Headlines
Economic Crises: Buhari Addresses the Nation (Full Text of Speech)
NATIONAL BROADCAST BY HIS EXCELLENCY MUHAMMADU BUHARI, PRESIDENT, FEDERAL REPUBLIC OF NIGERIA ON THE CHALLENGES OF THE CURRENCY SWAP AND STATE OF THE NATION, ON 16th FEBRUARY, 2023
My Dear Compatriots,
I have found it necessary to address you today, on the state of the nation and to render account on the efforts of our administration to sustain and strengthen our economy, enhance the fight against corruption and sustain our gains in the fight against terrorism and insecurity which has, undoubtedly, been impacted by several internal and external factors.
2.Particularly, I am addressing you, as your democratically elected President, to identify with you and express my sympathy, over the difficulties being experienced as we continue the implementation of new monetary policies, aimed at boosting our economy and tightening of the loopholes associated with money laundering.
3.Let me re-assure Nigerians, that strengthening our economy, enhancing security and blockage of leakages associated with illicit financial flows remain top priority of our administration. And I shall remain committed to my oath of protecting and advancing the interest of Nigerians and the nation, at all times.
4.In the last quarter of 2022, I authorised the Central Bank of Nigeria (CBN) to redesign the N200, N500, and N1000 Nigerian banknotes.
5.For a smooth transition, I similarly approved that the redesigned banknotes should circulate concurrently with the old bank notes, till 31 January 2023, before the old notes, cease to be legal tender.
6.In appreciation of the systemic and human difficulties encountered during implementation and in response to the appeal of all citizens, an extension of ten days was authorized till 10th February, 2023 for the completion of the process. All these activities are being carried out within the ambit of the Constitution, the relevant law under the CBN Act 2007 and in line with global best practices.
7.Fellow citizens, while I seek your understanding and patience during this transient phase of implementation, I feel obliged to avail you a few critical points underpinning the policy decision. These include:
a. The need to restore the statutory ability of the CBN to keep a firm control over money in circulation. In 2015 when this administration commenced its first term, Currency-in-Circulation was only N1.4trillion.
b. The proportion of currency outside banks grew from 78%in 2015 to 85% in 2022. As of October 2022, therefore, currency in circulation had risen to N3.23 trillion; out of which only N500 billion was within the Banking System while N2.7 trillion remained permanently outside the system; thereby distorting the financial policy and efficient management of inflation;
c. The huge volume of Bank Notes outside the banking system has proven to be practically unavailable for economic activities and by implication, retard the attainment of potential economic growth;
d. Economic growth projections make it imperative for government to aim at expanding financial inclusion in the country by reducing the number of the unbanked population; and
e. Given the prevailing security situation across the country, which keeps improving, it also becomes compelling for government to deepen its continuing support for security agencies to successfully combat banditry and ransom-taking in Nigeria
8.Notwithstanding the initial setbacks experienced, the evaluation and feedback mechanism set up has revealed that gains have emerged from the policy initiative.
9.I have been reliably informed that since the commencement of this program, about N2.1 trillion out of the banknotes previously held outside the banking system, had been successfully retrieved.
10.This represents about 80% of such funds. In the short to medium and long terms, therefore, it is expected that there would be:
a. A strengthening of our macro economic parameters;
b. Reduction of broad money supply leading to a deceleration of the velocity of money in the economy which should result in less pressures on domestic prices;
c. Lowering of Inflation as a result of the accompanying decline in money supply that will slow the pace of inflation;
d. Collapse of Illegal Economic Activities which would help to stem corruption and acquisition of money through illegal ways;
e. Exchange Rate stability;
f. Availability of Easy Loans and lowering of interest rates; and
g. Greater visibility and transparency of our financial actions translating to efficient enforcement of our anti- money laundering legislations.
11.I am not unaware of the obstacles placed on the path of innocent Nigerians by unscrupulous officials in the banking industry, entrusted with the process of implementation of the new monetary policy. I am deeply pained and sincerely sympathise with you all, over these unintended outcomes.
12.To stem this tide, I have directed the CBN to deploy all legitimate resources and legal means to ensure that our citizens are adequately educated on the policy; enjoy easy access to cash withdrawal through availability of appropriate amount of currency; and ability to make deposits.
13.I have similarly directed that the CBN should intensify collaboration with anti-corruption agencies, so as to ensure that any institution or person(s) found to have impeded or sabotaged the implementation should be made to bear the full weight of the law.
14.During the extended phase of the deadline for currency swap, I listened to invaluable pieces of advice from well meaning citizens and institutions across the nation.
15.I similarly consulted widely with representatives of the State Governors as well as the Council of State. Above all, as an administration that respects the rule of law, I have also noted that the subject matter is before the courts of our land and some pronouncements have been made.
16. 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.
17.In line with Section 20(3) of the CBN Act 2007, all existing old N1000 and N500 notes remain redeemable at the CBN and designated points.
