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OPINION

New Naira Notes and All Things New

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By Reuben Abati

“I hear the politicians have come up with a plan to delay the redesign of the denominations.

“My own brother!”

“What’s up men? Have you gone to deposit all the N200, N500, N1,000 notes that you have at home in the banks so you can exchange them for new notes by the deadline of January 31?”

“What is my business with depositing old notes in the banks? I don’t keep money at home.

I don’t have the kind of money the Central Bank of Nigeria is looking for.

“The CBN did not say they are looking for money. They simply want to manage money supply better. Out of about N3.7 trillion in circulation, more than N2 trillion is outside the banking system.

The Central Bank wants to call in all of the N3.7 trillion, and then send it back into the system. This is something other Central Banks do every five or eight years. The last time Nigeria printed new currency notes was 20 years ago, and besides, the CBN is just doing its job.”

“Listen to yourself. They just want N3.7 trillion brought back into the banking system. They are not looking for people who are likely to faint if they see a billion naira cash. Did you not hear the President? He said the people they are looking for are people with illicit money. Those people who hide money inside overhead water tanks, in cemeteries and other corner-corner places. The people who speak in billions, and who cannot take their money to the banks. Government wants them to bring out the money. E no concern me. I no get any illicit money. Na dem dem.”

“The cash component of money in circulation affects everyone. Even your small amount that you have at home, even if it is a few thousands, once it is in the N200, N500 or N1,000 denominations, you have to take it into the bank.”

“But I thought the Minister of Finance has said she is not aware of the policy and that it could have grave consequences.”

“The Minister of Finance does not know what she is talking about apparently. The CBN does not report to her. The CBN is in charge of monetary policy in line with Section 2 of the Central Bank Act of 2007. The Minister of Finance is in charge of fiscal policy, and in any case the Board of the CBN has among its members the Permanent Secretary of the Ministry of Finance, and the Accountant General of the Federation.”

“But did the CBN Board discuss this plan to print new currency notes?”

“I am not in a position to know. And well, what does it matter? The President of Nigeria has said that the CBN has his backing. Under Section 19 of the CBN Act, the Bank is required to request authorisation from the President with regard to three things: its Annual Report, if it wants to invest outside Nigeria, and if it wants to make alterations to the currency. We have heard from the CBN twice that it acted within the province of the law. We have also heard the President publicly telling everyone that the CBN is in order. Please, who is the Minister of Finance?”

“You mean who is the constituted authority?”

“I leave that to you to decide”.

“But why the secrecy? Is it that these people don’t trust each other? I understand this same President did the same thing in 1984. We need proper alignment between fiscal policy and the monetary side of things.”

“The country’s national currency is a matter of national security. It is not everything that you tell everybody before you take action. In this country, people are always looking for a way to cheat and game the system. If you disclose your plans, they can share with others and before you know it, your proposals will die even before they become policy.”

“Particularly those politicians who have hidden money away to do serious battle during the 2023 general election. We have seen it before: “dibo ko se obe o”, meaning vote for our party and prepare a pot of soup today. Stomach infrastructure. Election sandwich. But in any case, politicians keep their money in dollars, not naira.”

“Nigeria’s currency is the naira, not the dollar. The dollarisation of the Nigerian economy is an indication of fundamental problems in the management of our economy.”

“I will rather have dollar, please.”

“But both are connected. The dollar is the primary reserve currency of the world, that is why when the US Central Bank, the Federal Reserve, raises rates, the effect is felt globally. Those who have money keep it in dollar, and buy dollar, as a wedge against the naira, and that is why immediately after the CBN announced the plan to redesign the three currency notes, the naira immediately depreciated in the parallel market. In less than a week, it has moved from N778 to the dollar to N865 to the dollar, with implications for inflation. This is why many economists are nervous about the cost of the policy.” 

“Ha. What a country!”

“What is funny?”

“The way Nigerians are experts in everything… If the subject is security, everybody is a security expert; if it is a legal matter, even my mechanic would argue that he knows better than judges; and now that the matter is the redesign of the new notes, everybody is now an economist, lawyer and analyst join on top!”

“But people have a right to express opinions about something that can affect their lives. Things like cost, effect on the naira and the foreign exchange and why now? Because of politics, government is redesigning naira notes close to Christmas and election?”

“I know, and I think that is why Sheik Ahmad Gumi says kidnappers will start collecting ransom in dollars and that government is about to commit economic suicide by asking people to deposit their money in the banks!”

“Sheik Gumi is an educated man. He is a medical doctor, a retired Captain of the Nigerian army and a respected cleric. But is he an economist?”

