday in Abuja.

    The President had called Sheikh Mohamed bin Zayed Al Nahyan to condole with him on the death of his mother-in-law, Sheikha Maryam Al Falasi, during which important issues of mutual concerns between the two countries came up.

    President Buhari requested his UAE counterpart to review the blanket visa ban imposed on Nigerians, recalling that mutually beneficial excellent relations have subsisted between the two nations over many years, symbolised by robust economic interactions and regular consultations on matters of common interest, including engagements at the highest political levels.

    He noted that recent altercations in their bilateral relations generated by consular issues relating to the behaviour of some Nigerians in the UAE were being ironed out.

    President Buhari explained that no country, including Nigeria, would condone criminalities and illegal behaviours.

    The President expressed the readiness of the Nigerian Government to apply necessary sanctions through appropriate judicial process against anyone identified to have committed criminal acts in the UAE.

  • 2023 poll: ‘The north will back APC to win’

    2023 poll: ‘The north will back APC to win’

    Ismaeel Ahmed is the former National Youth Leader of the All Progressives Congress (APC) and Senior Special Assistant (SSA) to President Muhammadu Buhari on the National Social Investment Programme. In this interview with JIDE ORINTUNSIN, he evaluates the chances of the presidential flag bearer, Asiwaju Bola Ahmed Tinubu, at the forthcoming election

    Governor Nasir El-Rufai of Kaduna State raised a serious allegation that some powerful people in the Villa are working against Tinubu’s aspiration because their candidate lost at the primary. As an insider in the Villa, can you shed more light on this?

    I am not in a position to confirm or deny it. But what I know is that President Muhammadu Buhari is 100 per cent in support of Asiwaju Tinubu. Governor El-Rufai affirmed that as well. However, since that is what the Kaduna governor said, I am sure he has credible information about those elements. As a member of the APC, I agree that there are saboteurs within the government and the private sector. I can’t say where they are located within the precincts of government. Certainly, some people in the CBN, the NNPC and other sectors have questions to answer. What is very glaring to me is that there are efforts in some quarters to try and create problems for us as a party and undermine the integrity and credibility of President Buhari. This is aimed at de-marketing the party in this electioneering period. I believe any policy made during an electioneering season that has an immediate impact on the polity is no longer just a policy; it is akin to interfering with elections.

    It appears like an indictment on the APC-led government. In your view, how will it affect the party in the coming election?

    I am a realistic person; without a doubt, the party has taken a hit in the last few weeks as a result of the scarcity of fuel and cash. The APC is a people’s party; it is a party that is built on an ideology of progressivism. It’s about the common man. So, when there is any policy or action of the government that directly affects those people at the bottom of the pyramid, then the base of the party is the one most affected and we are shaken to our core. And this is what is happening right now; the common man is affected. It is sad because the President and this government have done so much for the common man in almost eight years. We have done the biggest most impactful intervention programmes in West Africa. These include our Social Investment Programmes, Youth Investment Funds, Anchor Borrowers Programme, the rice revolution and on and on. So, it is heartbreaking to see that towards the end we are promulgating policies that have the potential of crippling the very people we worked so hard for in the last few years. But our job as leaders and officials of the government is to go out there and explain to the people that this policy is not designed to pauperise them. We must put pressure on the CBN to extend it so people can have some respite.

    In other words, do you think Tinubu’s outburst in Abeokuta is justified?

    I wouldn’t put it that way. I don’t think he was worried about his aspiration. I think his focus was on the people and that is what he meant. The focus was on the people, not on him, not on us, not on any one individual in particular. As he always said anywhere he goes, if petrol is selling for N2000 per litre, God has blessed him, and he will be able to afford it. So, it’s not about him, it’s about the people who can’t afford those things and need them.

    What is your assessment of the campaign so far?

    We have done well in terms of mass mobilisation. No other political party or candidate has put in the kind of work, effort and time that Asiwaju Bola Ahmed Tinubu has put in and is still putting in. We are not taking anything or anyone for granted. Our strategies are well thought out because they were created by experienced hands that have traversed this political terrain for a while and understand elections and how to win them. For instance, the Director of the Planning, Research and Strategy Directorate of Tinubu-Shettima Campaign Council, Dr Musa Babayo is a veteran in this game; he brings with him a lot of experience. We have multiple layers of mobilization from the units to the local government level. One of our strategies is to win this election one unit at a time, one ward, one local government at a time and one state at a time. We are focused on that. We have precinct captains who are directly responsible for not only getting out the votes but also guiding and securing those votes appropriately. Then there is the Broom Mobilization that we intend to do in all polling units with the president and leader of the party leading the charge simultaneously.