18.Considering the health of our economy and the legacy we must bequeath to the next administration and future generations of Nigerians, I admonish every citizen to strive harder to make their deposits by taking advantage of the platforms and windows being provided by the CBN.
19.Let me assure Nigerians that our administration will continue to assess the implementation with a view to ensuring that Nigerians are not unnecessarily burdened. In this regard, the CBN shall ensure that new notes become more available and accessible to our citizens through the banks.
20.I wish to once more appeal for your understanding till we overcome this difficult transient phase within the shortest possible time.
21.Fellow citizens, on the 25th of February, 2023 the nation would be electing a new President and National Assembly members. I am aware that this new monetary policy has also contributed immensely to the minimization of the influence of money in politics.
22.This is a positive departure from the past and represents a bold legacy step by this administration, towards laying a strong foundation for free and fair elections.
23.I urge every citizen therefore, to go out to vote for their candidates of choice without fear, because security shall be provided and your vote shall count.
24.I however admonish you to eschew violence and avoid actions capable of disrupting the electoral processes. I wish us all a successful General Elections.
Thank you for listening. God bless the Federal Republic of Nigeria.
Former Vice President Atiku Abubakar has expressed concern over reports that the Senate is considering the suspension of political campaigns in eight Northern states under the pretext of rising insecurity.
Atiku, in a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu, described the development as deeply troubling and fraught with dangerous implications for Nigeria’s democracy.
He noted that while insecurity remains a serious national challenge that must be confronted decisively, it must never become a convenient justification for undermining constitutional rights or selectively restricting democratic participation.
“Let it be clearly stated: the right to vote and participate in the electoral process is fundamental and cannot be abridged under any guise. Any attempt—whether deliberate or disguised—to suppress political activities in parts of Northern Nigeria raises legitimate concerns about disenfranchisement,” Atiku said.
The Waziri Adamawa recalled that credible intelligence had earlier pointed to possible plans to weaken electoral participation in key Northern states, warning that recent developments appear to be lending credence to those fears.
“This is not merely about campaigns; it is about representation, inclusion, and the integrity of our democratic process. You cannot cure insecurity by silencing the voices of the people. Democracy must not become a casualty of government failure,” he added.
The former Vice President stressed that the people of Northern Nigeria, like all Nigerians, deserve both security and full participation in the democratic process — not one at the expense of the other.
He added that it is the responsibility of government to provide security for its citizens, while it remains the duty of citizens to freely exercise their civic rights without fear, intimidation, or unlawful restriction.
“At a time when citizens are already battling hardship and insecurity, the least the government can do is to guarantee their right to be heard — not to restrict it. Any policy that creates the impression of targeted exclusion will only deepen distrust and national division,” he warned.
He called on the Independent National Electoral Commission, security agencies, and the administration of Bola Ahmed Tinubu to immediately clarify their position and reassure Nigerians that no region will be denied its constitutional rights.
“Nigeria must never descend into a situation where elections are shaped by exclusion, fear, or administrative manipulation. The consequences of such actions are far-reaching and better imagined than experienced,” Atiku cautioned.
He urged all stakeholders to uphold the principles of fairness, equity, and national unity, emphasising that democracy must remain inclusive, transparent, and credible across every part of the country.
Political leaders from the opposition have resolved to present a united front in the 2027 general elections, agreeing to field a single presidential candidate to challenge President Bola Tinubu of the ruling All Progressives Congress (APC).
The decision was one of the major highlights of a National Summit of Opposition Political Leaders held on Saturday in Ibadan, Oyo State, where participants gathered to fashion the way out of the current challenges facing the country.
They also warned that Nigeria’s democracy is under increasing strain and requires urgent collective action to safeguard it.
The summit, themed “Safeguarding Nigeria’s Democracy: A National Dialogue,” brought together key opposition figures across party lines, culminating in the adoption of a joint communiqué known as the Ibadan Declaration.
Leaders at the event said the decision to rally behind a single candidate was driven by the need to avoid fragmentation of votes and strengthen the opposition’s chances at the polls.
Host governor, Seyi Makinde, in his welcome address, warned of a steady erosion of democratic competition, noting that the concentration of political power under one party threatens pluralism.
He took a trip down memory lane, reminding the ruling party that the ‘wet e’ era in Ibadan, which he said must not be allowed to repeat itself.
“Democracy without opposition is not democracy, it is a slow drift toward a one-party state,” he said.
Factional National Chairman of the Peoples’ Democratic Party (PDP), Taminu Turaki, described the move as both strategic and necessary, warning that disunity has historically weakened opposition efforts.
“A single stick can be broken easily, but a bundle of sticks is far more difficult to break,” he said, urging political actors to prioritise national interest over individual ambition.
Turaki maintained that Nigeria is currently experiencing what he termed “progressive regression,” citing worsening insecurity, economic challenges, and declining confidence in democratic institutions.
