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Economic Crises: Buhari Addresses the Nation (Full Text of Speech)
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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.
Headlines
Tinubu Warns Politicians, Supporters Against Violence, Irresponsible Conduct As Campaigns Gather Momentum
President Bola Tinubu has warned politicians and their supporters against violence and other irresponsible conduct, as political activities gather momentum ahead of the 2027 general elections.
Tinubu said his administration would not tolerate violence during political campaigns, urging presidential hopefuls, including former Vice President Atiku Abubakar and Peter Obi, as well as other political leaders, to promote peaceful political engagement.
The President issued the warning through a statement by the State House on Friday, November 13, 2026, following reports of violence at political events in different parts of the country.
He condemned all forms of political violence, insisting that campaigns should focus on issues and ideas capable of improving the welfare of Nigerians and promoting national development.
Tinubu also committed to ensuring peaceful, free and fair elections in 2027, urging politicians and their supporters across party lines to conduct themselves responsibly.
He said belonging to different political parties or pursuing different political ambitions should not make Nigerians enemies.
“As Nigerians, we are members of the same household living in different rooms. Therefore, our politics must elevate human conditions and focus on national progress and development,” he said.
The President reiterated his directive to security agencies to be firm against individuals involved in activities capable of disrupting public order.
He stressed that all political parties and candidates must be allowed to campaign freely across the country without intimidation or threats to their safety.
“We shall not tolerate any irresponsible conduct by politicians and their supporters,” Tinubu warned.
He authorised security agencies to confront thuggery and other anti-social and anti-democratic activities with full force, adding that his administration remained committed to an orderly and peaceful electoral process.
Headlines
Court Orders INEC to Publish Adebutu’s Name as Ogun PDP Governorship Candidate Within 24 Hours
The Federal High Court in Abuja has ordered the Independent National Electoral Commission (INEC) to publish the name of Ladi Adebutu as the Peoples Democratic Party’s (PDP) governorship candidate for the 2027 Ogun State election within 24 hours.Judge Peter Lifu gave the order on Friday in a judgement following a suit filed by Mr Adebutu and the PDP to challenge INEC’s exclusion of his name from the final list of candidates for the upcoming 6 February 2027 governorship election.
He consequently declared the exclusion “unlawful, unconstitutional, null and void.”
In resolving the issues raised by parties, Mr Lifu held that the power to nominate candidates for “elections rested solely with political parties.” He ruled that “Neither INEC nor any other authority could take over that responsibility.”
The judge faulted the commission for waiting more than four months before “belatedly publishing the final list on 10 October” without informing the plaintiffs of any intention to exclude their candidate.
He questioned INEC’s decision to raise the issue after the primary had been conducted and monitored, when it could have raised any concerns in its monitoring report.
Mr Lifu warned that allowing INEC to exercise such powers would amount to a “dangerous show of power”.
He said such authority could allow the commission to disqualify candidates only days before an election, adding that INEC did not possess absolute powers.
The judge also held that the membership register tendered before the court contained Mr Adebutu’s name against serial number 1536.
He said the evidence established that Mr Adebutu was a member of the PDP and that it was the political party, not INEC, that had the authority to determine its membership.
The judge questioned why INEC considered it its responsibility to determine who belonged to a political party, holding that the commission exceeded its powers by omitting Mr Adebutu’s name.
The dispute
The dispute followed the exclusion of Mr Adebutu and his running mate from the final list of candidates published by INEC for the 6 February 2027 Ogun State governorship election.
INEC published the final list on 10 October, featuring 13 governorship candidates but excluding the PDP from the race.
INEC said its decision followed the PDP’s alleged failure to comply with the membership register requirements under the Electoral Act 2026.
Section 77(5)–(7) of the Act requires political parties to submit their membership registers to INEC within the stipulated period. The provisions also empower the commission to scrutinise the registers.
In September, the Supreme Court upheld the constitutionality of the provisions in a case involving the Zenith Labour Party and INEC. The ruling affirmed the requirement for political parties to submit their membership registers before conducting valid primaries.
Following the exclusion, the PDP and Mr Adebutu approached the Federal High Court in Abuja in October, asking it to compel INEC to recognise him as the party’s governorship candidate.
The plaintiffs challenged the commission’s decision, arguing that it violated their right to fair hearing and breached provisions of the Electoral Act. They asked the court to set aside the decision and direct INEC to publish Mr Adebutu’s name as the party’s governorship candidate within 24 hours of its order.
INEC opposed the suit, maintaining that Mr Adebutu’s name was missing from the PDP membership register submitted to the commission. It therefore urged the court to dismiss the suit for being incompetent.
Source: Premium Times
Former Tottenham, Chelsea and Paris Saint-Germain boss Pochettino would have an enormous task on his hands to revive a club that has never recovered from the departure of Alex Ferguson 13 years ago.
The Red Devils, once the dominant force in English football, have been overtaken by Manchester City, Liverpool and Arsenal.
United’s next game is against fierce rivals Liverpool at Anfield on November 22.
