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Why I Approved Redesign of Naira notes locally – Buhari

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President Muhammadu Buhari has inaugurated the new Naira banknotes, expressing delight that the redesigned currencies were locally produced by the Nigerian Security Printing and Minting (NSPM) Plc.

Speaking at the inauguration of the new banknotes which preceded the Federal Executive Council (FEC) meeting on Wednesday in Abuja, Buhari explained in detail the basis for his approval to the Central Bank of Nigeria (CBN) to redesign the  ₦‎200, ₦‎500 and ₦‎1000 banknotes.

According to the president, the new Naira banknotes have been fortified with security features that make them difficult to counterfeit.

He added that the new banknotes would help CBN to design and implement better monetary policy objectives, as well as enrich the collective memory of Nigeria’s heritage.

Buhari commended the CBN Governor, Godwin Emefiele and his Deputies for the initiative.

He equally thanked the Managing Director, Executive Directors and staffers of NSPM PLC “for working tirelessly with the apex bank to make the currency redesign a reality, and for printing the new Naira notes within a comparatively short time.”

According to him, international best practice requires central banks and national authorities to issue new or redesigned currency notes every five to eight years.

Buhari said that it was now almost 20 years since the last major redesign of the country’s local currency was done.

The president said that implied that the Naira was long overdue to wear a new look.

‘Buhari said: ‘A cycle of banknote redesign is generally aimed at achieving specific objectives, including but not limited to: improving security of banknotes.

”It is also aimed at mitigating counterfeiting, preserving the collective national heritage, controlling currency in circulation, and reducing the overall cost of currency management.

‘‘As is known, our local laws, specifically the Central Bank of Nigeria Act of 2007, grants the CBN the power to issue and redesign the Naira.

‘‘In line with this power, the bank’s Governor approached me earlier in this year to seek my permission to embark on a currency redesign project.

”I considered all the facts and reasons presented before me by the Central Bank.”

Buhari, therefore, expressed the hope that the new notes would address the urgent need to take control of currency in circulation.

He said that it would also address the menace of hoarding Naira banknotes outside the banking system  and curb the shortage of clean and fit banknotes in circulation.

Buhari added that the redesigned notes would also address the increase in counterfeiting of high-denomination Naira banknotes.

”It is on this basis that I gave my approval for the redesign of the ₦‎200, ₦‎500 and ₦‎1000 banknotes.

‘‘While this may not be apparent to many Nigerians, only four out of the 54 African countries print their currencies in their countries, and Nigeria is one.

”Hence, a majority of African countries print their currencies abroad and import them the way we import other goods.

‘‘That is why it is with immense pride that I announce to you that these redesigned currencies are locally produced right here in Nigeria by NSPM Plc,’’ he said.

In his remarks, Emefiele thanked the president for his unwavering support for the redesign and distribution of the new notes.

According to him, the new notes will control inflation, make policies more effective, ensure financial inclusion and fight corruption.

The CBN governor also said that by international best practice, the redesign of notes should be every five to eight years.

He said,” and the currency in circulation had been in use for 19 years, with spiraling challenges on the economy, especially on security and counterfeiting.”

Emefiele also appreciated the president for his insistence that the initial notes must be designed and produced within the country, further placing confidence in NSPM Plc.

“Mr President, only a President of your esteemed and incorruptible stature could have done what we are witnessing today,’’ he added.

Emefiele listed more benefits of the redesigned naira notes to include enhanced security, greater durability, attractiveness and promotion of rich cultural heritage. (NAN)

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Eight Dead, Three Injured in Ohafia Road Crash

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The Abia Sector Command of the Federal Road Safety Corps (FRSC) has confirmed the death of eight persons with two others injured in a road traffic crash that occurred along the Bende-Ohafia Road.

A statement by the Sector Commander, Mrs  Ngozi Ezeoma, on Monday in Umuahia said that the  crash occurred on Sunday along the Mmuri River axis of the road in Ohafia Local Government Area of the state.

She said the crash involved a Trailer carrying chippings which hit and fell on a Sharon Volkswagen vehicle with 10 persons on board.