“This is not a moment for silence or division; it is a moment for decisive action,” he said.
Similarly, former Senate President David Mark described the moment as a “national rescue mission,” stressing that no single opposition party could confront the current political structure alone.
“We cannot confront the future as fragmented entities. This is the time to rewrite the story of coalition building in Nigeria,” Mark said.
In the communiqué issued at the end of the summit, opposition parties reaffirmed their commitment to contest the 2027 elections at all levels, rejecting what they described as attempts to impose a one-party state.
They also resolved to resist any move to make the election a one-candidate race, insisting that Nigerians must be presented with credible alternatives.
Beyond the consensus candidacy plan, the declaration raised concerns over the credibility of the electoral process.
They passed a vote of no confidence in the Chairman of the Independent National Electoral Commission (INEC), Joash Amupitan.
The opposition leaders alleged bias and called for his removal from overseeing the 2027 elections.
Leaders at the event said the decision to rally behind a single candidate was driven by the need to avoid fragmentation of votes and strengthen the opposition’s chances at the polls.
The summit further urged the National Assembly to review contentious provisions of the Electoral Act 2026, and demanded an extension of deadlines for party primaries to the end of July 2026.
Participants also called for the release of political actors allegedly detained on bailable offences, stressing the need for inclusivity and respect for fundamental rights.
Speakers at the summit, in their separate remarks, repeatedly stressed that Nigeria stands at a critical juncture, urging leaders to act decisively to preserve democratic institutions.
The summit ended with the declaration of a shared commitment among opposition parties to deepen collaboration, rebuild public trust, and present a united challenge in 2027.
The Ibadan meeting attracted several prominent political figures from different political parties, including the PDP and the African Democratic Congress (ADC).
Among them were former Vice President Atiku Abubakar, Labour Party 2023 presidential candidate Peter Obi, former Kano State governor Rabiu Kwankwaso, former Osun State governor Rauf Aregbesola, former Rivers State governor Rotimi Amaechi, political economist Pat Utomi, and elder statesman Jerry Gana, among other notable political leaders.
The Supreme Court has reserved its judgment in the appeal filed by the Taminu Turaki-led group of the Peoples’ Democratic Party (PDP) seeking to overturn the judgment of the Court of Appeal, which nullified the conduct of the party’s national convention, held last year in Ibadan, Oyo State.
A five-member panel of the apex court announced on Wednesday that its judgment would be delivered on a date to be communicated to all parties in the appeal.
Justice Garba Mohammed, who led the five-member panel, made the announcement shortly after lawyers representing parties in the appeal adopted their processes as briefs of their arguments for and against the appeal.
The appeal was filed by the Turaki-led group’s national executives of the party who emerged from the convention.
They had approached the apex court to challenge the judgment of the Court of Appeal, which had nullified the convention for being held in disobedience of a valid order of the court.
While adopting their brief of argument filed on April 2, the appellants, through their team of lawyers led by Paul Erokoro (SAN), urged the Supreme Court not only to allow their appeal but also to dismiss a cross-appeal lodged against them by a leadership group in the party aligned with the Minister of the Federal Capital Territory (FCT), Nyesom Wike.
Meanwhile, Lamido, who was represented by J. C. Njikonye (SAN), as well as the Wike-backed group represented by Joseph Daudu (SAN), filed preliminary objections seeking dismissal of the appeal.
The respondents insisted that, contrary to the contention by the Turaki-led group, the appeal did not fall within the sphere of the PDP’s internal affairs.
It was the respondents’ position that both the high court and the appellate court had rightly exercised jurisdiction over the matter.
Justice Peter Lifu of the Federal High Court in Abuja, in a judgment last year, restrained the then-Ambassador Iliya Damagum-led National Executive Committee of the PDP from proceeding with the convention slated for November 15 and 16, 2026, in Ibadan, Oyo State.
Justice Lifu had ordered that the convention should not hold until an aspirant to the office of national chairman, former Jigawa State Governor Sule Lamido, is allowed to purchase interest and nomination forms to enable him to participate in the convention for the election of national officers.
The party, however, went ahead to conduct the convention in disregard of the orders of the court.
The PDP had predicated its action to conduct the convention on the grounds that the court lacked the jurisdiction to stop the convention, as the issue brought before it was an internal matter of the PDP, which no court has jurisdiction to delve into.
However, the appellate court in its judgment last month disagreed that the issue at the trial court was an internal affair of a political party, which courts cannot entertain.
The three-member panel of the appellate court subsequently nullified the outcome of the convention for being held in disobedience to the orders of the Federal High Court, Abuja.
Dissatisfied, the PDP approached the apex court, praying it to accept the appeal against the lower court judgment, set the judgment aside, and hold that the issue was an internal matter of the PDP, which both the Court of Appeal and the Federal High Court lacked jurisdiction to entertain.
However, the respondents in the appeal urged the court to dismiss the appeal for lack of merit and hold otherwise.