    I believe there are always two ways to win the election; either you get new voters which means there is a candidate that is inspiring voters as Barack Obama did in the United States of America in 2008 to defeat an establishment candidate like George McCain or you energise your base like Donald Trump did in 2016 against Bill Clinton or Joe Biden against Trump in 2020. In our case, because we are the incumbent we are well aware that new voters may not want to back us. So, we have to energize our base and convince others to join us. Thankfully we have huge numbers as party members; enough to win elections multiple times and with a comfortable margin. Now the base is what some of us are working on reawakening and we are doing a good job so far. However, we are very much aware of how unhappy some of our rank-and-file members have been in the last few years as a result of the inability of those saddled with responsibilities in government through appointments or elections to connect with our base as often as necessary and create ladders of opportunities for upward mobility for many of them. We have to address and reconnect and rebuild confidence and trust and move into this election as a unit and a family. Everyone needs to go back home and work from there.

    There are growing fears that northern APC governors are not happy and may not give their full support to your candidate. What’s your comment on this?

    Look, I think the governors have repeatedly said, that these are planted stories by the opposition to cause disaffection and sow the seed of doubt in the minds of our members. We have been to rallies and town hall meetings and we have all seen how the governors are involved and how enthusiastic they are. Look at my state, Kano, for example, have you ever seen that level of mobilisation? The same thing can be said about Jigawa, Kaduna, Zamfara and so on. Because we are aware that most of these allegations are being levelled against northern governors. I think it’s most unfair. If there is any set or group of people that have shown and demonstrated loyalty to Asiwaju’s candidacy and worked to ensure its emergence, it is the northern APC governors.

    The role they played at the primary and the role they are playing in the preparation towards the general elections is encouraging.

    Of course, it’s not everything we do that everyone will be happy with. A political party is a human organisation driven primarily by interest. So, naturally, there will be some rumblings here and there but I don’t think it’s coming from the governors.

    What is the party doing to neutralise the Atiku and Kwankwaso factor in the North?

    Unfortunately, I have already told you some of our strategies, I hope these parties and candidates will not attempt to copy from us. Atiku and Kwankwaso are not lightweights. They have been around and they have paid their dues accordingly to society and to this game. However, we just believe we have a better-prepared candidate, a more sellable candidate, a more tested candidate, and a more trusted candidate. Ultimately the decision of northerners will come down to who can we trust, and who we can rely on. And the answer will be, the person we relied on when the north needed help to win an election against an incumbent president (Jonathan). The answer is the person who had never allowed ethnicity to be his lifeline or determining factor. That person is Asiwaju.

    What is the APC doing to contain the recent spate of defections to the PDP in states like Katsina, Sokoto and Zamfara?

    You see, I don’t want to be dismissive, right? I don’t want to say somebody that defected means nothing. I don’t trivialise people. So, every person that leaves the party even if he is the only one leaving is a source of concern for us because we believe ultimately, the 2023 election is going to be very competitive. So, every vote counts. So, for those people who have defected we are not happy but we have received thousands of people as well. Maybe we didn’t make as much noise as we should have. That is why I told you that we are reconnecting with the grassroots. The Speaker of the House of Representatives, Femi Gbajabiamila, for instance, has gone to almost all the wards in his constituency. I have seen Adams Oshiomhole visit all the wards in his constituency. What we asking people to do from the strategy directorate is that, at least, 15 days before the election, we expect every person to go back to the state where he is voting and for the next 15 days to engage vehemently with the people. This election will be won at the polling units, at the ward level, state level; this election will be won on the ballot. No amount of razzmatazz anywhere will work. That is what Asiwaju will like to see. If I had my way, we would have finished our rallies at least 15 days before the election and let everyone go back to his base. Even Asiwaju should operate from Lagos and Kashim from Borno and so on.

