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Finance minister: We Are Not Part of The Naira Redesign Policy
Zainab Ahmed, the Minister of Finance, Budget, and National Planning, has distanced herself from the Central Bank of Nigeria’s plan to redesign the naira on December 15, 2022.....KINDLY READ THE FULL STORY HERE▶
When asked about the strategy during the 2023 budget defense session she held with the Senate Committee on Finance, which was presided over by Senator Solomon Olamilekan, the Minister responded by warning the CBN of potential repercussions.
The Senate had informed the Finance Minister that the CBN’s policy had already had a detrimental impact on the country’s foreign exchange just two days after it was announced.
The Senate stated that the rush to convert stored Naira Notes for other currencies, notably the dollar, has caused the value of the Naira to increase from N740 to N788 in just two days after the policy was announced.
The senators went on to say that while the program may be well-intended, the timing—considering the actual situation—is horribly incorrect because the naira might fall as low as N1,000 to the US dollar by January 31, 2023, the date set for the policy’s full implementation.
Ahmed responded by claiming that neither she nor her Ministry were aware of the strategy and had only learned about it from the media.
Finance on the planned revamping of the naira, so we are unable to comment on its merits or otherwise,” she added.
“However, as a Nigerian who has the luxury of overseeing Nigeria’s fiscal management, I am concerned that the strategy as it is being implemented now portends catastrophic consequences for the value of the naira relative to other foreign currencies.
However, I shall request that this committee ask the CBN governor to provide the necessary justifications for the intended policy’s benefits and the appropriateness or otherwise of its current implementation.
Godwin Emefiele, the governor of the Central Bank of Nigeria, had stated on Wednesday that the country’s currency would change from 200 Naira notes to 1,000 Naira notes.
He claimed that the action was taken to seize control over the currency that was in use, just as he had suggested that the majority of the country’s currency notes were kept outside bank vaults and that the CBN would not permit the situation to persist.
He continued that the proposed policy was in accordance with Sections 19, Subsections a and b of the CBN Act 2007, pursuant to which the Management of the CBN requested and obtained the President’s approval, Major General Muhammadu Buhari (ret. ), to redesign, produce, and circulate a new series of banknotes at the denominations of N200, N500, and N1,000 notes.
Chief of Staff to President Bola Tinubu, Femi Gbajabiamila, has advised the House of Representatives member of the African Democratic Congress (ADC), Leke Abejide, to remain in his party.....KINDLY READ THE FULL STORY HERE▶
Gbajabiamila made the remark during a birthday celebration organised in honour of Abejide, according to reports.
He noted that the All Progressives Congress (APC) was pleased with the lawmaker’s activities within the ADC, adding that his presence was creating internal tensions in the opposition party.
The Chief of Staff also urged Abejide to disregard calls from APC members, including former Kogi State Governor, Yahaya Bello, who had reportedly encouraged him to defect to the ruling party.
“Don’t come to APC. Stay in ADC and scatter them. We like what you’re doing. Don’t mind former governor Yahaya Bello, who said you should join APC. No, no, no, stay in ADC and win your election. Also, bring Bala Gombe, and we’ll support him. Good luck in court,” he was quoted as saying.
Meanwhile, fresh tension has emerged within the African Democratic Congress as factional leader Nafiu Bala accused former national chairman Ralph Nwosu of misrepresenting the purpose of a recent party event.
Bala, speaking in an interview on AIT on Monday, said he was invited to what he believed was a routine meeting to welcome new members but later discovered it was used to announce a new leadership structure led by David Mark.
He explained that he only realised the full agenda after proceedings had begun, adding that the event also featured Nwosu stepping down while unveiling new party executives.
According to him, the development has deepened existing internal disputes within the party, especially with the appointment of David Mark and others into key leadership positions during the gathering.
Leaders of the All Progressives Congress (APC) in Ogun East Senatorial District have reportedly endorsed Governor Dapo Abiodun as their preferred candidate for the 2027 senatorial election.....KINDLY READ THE FULL STORY HERE▶
According to reports, the decision was taken on Monday during a large political gathering held at Adeola Odutola Hall in Ijebu-Ode, which attracted party stakeholders and grassroots representatives from across the district.
A statement from the governor’s media office indicated that the meeting was widely attended by key APC figures, including members of the Governor’s Advisory Council, former and serving local government chairmen, councillors from all wards, as well as current and former lawmakers at both state and national levels. Women leaders, youth groups, and other stakeholders were also present.
Party leaders at the event expressed confidence in Abiodun’s capacity to represent Ogun East effectively at the National Assembly, describing his leadership record as a key factor in their decision.
They also resolved to formally communicate the endorsement to the governor and begin mobilisation efforts ahead of the 2027 electoral cycle.
The Secretary to the State Government, Tokunbo Talabi, noted that the governor’s performance in office and his role in fostering unity within the party were central to the decision to support his senatorial ambition.
The Presidency has criticised former presidential candidate, Peter Obi, questioning his leadership ability and accusing him of failing to manage internal crises within the Labour Party (LP).....KINDLY READ THE FULL STORY HERE▶
According to reports, the Special Adviser to President Bola Tinubu on Media and Public Communication, Sunday Dare, made the remarks during an interview on African Independent Television (AIT) on Monday.
Dare argued that Obi did not found the Labour Party and does not have full control over its structure, adding that his handling of party disputes raises concerns about his leadership capacity.
He further alleged that Obi has shown a pattern of moving between political platforms rather than resolving internal challenges, insisting that he “cannot fix” his own party.
Dare said the Labour Party’s internal crisis had been visible for years and questioned Obi’s level of involvement in resolving it, suggesting that he instead left the party amid the turmoil.
He stated that such leadership qualities should be scrutinised given national responsibilities, adding, “You cannot fix your party.”
The presidential aide also addressed claims linking the Presidency to the crisis within the African Democratic Congress (ADC), rejecting any involvement and insisting the party’s internal issues were not influenced by the federal government.
He maintained that the ADC situation is already before the courts and should be resolved through judicial processes rather than public agitation or political pressure.
Dare urged all parties involved to respect ongoing legal proceedings, stressing that court decisions would ultimately determine the outcome of the disputes.
He added that the government remains committed to respecting the judiciary and warned against attempts to influence public opinion while cases are still being decided.
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