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CBN Has My Backing For Redesigning Naira Notes – Buhari
President Muhammadu Buhari Sunday said the decision of the Central Bank of Nigeria (CBN) to launch new designs and replace high-value naira notes had his support.
CBN governor, Godwin Emefiele had, during a special briefing in Abuja on Wednesday, disclosed that the apex bank would, following approval by the president, start circulating newly redesigned N100, N200, N500 and N1000 naira notes from December 15.
But the Minister of Finance, Budget and National Planning, Zainab Ahmed, had on Friday during a 2023 budget defence session with the Senate Committee on Finance, countered Emefiele on the proposal, saying her ministry was not consulted by CBN on the planned naira redesigning and that she could not comment on it as regards it merits or otherwise.
The minister had said, “Distinguished Senators, we were not consulted at the Ministry of Finance by CBN on the planned naira redesigning and cannot comment on it as regards merits or otherwise.
“However as a Nigerian privileged to be at the top of Nigeria’s fiscal management, the policy as rolled out at this time portends serious consequences on the value of the naira against other foreign currencies.
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“I will however appeal to this committee to invite the CBN governor for required explanations as regards merits of the planned policy and rightness or otherwise of its implementation now.”
But yesterday, Buhari, according to a statement by his Senior Special Assistant on Media and Publicity, Garba Shehu, emphasised that he supports the CBN’s decision to redesign the naira notes.
The president said he was convinced that the nation would gain a lot by doing so.
Buhari was quoted to have stated these in a Hausa radio interview with a veteran journalist, Halilu Ahmed Getso and Kamaluddeen Sani Shawai for Tambari TV.
The president said reasons given to him by the CBN convinced him that the economy stood to benefit from a reduction in inflation, currency counterfeiting and the excess cash in circulation.
He said he did not consider the period of three months for the change to the new notes as being short.
‘‘People with illicit money buried under the soil will have a challenge with this but workers, businesses with legitimate incomes will face no difficulties at all,’’ he said.
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The president was also said to have, in the interview, addressed issues of food security and national security, among others.
Recall that Emefiele at the briefing in Abuja last week, stated, “In recent times, currency management has faced several daunting challenges that have continued to grow in scale and sophistication with attendant and unintended consequences for the integrity of both the CBN and the country.”
The CBN governor had explained that there was significant hoarding of banknotes by members of the public, with statistics showing that over 85 per cent of monies in circulation were outside the vaults of commercial banks.
“N2.73 trillion out of the N3.23 trillion in circulation exists outside the vault of the commercial banks.
“Evidently, currency in circulation has more than doubled since 2015, raising from N1.46 trillion in December 2015 to N3.23 trillion as at September 2022,” he had said.
He had also said that the apex bank was convinced that the incidents of terrorism and kidnapping will minimise as access to large volumes of money outside the banking sector used as a source of funds for ransom payment will begin to dry up.
Daily Trust
News
2027 General Elections: INEC Announces February 20 for Presidential Poll
2027 General Elections: INEC Announces February 20 for Presidential Poll
The Independent National Electoral Commission (INEC) has officially fixed February 20, 2027 for Nigeria’s presidential and National Assembly elections, while governorship and State Houses of Assembly elections will be held on March 6, 2027.
INEC Chairman, Joash Ojo Amupitan, announced the dates on Friday during a media parley at the Commission’s national headquarters in Abuja, describing the move as the formal commencement of the 2027 general elections process.
According to the INEC chairman, the release of the Notice of Election and the comprehensive timetable complies with provisions of the 1999 Constitution of Nigeria and the Electoral Act 2022, which require the Commission to publish election notices ahead of the polls.
“It is with a deep sense of constitutional responsibility and commitment to democratic consolidation that the Commission today formally releases the Notice of Election and the Timetable and Schedule of Activities for the 2027 General Elections,” he stated, adding that any earlier unofficial announcements of election dates were misleading and did not originate from INEC.
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Amupitan disclosed that the tenure of the President, Vice President, governors, and deputy governors — except in off-cycle states — will expire on May 28, 2027, while the National and State Assemblies will be dissolved on June 8, 2027. He noted that the timeline provides sufficient room for political parties to conduct primaries, submit nomination forms, and organise campaigns in line with electoral regulations. Campaigns, he added, must end 24 hours before election day, as stipulated by law.
The INEC boss warned political parties to strictly comply with the approved schedule, stressing that the Commission would enforce the law where necessary. “Political parties are strongly advised to strictly adhere to the timelines. The Commission will not hesitate to enforce compliance with the law,” he said.
He also reaffirmed INEC’s commitment to deploying technology to enhance transparency in the 2027 general elections, updating the national voters’ register, strengthening collaboration with security agencies, and expanding voter education nationwide.
Calling for peaceful conduct, Amupitan urged political parties to organise credible primaries, shun violence and inflammatory rhetoric, and uphold internal democracy. He also appealed to candidates, supporters, civil society groups, the media, and citizens to play constructive roles throughout the electoral cycle.
“As we commence this national exercise, I assure Nigerians that the Commission is fully prepared and determined to deliver elections that reflect the sovereign will of the people,” he added.
With the formal release of the INEC 2027 election timetable, stakeholders are now expected to begin full-scale preparations for Nigeria’s next general elections.
