Headlines
Scarcity of Naira Notes May Disrupt General Elections, INEC Warns
The Chairman of the Independent National Electoral Commission (INEC), Mahmood Yakubu, has warned that the scarcity of the new naira notes may disrupt the general elections, which is just 16 days away. Yakubu made the remarks during a meeting with the Central Bank Governor, Godwin Emefiele at the CBN headquarters, Abuja, on Tuesday.
He explained that many service providers to INEC had no bank accounts.
He, therefore, solicited the support of the apex bank to address the concern related to the CBN cash withdrawal policy which had caused chaos across the country.
The apex bank had last year pegged weekly cash withdrawal limits set for individuals and corporate organisations to N500,000 and N5 million, respectively.
It also introduced the currency redesign policy which involves the issuance of new N1000, N500 and N200 notes last December.
But explaining his concern to the CBN chief, Yakubu said the service providers needed to be paid fully or partly, adding that there were fears about the withdrawal limits.
He said, “The Nigerian election is a huge and complex one. It requires the engagement of critical services and in line with the provisions of the exchange laws and regulations, service providers are generally paid by means of electronic transfer to their accounts.
‘’However, there are crucial areas such as transportation and human support services that have to be immediately enumerated, either partially or in full because services are rendered.
“In addition, emergency situations may arise requiring immediate cash payments. Some of the critical service providers are unbanked. Over the years we have worked with the Central Bank of Nigeria and commercial banks to pay for such services seamlessly during general elections, as well as off-cycle and by-elections.
‘’Over the years, the commission has migrated all its accounts at national and state levels to CBN and this arrangement has worked without hindrances to our activities.
“In view of the recent policy involving the redesigning of some denominations of our currencies and the limit on cash withdrawals and availability, we consider this meeting important in addressing some of our areas of concern with just 17 days to the 2023 general elections.
‘’We are confident that an aspect of this meeting will reduce the anxiety expressed by some of our service providers. We are determined to make the 2023 general election one of the best elections in Nigeria but we cannot do it alone. That is why the commission is mobilising every critical national institution for the success of the election.”
CBN allays fears
The CBN governor assured that cash would be made available for payment of the service providers and added that the apex bank would not allow itself to be used to frustrate the efforts of the electoral body.
Emefiele promised that the apex bank would do everything possible to support the 2023 election, stressing that it has never failed Nigerians.
He stated, “Now, just aside from the issue of storage of election materials and together with transportation of these election materials from CBN locations to your own specific or designated locations; where do you want these materials to be?
‘’I know that just a few months ago, I visited your office and you raised the issue of how foreign exchange can be procured for you to import your BVAS and other election materials that need to be imported. And I give you my word that foreign exchange will be provided for that purpose.
“I stand here or I sit here to confirm that today, not $1 is owed. All the dollars that are needed to import those items have been provided and those items have been imported.
“So, it is all part of our commitment. Now this issue of payment and logistics for people who are going to be transporting election materials, even to visit wards; the assurance I give to you is that because we regarded the INEC project as a topmost or urgent national assignment, it cannot fail and the central bank would not allow itself either to be used or itself to be seen as an agent that frustrated a positive outcome of that election.’’
Emefiele said the CBN would provide the cash support with the electoral body needed to prosecute the poll.
‘’It is not just about cash and you have done electric electronic payments before and if in this case after making your electronic payments, you require some money to pay transporters, in this case, cash; the assurance I give to you is that we will make it available so it is nothing to worry about,’’ he said.
The Punch
The first hostages freed from Gaza under a long-awaited ceasefire agreement are back in Israel. The news sparked jubilant scenes in Tel Aviv where large crowds gathered ahead of their release.
The three freed Israeli hostages – the first of 33 to be released over the next six weeks – are Romi Gonen, Doron Steinbrecher and Emily Damari. They are said to be in good health and are receiving treatment at a medical center in Tel Aviv.
In exchange, 90 Palestinian prisoners and detainees are set to be released by Israel from Ofer Prison in the occupied West Bank.
The Israeli military withdrew from several locations in southern and northern Gaza after the truce began earlier on Sunday, an Israeli military official told CNN.
Displaced Gazans have started returning to their homes, while the aid trucks laden with much-needed supplies have crossed into Gaza. Here’s what we know about how the ceasefire deal will work.
Hamas, despite suffering devastating losses, is framing the Gaza ceasefire agreement as a victory for itself, and a failure for Israel.
One of Hamas’ main goals for taking some 250 people during its brazen October 7, 2023, attack on Israel was to secure the release of Palestinian prisoners held in Israeli jails. As Israel pounded Gaza in response, Hamas vowed not to return the hostages until Israel withdrew its forces from the enclave, permanently ended the war, and allowed for rebuilding.
Source: CNN
The leader of UK’s Conservative Party, Kemi Badenoch, has said she doesn’t want Britain to be like Nigeria that is plagued by “terrible governments.”
Speaking on Thursday at an event organised by Onward, a British think tank producing research on economic and social issues, Badenoch expressed fears that Britain may become like Nigeria if the system is not reformed.
“And why does this matter so much to me? It’s because I know what it is like to have something and then to lose it,” Badenoch told the audience.
“I don’t want Britain to lose what it has.
“I grew up in a poor country and watched my relatively wealthy family become poorer and poorer, despite working harder and harder as their money disappeared with inflation.
“I came back to the UK aged 16 with my father’s last £100 in the hope of a better life.
“So I have lived with the consequences of terrible governments that destroy lives, and I never, ever want it to happen here.”
Badenoch has been in the news of late after she dissociated herself from Nigeria, saying she has nothing to do with the Islamic northern region.
She also accused the Nigeria Police of robbing citizens instead of protecting them.
She said: “My experience with the Nigeria Police was very negative. Coming to the UK, my experience with the British Police was very positive.
“The police in Nigeria will rob us (laughter). When people say I have this bad experience with the police because I’m black, I say well…I remember the police stole my brother’s shoe and his watch.”
