Connect with us

Headlines

Buhari Overrules Supreme Court, Allows Only Old N200 Back in Circulation

Published

on

By Eric Elezuo

President Muhammadu Buhari has finally decided that the old N1000 and N500 notes will no longer be in circulation in spite of the Supreme Court’s ruling that all old naira notes circulate side by side with the newly redesigned notes.

Buhari made the decision Thursday during a nationwide broadcast where he said that the Central Bank of Nigeria (CBN) should recirculate only the old N200 naira notes and phase out completely the two other larger denominations till April 10, 2023.

“To further ease the supply pressures particularly to our citizens, I have given approval to the CBN that the old N200 bank notes be released back into circulation and that it should also be allowed to circulate as legal tender with the new N200, N500, and N1000 banknotes for 60 days from February 10, 2023 to April 10 2023 when the old N200 notes ceases to be legal tender,” Buhari said.

Recall that the Supreme Court on Wednesday affirmed the validity of the use of old 200, 500 and 1000 naira notes.

The apex court maintained that the February 8 hearing which paused the implementation of the February 10 deadline ban on the use of old naira notes still subsists.

The clarification from the court followed a complaint by Abdulhakeem Mustapha (SAN), lawyer to the Kaduna, Kogi and Zamfara states respectively.

A seven-man panel of the Supreme Court last Wednesday in a unanimous ruling granted an interim injunction restraining the Federal Government from implementing the Central Bank of Nigeria’s February 10 deadline for the swapping of the old naira notes with the new ones.

The judgement followed a motion ex-parte on behalf of three northern states Kaduna, Kogi and Zamfara, who on February 3rd filed a suit seeking to halt the implementation of the CBN’s policy.

On Wednesday (today), the apex court adjourned a hearing in the suit banning the use of the old naira to Wednesday, 22nd February 2023.

This is coming after nine states joined the suit initially filed by Kogi, Kaduna and Zamfara states.

The states are Katsina, Lagos, Cross River, Ogun, Ekiti, Ondo and Sokoto states bringing the new total of plaintiffs to ten. On the other hand, Edo and Bayelsa have filed to be joined as respondents.

The seven-man panel led by Justice John Okoro ordered them to amend their processes to be heard as one.

But speaking during the proceeding, Mustapha said the apex government and its agencies have allegedly directed the rejection of the old notes thereby failing to comply with the February 8 court order.

According to him, the plaintiff filed a notice of non-compliance with the order of the court made on February 8.

“The order has been flouted by the government. We are talking of executive lawlessness here. We have filed an affidavit to that effect… We want the court to renew the order for parties to be properly guided,” he said.

In his response, Justice Okoro asked Mustapha to file a proper application and put forward his complaints. This, he said, would enable the respondent to respond appropriately.

According to Okoro, there was no need for a renewal of the court’s order since the order made by the court on February 8 was made pending the determination of the motion for injunctions filed by the plaintiff.

He, however, maintained that the order still subsists since the motion was not yet heard.

Continue Reading
Advertisement


Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Headlines

VP Shettima Embarks on Two-Week Leave

Published

on

Vice President Kashim Shettima is schedule to begin a two-week leave this Thursday following the approval of President Bola Ahmed Tinubu. This is the Vice President’s first official leave since assuming office on May 29, 2023, according to a statement by the Senior Special Assistant to The President on Media & Communications (Office of The Vice President), Mr. Stanley Nkwocha.

The statement highlighted that during the period of the leave, the Vice President will devote time to study, reflection and intellectual renewal as part of efforts to strengthen his capacity for continued service to the nation.

The leave offers Senator Shettima an opportunity to review the administration’s ongoing programmes, deepen his understanding of emerging national and global policy issues, and prepare for the responsibilities ahead as the Federal Government intensifies the implementation of the Renewed Hope Agenda.

Since assuming office on May 29, 2023, the Vice President has remained actively engaged in the coordination and supervision of several strategic government initiatives, particularly in economic development, food security, humanitarian affairs, digital transformation, job creation and regional cooperation.

