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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.
According to Nivo News, the General Overseer of the Living Faith Church Worldwide, Bishop David Oyedepo, has declared what he described as divine judgment on bandits and their alleged sponsors responsible for insecurity across parts of Nigeria.....KINDLY READ THE FULL STORY HERE▶
Speaking on Sunday at the church’s headquarters in Ota, Ogun State, during a sermon themed “Covenant Day of Vengeance,” Oyedepo stated that those behind killings, kidnappings, and violent attacks would face divine retribution. He further claimed that within the next seven days, consequences would begin to manifest against those he accused of fueling unrest in the country, assuring worshippers that the coming week would be marked by “testimonies of vengeance.”
He was quoted as saying that judgment had been pronounced on individuals responsible for such acts and their supporters, adding that the outcome he referenced would unfold within a week.
In a related remark during a recent midweek service, Oyedepo also acknowledged the presence of fraudsters within and outside religious spaces, warning that his identity and images were being exploited for fraudulent schemes. He urged members of his congregation to remain vigilant and committed to truth to avoid falling victim to scams involving impersonation.
He recounted a case where an individual allegedly posed as him in an attempt to defraud unsuspecting victims, noting that such incidents highlight the growing sophistication of fraudulent activities.
A political disagreement has emerged within the All Progressives Congress (APC) in Nasarawa State following Governor Abdullahi Sule’s reported endorsement of Senator Aliyu Wadada as his preferred successor ahead of the 2027 governorship election.....KINDLY READ THE FULL STORY HERE▶
According to Nivo News, the move has sparked tension between the governor and his predecessor, Umar Tanko Al-Makura, who faulted the decision, describing it as premature and not properly consulted within party structures.
Al-Makura, a prominent figure in the state’s political landscape, expressed displeasure that he only became aware of the endorsement through media reports. He argued that the decision should have involved wider consultation, warning that such early endorsements could undermine internal party processes.
He further noted that the APC had not begun its formal nomination process, insisting that declaring support for a candidate at this stage was inappropriate and ahead of schedule.
The controversy was further heightened by former Inspector-General of Police, Muhammad Adamu, who is also aspiring for the APC governorship ticket. He rejected the endorsement, stating that no individual has the authority to impose a candidate, and reaffirmed his intention to contest in the party primaries.
In response, Governor Sule, through his media aide, defended the endorsement, stating that it was consistent with political traditions in the state. He referenced past succession arrangements, including Al-Makura’s own endorsement of him, arguing that the current process was in line with established practice but being conducted more transparently.
The governor’s camp clarified that Senator Wadada remains a preferred aspirant and not the party’s official candidate.
Senator Wadada, reacting to the development, called for calm among party members, describing the situation as part of normal political competition. He also downplayed tensions with other aspirants, noting that the contest should be seen as a democratic process.
Meanwhile, support for Adamu continues to grow in parts of Nasarawa South, where youths, women, and stakeholders have openly backed his ambition, alongside broader endorsements for President Bola Ahmed Tinubu’s re-election bid.
Adamu, however, maintained that he remains firmly in the race, accusing some political actors of inconsistency in the unfolding succession dynamics.
The Sultan of Sokoto, Muhammadu Sa’ad Abubakar, has described as unnecessary the denial issued by the Christian Association of Nigeria (CAN) regarding an invitation allegedly extended to him for the groundbreaking ceremony of an ecumenical chapel at the Nnamdi Azikiwe International Airport, Abuja.....KINDLY READ THE FULL STORY HERE▶
According to Nivo News, the Sultan’s media team maintained that an official invitation was duly sent to His Eminence requesting his attendance as Royal Father of the Day. The statement explained that the event also listed key dignitaries, including the Senate President, Godswill Akpabio, as Distinguished Guest of Honour, and Senator Oluremi Tinubu as Mother of the Day.
The Sultan’s office emphasised that his participation in the proposed Christian event would promote interfaith harmony, noting his role as Co-Chairman of the Nigerian Inter-Religious Council (NIREC). It added that globally, religious leaders often engage in events outside their faith traditions as part of efforts to encourage unity and peaceful coexistence.
The response follows an earlier clarification from CAN, which denied issuing any invitation to the Sultan and stated that the document circulating in public was not from the association. CAN further explained that the communication in question originated from the Office of the Secretary to the Government of the Federation (SGF) and insisted that it had no involvement in inviting the Sultan to the event.
While acknowledging that the SGF’s office was linked to the invitation process, the Sultan’s media team expressed concern over CAN’s denial, describing it as unnecessary and capable of creating misunderstanding, especially since the Sultan did not request to attend the ceremony.
The statement also urged religious bodies to focus on messages that strengthen unity and promote peaceful coexistence among Nigerians of different faiths and ethnic backgrounds.
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