“At the time of the crash eight persons had died including a woman standing by the roadside and three were injured.

“The injured victims were taken to the hospital while the dead ones were deposited at the morgue,” she said.

Ezeoma said that preliminary investigation revealed that  the crash was caused by dangerous driving and excessive speeding. (NAN)

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Sen. Abiru, ATTF President others Inspect SAIL Innovation Lab in Ibeju Lekki

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Sen.  Mukhail Abiru (Lagos -East) with other notable personalities on Monday,  inspected the nearly completed SAIL Innovation Lab and Sports Centre at Orimedu, Ibeju-Lekki area of Lagos State.

Abiru’s Media Aide, Mr Enitan Olukotun made this known in a statement in Lagos.

He was accompanied by his wife, Mrs Feyisola Abiru, and other notable personalities, including Mr Wahid Oshodi, President of the African Table Tennis Federation and Executive Vice President of the International Table Tennis Federation.

Abiru said the impressive facility sited on a sprawling 8,600 square meter prime land, along the road leading to the Lekki Free Trade in Ibeju-Lekki is designed to accommodate a standard football pitch.

“The pitch measures  90 by 45 feet, with a standard indoor Table tennis court, with changing rooms facility and catering service area.”

The senator said the Innovation Lab section would comfortably accommodate 200 trainees and co-working spaces, with the complement of operational offices both at the ground and first floors.

”The innovation lab and sports center are more than just structures; they are symbols of hope, progress, and the future we are building together; a future filled with opportunities for innovation, empowerment, and youth development.

“The world today is driven by innovation and technology.

“Therefore, we must position our young ones for the enormous opportunities that this current era of innovation and tech revolution provides.

“Just as we have done in Ikorodu, we are building a world-class and inspirational facility here, where our young people will be eager to stay and learn,” Abiru said

In his remarks at the palace of the traditional ruler,  Oba Toheeb Oyedele, (Onimedu of Orimedu Land), who is the monarch of the host community of the projects, Abiru commended  the entire people of the community for their support and co-operation.

He added that the innovation lab and sports center are more than just structures; they are symbols of hope, progress, and the future we are building together; a future filled with opportunities for innovation, empowerment, and youth development.

The traditional ruler, however, commended Abiru for spreading his interventions and projects across the zones.

He said the people of his domain and by extension, other communities in the district are proud to have him as their representative in the Nigerian Senate.(NAN)

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2025: KDSG Allocates N74.02 bn to Stimulate Agriculture

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The Kaduna State Government said it allocated 7.4 per cent of its 2025 budget, amounting to N74.02 billion  to stimulate agriculture and tackle food security challenges.

The state Commissioner for Agriculture, Alhaji Murtala Dabo, gave the indication at the Ministry’s one-day Sector Coordination Meeting in Kaduna.

The meeting, organised by the Policy and Agricultural Systems Strengthening (PASS) project, aims to coordinate the State Implementation Policy (SIP) on Agriculture for strategic performance.

Dabo, represented by Alhaji Abubakar Abba, the Permanent Secretary in the ministry, said that the allocation, which represented 9.36 per cent of the 2025 budget was the first in the history of the state.

He said the appropriation was also part of an effort to achieve the MAPUTO DECLARATION  which recommended a minimum of 10 per cent annual budgets to the agricultural sector to tackle Africa’s food security challenges.

“This is a significant 9.36% of the state’s total budget moving us closer to achieving the recommended 10% at the 2003 Maputo Declaration on Agriculture and Food Security.

“Agriculture, as you know, is not just a source of livelihood for our people but a cornerstone of our economy.

“The sector remains integral to our vision of achieving food security, economic prosperity, and environmental sustainability.

The State government cannot do it alone.

“As we are all aware, this is a period of great challenges and opportunities for agriculture,” the commissioner said.

According to him, climate change, population growth, and evolving market demands are reshaping the food production ecosystem.

Dabo said the state faced multifaceted challenges that needed a unified approach through strategic collaboration, innovative solutions, and inclusive systems.

He said that collaboration would empower all the stakeholders, from smallholder farmers to policymakers and private sector partners.

