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[UPDATED] Breaking: Buhari defends naira policy, returns old N200 notes into circulation
President Muhammadu Buhari has extended the validity of the old N200 notes till April 10, 2023.
The president announced this in a national broadcast on Thursday Monday.
“I am addressing you as your democratically elected president to sympathise with you over the hardship being experienced as a result of the naira redesign policy.”
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“To further ease the supply pressures particularly to our citizens, I have given approval to the CBN that the old N200 bank notes be released back into circulation and that it should also be allowed to circulate as legal tender with the new N200, N500, and N1000 banknotes for 60 days from February 10, 2023 to April 10 2023 when the old N200 notes ceases to be legal tender.”
“17. In line with Section 20(3) of the CBN Act 2007, all existing old N1000 and N500 notes remain redeemable at the CBN and designated points.
“Considering the health of our economy and the legacy we must bequeath to the next administration and future generations of Nigerians, I admonish every citizen to strive harder to make their deposits by taking advantage of the platforms and windows being provided by the CBN.”
Nigerians have been battling with the scarcity of new naira notes— a development that has led to queues at banking halls, and automated teller machine (ATM) points.
Read President Buhari’s Full Address Here
My Dear Compatriots,
I have found it necessary to address you today, on the state of the nation and to render account on the efforts of our administration to sustain and strengthen our economy, enhance the fight against corruption and sustain our gains in the fight against terrorism and insecurity which has, undoubtedly, been impacted by several internal and external factors.
2. Particularly, I am addressing you, as your democratically elected President, to identify with you and express my sympathy, over the difficulties being experienced as we continue the implementation of new monetary policies, aimed at boosting our economy and tightening of the loopholes associated with money laundering.
3. Let me re-assure Nigerians, that strengthening our economy, enhancing security and blockage of leakages associated with illicit financial flows remain top priority of our administration. And I shall remain committed to my oath of protecting and advancing the interest of Nigerians and the nation, at all times.
4. In the last quarter of 2022, I authorised the Central Bank of Nigeria (CBN) to redesign the N200, N500, and N1000 Nigerian banknotes.
5. For a smooth transition, I similarly approved that the redesigned banknotes should circulate concurrently with the old bank notes, till 31 January 2023, before the old notes, cease to be legal tender.
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6. In appreciation of the systemic and human difficulties encountered during implementation and in response to the appeal of all citizens, an extension of ten days was authorized till 10th February, 2023 for the completion of the process. All these activities are being carried out within the ambit of the Constitution, the relevant law under the CBN Act 2007 and in line with global best practices.
7. Fellow citizens, while I seek your understanding and patience during this transient phase of implementation, I feel obliged to avail you a few critical points underpinning the policy decision. These include:
a. The need to restore the statutory ability of the CBN to keep a firm control over money in circulation. In 2015 when this administration commenced its first term, Currency-in-Circulation was only N1.4trillion.
b. The proportion of currency outside banks grew from 78%in 2015 to 85% in 2022. As of October 2022, therefore, currency in circulation had risen to N3.23 trillion; out of which only N500 billion was within the Banking System while N2.7 trillion remained permanently outside the system; thereby distorting the financial policy and efficient management of inflation;
c. The huge volume of Bank Notes outside the banking system has proven to be practically unavailable for economic activities and by implication, retard the attainment of potential economic growth;
d. Economic growth projections make it imperative for government to aim at expanding financial inclusion in the country by reducing the number of the unbanked population; and
e. Given the prevailing security situation across the country, which keeps improving, it also becomes compelling for government to deepen its continuing support for security agencies to successfully combat banditry and ransom-taking in Nigeria
8. Notwithstanding the initial setbacks experienced, the evaluation and feedback mechanism set up has revealed that gains have emerged from the policy initiative.
9. I have been reliably informed that since the commencement of this program, about N2.1 trillion out of the banknotes previously held outside the banking system, had been successfully retrieved.
10. This represents about 80% of such funds. In the short to medium and long terms, therefore, it is expected that there would be:
a. A strengthening of our macro economic parameters;
b. Reduction of broad money supply leading to a deceleration of the velocity of money in the economy which should result in less pressures on domestic prices;
c. Lowering of Inflation as a result of the accompanying decline in money supply that will slow the pace of inflation;
d. Collapse of Illegal Economic Activities which would help to stem corruption and acquisition of money through illegal ways;
e. Exchange Rate stability;
f. Availability of Easy Loans and lowering of interest rates; and
g. Greater visibility and transparency of our financial actions translating to efficient enforcement of our anti- money laundering legislations.
11. I am not unaware of the obstacles placed on the path of innocent Nigerians by unscrupulous officials in the banking industry, entrusted with the process of implementation of the new monetary policy. I am deeply pained and sincerely sympathise with you all, over these unintended outcomes.
12. To stem this tide, I have directed the CBN to deploy all legitimate resources and legal means to ensure that our citizens are adequately educated on the policy; enjoy easy access to cash withdrawal through availability of appropriate amount of currency; and ability to make deposits.
13. I have similarly directed that the CBN should intensify collaboration with anti-corruption agencies, so as to ensure that any institution or person(s) found to have impeded or sabotaged the implementation should be made to bear the full weight of the law.
14. During the extended phase of the deadline for currency swap, I listened to invaluable pieces of advice from well meaning citizens and institutions across the nation.
15. I similarly consulted widely with representatives of the State Governors as well as the Council of State. Above all, as an administration that respects the rule of law, I have also noted that the subject matter is before the courts of our land and some pronouncements have been made.
