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Osinbajo picks holes in naira redesign policy, says scarcity of notes ‘is disturbing’

Published

1 year ago

February 5, 2023

Vice-President, Yemi Osinbajo

Osinbajo on Friday urged the Central Bank of Nigeria (CBN) to engage financial technology companies (fintechs) as well as mobile money agents to address the issue of getting new naira notes across the country.

Vice-President, Yemi Osinbajo, the second man in the President Muhammadu Buhari’s administration, has described as “disturbing” the inability of Nigerians to have access to the new naira notes and the ongoing naira scarcity which has caused protest nationwide.

Osibanjo, in a meeting with some fintech stakeholders, expressed worries over the difficulty in getting new naira notes and advised the CBN and commercial banks to address the situation immediately.

“You need cash to pay for transport. For instance, in Abuja, how do you take ‘drop or along’ or use a Keke NAPEP without cash, or buy foodstuff on the road or in canteens, or even buy recharge cards?” Osinbajo said, according to a release by Laolu Akande, his spokesperson.

“Parents with kids in public schools give money daily to their children for lunch, most commerce is informal, so you need cash for most things.

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“It seems to me that banks must engage their mobile money operators. Fintechs with mobile money licenses and many of them have micro-finance bank licenses now and already have a network of mobile money agents or human banks or human ATMs (as they are sometimes called) who are responsible for them and they can supervise themselves. They can do currency swaps and open bank accounts.”

Speaking further on the redesign of the naira notes, Osinbajo lamented the scarcity of the new notes.

“More disturbing is the fact that after depositing your old notes, there are no new notes, so people everywhere in the urban areas and rural areas simply have no money,” he said.

“There are logistical challenges that have to be addressed by the CBN and the banks, especially from the point of view of the average Nigerian and those in the hinterland who hardly use any electronic platforms.”

Osinbajo also said while there has always been a certain failure rate in online banking and money transactions, they have become even more difficult now with the increase in the number of transactions congesting the system.

“So where in the past you used POS or any of the electronic platforms, you had maybe 20 percent to 30 percent failure rate, now because everyone is trying to get on those platforms, obviously, the failure rate is much more and the problems are much more pronounced,” the Vice President noted.

“We really need to make progress even as we make efforts to deal with some of these issues confronting us today,” he said. SR

Related Topics:Featured Naira redesign Osinbajo

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Don’t host US, French military bases in Nigeria, northern leaders warn Tinubu

Published

3 hours ago

May 4, 2024

Trends Admin

President Bola Ahmed Tinubu

Don’t host US, French military bases in Nigeria, northern leaders warn Tinubu

Prominent northern leaders have cautioned against allowing the United States and French governments to relocate military bases from the Sahel region to Nigeria.

The leaders in an open letter to President Bola Tinubu and the National Assembly leadership urged the Federal Government to resist such pressure.

Those who signed the letter are Professor Abubakar Siddique Mohammed of the Centre for Democratic Development, Research and Training (CEDDERT), Zaria; Professor Kabiru Sulaiman Chafe, former Minister of State for Petroleum Resources, representing the Arewa Research and Development Project (ARDP), Kaduna; Professor Attahiru Muhammadu Jega, former Chairman of the Independent National Electoral Commission (INEC); Professor Jibrin Ibrahim from the Centre for Democracy and Development (CDD), Abuja; Auwal Musa (Rafsanjani) of the Civil Society Legislative Advocacy Centre (CCISLAC) Abuja; and Y. Z. Ya’u from the Centre for Information Technology and Development (CITAD), Kano.

The letter highlighted reports of aggressive lobbying by the American and French governments targeting Nigeria and other Gulf of Guinea nations to enter new defence agreements allowing the redeployment of troops expelled from Mali, Burkina Faso, and Niger.

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Expressing concern, they cautioned that Nigeria, strategically positioned among the Gulf of Guinea countries, might yield to such pressure, compromising its defence and internal security.

“The recent expulsion of French and American troops from Niger due to their perceived ineffective presence raises questions about the efficacy of hosting foreign military bases,” they said in the open letter.

They also argued that the primary goal of these bases, ostensibly to combat terrorism in the Sahel, has not been achieved, as terrorism has only escalated since those camps were established.

“It is important to clearly state that there are only dangers and no gains from such military operations.

“The American operations in Niger Republic, for example, were ostensibly to pre-empt and uproot terrorists from the Sahel region. The result has so far been quite unimpressive if not a complete failure.

“It is apparent that the presence of American troops and other intelligence personnel in Niger Republic is not serving any useful purpose.

“This is for the simple reason that terrorism, far from diminishing, has risen dramatically since the US began its operations in the region,” they said.

The signatories warned against compromising Nigeria’s sovereignty and independence for short-term strategic alliances, highlighting potential adverse long-term consequences.

