COVER
Naira Swap: Illicit Funds Hoarders Target of Policy, Says Buhari
By Mathew Dadiya & Tony Obiechina, Abuja
Following mounting pressure from Nigerians and the corporate world, President Muhammadu Buhari yesterday approved a 10-day extension of the deadline for the swapping of currency to new notes.
Nigerians, including Senators and members of the House of Representatives have been pressurizing the Central Bank of Nigeria (CBN) to extend the January 31, 2023 deadline for the use of old Naira notes.
Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, who disclosed this to newsmen yesterday in Daura, said the new deadline for the old currency to seize becoming legal tender would be February 10, 2023.
Emefiele, who was in Daura yesterday, had a closed-door meeting with the Buhari, where he obtained the approval.
He said Nigerians, who were yet to change their Naira notes from the old to new ones, “now have an opportunity to do so”.
The apex bank’s governor however cautioned that people must utilize the opportunity because the deadline would not be extended again.
You may recall that the CBN had fixed Jan. 31 as the deadline for the legitimacy of the old Naira notes.
The redesigned Naira notes, comprising N200, N500 and N1, 000, became legal tender on Dec. 15, 2022, after they were unveiled by Buhari on Nov. 23, 2022, in Abuja.
President Muhammadu Buhari has reiterated that the currency changes were aimed at people hoarding illicit funds and not the common man and that it had become necessary to prevent counterfeits, corruption, and terrorist funding.
The President assured that government will ensure that citizens are unharmed in their businesses and no disruption is caused to the entire supply chain arising from the currency swap due to end shortly.
Buhari explained this at the weekend when he reacted to reports of long queues of people waiting for hours for their turn to deposit old notes and get new ones, triggering public anger and opposition criticism.
This, he assured, will stabilize and strengthen the economy.
While taking note that the poorest section of society is facing hardship as they often keep hard cash at home for various expenses, President Buhari gave strong assurances that the government will not leave them to their own fate.
The President also restated that a number of initiatives by the Central Bank and all commercial banks are underway to speed up the distribution of the new notes and do all that is necessary to forestall cash squeeze and chaos.
In a statement yesterday, the CBN Governor also solicited the cooperation of all Nigerians in ensuring a hitch-free process for the implementation of the policy, saying the apex bank has succeeded in recovering over 70 percent of the N2 trillion held out of the banking system.
“Based on the foregoing, we have sought and obtained Mr President’s approval for the following: A 10-day extension of the deadline from January 31 to February 10 to allow for the collection of more old notes legitimately held by Nigerians.
“A 7-day grace period, beginning from February 10 to February 17, in compliance with Sections 20(3) and 22 of the CBN Act allowing Nigerians to deposit their old notes at the CBN after the February deadline when the old currency would have lost its Legal Tender Status,” the statement read.
The CBN Governor also solicited the cooperation of all Nigerians in ensuring a hitch-free process for the implementation of the policy.
“We are happy that so far, the exercise has achieved a success rate of over 70 percent of the N2 trillion held out of the banking system,” Emefiele added.
Before the apex bank extended the use of the naira note, many Nigerians experienced difficulty in lodging their old banknotes.
The scramble by many Nigerians to meet the initial January 31 deadline has been chaotic as many of them flood banking halls with huge cash in old notes to exchange them with new ones.
Others are seen in long queues at the few ATM points having the new naira notes in different parts of the country to have access.
This has necessitated the CBN directing the commercial banks on Friday to open for business on Saturday and Sunday.
Expert Hails CBN for Deadline Extension
Foremost economist and academic, Professor Uche Uwaleke has commended the Central Bank of Nigeria (CBN) for extending the deadline for the exchange of old Naira Notes for the redesigned currency from 31st January to February 10, 2023.
CBN Governor, Mr Godwin Emefiele who made the announcement in statement on Sunday, said President Muhammadu Buhari approved the change of deadline.
Uwaleke, who is Nigeria’s first professor of Capital market in a statement made available to Daily Asset in Abuja, described the apex Bank decision as a welcome development.
“The extension of the deadline for notes swap by the CBN till February 10 2023 with additional 7 days grace period is a welcome development and portrays the CBN as a responsive organisation that is sensitive to the yearnings of Nigerians.
“One recalls that when the CBN first placed a cash withdrawal limit of N20,000 per individual per day, it saw the need to revise it upward to N100,000 following reports that the limit was too low and causing a lot of hardship to the people.
“This deadline extension will reduce the queues at the ATM, reduce panic and uncertainty among small business owners in particular and more importantly allow more time for the new naira notes to circulate and more of the old ones returned to the CBN given that about N900 billion is still outside the banks as revealed by the CBN Governor.