16. To further ease the supply pressures particularly to our citizens, I have given approval to the CBN that the old N200 bank notes be released back into circulation and that it should also be allowed to circulate as legal tender with the new N200, N500, and N1000 banknotes for 60 days from February 10, 2023 to April 10 2023 when the old N200 notes ceases to be legal tender.
17. In line with Section 20(3) of the CBN Act 2007, all existing old N1000 and N500 notes remain redeemable at the CBN and designated points.
18. Considering the health of our economy and the legacy we must bequeath to the next administration and future generations of Nigerians, I admonish every citizen to strive harder to make their deposits by taking advantage of the platforms and windows being provided by the CBN.
19. Let me assure Nigerians that our administration will continue to assess the implementation with a view to ensuring that Nigerians are not unnecessarily burdened. In this regard, the CBN shall ensure that new notes become more available and accessible to our citizens through the banks.
20. I wish to once more appeal for your understanding till we overcome this difficult transient phase within the shortest possible time.
21. Fellow citizens, on the 25th of February, 2023 the nation would be electing a new President and National Assembly members. I am aware that this new monetary policy has also contributed immensely to the minimization of the influence of money in politics.
22. This is a positive departure from the past and represents a bold legacy step by this administration, towards laying a strong foundation for free and fair elections.
23. I urge every citizen therefore, to go out to vote for their candidates of choice without fear, because security shall be provided and your vote shall count.
24. I however admonish you to eschew violence and avoid actions capable of disrupting the electoral processes. I wish us all a successful General Elections.
Thank you for listening. God bless the Federal Republic of Nigeria.
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Tinubu Approves Recruitment of 3,252 Verified PTA Teachers into Federal Civil Service
Tinubu Approves Recruitment of 3,252 Verified PTA Teachers into Federal Civil Service
President Bola Ahmed Tinubu has approved the recruitment of 3,252 verified Parent-Teacher Association (PTA) teachers into the Federal Civil Service, a landmark decision that ends years of uncertainty for thousands of educators who have kept classrooms running in Federal Unity Colleges across Nigeria. The approval, announced on Thursday by Minister of Education Dr Tunji Alausa, represents one of the most significant interventions by the current administration to address the persistent shortage of teaching personnel in federal secondary schools. The Minister described the decision as a major milestone that reflects President Tinubu’s commitment to revitalising the education sector and investing in the country’s future through improved teaching and learning. According to the minister, priority will be given to absorbing verified PTA teachers, many of whom have served in Federal Unity Colleges and Federal Technical Colleges for nearly 25 years without being absorbed into the mainstream public service. “This is a President who cares deeply for Nigeria and for the future of our country,” Alausa stated. “The President has approved the recruitment of teachers. Priority will be given to absorbing verified PTA teachers, many of whom have served in our Federal Unity Colleges and Federal Technical Colleges for almost 25 years. This approval provides them with the opportunity to become part of the mainstream public service.”
Dr Alausa explained that the approval followed a comprehensive verification exercise conducted by an Inter-Ministerial Committee, which carefully screened eligible PTA teachers across Federal Unity Colleges nationwide. The exercise verified 3,252 teachers across the cadres of Education Officers, Assistant Education Officers and Technical Instructors, paving the way for their regularisation upon completion of all statutory requirements. The minister noted that the recruitment represents another milestone in the implementation of the administration’s Renewed Hope Agenda, stressing that it would significantly improve teacher-to-student ratios in Federal Unity Colleges while recognising the dedication of PTA teachers who have continued to serve despite years of uncertainty over their employment status. The minister added that integrating experienced PTA teachers into the federal public service would help preserve institutional knowledge, strengthen classroom instruction and improve learning outcomes across the colleges. He noted that the recruitment aligns with the Federal Government’s broader strategy to enhance teaching quality and restore Federal Unity Colleges as centres of academic excellence. Dr Alausa also reaffirmed the commitment of the Federal Ministry of Education to collaborate with relevant government agencies to complete the outstanding statutory procedures required for the issuance of final letters of appointment in line with existing public service regulations. He assured the verified PTA teachers that the ministry would ensure the regularisation exercise is concluded transparently, fairly and in strict compliance with due process and established public service rules.
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For many years, Federal Unity Colleges have relied heavily on PTA teachers engaged and paid by Parent-Teacher Associations to bridge chronic staffing gaps caused by inadequate recruitment into the federal teaching service. Many of these teachers have worked in the colleges for between 10 and 25 years without permanent appointments, despite performing the same classroom responsibilities as regular government-employed teachers, and without pension benefits or employment security available to regular civil servants. Successive administrations received appeals from the affected teachers and education stakeholders to regularise their appointments, arguing that the prolonged reliance on PTA-funded staff placed a financial burden on parents and created job insecurity for thousands of qualified teachers. The minister stressed that no education system can rise above the quality of its teachers, and that investing in teachers remains critical to building a stronger and more competitive education system. He commended the PTA teachers for their resilience and commitment to duty despite the uncertainty surrounding their employment status. The recruitment approval has been widely welcomed by education stakeholders and the affected teachers, who have long campaigned for regularisation of their appointments.
The recruitment of 3,252 PTA teachers into the Federal Civil Service represents a significant boost for the country’s education sector. By absorbing experienced educators who have already demonstrated their competence in the classroom, the Federal Government is taking a strategic approach to addressing the teacher shortage in Federal Unity Colleges. The move is expected to improve the quality of education in these institutions, reduce the financial burden on parents who have been funding PTA teachers, and provide job security and benefits for thousands of dedicated educators. The regularisation of these teachers also sets a precedent for addressing similar challenges in other sectors where contract or PTA-funded staff have been providing essential services without proper recognition or benefits.
Tinubu Approves Recruitment of 3,252 Verified PTA Teachers into Federal Civil Service
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