The Nigerian governor’s forum in a statement signed by its chairman, who double up as the governor of of Sokoto State, Aminu Waziri Tambuwal says the Central Bank of Nigeria is Conduction Currency Confiscation, not Cashless Policy
The Governors express our their dismay and sympathise with Nigerians that are experiencing great difficulties under the current Central Bank of Nigeria Naira re-design and cash withdrawal restrictions policy.
It further said that the forum feel the pain of Nigerians and is determined to employ all legitimate channels to ease the situation.
The forum said “It has become necessary to make a distinction between the Central Bank of Nigeria (CBN) Naira redesign policy backed by Section 20 (3) of the CBN Act, 2007 and the aspirational policy of going cashless, both of which are mutually exclusive at this time.”
“It is our considered view that what the CBN is at present pursuing is a currency confiscation programme, not the currency exchange policy envisaged under S20 (3) of the CBN Act, 2007. Currency confiscation in the sense that the liquidity provided to the general public is grossly insufficient due to the restrictions placed on the amount that can be withdrawn regardless of the amount deposited.”
The current approach according to the governor’s of the CBN raises concerns about the respect for the civil liberties and rights of Nigerians as it relates to their freedom to use legitimately earned income as they so wish.
It stressed that to deploy a cashless policy and deepen digital transactions, the best practice around the world is to create a suite of incentives to attract customers; rather than a draconian approach as we have witnessed in the last three months.
“The argument by the CBN for what it describes as the astronomical increase in the currency in circulation as the basis for this policy is not supported by its own data. According to the CBN, the currency in circulation increased from N1.4 trillion in 2015 to N3.23 trillion in
October 2022. The Bank appears not to have taken into consideration the increase in the size of the country’s nominal GDP over this period, the doubling of consumer prices, rising population, and the impact of the humongous Ways & Means advances to the federal government by the Central Bank of Nigeria over this period.”
“In the circumstances, it is safe to draw either of two conclusions – the CBN data may be incomplete or in fact, Nigerians may have done exceptionally well in the transition to a cashless economy.”
The sizeable informal sector in the nation, according to the governor’s, the amount of banknotes created in exchange so far by the CBN implies it vastly underestimated the economy’s actual cash needs.
They pointed out that inability to use the new notes has had far-reaching economic effects, leading to the emergence of the Naira black market, severe food inflation, variable commodities prices based on the method of exchange, and long queues as well as crowds around Automated Teller Machines (ATMs) and banking halls across the country with individuals hoping to get a fraction of their money in new notes to meet their daily livelihood lamented that the country runs the risk of a CBN-induced recession.
“While we acknowledge the submission of the Attorney General of the Federation that the Federal Government will comply with the ruling of the Supreme Court which calls for the halting of CBN’s plan to end the use of the old currency notes, we are yet to observe changes in the financial system.”
The forum call on the Federal Government and the CBN to respect the Rule of Law and listen to the voice of reason expressed by Nigerians and several other stakeholders including the Council of State, before the damage to the of the economy of the country becomes too great to fix by the next administration.
Members rose from the meeting agreeing to direct their Attorneys General to review the suit at the Supreme Court with a view to consolidating the legal relief pursued by State.
The Arewa Consultative Forum( ACF) has hail the 50% reduction of school fees for indigent students by the incumbent Governor, of Kano State, Abba Kabir Yusuf as exemplary and worthy to emulate by other governor’s.
Gov. Yusuf has recently cut down 50% reduction in the registration fee for the 2023/2024 academic session for all Kano State indigenes studying regular courses at the Aliko Dangote University of Science and Technology, Wudil, Yusuf Maitama Sule University Kano, Sa’adatu Rimi University of Education, Kumbotso, Audu Bako College of Agriculture, Dambatta and other state owned tertiary institutions accross the state to cushion the worsening economic situation people have been going through.
While reacting to the governor’s initiative, the Chairman of the forum, Dr. Goni Farouk Umar described the decision as both revolutionary and a hallmark of visionary leadership.
He noted with delight the Kano State government’s resolve to restore its foreign scholarship programme designed to sponsor 1001 best graduates which demonstrates the government compassion that resulted in the payment of N700million registration fees for 700 Kano State students at the Bayero University Kano.
The ACF leader noted that both the slashing of the fees in state owned institutions, and the off-setting of the BUK fees would go along way to ease the burden on parents and the students occasioned by the current economic hardship.
Dr Umar who describe education as power, and pivot in society’s advancement, prayed for the successful implementation of the government’s pro-poor education policies.
He also appealed to all sections of the community to support educational development in all facets.
President of Nigeria, Mr Ahmed Bola Tinubu will honour Zamfara pilgrim Hajiya A’ishatu ‘Yan Guru Nahuce who found $80,000 in Saudi Arabia during the last Hajj exercise and return the money to it’s rightful owner. Chairman Zamfara State Hajj Commission, Alhaji Musa Mallaha has revealed.
Mallaha disclosed that the president is overwhelmed by the act of honesty exhibited by the female pilgrim hence he directed the National Hajj Commission to organize a national press conference to interview the woman for record keeping while in Saudi.
When the directives was given by the president according to Mallaha, the woman was already airlifted back to Nigeria adding that arrangements are in top gear to ensure the presidential directives is implemented as soon as possible.
Mr. Mallaha who revealed that president Tinubu expressed delight and pointed out that Hajiya Nahuce has brought respect and honour to her country Nigeria said the commission’s preparation towards the national press conference in Nigeria now will include the State governor, Dauda Lawan keying into the activities.
Mallaha further said that her honesty is a pride to all Muslims accross the globe.
The woman during the last excise stumbled into the money while performing Tawaff at the Ka’abah, she said that she kick the bag of the money to a distance for fear of been trample upon if she bow down to pick it up because of the large crowd. An Arab Pilgrim who saw her action pick the bag and gave it to her thinking that it was hers.
Mrs. Nahuce who was sponsored to Hajj by her son’s revealed that it was her first trip to the holy land.
She further revealed in an interview that, she took the money to the officials of her local government Hajj commission and handed it over. The officials met Saudi Authorities and within few days the owner was found and the money was returned to him.
She commented that she was not aware of the magnitude of her action until she was back home to Nigeria where she understands that the news went viral before her arrival
Nigerian Army neutralized seven Armed Bandits while several others flee with gunshots wounds in the late hours of Monday.
The bandits in large number according to reliable source attempted to infiltrate and attack the troops at Kango Sabuwa. The gallant troops of Sector 1 Operation Hadarin Daji in conjunction with troops deployed at Forward Operating Base Wanke were steps ahead of them.
This was achieved by the troops in an ambush operation along the route suspected to be used by the Bandits.
The troops Shortly after the encounter proceeds in pursuit of other fleeing wounded bandits, recovered 1 Machine Gun, ammunition and 6 Motorcycles from the armed bandits.
The Commander Joint Task Force Northwest Operation Hadarin Daji, Major General Godwin Mutkut commends the troops for their bravery and resilience in dealing with the Armed Bandits.