    Are you bothered about the rising profile of the LP presidential candidate among youths?

    When people tell me that youths are in support of Peter Obi, I keep asking which youths? All youths that I know are not supporting Peter Obi. So people just get carried away by social media noise. Most of the voters that will turn up on the day of the election are not social media warriors. They come out and vote and go back home. Social media has its uses but I think the Obi candidacy has been widely exaggerated.

    However, let’s not kid ourselves; we recognise that there is a problem with the youth demography. The problem is not because they support Peter Obi or any other person. It is that there is actual fatigue on the part of the young people because they believe they are giving in their best and they’re not getting much in return. They feel that they are increasingly detached from people that are much older than them. So we have that challenge. The PDP also has that challenge, and other parties also have the same challenge. But, we have accepted the fact that we have not been involved in the current APC administration as we would have loved to. This is the assurance Asiwaju is giving us; that not only will he create that ladder of opportunities for young people in the economy, entertainment, sports, entrepreneurship etc., but he will also do that effectively in politics and governance.

    Many observers have predicted that the election may go to a second ballot. Do you share that view?

    No! I think legally if you look at it, the only way you can have a run-off is when you have a situation where the person with the highest number of votes doesn’t have the minimum requirement of 25 per cent in 24 states and the FCT. That’s where you may have a problem or where you have the number of cancelled votes is bigger than the margin of victory. In both cases, I don’t really see that happening. I think only the APC and the PDP will have the required constitutional spread of 25 per cent in 24 states. So, between the two of us; it will be the first-pass-the-post that will win the contest.

  • Implementation of cash swap policy political- Wike

    Implementation of cash swap policy political- Wike

    Rivers Governor Nyesom Wike has insisted the ongoing shoddy implementation of the naira swap policy by the Central Bank of Nigeria (CBN) is political and has worsened the living condition of the poor in the society.

    Wike stressed that the essence of government and its agency like the CBN was not to inflict hardship on the masses but alleviate it 

    The Governor spoke during the official presentation of the letter of his nomination for the “award of Independent Man of the Year 2022,” by the management of Independent Newspapers at the Government House, Port Harcourt, on Tuesday.

    The Rivers Governor, in a statement by his Special Assistant, Media, Kelvin Ebiri, said the people were suffering following the tactless implementation of the naira swap policy and urged the government to urgently ameliorate the condition of the people.

    He said: “We are in a difficult situation now. It doesn’t matter what anybody may say. The truth must be told at all times. Nigerians are suffering now and as a people we owe that responsibility to cushion the level of hardship that Nigerians are facing, we are not to worsen the situation.”

    Read Also: Why Atiku’s campaigners cancelled Rivers rally- Wike

    Wike said people were not necessarily opposed to the redesign of the N1000, N500 and N200 notes but only worried about the implementation of the policy and the hardship it had inflicted on the masses.

    “Nobody says, and let it be on record that there is nothing wrong with redesigning our naira. What we are saying is the implementation will not help, rather it will aggravate the condition that people face, particularly the poor people,” he said 

    He said those, who insisted that the naira swap policy would curb corruption and eliminate vote buying during the general election were not sincere.

    “The whole thing is political, and that is not what it is supposed to be,” he said.

    Wike said it was regrettable the CBN had failed to emulate the global best practice in its implementation of the naira swap policy. 

    He explained that ideally, the CBN should have allowed the old notes to be in circulation with the new notes for at least one year before they are completely phased out.

  • Tinubu will deliver as my successor – Buhari

    Tinubu will deliver as my successor – Buhari

    President Muhammadu Buhari has assured the presidential flag bearer of the ruling All Progressives Congress (APC) Asiwaju Bola Tinubu will deliver if elected.

    Buhari spoke at the Dan Anyiam stadium during the APC presidential rally in Imo state on Tuesday.

    He said: “I am here for Asiwaju. We are grateful for our great party. Thank you very much. There is nothing more I can tell you thank to thank you.

    “We are here today. We are very grateful for your timeout. We are very grateful for your support and I can assure you that Asiwaju is going to deliver as the next President of the Federal Republic of Nigeria. Thank you very much indeed.’’

    Read Also: JUST IN: Buhari arrives for APC rally in Imo

    Tinubu promised to end insecurity in Imo and invest in the tourism sector, if elected.