He has also chaired the National Economic Council, which brings together the governors of the 36 states, the Governor of the Central Bank of Nigeria and other relevant public officials to deliberate on policies affecting the economy and the welfare of Nigerians.

Beyond his responsibilities within the country, Vice President Shettima has represented President Tinubu at major international and regional engagements, advancing Nigeria’s position on economic integration, peace and security, climate action, investment and sustainable development.

Senator Shettima remains deeply committed to the ideals of loyalty, duty and service that have defined his role in the administration, as well as to supporting President Tinubu’s efforts to build a more secure, productive and prosperous Nigeria.

The Vice President will return to office at the end of the two-week leave period and resume his official responsibilities with renewed energy and dedication to the service of the nation.

Continue Reading

Headlines

Tinubu Approves Fresh Salary Increase for Military

Published

on

President Bola Tinubu has approved salary increases of between 30 and 80 per cent for personnel of the Nigerian Armed Forces, with about 250,000 officers and men set to benefit from the enhanced remuneration package aimed at boosting troop welfare and morale.

The new salary structure, which takes effect from September 1, will see officers above the rank of Colonel receive a 30 per cent salary increase, while personnel from the rank of Colonel down to Warrant Officer will enjoy a 50 per cent increment. Soldiers from the rank of Private to Staff Sergeant will receive the highest increase of 80 per cent.

The approval will raise the annual salary bill for the Armed Forces from N660 billion to N924 billion.

Special Adviser to the President on Information and Strategy, Bayo Onanuga, said the salary review underscores the Tinubu administration’s commitment to improving the welfare of military personnel in recognition of their sacrifices in safeguarding the country.

The President noted that members of the Armed Forces have continued to display courage and dedication in confronting banditry, kidnapping, terrorism and other security threats across the country.

“The men and women who help to keep us safe in our homes must be supported and appreciated in the course of their duties to our nation,” Tinubu said.

He assured that his administration would continue to prioritise troop welfare while strengthening the operational capacity of the military through improved equipment and technology.

“Our administration will continue to prioritise troop welfare and modernise the armed forces by providing the weapons and technological tools needed to discharge their duties,” the President stated.

Tinubu stressed that security remains central to national development, saying no country can attain sustainable progress without guaranteeing the safety of its citizens.

“Our administration believes that no nation can achieve greatness without security. We therefore remain resolute in mobilising all military and law enforcement assets to eliminate security threats and protect the lives and property of all Nigerians,” he said.

The President urged military personnel to see the enhanced remuneration as a demonstration of the nation’s appreciation for their service and commitment.

“I urge our servicemen to take our gesture as a sign of our deep appreciation of the services they render to our fatherland. Together we shall prevail over the enemies intent on destroying the fabric of our nation,” Tinubu added.

Continue Reading

Headlines

Oyedepo Knocks Tinubu over Worsening Insecurity, Economic Hardship

Published

on

General Overseer of Living Faith Church Worldwide aka Winners Chapel, Bishop David Oyedepo, has taken a swipe at President Bola Tinubu over the worsening insecurity and economic hardship in Nigeria.

In a viral video shared online, Oyedepo alleged that the Tinubu administration was failing to take decisive action to address the challenges bedeviling the Nigerian people.

The cleric expressed anger over the persistent attacks and killings across the country, issuing a note of warning that Nigerians who have endured the situation for a long time may no longer remain silent.

The General Overseer, however, condemned those behind the attacks and killing of unarmed Nigerians, stating that victims should not be expected to show sympathy towards the perpetrators of the heinous crime.

“The president needs to act now and stop pretending. You can’t slaughter members of my family and expect me to pray for you. I will pray against you and your household.

“The government is pretending like they don’t know what to do. I have been quiet for a long time, but the bubble is about to burst,” he fumed.

He equally accused the government of appearing unaware of the severity of the security crisis, saying leaders had failed to demonstrate the urgency required to protect citizens and restore confidence.

Continue Reading