“Are you an economist?”

“I don’t go about reading the mind of kidnappers.”

“You don’t get the point. Where were you when Primate Elijah Ayodele of the INRI Church asked President Buhari to sack the CBN governor because the plan to redesign some dominations of the naira will not stop terrorism or insecurity. Is that from the Bible or the Primate’s personal opinion? Ah, this country! This was how one prophetess was also quoted copiously by a section of the media saying the reason there is flood across parts of the country is because the goddess of the river is angry.”

“This thing called free speech and its dangers.” 

“Let me ask you something? Can the Banks handle the massive pressure that the rush to deposit old notes in the banks will cause? Why is the allotted time for deposit and access to the new N200, N500 and N1,000 notes so short? The last time the UK changed some of its currency notes, it gave the people up to one year.”

“I believe that is a legitimate thing to worry about. But you know your country. People will wait till the last minute before they begin to act. I think the CBN needs to do a lot more to enlighten the people. The deadline of January 31st can still stand, then after the election, government can announce an extension. That is the way I see it.”  

“But these new notes that everybody is talking about, will the banks pay depositors with new notes? In this country, the only place you can see new notes is at event centres during weekend parties. People hawk the naira the way they sell serviette papers and they do so at a premium. But you go to the banks, what you can get is mutilated, smelly notes. What can the CBN do about that? The threat to this economy is not just those parallel market dealers, but the mint naira merchants on the streets.”

“What I know is that it is an offence to sell the naira like a commodity, mutilate it, deface it or step on it, but nobody enforces the law.”

“But I hear this time around, EFCC has read the riot act, that anybody that is found playing hanky-panky with money will be dealt with according to the law. In fact, EFCC officers will be deployed to all banking halls to monitor how people bring in money to the banks.”

‘That’s funny. How many banks can the EFCC monitor? There is a reporting mechanism in place if you do money transactions beyond certain thresholds. Banks have structures in place to inform the Nigerian Financial Intelligence Unit (NFIU) or the EFCC. They only need to deepen their infrastructure. By the way, the CBN is hoping that through this exercise, it can deepen financial inclusion and intermediation.” 

“I hear the politicians have come up with a plan to delay the redesign of the denominations.”

‘Tell me.”

“I understand that there is a case in court challenging the Arabic inscriptions on the naira notes.”

“It is called Ajami.”

“Ajami or Arabic. Some lawyers are saying all that needs to be done is to get an injunction to stop the CBN because until the matter before the court is determined, the proposed redesign of the notes will be sub judice.”

“Court?”

“Yes, court.”

“Okay, we are here. We will see. Have you not read that the CBN will not remove the Ajami on the naira notes? They have been on that matter since 2020. They will still be on it by the time your grandson graduates from college.”

“Well, bros, let us drop matter. I have discussed this matter so much I am beginning to think something is wrong with me. I don’t want to die in their war. If they want to change the colour of money, let them do so. Wetin be my own? I am more concerned about the future – the 2023 general elections. INEC has announced that the voters’ register now has 93. 5 million voters and that the register would be displayed and reviewed in 8, 809 wards and 774 local government areas from Nov. 12-25. Quite a lengthy list of voters – about 9.3 million pages long. How do I go through that?”

“I am sure you can. But what I find interesting about the new register is the demographics: 12.29 million new voters added to the register, out of which about 2.78 million were found to be illegal registrants.”

“INEC said 23 INEC officers aided and abetted the illegal registration. Those persons must be punished!”

“I agree but talking about the demographics, I was going to say that when you look at the breakdown, the largest number of registered voters are young people between the ages of 18–34; that is 76.5% of the total; followed by women – 50.8%; and students – 40.8%. It is thus clear that the 2023 general election will be determined by women and youths. And the major battle grounds will be Lagos, Kano, Kaduna, Rivers and Katsina, which have the highest number of voters. In general, the bulk of the voters are from the seven states of the North-West. The political parties have a lot of work to do to mobilise the voters to prevent voter apathy. We must also ensure that INEC gets the Permanent Voters Cards ready for collection and that the people collect them. It is not enough for anyone’s name to be on the voter’s register. You must have your PVC and you must go out to vote on election day.”

“My own is that nobody should tamper with BVAS – the Bi-modal Voter Accreditation System that will prevent rigging and manipulation on election day. The days of multiple voting should come to an end, and it is good that INEC has promised that this piece of technology and innovation, an advancement on the smart card reader, would be fully deployed to keep the riggers out.” 

“You are correct. On point.”

“I am always on point”.

“No, not always.”