    Tinubu also promised to invest in real estate and education in the state, describing Imo as tourism destination of the country.

    He said Buhari had laid foundation for development in the last eight years, which he said would be consolidated.

    He declared that the Peoples Democratic Party(PDP) refused to move the country forward when they held sway.

    “PDP stole Nigeria’s treasure. President Buhari’s eight years is a retooling process. PDP are liars. We will continue with developmental programme of APC. It will not stop.

    ‘’Imo is the destination for tourism. We will add value to real estate in Imo State. Invest in education. Build and reconstruct your roads in Imo. No more ASUU strike. We are not seeking for the booty of office. We will be prudent and manage revenue generation capacity. We will bring peace and capacity. We will work with state to ensure security,” he stated.

  • JUST IN: Buhari arrives for APC rally in Imo

    JUST IN: Buhari arrives for APC rally in Imo

    President Muhammadu Buhari has arrived at the Dan Anyiam stadium venue of the All Progressives Congress(APC)presidential rally in Imo State. 

    The President, who arrived at the stadium around 1: 25pm, was accompanied by Governor Hope Uzodimma. 

    Read Also: All set for APC Presidential rally in Imo

    Buhari commissioned a 15km MCC and Urratta road before making his way to the venue. 

    The President moved straight to the podium to inspect the stand on which the APC presidential candidate Asiwaju Bola Ahmed Tinubu and his running mate Shettima Kashim would stand to address the mammoth crowd. 

    He returned to the VIP stand to take his seat for the national anthem. 

    Details Shortly…

  • JUST IN: No need shifting February 10 deadline – Emefiele

    JUST IN: No need shifting February 10 deadline – Emefiele

    The Governor of the Central Bank of Nigeria (CBN) Godwin Emefiele has said that there was no need to shift the February 10, 2023 deadline.

    The Nation had reported that the Supreme Court issued an order of interim injunction restraining the Federal Government and the CBN from enforcing the February 10 deadline for the phasing out of the old naira notes.

    Read Also: JUST IN: Buhari, Emefiele meet again

    But Emefiele, during a visit to the Ministry of Foreign Affairs to discuss the monetary and currency redesign policy, said shifting the February 10 deadline was needless.

    He said: “The situation is substantially calming down since the commencement of over-the-counter payments to complement ATM disbursements and the use of super-agents.

    “There is, therefore, no need to consider any shift from the deadline of February 10.”

    The apex bank boss also said that Point-of-Sale agents, who charge above N200 for cash swaps will be arrested and jailed when caught.

  • Naira crisis has brought hunger, anger, says Sultan

    Naira crisis has brought hunger, anger, says Sultan

    • Monarch asks President to take action

    • Banks reject old notes, shut out customers

    The protracted naira crisis has caused hunger and anger in the land, the Sultan of Sokoto, Alhaji Muhammadu Sa’ad Abubakar, lamented yesterday.

    He urged President Muhammadu Buhari to address the problem to prevent an uprising.

    The new naira scarcity has been worsened by the refusal of banks to accept the deposit of old notes.

    As a result, many businesses yesterday insisted on only new notes.

    But, lawyers said it amounted to contempt for the Central Bank of Nigeria (CBN) not to have directed banks to continue to accept the old notes in line with the Supreme Court order.

    Last Wednesday, the Supreme Court, in a case filed by Kaduna, Kogi and Zamfara states, barred the Federal Government or CBN from enforcing the February 10 deadline for the use of old naira notes.

    In a unanimous ruling by a seven-member panel, led by Justice John Okoro, it held that the “interim injunction” will subsist “pending the hearing and determination of the plaintiffs/applicants’ motion on notice for interlocutory injunction.”

    Worried by the naira crisis, the Sultan said it has made life unbearable.

    He said there was increasing tension caused by the CBN monetary policy, adding that urgent steps should be taken to stem the heat.

    The Sultan spoke in Abuja at a two-day conference by the Kano State government on livestock reforms and mitigation of associated conflicts.

    The royal father said: “Let’s keep politics aside. The issues of development, especially for the common man, (should be prioritised). 

    “These people that God Almighty gave leadership over, one day, God forbid, will rise (against us).