The commissioner, while reviewing the 2024 budget performance, said the  ministry recorded a 72 per cent performance in the total budget expenditures, with capital expenditure achieving 74.4 per cent.

 “Looking ahead, the proposed 2025 budget for the agriculture sector stands at ₦74.02 billion.

“Notably, over ₦70 billion or 95 percent of the sector’s budget has been allocated to capital projects.

“These allocations include transformative initiatives such as:₦10 billion for fertilizer and input intervention;

“₦40.19 billion for access roads to farms under the Rural Access and Agricultural Marketing Project (RAAMP),

“₦14.17 billion for establishing Special Agro-Industrial Processing Zones (SAPZ), and ₦5.11 billion for the Livestock Productivity Resilience Support Project (L-PRES),” he said.

Dabo described the projects as ones requiring effective coordination and collaboration among all stakeholders, including government agencies, development partners, and private sector actors.

“Therefore, I hope that this meeting will provide us a valuable platform for:

“Sharing best practices and lessons learned from past interventions. Identifying key priorities and challenges for the upcoming year,” he said.

The official stressed the need for building consensus on strategies for effective budget utilisation and project implementation.

Dabo said, ” Also the need for strengthening coordination mechanisms to ensure seamless collaboration across the sector.

“With the generous support of the AGRA and technical assistance from Synergos, the meeting accentuates the importance of collaboration and coordination within the agricultural sector.

”I want to use this opportunity to commend the efforts of all stakeholders, including government agencies, and private sector partners.

”Others are development organisations, and civil society groups, for their unwavering support in driving agricultural transformation in Kaduna State.

“Your commitment reflects a shared vision of building a resilient, inclusive, and productive agricultural sector that benefits all.”

 He urged the stakeholders to ensure that policies and systems not only remain robust but also responsive to the needs of the people.

Dabo said, “Once again, I thank the PASS Project and AGRA for their leadership and support.”

 Meanwhile, Mr Victor Adejoh, the Technical Assistant of the programme said at an event that the AGRA-funded it aimed to develop the skills and capabilities required to promote the transformation of smallholder-based agriculture in the state.

Adejoh, also Country Director of SYNERGOS Nigeria, said it was facilitating the process to ensure its success in the state.

He said the overall objective of the project would strengthen inclusive coordination of agricultural transformation, food systems, and market development in the sector.

The technical assistant presented three agriculture sector policies due for approval by the state government.

The policies included the Contract Policy, Gender Farming and Soya Bean Farming Policies were presented to the participants.

The ministry also unveiled  the State Implementation Plan that would enhance easy  transition to agri-businesses.

The PASS project  coordinating meeting attracted the participants from various organisations in the sector and including the civil society groups.

The CSOs and other stakeholders, however, said  the funds allocated to the agriculture sector were still not adequate to attract the needed investment in the sector.

Some of those who spoke at the event said the amount was not adequate, considering the 34 per cent current inflation rate and the depreciating value of the Naira.

They urged the state government to cut down some of its proposed expenditures in the executive arm and redirect such funds to agriculture.

 Mr Emmanuel Bonnet, who led the Coalition of CSOs, supported by Mr Abel Adejor, argued that the agriculture sector needed aggressive funding and various strategies to achieve the desired results.

Others at the meeting included Prof. Yusuf Sani, Executive Director at the National Agriculture Extension and Research Liaison Scheme (NAERLS) A.B.U, Zaria.

They appealed for strategic implementation of the state agriculture policy for robust food production..

Notable participants including Alhaji  Abdulsalam Lamido, Project Manager, North-West Agriculture Inputs Dealers Association (NOWAIDA), called for inclusivity to enhance smallholder farmers’ productivity.

 Alhaji Abdulrahman Danbaba, Chief Executive of D&D Multipurpose & Agricultural Services Limited  appealed to the government to employ additional agricultural extension service experts to support the over 1.3 million farming families in production.

Danbaba said the current extension service workforce of the state was too low to cover the over 1.3 million farming families.

He urged the government to implore all the necessary measures to tackle the current food security challenges. (NAN)

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