“I am on point, for example, to say that the Chairman of the Peoples Democratic Party (PDP), Senator Iyorchia Ayu had no point boasting that he has the powers to stop Governor Samuel Ortom’s senatorial ambition and that of others in the Party who may be interested in other positions. He also didn’t have to boast that nobody can sack him. That is provocative. The party Chairman, no matter the provocation, should always try to unify his own base and not make divisive comments.”

“A man has a right to stand up for himself. Governor Wike and his allies have been bullying Senator Ayu for months. It is now his turn to cry out and fight back.”

“We’re talking leadership. No party Chairman can boast that he will stop anybody. The Electoral Act 2022 spells out clearly how an elective office seeker can be stopped. It does not give any God-like powers to the party leader. Besides, a leader is like a refuse dump. The refuse dump does not choose which garbage they throw on it.”

“Is that a metaphor or a proverb? You better talk straight because the young people these days are not interested in any form of round-about thinking. Don’t tell them anything about words and palm oil. No. These ones are the Shawarma generation. They were brought up with groundnut oil, not palm oil!”

“But just see how Wike has attacked the PDP party Chairman telling him that Governor Ortom was his guarantor without whom he could not have been party Chairman. Or Governor Seyi Makinde sending a representative to a meeting between Afenifere and the APC presidential candidate in Pa Reuben Fasoranti’s home in Akure.”

“Please, I don’t want to comment any further on that Afenifere subject. Let Afenifere resolve their own internal crisis.”

“Afenifere is a conclave of elders. The elders will decide.” 

“This is a democracy. They can decide for themselves as individual citizens and as persons who are entitled to one vote. But I abhor group-think, or herd mentality or any intimations of it. People are free to endorse or not endorse whoever they want but the pillar of democracy is the right of the people to make their own informed choice, freely, without let or hindrance.” 

“I think I hear sef say that una Baba don go London again for medical check- up oh.”

“My friend, are you okay?” 

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OPINION

The David Mark and Atiku Abubakar ADC Protest: A Recycling of Bourgeoisie Metamorphosis

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By Uji Wilfred

Right from the foundations of the Independence struggle that led to self-rule, political party formations in Nigeria were crafted majorly for the capture of political power through periodic elections.

Political Parties never had ideological foundations that defined the boundaries of political recruitment and participation.

Political parties in their formation, leadership structure and ownership, belonged more to the ruling oligarchs than the people or the masses.

In the First Republic, political parties had little ideological bent, framed along regional and ethnic sentiments, but little of rallying the entire nation along in a unified polity.

In the general elections of 1954 – 1956, each of the ruling political party, the Northern People’s Congress, the Action Group and the National Council of Nigerian Citizens emerged as regional parties in terms of the demographic voting pattern as well as the control of political seats.

The First Republic suffered from a contradiction of centripetal and centrifugal forces within the framework of the tripartite system which eventually led to the collapse of that republic.

Political parties as well as the leadership recruitment reflected a regional and ethnic bias more than the need for the national integration of Nigeria.

Decamping across political lines, irrespective of ideological leanings, were the basic norms of the First Republic with political parties splitting out from the major political party. Formation of new political parties to fragment the dominant hold of ruling political parties were common political vices of the political class at that time. For example, Chief Akintola, despite the ideological soundness of the Action Group, splitted up the party with the formation of a new political party.

Chief Akintola’s desire was fired more by ambition than the issues of ideology and national interest.

In Northern Nigeria, the ruling Northern People’s Congress waged a war of suppression and dominance against other minority political parties with strong ideological bent that inspired minority ethnic nationalism.

The NPC through its slogan of One North, One Destiny, suppressed minority political parties such as the United Middle Belt Congress led by Joseph Tarkaa.

The point is that Nigeria from her foundations inherited a political culture where political parties have weak ideological roots as well as party and leadership recruitment.

Since 1999, Nigeria has witnessed the recycling of bourgeoisie Political Party Formation and leadership recruitment through a process of metamorphosis that defiles ideological lines and national interest.

Political participation and leadership recruitment has been centered on the urgent need to capture power at the center using political parties owned by a few powerful oligarchs.

The People’s Democratic Party in its formation and foundation was a fraternity of past and serving military generals and their civilian equivalent.

The PDP since its inception has been led by past military officers like David Mark and Atiku Abubakar, the civilian equivalent of the military.

The dream of the PDP led by these retired military generals under the leadership of former President Olusegun Obasanjo was the enthronement of Africa’s biggest political party that was to last for a century.