“I commend the CBN for this move as well as the President for giving approval for an extension. It goes to demonstrate that the currency redesign was not designed abinitio to foist hardship on Nigerians.
“The fact that the new deadline is before the February 25 election is laudable as the measure will help reduce vote buying.
“Having extended the deadline by 10 days, the CBN should ensure that the banks are strictly complying with its distribution guidelines for new notes. It should equally, through sensitization efforts, discourage the current practice of rejection of old notes while they are still considered legal tender,” the statement read.
Buhari: Illicit Funds Hoarders Target of Policy
On Saturday, President Muhammadu Buhari explained that the currency changes were aimed at people hoarding illicit funds and not the common man, and that it had become necessary to prevent counterfeits, corruption, and terrorist funding.
The President assured that government will ensure that citizens are unharmed in their businesses and no disruption is caused to the entire supply chain arising from the currency swap due to end shortly.
Buhari explained this on Saturday when he reacted to reports of long queues of people waiting for hours for their turn to deposit old notes and get new ones, triggering public anger and opposition’s criticism.
This, he assured, will stabilize and strengthen the economy.
While taking note that the poorest section of society is facing hardship as they often keep hard cash at home for various expenses, President Buhari gave strong assurances that the government will not leave them to their own fate.
Buhari also restated that a number of initiatives by the Central Bank and all commercial banks are underway to speed up distribution of the new notes and do all that is necessary to forestall cash squeeze and chaos.
From Dan Amasingha, Minna
Tragedy struck in two Niger Communities as flash accompanied by heavy down pour that lasted for hours led to heavy flood that claimed 21 lives and washed away over 50 houses. The heavy down pour which started late on Wednesday, the 28th of May lasted till mid Thursday leaving behind tells of woes and deaths.
Niger State emergency management agency confirmed the deadly flood in a statement by the Director General Abdullahi Baba Ara on Thursday evening. ” NSEMA is in receipt of report of a deadly flood disaster that ravaged two communities of Tiffin maza and Anguwan hausawa in Mokwa town of Mokwa LGA” He disclosed that, the incidence occurred last night (Wednesday)during a torrential downpour of very high intensity that lasted several hours.According to him, the surging flood water submerged and washed away over 50 residential houses with their occupants.Tge Agency Director General disclosed that, ” in response the Agency, in collaboration with Mokwa LG Authority, local divers and very brave volunteers are conducting search and rescue operation to rescue survivors and recover corpses .” At present 3 servivors ( a woman and her 2 children) are receiving treatment for wounds and shock at Mokwa general, while 21 corpses have so far been recovered of those who sadly loss their lives in the incidence” Alhaji Abdullahi Baba Ara said over 10 persons are still missing as search and rescue operation is still ongoing.
By Andrew Oota , Abuja
President Bola Tinubu has declared that his administration’s economic reforms and policies were working for the progress of Nigeria and the good of all.
The President also stated that his administration would make life better for Nigerians acknowledging the sacrifices made so far, with a conviction that his vision for the country is clear.
Tinubu said this in a statement issued to commemorate the second anniversary of his administration on Thursday, May 29, 2025.
He stated that his administration had stabilised the nation’s economy, noting that “we are now better positioned for growth and prepared to withstand global shocks.
”He pointed out that , “Today, I proudly affirm that our economic reforms are working. We are on course to build a greater, more economically stable nation.
“Under our Renewed Hope Agenda, our administration pledged to tackle economic instability, improve security nationwide, reduce corruption, reform governance, and lift our people out of poverty.
“While implementing the reforms necessary to strengthen our economy and deliver shared prosperity, we have remained honest by acknowledging some of the difficulties experienced by our compatriots and families.
”We do not take your patience for granted. I must restate that the only alternative to the reforms our administration initiated was a fiscal crisis that would have bred runaway inflation, external debt default, crippling fuel shortages, a plunging naira, and an economy in a free-fall.
“Despite the bump in the cost of living, we have made undeniable progress.”
The president further stated that he acknowledged the sacrifices many Nigerians have been making for the development of the country, adding: “Our journey is not over, but our direction is clear. So is our resolve to tackle emerging challenges.
“By the Grace of God, we are confident that the worst is behind us. The real impact of our governance objectives is beginning to take hold.
“The future is bright, and together, we will build a stronger, more inclusive Nigeria that we can all be proud of.” He said.
By Eze Okechukwu and Ubong Ukpong,Abuja
House of Representatives on Wednesday passed the tax reform bills transmitted to the National Assembly by President Bola Tinubu in October 2024.The bills were passed at a session presided over by the Deputy Speaker, Benjamin Kalu.