Moreover, they highlighted the negative impact of hosting foreign troops, including increased living costs and environmental degradation, which disproportionately affect lower-income populations and indigenous communities.

As of now, the presidency or the National Assembly have not publicly responded to the open letter.

Don’t host US, French military bases in Nigeria, northern leaders warn Tinubu

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Osun kingship Tussle: Court stops coronation of Gov Adeleke-appointed king

Published

3 hours ago

May 4, 2024

Trends Admin

Osun kingship Tussle: Court stops coronation of Gov Adeleke-appointed king

Just weeks after a court ousted a monarch chosen by Governor Ademola Adeleke, Justice Micheal Awe has halted the planned presentation of the staff of office to the second king of Iree, Oba Muritala Oyelakin.

In a sequence of events, two kings had emerged as the Aree of Iree in the Boripe local government area of Osun state after Adeleke disapproved of the appointment of Oba Ademola Ponnle by his predecessor, Adegboyega Oyetola, and instead selected Muritala Oyelakin as king.

This dual kingship sparked a crisis within the community, with kingmakers neglecting the traditional rites of Oba Oyelakin.

Originally scheduled for Saturday, May 5, the ceremony for presenting the certificate, instrument, and staff of office to Oba Oyelakin as the Aree of Iree was put on hold.

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Justice Awe, presiding over the State High Court in Ikirun, Osun State, issued a restraining order against Governor Adeleke, his administration, and four traditional chiefs, including King Oba Oyelakin, prohibiting them from proceeding with the staff of office presentation ceremony.

The order was issued in response to a lawsuit filed by Oba Ademola Ponnle, who sought to halt the ceremony. Justice Awe granted the request, emphasizing the need to maintain the status quo until further legal proceedings.

The court order forbids Oba Oyelakin from receiving any instruments or staff of office as the Aree of Iree or undergoing any formal installation until the matter is heard on Wednesday, May 8.

Osun kingship Tussle: Court stops coronation of Gov Adeleke-appointed king

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We have added 625MW to national grid – Minister

Published

3 hours ago

May 4, 2024

Trends Admin

Minister of Power, Adebayo Adelabu

We have added 625MW to national grid – Minister

The Federal Government has announced the addition of 625MW of power to the national grid, increasing the grid’s wheeling capacity to 4800MW.

Bolaji Tunji, Special Adviser, Strategic Communications to the Minister of Power said this in a statement in Abuja on Friday.

Mr Bolaji quoted the Minister of Power, Adebayo Adelabu as saying this at the inauguration of the 63 Mega Volt Ampere (MVA), 132/33 Kilo Volt (KV )mobile station at Ajah, Lagos and at the inuaguration of 60MWA, 132/33KV Power Transformer in Birnin Kebbi, Kebbi.

According to the minister, the pivotal project is a testament to the Renewed Hope Agenda of President Bola Tinubu towards transforming the Power sector in the pursuit of reliable and sustainable energy infrastructure for a better Nigeria.

Mr Adelabu said that the mobile substation being inaugurated was a strategic deployment aimed at improving the transmission capacity constraints by over 1300mv across the nation.

He spoke on the significance of the project and other equipment undergoing installation under the Presidential Power Initiative (PPI).

Mr Adelabu said that the mobile substations equally stands as a beacon of hope for businesses, household reliant on uninterrupted power supply, stopgap measure during maintenance and emergency.

He commended the collaborative efforts of the FGN Power Company, the German Government and Siemens Energy whose partnership has facilitated the production and installation of the substations.

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The minister also announced the remote inuaguration of a 60MVA power transformer at Birnin Kebbi, Kebbi.

“Together, these equipment will boost our transmission wheeling capacity by 123mw, thereby paving the way for enhanced electricity supply for all Nigerians”.

”I urgy all Nigerians to safeguard these vital installations against acts of vandalisation and sabotage,”he said.

Mr Adelabu noted that the success of governments initiatives hinges on collective responsibility.

He also called on the management of the Power Company and all stakeholders in the power sector to work with determination to ensure that the timelines set for projects delivery are achieved.

“Together, we will embark on a journey towards a brighter future for Nigeria, one powered by innovation, resilience and collective determination”, he said.

Earlier in his remarks, Kenny Anuwe, Managing Director of FGN Power Company said, ” as Nigeria continues its journey towards energy sufficiency and economic prosperity, initiatives like the PPI.

According to him, this underscores President Tinubu’s unwavering determination to deliver adequate electricity towards unlocking Nigeria’s full economic potentials.

Mr Anuwe assured of FGN Power Company’s commitment in driving progress and delivering tangible improvements in electricity access for all Nigerians in this transformative era in Nigeria’s power Sector.

Mr Tunji said that FGN Power was established by the Presidency as a special purpose vehicle (SPV), tasked with implementing the Presidential Power Initiative (PPI) with Siemens serving as the technical partner.