As good as the dream of the party was, the PDP, like the experience of the First and Second Republics lacked deep ideological roots that defined the boundaries of political recruitment and participation.

The triumph of the People’s Democratic Party forced the rival All People’s Party and the Action Congress of Nigeria into a state of collapse and submission leading up to the bourgeoisie metamorphosis that resulted to the formation of the All Progressive Congress on the eve of 2015 with the sole objective to unseat President Good luck Jonathan.

The APC was a metamorphosis and amalgamation of opposition parties including some dissenting faction of the PDP to reclaim the so called birth right of the far right North in Nigeria to produce the President of Nigeria.

Political recruitment and leadership struggle in Nigeria has never been defined by ideological needs to salvage or emancipate Nigeria as a nation. Political struggle has always been a recycling of that section of the bourgeoisie, through a process of metamorphosis, whose objective is to capture political power at the center.

The present protest and political struggle by the African Democratic Congress, the faction led by David Mark and Atiku Abubakar, is a recycling of bourgeoisie metamorphosis not too different from the experience of 2015.

At best, the David Mark and Atiku Abubakar led protest represents that desperate struggle entrenched in the thinking of the Far Right of Far Northern Nigeria, that political leadership resides in the ancestral birth right of the aristocratic ruling political class of the North.

David Mark and Atiku Abubakar perhaps are suffering from a dementia that has made them forget that they were the agents that destroyed the foundations of democracy in Nigeria through the sacking of former President Good luck Jonathan of the People’s Democratic Party.

These men formed the All Progressive Congress and wrestled power from a democratic government exploiting the dynamics of national security and developmental challenges.

In 2015, Nigerians believed their opinions and through the ballot removed Good luck Jonathan.

However, since then, has Nigeria fared better under the APC that was enthroned by oligarchs leading in the present protest under the auspices of the ADC.

Perhaps, David Mark and Atiku Abubakar may assume that Nigeria suffers from a collective dementia that has forgotten the past so soon.

There is an adage that says, he who comes to justice and equity must come with clean hands. The same forces that enthroned bad governance in Nigeria factored in the APC, through a metamorphosis, want to rebirth another Nigeria through the ADC.

In ideological terms, this does not make sense, the ADC Protest is the same old thing of old wine in a new wine bottle.

If Nigeria must experience a change, let it come through some revolutionary medium that will not exploit the people’s trust and betray them once in power.

Over the past decades, the betrayal of public trust, exploiting the innocence of the people, perhaps the naivety of the people, is what we have seen and experienced through the circles of bourgeoisie metamorphosis and political leadership recruitment.

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OPINION

Where the Politicians Got it Wrong

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By Raphael Atuu

Benue State, fondly referred to as the “Food Basket of the Nation,” was created on February 3, 1976, by the military administration, carved out of the old Plateau State. From its inception, the state was administered by a succession of military administrators, followed by civilian governors in Nigeria’s evolving political landscape.

Over the decades, leadership passed through several hands each leaving varying degrees of impact on the state’s trajectory.

In its early years, Benue was widely regarded as a peaceful and united society. Communities coexisted in harmony, bound by shared values, cultural pride, and a strong sense of collective identity.

The economy was largely driven by agriculture, with fertile lands producing yams, rice, cassava, and other staple crops. Institutions like the Benue Cement Company also contributed to economic activity and employment.

In those days, the government was distant from the daily struggle of the average citizen. Few people concerned themselves with the affairs of Government House. Wealth and dignity were derived from hard work, farming, trading, and craftsmanship not political patronage.

The people spoke with one voice, celebrated their traditions with pride, and upheld communal respect as a guiding principle.

However, the return of democracy in 1999 marked a significant turning point, one that would reshape the state’s social and political fabric in ways few anticipated.

With democratic governance came new opportunities, but also new challenges. Politics gradually became the most attractive path to wealth and influence.

For many, Government House transformed from a symbol of public service into a gateway to personal enrichment.

The perception of politics shifted from service to self-interest.

As political competition intensified, unity began to erode. Divisions along ethnic, local government, and party lines deepened. The once cohesive voice of the Benue people became fragmented, often drowned in partisan conflicts and power struggles.

Perhaps more troubling was the subtle transformation in societal values.

 The Benue man, once admired for courage, resilience, and industry, began though not universally to exhibit tendencies toward dependency and political loyalty over merit.

Sycophancy started to replace integrity, and the dignity of labor was gradually overshadowed by the allure of quick gains through political connections.

Elected officials rose to positions of authority and influence, becoming key decision-makers in society.

