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Revealed! How Buhari changed mind on reintroduction N500, N1,000 notes

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Fresh facts indicated yesterday that a minister and a top government official changed the plan of President Muhammadu Buhari to allow the recirculation of old N200, N500 and N1,000 notes till April 10, according to report by The Nation.

It came to light that state governors would have accepted the decision despite the fact that they wanted a minimum of one year timeline to change the redesigned notes to the new ones.

The governors claimed, during discussions with some government officials, that their secret investigations confirmed that it might take the Nigerian Security Printing and Minting Plc over nine months to print N1 trillion of the new notes.

According to the report, before his broadcast to Nigerians on Thursday, the President had received security reports on mass disenchantment with the Naira redesign policy.

Among other intelligence, the President got to know that the policy was ‘hurting’ the poor.

According to a top source, the President highlighted three choices for consultations before addressing Nigerians.

The options were as follows:

Outright review and reversal of the Naira redesign policy

Recirculation of old notes of N200, N500 and N1,000 from February 10th to April 10th

Allowing the court to have the final say on the Naira redesign

Out of court settlement to save the economy of any jolt

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The top source said: “After isolating the alternatives to prevent chaos, the President initiated a series of consultations with state governors, allies, strategists and gauging the mind of the Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele.

“The President was deeply concerned that the poor people were the most affected by naira scarcity. Based on the assurance he got from Emefiele, he had hoped that the policy would be executed with slight dislocations.

“Buhari noted the points made by those who asked for a review. What worried him most were reports of how poor Nigerians who legitimately made their money were finding it difficult to get the new notes and therefore unable to feed themselves and their families.

“Buhari had virtually made up his mind to allow the reintroduction of the three denominations and for both the old and new notes to be legal tender till April 10th. Some presidential aides were waiting for directive to announce the decision but the intervention of a minister and a presidency official led the President to have a change of heart. What followed was the broadcast by the President on Thursday morning.”

The source gave insights into how the two government officials ‘influenced’ the last-minute decision of the President.

“Both officials pressed it on the President that allowing N500 and N1000 to be legal tender until April 10th would defeat his resolve not to allow those who have stashed billions of the old notes for the forthcoming elections to bribe voters.

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“They convinced the President that Nigerians would accept this when he addresses them, show understanding and embrace the policy. Lost on the President and the two officials was the concern of the governors that re-circulating only the N200 old notes will not end the scarcity of the national currency.

“Also glossed over was the injunction of the Supreme Court of February 8 which was reaffirmed on February 15 that the old notes remain legal tender until the suit filed by the governments of Kaduna, Zamfara and Kogi and the motion of objection filed by the Federal Government are heard and determined.”

Responding to a question, the source said: “The two officials are members of the cabal working against the APC presidential candidate, Asiwaju Bola Tinubu, because their ambitions were not realised.

“One of them wanted to be a governor and the other a presidential running mate. Buhari believed that their advice was altruistic, not knowing that they had an ulterior motive.”

Another reliable source, who was in the know, explained the intrigues on the Naira redesign policy and attempts by state governors to help Buhari arrive at a popular decision.

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The source admitted that the governors wanted a minimum of one year timeline to change the redesigned notes to the new ones.

The source said: “After days of negotiation with the governors, Buhari wanted a quick resolution of the naira crisis. The option of re-circulating the N200 note proposed by the CBN was flatly rejected by the governors. Their argument was that the quantity of the denomination to be re-circulated would not be enough.

“They asked that the CBN make available the quantity of the new notes printed and the quantity of the N200 old notes to be re-circulated to see if it was close to the over N2 trillion mopped up. But the apex bank was not forthcoming with the figures.

“The governors were therefore not convinced that the option will ameliorate the hardships brought about by scarcity of the new notes.

“The governors therefore insisted that all the old notes be re-circulated for at least one year.

“Their position was informed by what a governor called the “authentic, verifiable information ” that the Mint would need close to over nine months to print one trillion naira of the new notes, assuming that it does no other job during the period.”

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Good morning! Nigerian Newspapers Headlines: 2027: S’West ADC leaders revolt against Atiku

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1. Many leaders of the African Democratic Congress in the South-West have expressed dissatisfaction with what they described as the marginalisation of the party’s structure in the region by the ADC presidential candidate, Atiku Abubakar, ahead of the 2027 presidential election.