    “After all the English by professors (at the conference), how do we get these developments down to the common man who is a farmer, the common Fulani man who doesn’t know anything about development? He only cares about cattle. 

    “The people are hungry – is there money? People are angry and hungry. Let’s see how we can douse the tension.”

    The Sultan is not the only one worried about the developments.

    Kano, Ekiti, Niger and Ondo states have applied to join the Supreme Court case, which comes up for hearing tomorrow.

    Abia State Governor Okezie Ikpeazu warned that the crisis may lead to anarchy if not quickly addressed.

    To minimise the impact on his people, he has barred the state Board of Internal Revenue Service from collecting 2023 revenue from all markets in the state until June. 

    Ikpeazu, who spoke through the Commissioner for Trade and Investment, John Kalu, said he was “deeply worried” by the naira crisis. 

    Kalu said: “The governor has visited many markets in the state since the cashless policy came into effect along with the scarcity of new currency notes as a result of the naira redesign.

    “He observed that traders in the state are possibly the worst hit. 

    “Many of our traders are unable to transact with buyers as the policy implementers failed to capture their peculiar needs while rolling out the new policies.

    “The traders are bearing the brunt, and as a responsible government, we are looking at various options to support them. 

    “One of those options is what the governor announced this afternoon (yesterday) during his visit to Good Morning Market, Aba, that, henceforth, state and LGA revenue collections in the markets will be suspended for at least six months starting from January 2023.” 

    The Commissioner urged banks in the state to immediately deploy sufficient Point of Sale machines to all markets, superstores, and other trading centres in the state to enable buyers to utilize their ATM cards for transactions. 

    He also urged the CBN to ensure that the new notes are made available to traders and residents in sufficient volume to avoid a breach of the peace that might result from the “massive suffering occasioned by the new transaction regimes.”

    Kalu added: “We are not against the new cashless regime and redesigning of the naira notes by the Federal Government.

    “But the governor is deeply worried about the effect on our hardworking traders as a result of the poor implementation strategy which failed to take into cognisance the peculiar needs of rural and urban traders. 

    “Many rural traders are unbanked, and even if they wish to join the banking system, the branches are not even there, hence, they might have to travel several kilometres to neighbouring communities before they can carry out their transactions. 

    “Quite a number of them may also not have enough formal education to help them operate the PoS machines, so the policymakers should have made provisions for their needs before rolling out.

    “The immediate solution is to inject enough new naira notes into our rural economy through special interventions by the CBN to avert the looming socio-economic dislocation that might lead to anarchy.”

    SWAGA accuses Emiefele of plotting to scuttle polls 

    For the Southwest Agenda for Asiwaju Tinubu (SWAGA), Emefiele must be plotting to scuttle next week’s general election.

    It said the currency swap policy introduced by Emiefele was taking a toll on ordinary Nigerians.

    National Coordinator, Senator Dayo Adeyeye, said the CBN’s governor’s pursuit of the currency swap was based on an ulterior motive to scuttle the polls.

    The former Minister of State for Works, who spoke in Akure, said the shortage of naira notes across the country needs to be tackled through the solution provided by the presidential candidate of the All Progressives Congress (APC), Senator Bola Tinubu.

    Adeyeye, who expressed optimism that Tinubu would emerge victorious at the polls, said the punishment imposed on Nigerians by the CBN was unnecessary.

    “With the situation, they have inflicted pain on Nigerians. Emefiele should heed Asiwaju’s suggestion to solve the situation.

    “Emefiele has become the most controversial and partisan CBN governor in the history of Nigeria. He has become extremely controversial.

    “Either he (Emefiele) likes it or not, the people of Nigeria know what is going on. Tinubu will win this election.

    “We want to commend the ordinary people, particularly the market women, who understand the issue so well.”

    Lagos Judiciary turns back litigants

    In Lagos, litigants who besieged the Ikeja High Court registry yesterday were turned back as old currency notes were rejected.

    Officials told litigants and lawyers that the court was no longer accepting the old notes for filing applications and other court processes.

    It was also a bad day for those who came to depose to affidavits as they were turned back.

    The development followed the refusal of the court’s bank to accept the proceeds of last Friday’s transactions from court officials.