 Yet, for many citizens, the dividends of democracy remained elusive. Infrastructure development lagged, agricultural potential remained underutilized, and poverty persisted despite abundant natural resources.

The irony is striking: a state so richly endowed, yet struggling to translate its potential into tangible progress.

Beyond economics, insecurity and communal clashes in recent years have further strained the social fabric.

 The peace that once defined Benue has been challenged, forcing many communities to confront displacement and uncertainty.

While these issues are complex and multifaceted, the role of political leadership in addressing or failing to address them cannot be ignored.

So, where did the politicians get it wrong?

They lost sight of the essence of leadership service to the people. Governance became more about control than development, more about personal gain than collective good.

 Long term planning gave way to short term political calculations. Investments in agriculture, which should have remained the backbone of the state’s economy, were neglected in favor of less sustainable ventures.

Moreover, the failure to foster unity and inclusive governance widened the gap between leaders and the led. Politics became a tool for division rather than a platform for progress.

Yet, all hope is not lost.

Benue still possesses immense potential, fertile land, vibrant culture, and resilient people, what is needed is a return to the values that once defined the state: hard work, unity, integrity, and community driven development.

 Leadership must be reimagined, not as an avenue for wealth, but as a responsibility to uplift the people.

The story of Benue State is not just one of decline it is also one of possibility.

 With the right vision, commitment, and collective will, the state can reclaim its place as a model of peace, productivity, and progress.

The question remains: will its leaders and its people rise to the occasion?

If you want, I can.

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OPINION

Nigeria Not Collapsing, Recalibrating Unsustainable System

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By Tanimu Yakubu

Nigeria is not collapsing; it is confronting long-avoided economic realities. The current hardship, though undeniable, reflects a deliberate process of correcting structural imbalances that have persisted for years. Distress is evident, but it must not be mistaken for systemic failure.

Countries in true economic collapse do not unify exchange rates, rebuild external reserves, regain access to international capital markets, or improve fiscal performance.

Nigeria, despite significant pressures, is making measurable progress across these indicators.

Ending a Distorted Economic Order

For years, Nigeria operated under an economic framework that projected stability while masking deep inefficiencies.

Artificially suppressed fuel prices, multiple exchange rate windows, and expansionary fiscal practices incentivized arbitrage over productivity.

These distortions disproportionately benefited a narrow segment of the population while imposing hidden costs on the broader economy.

Their removal has revealed the true cost structure of the system. While this transition has triggered inflationary pressures, it has also restored policy transparency and enhanced the credibility of economic management.

Strengthening the Fiscal Base

Recent fiscal data indicates a strengthening foundation. Distributable revenues to the Federation Account have risen by over 40 percent following subsidy removal, reflecting improved remittance discipline and reduced leakages.

Nigeria’s public debt remains below 30 percent of GDP, a relatively moderate level compared to peer emerging markets, according to the International Monetary Fund. Meanwhile, external reserves have surpassed $40 billion, based on figures from the Central Bank of Nigeria.

At the subnational level, increased fiscal inflows are enabling more consistent salary payments, with some states introducing inflation adjustments, an indication of gradually expanding fiscal space.

Inflation: A Transitional Challenge

Inflation remains the most immediate and visible consequence of ongoing reforms. It is being driven by exchange rate adjustments, energy price corrections, and longstanding supply-side constraints.

Global experience suggests that such inflationary spikes are often temporary when reforms are sustained. The greater risk lies not in reform itself, but in policy inconsistency or reversal.

Interpreting the Present Moment

Public frustration is both expected and understandable. Nigerians are justified in demanding tangible improvements in living standards. However, it is important to distinguish between short-term hardship and systemic collapse.

Nigeria’s institutional framework remains intact, fiscal capacity is improving, and macroeconomic reforms are actively progressing. This phase represents adjustment, not disintegration.

From Stabilisation to Impact

The next phase of reform must translate macroeconomic gains into measurable improvements in citizens’ welfare.

Strategic investments in healthcare, education, and targeted social protection will be essential to sustaining public confidence.

Ultimately, the credibility of these reforms will be judged not by policy intent, but by their impact on everyday life.

Conclusion: The Imperative of Consistency

Nigeria has long recognised its economic challenges; what has often been lacking is sustained policy execution. The greatest threat at this juncture is not reform fatigue, but reform reversal.

Abandoning the current course would erode credibility, deter investment, and reintroduce the very distortions that hindered growth.

This moment demands patience, discipline, and resolve. Nigeria is not collapsing, it is undertaking a necessary correction and laying the foundation for a more resilient economic future.

Tanimu Yakubu is DG, Budget Office of the Federation.

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