Headlines
Naira Redesign: Finance Ministry Warns CBN of Consequence, Denies Knowledge of Project
- /home/rhoncare/pointblank.ng/wp-content/plugins/mvp-social-buttons/mvp-social-buttons.php on line 27
https://pointblank.ng/wp-content/uploads/2019/04/43690aeb-zainab-ahmed-800x600.jpg&description=Naira Redesign: Finance Ministry Warns CBN of Consequence, Denies Knowledge of Project', 'pinterestShare', 'width=750,height=350'); return false;" title="Pin This Post">
- Share
- Tweet /home/rhoncare/pointblank.ng/wp-content/plugins/mvp-social-buttons/mvp-social-buttons.php on line 69
https://pointblank.ng/wp-content/uploads/2019/04/43690aeb-zainab-ahmed-800x600.jpg&description=Naira Redesign: Finance Ministry Warns CBN of Consequence, Denies Knowledge of Project', 'pinterestShare', 'width=750,height=350'); return false;" title="Pin This Post">
The Minister of Finance, Budget and National Planning, Zainab Ahmed, has dissociated herself from the Naira redesign policy fixed for December 15, 2022 by the Central Bank of Nigeria.
The Minister, who commented on the policy in response to question raised by Senators during the 2023 budget defence session she had with the Senate Committee on Finance, chaired by Senator Solomon Olamilekan, warned the CBN of consequences that may arise from the policy.
The Senate had told the Finance Minister that barely two days after announcement of the policy by the CBN, the negative effect was already being experienced in the country’s forex.
The Senate noted that just two days after announcement of the policy, value of the Naira to a US dollar has risen from N740 to N788 due to rush in exchange of stashed Naira Notes for foreign currencies, particularly the dollar.
The senators added that the policy may be a well-conceived one, but the timing, going by realities on the ground, is very wrong as the naira may fall to as low as N1,000 to a US dollar before January 31, 2023 fixed for full implementation of the policy.
In her response, Ahmed said she and her Ministry were not aware of the policy but only heard of it from the media.
She said, “Distinguished Senators, we were not consulted at the Ministry of Finance by the CBN on the planned naira redesigning and cannot comment on it as regards merits or otherwise.
“However, as a Nigerian privileged to be at the top of Nigeria’s fiscal management, the policy as rolled out at this time portends serious consequences on value of naira to other foreign currencies.
“I will, however, appeal to this committee to invite the CBN governor for required explanations as regards merits of the planned policy and rightness or otherwise of its implementation now.”
The CBN Governor, Godwin Emefiele, had on Wednesday said that the apex bank would redesign the country’s currency from 200 Naira denomination to N1,000 notes.
He said the action was taken in order to take control of the currency in circulation just as he posited that the bulk of the nation’s currency notes were outside bank vaults and that the CBN would not allow the situation to continue.
The planned policy, he added, was in line with Sections 19, Subsections a and b of the CBN Act 2007, upon which the Management of the CBN sought and obtained the approval of the President Muhammadu Buhari to redesign, produce, and circulate new series of banknotes at N200, N500, and N1,000 notes.
Headlines
Atiku Raises Alarm over ‘Mysterious’ Credit into Private Bank Account
Former Vice President and African Democratic Congress (ADC) Presidential Candidate, Atiku Abubakar, has raised concerns over what he described as a suspicious and unauthorised payment into one of his private bank accounts.
In a statement issued on Friday by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku said the transfer originated from an individual or entity unknown to him and carried the narration, “Contribution Electioneering Campaign.”
According to the statement, neither Atiku nor his campaign solicited, authorised or had any knowledge of the payment.
The former Vice President said the account was strictly private and its details were not in the public domain, raising concerns about how the information could have been obtained.
“How did unknown persons obtain the confidential banking details of a private citizen?”
Atiku said the incident raised broader concerns about the security of Nigerians’ financial information, particularly if the private banking details of a former Vice President and presidential candidate could allegedly be accessed without his consent.
“If the private banking information of a former Vice President and a leading presidential candidate can be accessed and deployed for reasons yet unknown, then no Nigerian’s financial privacy is safe.”
He further expressed concern that the alleged disclosure could have involved individuals with privileged access to confidential information.
According to him, if such access is established, it could expose account holders to criminal elements, including kidnappers, terrorists, bandits and fraudsters.
The former Vice President also called the attention of Nigerians and security agencies to the incident, describing it as part of what he termed a series of “suspicious activities” ahead of the 2027 general elections.
“We therefore put the Nigerian public and the security agencies on notice about this latest incident in a litany of suspicious activities leading up to next year’s general elections.”
Atiku also alleged that the incident could be part of an attempt to damage his reputation as political activities intensify ahead of the elections.
He urged Nigerians not to be distracted by what he described as “tired tactics” aimed at character assassination.
“Such desperate antics have failed before and will fail again.”
The ADC presidential candidate said he remained focused on his political agenda and his stated commitment to providing solutions to the country’s challenges.
“The Waziri Adamawa remains focused on offering Nigerians credible leadership and practical solutions to the nation’s challenges.”
Headlines
VP Shettima Embarks on Two-Week Leave
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.
Headlines
Tinubu Approves Fresh Salary Increase for Military
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.