    Account officials said when they went to deposit proceeds last Friday, the bank rejected the old notes.

    Lawyers lamented the fact the state judiciary was not accepting old notes despite the Supreme Court order.

    A lawyer, who preferred not to be named, confirmed that the registry at Osborne Division of Lagos High Court rejected the old notes and prevented him from filling his processes.

    The lawyer blamed Emefiele and the CBN for disobeying the Supreme Court order by not directing banks to comply.

    He said: “Non-acceptance of old notes would be catastrophic to the nation. The highest court in the land, Supreme Court, made an order, which is being flouted with impunity.

    “It is obvious that the CBN, especially the governor, is ready to impose a state of anarchy on Nigeria by directing banks against the order of the apex court.”

    NUJ slams banks 

    The Nigerian Union of Journalists, Ondo State Council, said it was wrong for banks not to accept the old notes for deposit.

    State Chairman of the Union, Prince Leke Adegbite, in a statement, said the banks’ action was an act of defiance to the Supreme Court.

    “The development has forced traders to reject the old naira notes across the state and thereby paralysing commercial activities.

    “Banks and traders in other parts of the country are still accepting the old naira notes in line with the ruling of the Supreme Court,” he said.

    Zamfara clamps down on old note rejection 

    The Zamfara Anti-thuggery Committee started clamping down on businesses rejecting the old notes.

    Its Commander, Bello Bakyasuwa, led the team to petrol stations, markets and supermarkets in Gusau, the state capital to ensure compliance with Governor Bello Matawalle’s directive against the rejection of old notes.

    The governor on Friday directed security operatives to arrest anyone rejecting the old naira notes.

    Bakyasuwa said the team was carrying out the governor’s directive that old N200, N500 and N1000 must be accepted by traders in line with the Supreme Court order.

    Matawalle said the old currency notes remain legal tender until the final verdict in the case by Kaduna, Kogi and Zamfara governors.

    Nothing has changed, says CBN official

    A senior official of the CBN, who declined to give his name, advised anyone still in possession of the old notes to deposit them at any branch of the apex bank.

    He said: “The earlier directive on February 10 expiration date for the old notes by our boss, Mr. Godwin Emefiele, subsists. Nothing has changed.”

    An FCT resident, Akin Oladokun, said he turned back at the gate of the CBN branch by security men who told him the exercise had not started.

    Banks reject old naira notes, close branches 

    Despite Supreme Court’s interim order, commercial banks in the Federal Capital Territory(FCT) and some states yesterday rejected old naira notes from customers who thronged to their different branches for cash deposits.

    Some new-generation banks even closed their branch operations, with their ATMs not dispensing cash to customers.

    Unlike the banks in the FCT, Lagos, Ondo, Osun, Kwara, Benue, Edo and Imo states that have begun outright rejection of the old notes, a few in Plateau, Taraba and Adamawa states accepted them.

    In Delta State, some banks accepted while others rejected.

    In Osun where residents are losing patience, soldiers manned some of the bank branches, especially in the Ogo-Oluwa area of Osogbo, the state capital.

    A Civil Society Organisation(CSO), Dialogue 365, which lamented the hardship caused by the policy, warned that CSOs in the state might embark on a protest if the banks continued to reject old notes.

    The situation was worse in Anambra, Abia and Imo state where banks did not open due to Monday-sit- at home. 

    The same development happened in Bayelsa State where there was fear of protest by aggrieved persons.

    At all the banks visited by The Nation in the FCT, their officials said they took the decision not to accept old notes on Friday evening.

    They, however, explained that they “were not given any instructions by the CBN on old banknotes.”.

    One of the officials said: “After the close of work on Friday 10th February, we effectively stopped collecting old banknotes. 

    “There was no circular or other directives from the CBN asking banks to stand down on the earlier circular prohibiting banks from accepting old notes after February 10.”

    The Ajose Adeogun branch of an old-generation bank was not open for business yesterday and its ATMs were not dispensing cash.

    Security operatives sighted at the branch told customers to go to other branches for their transactions. 

    At a new generation bank’s Ajose Adeogun branch, officials also refused to take cash deposits from customers. 

    Many of the customers, who came with cash, were told that the bank was not handling cash transactions.

    But the story was different at another bank in Obanikoro, Lagos where tellers received old naira notes. 