The ADC leaders, including some state chairmen and governorship candidates, alleged that Atiku had been conducting his political activities in the region through his friends and allies, while leaving the party structure sidelined as presidential campaign activities prepared to gather momentum.

2. A United States federal court has rejected an attempt to obtain discovery from President Bola Ahmed Tinubu and DCI Group in an ongoing Freedom of Information Act (FOIA) lawsuit involving the Federal Bureau of Investigation (FBI) and the Drug Enforcement Administration (DEA). 

3. The Zamfara State Commissioner of Police, CP Muhammad Bello, has confirmed the “rescue of three of the six Islamic clerics kidnapped on September 12 while travelling to Talata Mafara, Zamfara State.” Bello gave the confirmation in an interview with select reporters in Gusau. He said the rescue followed a multi-agency collaboration and seamless synergy between the Office of the National Security Adviser, ONSA, the Department of State Services, DSS, and police operatives.

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4. The Grand Patron of the PBAT Door-to-Door Movement, Chief Government Ekpemupolo, popularly known as Tompolo, Osun State Governor, Ademola Adeleke, and the Minister of Marine and Blue Economy, Adegboyega Oyetola, have set a target of at least 1.5 million votes for President Bola Tinubu in the 2027 presidential election. According to a statement, the target was announced on Saturday in Osogbo during the inauguration of the movement’s state and local government structures.

5. Nigerians lose no less than N75bn annually to visa application expenses across foreign missions, with rejected Schengen visa applications alone accounting for an estimated €11.5m, equivalent to about N19bn in 2025.
This is according to a visa-cost analysis report obtained by Sunday PUNCH from the Ministry of Foreign Affairs

6. With one accord, the governors of Enugu, Imo, Ebonyi, and Anambra States yesterday urged the people of the Southeast to avoid political distractions, and vote massively for President Bola Tinubu in next year’s presidential election. Governors Peter Mbah, Hope Uzodimma, Francis Nwifuru and Charles Soludo, said it was necessary for the zone to support Tinubu’s re-election bid to enable him consolidate the gains of his administration’s economic reforms

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7. Former Speaker of the House of Representatives, Rt. Hon. Yakubu Dogara, has said Nigeria’s security challenges predate the administration of President Bola Tinubu, noting that terrorism, insurgency and banditry had been entrenched in the country before 2023 when Tinubu assumed office. He said the country’s security problems were rooted in years of porous borders, illegal arms proliferation, youth unemployment and the spread of extremist ideologies.

8. Minister of the Federal Capital Territory, FCT, Mr Nyesom Wike has directed supporters of President Bola Tinubu to deliver their polling unit in the forthcoming 2027 general elections. Addressing the supporters, Wike framed the upcoming general elections as a critical opportunity for residents of the nation’s capital to rectify past electoral missteps and unite under a strategic development banner.

9. The Independent National Electoral Commission, INEC, has removed the name of the Kano State governorship candidate of the National Democratic Congress, NDC, Aminu Abdussalam Gwarzo, from its updated list of candidates for the 2027 general elections. A check on the commission’s website shows that the names of Gwarzo and his deputy were conspicuously missing from the updated list.

See also  Atiku alleges plot to prevent ADC from participating in 2027 elections

10. Four young men have been arrested by the Bauchi State Police Command for allegedly abducting and gang-raping a 12-year-old girl in Sakwa District, Zaki Local Government Area of the state. The suspects were arrested following a complaint by the victim’s 50-year-old father, who reported the incident at the Sakwa Divisional Police Headquarters on Thursday.

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Wale Tinubu, Rabiu, others Join President Tinubu in Makkah for Umrah

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The Group Chief Executive Oando Plc, Jubril Adewale Tinubu; Chairman of BUA Group, Abdul Samad Rabiu, and several other Nigerian business mogul have joined President Bola Ahmed Tinubu in Makkah, Saudi Arabia, for the performance of Umrah, the lesser Islamic pilgrimage.

The presence of the prominent Nigerian business leaders alongside the President in the holy city has drawn attention, bringing together three influential figures from Nigeria’s political and business communities in a moment of religious observance.