The development followed the adoption of the harmonised versions of the reform bills by both the House and the Senate. At plenary on Wednesday, the House of Representatives considered the report of the conference committee, which harmonised the bills. The Chairman of the House Committee on Finance, Abiodun Faleke (APC, Lagos), who headed the House team to the conference committee, presented the conference report to the House for consideration.According to him, the Conference Committee met and agreed on all areas of difference in the version passed by both chambers of the National Assembly. He stated that there were 45 areas of difference in the Nigeria Tax Administration Bill, 12 areas of difference in the Nigeria Revenue Service Bill, 9 areas of difference in the Joint Revenue Board Bill and 46 areas of difference in the Nigeria Tax Bill, adding that all grey areas were resolved ahead of the passage. While the conference committee agreed to retain the Senate version in some of the clauses, they also retained the House version in some others, making amendments in a few others. The conference committee agreed to the imposition of a 4 per cent development levy on the assessable profit of all companies chargeable to tax under Chapters 2 and 3, except small companies and non-resident companies. They also agreed that the levy shall be collected by the Nigeria Revenue Service and paid into a special account created for the same purpose.In the sharing formula, the committee agreed that 50 per cent of the tax would go to the Tertiary Education Trust Fund, 15 per cent to the Education Loan Fund (up from 3 per cent agreed by the House), and 8 per cent to the Nigeria Information Technology Development Fund.
Similarly, the National Agency for Science and Engineering Infrastructure is to get 8 per cent (down from 10 per cent earlier agreed by both chambers), the National Board for Technology Incubation is to get 4 per cent from the fund, defence and security infrastructure is to get 10 per cent while cyber security fund will get 5 per cent.
Meanwhile, the Social Security Fund, Nigeria Police Trust Fund, and National Sports Development Fund were excluded from the list of beneficiaries passed by the House of Representatives.
The committee also adopted a new clause 158, which imposes a 5 per cent surcharge on chargeable fossil fuel products provided or produced in Nigeria and shall be collected at the time a chargeable transaction occurs.
The controversial Value Added Tax sharing formula was not part of the areas of disagreement between the two legislative chambers.
In his remarks, Kalu said the parliament has played its part in ensuring that the country moves forward, even as he urged the executive arm of government to do its part.
In his contribution, a member of the House representing Gwoza/Damboa/Chibok Federal Constituency, Borno State, Ahmed Jaha warned those who will clean up the bill not to tamper with any of the clauses passed, saying “Where the T is not crossed, don’t cross it, where the I is not dotted, don’t do it. We have the original copies of the bills as passed before and after harmonisation.
“We have had cases in the past where those in charge of cleaning up the bills tamper with it and at the end of the day, the President will withhold assent. That must not happen.”
That said, the All Progressives Congress lawmaker singled out Speaker Tajudeen Abbas and Deputy Speaker, Benjamin Kalu for praise, saying, “I want to thank your leadership for the role you played in making these bills a success. I also want to thank the Chairman of the Committee, Abiodun Faleke. He showed that he is truly a good elder. He provided a lot of training for some of us, and I want to say that this is the way to go.”
In a related development, the Senate has approved the Rivers State 2025 budget for a second reading.
The budget, which totals ₦1,480,662,592,442 trillion, was presented by the Senate Leader, Senator Michael Opeyemi Bamidele, on Wednesday.
Bamidele explained that the Senate had assumed legislative powers over Rivers State following the declaration of a State of Emergency in the state.
Supporting the motion, Senator Solomon Adeola Olamilekan emphasised the urgency of passing the budget to ensure that the people of Rivers State feel the impact of governance.
He said, “Mr. President, I am not exactly sure under what title this document is categorised, but from what I can see, it pertains to a budget under the state of emergency. I hereby support its passage for second reading so that the people of Rivers can feel the presence of government.”
With no opposition to the motion, the Senate President, Godswill Akpabio, conducted a voice vote and referred the budget to the Ad-hoc Committee on Overseeing the Rivers State of Emergency for further legislative action.
Senate announced that the Sole Administrator of Rivers State, Vice Admiral Ibok-Ete Ekwe Ibas, along with other key state officials, would appear before a Joint National Assembly Ad-hoc Committee to defend the state’s 2025 budget. NASS holds commemorate 25 years of democracy, holds joint session,
Also,President of the Senate, Senator Godswill Akpabio, has announced that a joint session of the National Assembly will be held on June 12 to commemorate Democracy Day.
He made the announcement after the upper chamber reconvened for plenary on Wednesday.
Akpabio revealed that the Senate leader, Senator Opeyemi Bamidele, the Senate minority leader, Senator Abba Moro as well as the Chairman senate services, Senator Sunday Karimi will meet with their counterparts in the House of Representatives to finalize the programme of activities and coordinate arrangements for the special session.
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