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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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Student loans: Only those from federal institutions will benefit first says NELFUND

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The managing director of the Nigerian Education Loan Fund (NELFUND), Akintunde Sawyerr, says students in federal tertiary institutions would first be considered in the rollout of the scheme.

 

On April 3, President Bola Tinubu signed the student loan re-enactment bill into law, months after the first enactment was criticised for its stringent requirements.

 

The student loan portal has been scheduled to be operational on May 24.

 

Speaking in Abuja on Monday at a press conference, Sawyerr, said students of federal universities, polytechnics, and colleges of education whose data has been uploaded by their institutions can begin to apply on May 24.

 

“This student loan scheme is available to students who are in government institutions at the tertiary level,” he said.

 

“It’s generally for those who are attending or have placements at universities, polytechnics, technical colleges, and colleges of education that belong to the government.

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“To begin with, we’re going to start with federal institutions because it’s a programme that we have to roll out in phases.

“It will eventually be rolled out to state-owned institutions, and as you will discover, we will also begin a programme on loan provision for those who want to acquire vocational skills of vocational qualifications.”

 

Sawyerr noted that the fees being paid through the loan would be sent directly to the institution and not the student.

 

He added that it would be paid per session and not all at once.

 

“We’ll pay a session at a time because people drop out of institutions, they change institutions, and they change their minds about the courses they want to do. So we will limit our risk by just paying for that one session,” he said.

 

“We will also make a monthly payment to the individual who’s studying because there’s a recognition that just paying the fee alone may not be sufficient

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.

“That figure for this will be capped, and we will look very closely at each application and then make a decision based on a number of factors.”

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Court refuses Nnamdi Kanu’s plea for bail, house arrest

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A federal high court in Abuja has dismissed another bail application filed by Nnamdi Kanu, leader of the proscribed Indigenous People of Biafra (IPOB).

 

Binta Nyako, presiding judge, also refused Kanu’s plea to be transferred from the custody of the Department of States Services (DSS) to prison.

 

The defendant’s request to be placed under house arrest was also rejected.

 

Kanu is standing trial on a seven-count charge bordering on treasonable felony as preferred against him by the federal government.

 

BACKGROUND

In 2017, the court granted Kanu bail on the treasonable felony charges filed against him by the federal government.

 

However, the court revoked Kanu’s bail and issued a bench warrant for his arrest after he failed to present himself as required.

 

The IPOB leader was rearrested in Kenya in 2021 and extradited to Nigeria — after being on the run for a few years.

 

In April 2022, Nyako struck out eight of the 15 counts in the charge.

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The remaining seven counts were also quashed by the court of appeal on October 13, 2022, with the judge ordering Kanu’s release.

 

However, on October 28, 2022, the court of appeal granted a stay of execution on its verdict discharging Kanu, after the federal government filed an appeal at the supreme court.

 

On December 15, 2023, a five-member panel of the apex court reversed the verdict of the appeal court and ordered Kanu to resume his trial before the federal high court.

 

BAIL APPLICATION

In the fresh bail application, Kanu asked the court to restore his bail which was revoked in 2017.

 

In the alternative, he asked to be removed from the custody of the DSS and placed under house arrest, or to be remanded in prison.

 

The defendant said contrary to the federal government’s claim, he did not jump bail or breach any of the conditions of the 2017 bail, but had to flee the country when soldiers allegedly invaded his house in Abia.

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He told the court that he would have been killed if he had not escaped the way he did, and accused the federal government of misleading the court in getting the bail revoked.

 

He also asked the court to set aside the arrest warrant issued against him by the court while he was out of the country.

 

He also alleged that he does not get proper medical services in DSS custody and he is unable to properly prepare for his defence due to restricted access to his lawyers.

 

Delivering the ruling, Nyako refused the application of the defendant.

 

She noted that those who stood surety for the defendant in 2017 had approached the court and applied to be discharged after Kanu escaped from the country.

 

She held that the sureties, in their applications, claimed that they were not aware of the whereabouts of the defendant, a scenario that forced the court to order the forfeiture of their N100 million bail bonds.

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According to the trial court, the issue is currently pending before the court of appeal.

 

The court held that having refused Kanu’s request for bail on several occasions, the only option available to him was to take the matter before the appellate court.

 

However, the judge ordered the DSS to always grant Kanu access to his lawyers not exceeding five persons on every visiting day.

 

It ordered that Kanu must be given “a clean place” to consult with his lawyers at the DSS detention facility, adding that he must be granted access to a doctor of his choice.

 

Nyako warned that any attempt by Kanu’s legal team to file similar applications before the court would be regarded as a gross abuse of the judicial process.

 

“You have an option of appeal, please exercise your right of appeal,” the trial judge added.

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Coup attempt in DR Congo: Three Americans among arrested suspects

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Three Americans have been reportedly listed among suspects responsible for Sunday’s coup attempt in the Democratic Republic of Congo (DRC).

 

Sylvain Ekenge, DRC army spokesperson, said the attempt involved “foreigners and Congolese”.

 

“These foreigners and Congolese have been put out of action, including their leader,” Ekenge said, adding that several suspects were detained and that the situation is now under control.

 

The army spokesperson did not provide further information concerning the incident.

 

Lucy Tamyln, US ambassador to the DRC, said she was shocked and very concerned to receive reports of American citizens being involved.

 

Pictures of two men with their hands clasped were published in local media, alongside pictures of a passport that indicated one was a 36-year-old US citizen born in Maryland.

 

“Please be assured that we will cooperate with the DRC authorities to the fullest extent as they investigate these criminal acts and hold accountable any U.S. citizen involved in criminal acts,” Tamlyn tweeted.

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The army’s announcement of successfully thwarting a coup attempt came hours after armed men attacked the house of Vital Kamerhe, former chief of staff and close ally of President Felix Tshisekedi.
Kamerhe’s residence is about two kilometres from the presidential palace.
Michel Muhima, Kamerhe’s spokesperson, had said the gunmen clad in military uniform engaged the politician’s guards in a shootout, leaving three people dead.

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