Tinubu and Rabiu, both prominent names in Nigeria’s corporate landscape, were seen alongside the President dressed in the traditional white Ihram garments worn by Muslim pilgrims performing Umrah.

Umrah, unlike the obligatory Hajj pilgrimage, can be undertaken at any time of the year. It involves a series of religious rites in Makkah and holds profound spiritual significance for Muslims across the world.

For the Nigerian business community, the appearance of the corporate leaders alongside the President also offers a glimpse into the intersection of faith, business and public life, particularly when influential figures come together outside the usual settings of boardrooms, corporate engagements and official functions.

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The development comes as President Tinubu undertook the pilgrimage to seek divine guidance and offer prayers for Nigeria’s peace, unity, stability and progress.

According to the Presidency, the President performed the Umrah rites early Friday, October 30, at the Grand Mosque, Masjid al-Haram, where he circumambulated the Holy Ka’abah.

Speaking after completing the spiritual exercise, Tinubu described the pilgrimage as significant, linking it to his commitment to Nigeria and its people. He also expressed gratitude to Allah for the opportunity to pray for the country.

The President’s prayers reportedly centre on national harmony, security, economic prosperity and the need for Nigerians to live together peacefully.

Rabiu also used the occasion to express his hopes for the country, describing it as an honour to accompany the President on the spiritual journey. He prayed for lasting peace, unity and prosperity in Nigeria.

For Tinubu, whose Oando Group occupies a prominent position in Nigeria’s energy industry, the journey offered a departure from the familiar world of corporate leadership and business engagements. Rabiu, similarly, is a major player in the country’s industrial sector, with interests spanning manufacturing, cement and food production.

See also  Atiku alleges plot to prevent ADC from participating in 2027 elections

Their appearance in Makkah alongside the President underscores the presence of leading figures from Nigeria’s private sector at an important spiritual moment for the country’s leader.

Umrah, often described as the lesser pilgrimage, is a significant act of worship in Islam. Unlike Hajj, which takes place during a specific period in the Islamic calendar, Umrah can be performed throughout the year.

President Tinubu is expected to return to Nigeria next week after completing his spiritual engagements in Saudi Arabia.

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Atiku’s son Abba Abubakar promises to deliver Adamawa for Tinubu

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Abba Abubakar, son of former Vice-President Atiku Abubakar, has promised to deliver Adamawa, his father’s state, for President Bola Tinubu in the 2027 elections.

He spoke on Friday at the All Progressives Congress (APC) national secretariat in Abuja during the Haske Bola Tinubu Organisation (HBTO) unveiling and the launch of its subsidised public transportation support scheme.

Abubakar, HBTO founder, said his decision to back Tinubu is not an attempt to antagonise his father, the African Democratic Congress (ADC) presidential candidate.

“I recognise that political decisions, particularly those that differ from the positions of individuals with whom one shares personal and family relationships, often attract considerable public attention,” he said.

“However, political conviction is a matter of personal judgment, conscience, and the freedom of every individual to make independent choices.

“My decision to establish and lead the HBTO is a deliberate political choice made with a firm belief in the direction we have chosen.”

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He said democracy is strengthened when individuals can make independent political choices, engage in constructive dialogue, and support the leadership and political platforms they believe best represent their aspirations.

“It is within this spirit that HBTO was established,” he said.

He commended the economic reforms introduced by the Tinubu administration, citing the Nigerian Education Loan Fund (NELFUND), national infrastructure investments, increased statutory allocations to state governments, and transport support schemes as some of the key social intervention programmes.

Asked whether he would ensure the president gets maximum votes in Adamawa, Abubakar said: “Yes, yes, yes. We are going to deliver Adamawa state.”

He, however, said his decision should not be seen as a betrayal of his family ties or his father’s political aspiration.

“I’ve always supported my father since I started acting in politics, and I supported him because of what he has done for the country,” he said.

“But I believe that whenever a government comes out with policies that will help the people, I will join them.

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“It’s not just because it’s my father. I don’t think I am antagonising him; I simply believe in the current government’s policies and the reforms taking place.”

Abubakar joined the APC in January 2026, vowing to mobilise support for Tinubu’s re-election.

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