    A member of staff of a petrol station in the area confirmed depositing in the bank. 

    “My manager told me to take the fund to the bank. He was not even sure they will take the cash, but the bank did. 

    “We have continued to collect the old notes from customers despite the risk associated with it,” he said.

    Many of the customers in the banking halls were activating mobile apps, and getting a hard token for their internet banking transactions.

    Martins Azu, a Lagos-based entrepreneur, said digital payments platforms have continued to disappoint customers.

    He said many customers who use banks’ Unstructured Supplementary Service Data (USSD) technology for payments, inter-bank and intra-bank transfers have continued to face poor network challenges.

    In Benin City, Akure and Ilorin, banks and traders rejected the old notes. 

    Banks advised residents that wanted to make deposits to do so at CBN branches nearest to them.

    An official of an old-generation bank in Akure told The Nation that they were acting on instruction from the CBN.

    Some distraught customers were seen shouting in front of the banks in Ilorin to register their displeasure at the development.

    A staff member of one of the banks said: “We are not accepting the old notes from customers today (yesterday). 

    “We are yet to get a directive from the CBN to effect the Supreme Court ruling for the extension of the deadline.

    “We don’t want to credit our customers’ accounts and at the end of the day, CBN will not accept them from us. If that happens we will be at a loss.”

    In Delta, banks in Warri and Effurun rejected old notes but some in Asaba accepted them.

    A customer, who was at one of the branches in Warri to deposit money said that the development caused a “tense atmosphere” in the banking hall.

    Many residents of Benin City and its environs who besieged commercial banks to make deposits also lamented their inability to do so.

    Some top officials of old and new-generation banks said they had not received any directive from the CBN to collect the old notes from customers.

    Banks in Ibadan, the Oyo State capital, paid customers between N1,000 and N5,000 in N10, N20, N50, N200 and N100 denominations.

    In Jos, Plateau State customers who besieged the banking halls were lucky as they were able to lodge their old notes.

    The banks also paid customers new notes through ATMs.

    At one of the banks in Jalingo, Taraba State, an official confirmed that they still collect the old banknotes but will stop today.

    For Bayelsa residents, the situation was also worse as banks did not open fully due to fear of planned protests.

    The residents said the development had worsened their sufferings.

    At the major commercial bank branches visited, customers were turned back by security men who told them they were acting on instruction.

    One of the security men said: “It is a precautionary measure to safeguard the banks because there is information that people want to protest, and if you go around town no bank is open.

    “They are monitoring the intelligence report and may review the directive if there is a change, but for now we cannot allow anyone.”

    A spokesman for the Bayelsa State Police Command, Asinim Butswat, had in a statement on Sunday said the police had reinforced security in banks to forestall breaches of security.

  • Again, CBN keeps Nigerians guessing

    Again, CBN keeps Nigerians guessing

    Nigerians again waited in vain for the positing of the Central Bank of Nigeria (CBN) on the biting naira crisis.

    Following last week’s advice from the International Monetary (IMF); the World Bank; the Council of State and indeed the Supreme Court, which gave an interim injunction on the deadline, Nigerians expected the apex bank to announce its position.

    But it never came, at least, as of the time of press time last night.

    CBN Governor Godwin Emefiele was at the State House early yesterday to meet with President Muhammadu Buhari. It was his third visit to the seat of power within eight days.

    He shunned reporters thereafter.

    The CBN, which promised to issue a statement, kept reporters waiting at its Abuja Headquarters until last night when it became apparent that no statement would be issued.

    Nigerians are still in confusion on the position of things.

    The Supreme Court will tomorrow hear the suit instituted by governors Nasir El-Rufai (Kaduna), Yahaya Bello (Kogi) and Bello Matawalle (Zamfara) against the resting of the old naira notes.

    Four other states – Kano, Ekiti, Niger and Ondo  – have joined in the suit against the Federal Government on the expiry date for the redesigned N1,000, N500 and N200 naira bills.

    Rivers states has also indicated interest to be joined as co-plaintiffs in the suit

    On Sunday, the Nigeria Governors’ Forum (NGF) told its members to compel their attorneys-general to review the suit with a view to consolidating the legal reliefs being pursued by the states.