Progressives Solidarity Forum - PSF Nigeria

https://www.dailydispatchnewspaper.com/call-for-interim-government-undemocratic-invitation-to-anarchy-psa-chairman/

Call for Interim Government undemocratic, invitation to anarchy – PSA Chairman The Chairman/Convener of Progressives’ Solidarity for Asiwaju (PSA), Chief Ibrahim Emokpaire, has described calls by the vice presidential candidate of the Labour party Baba Datti Ahmed that …

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, re**rd 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.

PRESS STATEMENT

LET US MAKE THE BEST OF THIS MOMENT

The past few weeks have been a challenging one for Nigerians especially our SME’s, poor and vulnerable masses and those whose very survival depend on daily cash transactions. They have felt the brunt of the combined problems of scarcity of fuel and new Naira notes.

We feel the pains of our market women and artisans who have experienced low sales because customers do not have cash to make purchases. We hear the loud cries of farmers in rural areas and hinterlands who have been forced to sell their produce at much lower prices so they don't lose out completely. We hear every Nigerian dealing with the consequences of the roll-out of the cash swap programme.

While the scarcity arising from the supply limitations of the new naira notes is still with us, we are encouraged about reports that the fuel queues across the country are easing out as a result of better supply to fuel stations. We are now confronted with how to bring quick, sustainable solution, and relief to Nigerians on the challenges still posed by the non availability of new Naira notes, so that social and economic activities can move on unimpeded and normalcy can immediately return to our financial services sector and overall productivity of our nation.

In seeking a quick resolution, the National Council of State met on Friday, February 10, 2022 and advised the government and Central Bank in particular, to push more new Naira notes into circulation and also allow for the old notes to remain a legal tender by ensuring supply gaps relative to infrastructural limitations are bridged by recirculating it to ameliorate the pains caused by the scarcity of new ones. We agree with the wisdom of the Council of States as a necessary starting point to begin redressing the unintended consequences of what would have otherwise been a good policy that required mainstream adoption. For the records, I and my running mate, Senator Kashim Shettima and our campaign council do not have anything against the CBN Naira redesign and cashless policy in principle. We are,however, only concerned about its disruptive implementation and the hardship it has brought on the generality of our people who currently can't access their hard-earned money to meet obligations and the attendant consequences on the informal sector, where majority operate.

Despite the challenges and current difficulties, we are a country of resilient, bold and courageous people who don't succumb to hard times. We have always overcome our most difficult times and come out better as a people and a nation. This time will not be different. We will make lemonade out of our current lemons.

To bring immediate relief to our people, we urge the Central Bank to consider the following:

1. Following the advice of the Council of States, the CBN should announce that the old and new Naira notes (especially the non-withdrawn notes and coins) will co-exist as legal tender for the next 12 months to follow examples of countries that have successfully implemented similar monetary policy. This will immediately remove growing tension in the country, eliminate panic reactions by the populace and allow time to scale up infrastructural gaps around alternative payment options to cash.

2. We advise the immediate suspension of associated charges on online transactions and bank transfers and payments via POS until the current crisis is fully resolved. This cost should be considered a roll-out expense by the CBN to incentivise the envisaged shift to alternative transaction channels; for both the financial services consuming public and those in charge of implementing the scale-up programme.

3. Mobilise all Money Deposit Banks, Payment platforms to show clear commitment and timelines on expanding their infrastructure and support services.

4. Bring in Fintech companies with capabilities into currency swap programme for the next 90 days to help decongest banking halls and ATM points where people line up for hours.

5. The Central Bank and other relevant MDA’s should form an Inter-Agency Action Committee for immediate oversight over the cash supply gaps from the Nigerian Security and Minting Company and deal with issues around capabilities and turn around time to meet the needs of the informal sector and unbanked people.

6. The CBN, National Orientation Agency and Ministry of Information, State and Local Governments with their relevant organs in both the public and private sectors should commence a major public enlightenment and sensitisation campaign to further educate and empower our people on the new naira and cashless policy for better understanding and mainstream adoption.

As leaders, our commitment to our country everyday must be on how to make life better for our people and we are called upon not to waste the opportunity the moment presents to us to ramp up capacity and capability to serve 200 million Nigerians, leaving no one behind and ultimately improve the living conditions of every single Nigerian. Our task now is to restore hope in the country by implementing these steps to energise our people that we can do big things for a better future and shared prosperity. We can build upon this citizen-focused policy challenge to offer a template on how governance should work for the people.

God bless you and God bless Nigeria. We are overcomers.

Asiwaju Bola Ahmed Tinubu
All Progressives Congress Presidential Candidate
February 12, 2023

Photo speaks......

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