2027 General Elections: INEC Announces February 20 for Presidential Poll
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INEC Seeks N1.04 Trillion for 2027 Elections, Operational Needs – Amupitan
INEC Seeks N1.04 Trillion for 2027 Elections, Operational Needs – Amupitan
The Independent National Electoral Commission (INEC) has requested a total of ₦1.04 trillion from the Federal Government of Nigeria to fund off-cycle elections this year, the 2027 general election, and its operational activities in 2026, subject to approval by the National Assembly of Nigeria.
The request was made by INEC Chairman Prof. Joash Amupitan while defending the commission’s spending proposal before the Joint Committee on Electoral Matters of the National Assembly. Amupitan urged lawmakers to grant timely approval and release of funds, warning that delays could hamper preparations for upcoming elections.
According to the INEC chairman, the commission is seeking ₦873.778 billion for the 2027 general election and ₦171 billion for its 2026 operational activities. The 2026 allocation covers Federal Capital Territory (FCT) area council elections, by-elections scheduled for next week, and the Ekiti and Osun governorship elections slated for June and September.
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Breakdown of the 2027 Election Budget
The N873.778 billion earmarked for the 2027 general election includes:
- ₦379.748 billion for operational costs
- ₦92.317 billion for administrative expenses
- ₦209.206 billion for technology
- ₦154.905 billion for election capital costs
- ₦42.608 billion for miscellaneous expenses
For the N171 billion proposed for 2026 operations, Amupitan said:
- ₦109 billion would cover personnel costs
- ₦18.7 billion for overheads
- ₦42.63 billion for election conduct
- ₦1.4 billion for capital expenditure
He noted that the budget was prepared in line with Section 3(3) of the Electoral Act 2022, which mandates submission of election budgets at least one year before a general election.
Calls for Timely Fund Release and Dedicated Network
Amupitan criticized the envelope system of budgeting, describing it as unsuitable for INEC’s operational needs that often require urgent interventions. He appealed for a bulk release of funds, highlighting the need for a dedicated communication network to enhance accountability and transparency during elections.
“If we have our own network, Nigerians can hold us responsible for any hitch,” he said.
Lawmakers Back INEC’s Proposal
Senator Adams Oshiomhole argued that no government agency should impose the envelope budgeting system on INEC, emphasizing that full release of funds is critical for smooth election preparations. Similarly, House member Billy Osawaru called for the budget to be placed on first-line charge, allowing the commission access to all funds immediately.
Following deliberations, the joint committee approved a one-time release of INEC’s annual budget and pledged to consider increasing allowances for National Youth Service Corps (NYSC) members deployed for election duties. The proposed increase would cost ₦32 billion, equating to ₦125,000 per corps member.
Senator Simon Lalong, chairman of the Senate Committee on Electoral Matters, assured INEC of lawmakers’ support, pledging close collaboration to ensure a successful 2027 election. House Committee chairman Bayo Balogun also promised legislative backing but cautioned INEC against overpromising, citing prior misrepresentations about real-time uploads to the INEC Result Viewing (IReV) portal, which was never provided for in the Electoral Act but only in INEC regulations.
The approval of the commission’s budget and operational requests is expected to enhance election preparedness, technological deployment, and transparency ahead of the 2027 general elections, while addressing logistical and operational challenges that have hampered past polls.
INEC Seeks N1.04 Trillion for 2027 Elections, Operational Needs – Amupitan
News
Aso Rock Goes Solar as Tinubu Orders National Grid Disconnection
Aso Rock Goes Solar as Tinubu Orders National Grid Disconnection
President Bola Tinubu will fully disconnect the Aso Rock Presidential Villa from the national grid by March 2026 following allegations of electricity overbilling for power not supplied, the State House has confirmed.
The State House Permanent Secretary, Temitope Fashedemi, made the disclosure while defending the 2026 State House budget before the Senate Committee on Special Duties. He revealed that the solar mini-grid project at the Presidential Villa was completed in December 2025 and is currently undergoing technical testing ahead of a full transition to solar power.
Fashedemi explained that during the testing phase of the new solar installation, officials discovered what he described as significant overbilling by the electricity distribution company. According to him, the State House observed instances where it was billed for electricity that was not supplied and has begun reconciliation discussions to address what he termed “legacy liability.”
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The Villa is serviced by the Abuja Electricity Distribution Company (AEDC), which in February 2024 publicly listed several government agencies as debtors. At the time, AEDC said the Presidential Villa owed N923.87 million in unpaid electricity bills. Other major debtors included the Federal Capital Territory Administration (FCTA) and some federal ministries.
The Tinubu administration had earlier allocated N10 billion in the 2025 budget for the solarisation of the Presidential Villa through a solar mini-grid system. An additional N7 billion has been earmarked for the same project in the 2026 Appropriation Bill, bringing total allocations to N17 billion over two years.
Fashedemi noted that a similar transition to solar power at the State House Medical Centre in May 2025 has already demonstrated cost savings and reliability. He said the facility has operated almost entirely on solar energy and battery storage since then, with minimal reliance on grid electricity and no generator use.
He expressed optimism that by March 2026, the Presidential Villa would complete its transition and fully exit the national grid, relying primarily on renewable energy for its electricity needs.
The development aligns with broader efforts to promote renewable energy adoption in Nigeria, reduce public sector energy costs, and address concerns over electricity billing transparency. If fully implemented, Aso Villa will operate largely on solar power supported by battery storage systems, significantly reducing dependence on grid supply and diesel generators.
Aso Rock Goes Solar as Tinubu Orders National Grid Disconnection
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