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NSA denies saying arms funds missing under ex-service chiefs

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  • Funds can’t be missing in Buhari govt – Presidency

National Security Adviser to the President, Major General Babagana Monguno (retd.) has denied saying that funds meant for the purchase of arms to strengthen Nigeria’s anti-terror war got missing under the immediate past service chiefs.

He said he was quoted out of context in the reports emanating from his earlier interview with BBC Hausa Service on the matter.

The Presidency through President Muhammadu Buhari’s media aide, Garba Shehu, also said on a television programme Friday evening that funds could not get missing in the Buhari government and that the NSA was misquoted.

In an interview on BBC Hausa Friday morning, the NSA had said the new service chiefs had not seen any of the arms said to have been procured by the immediate past service chiefs and that the failure to provide arms to frontline military personnel was a setback to the fight against insecurity in the nation.

The NSA had said, “No one knows what happened to the money but by God’s grace, the President will investigate to find out whether the money was spent and where the arms went.

“It is not that we are not working to end the security challenge in the country. The president has done his own part and allocated huge amount of money to purchase weapons but they are yet to be here. We don’t know where they are.”

But in a press statement later, the NSA said government had provided sufficient resources for the arms procurement but the orders were either inadequate or yet to be delivered and “that did not imply that the funds were misappropriated under the former service chiefs.”

The statement added, “We would like to state that the NSA was quoted out of context as he did not categorically say that funds meant for arms procurement were missing under the former service chiefs as reported or transcribed by some media outlets from the BBC interview.

“During the interview, the National Security Adviser only reiterated the federal government’s commitment to deal decisively with insecurity and stated President Muhammadu Buhari’s continued commitment to provide all necessary support to the Armed Forces, including the provision of arms and equipment.

“In the interview, the National Security Adviser clearly informed the BBC reporter that Mr President had provided enormous resources for arms procurement, but the orders were either inadequate or yet to be delivered and that did not imply that the funds were misappropriated under the former service chiefs.

“The NSA also informed the reporter that Mr President is following up on the procurement process as is usual with contracts relating to military equipment. In most cases, the process involves manufacturing, due diligence and tedious negotiations that may change delivery dates.

“As the National Security Adviser conveyed during the Aso Villa media briefing, questions relating to defence procurement should be channelled to the Ministry of Defence. All security and intelligence agencies are working together to bring an end to insecurity with the full support of Mr. President and stakeholders, including the media and civil society, as part of a whole-of-government and a whole-of-society approach to address our security challenges.”

The Presidency has also said no funds were missing under the watch of the immediate past service chiefs.

It stated that procurements had been made for military weapons but yet to be delivered.

According to Shehu, the NSA was misquoted, stressing that Monguno did not accuse the ex-service chiefs of misappropriation of funds.

He said, “About the $1 billion taken from the Excess Crude Account with the consent of state governors used for military procurements, I want to assure you that nothing of that money is missing. The reference to it in the interview of the BBC Hausa Service by the National Security Adviser has been misconstrued and mistranslated.

“The NSA made two critical points –one is that we don’t have enough weapons, which is a statement of fact; and two, procurements made have not been fully delivered. At no point did the NSA say that money has been misappropriated and that no arms are seen. They have not been delivered; that is correct. These are things you don’t get off the shelves.

“People are just been political, they want to draw moral equivalent between the PDP and the APC administrations – we are not the same. Things like this cannot happen under a Buhari administration.”

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Your assessment misleading, APC tackles Obi over socio-economic situations

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Peter Obi and Felix Morka

Your assessment misleading, APC tackles Obi over socio-economic situations

One-time Anambra State Governor Peter Obi came under a scathing criticism yesterday from the ruling All Progressives Congress (APC) over his assessment of the security and economic situation of the country.

At a news conference, Obi disagreed with the claims of President Bola Ahmed Tinubu in his New Year Day address which chronicled the feats attained by the APC-led administration.

Obi alleged that the political, economic and security situations in the country have worsened under the incumbent administration.

But the APC, through its National Publicity Secretary, Felix Morka carpeted Obi, describing his assessment as jaundiced, misleading and an attempt to score cheap political points.

In a statement, Morka put a lie to Obi’s claims.

He noted that Obi’s assessment was at variance with all indicators that showed that the nation’s economy is rebounding in significant measure across all sectors.

Dismissing Obi’s claims, Morka said: “While Nigerians celebrated the New Year with hope for a more glorious 2025, Peter Obi, former Governor of Anambra State and former presidential candidate of the Labour Party (LP) in the 2023 general elections, was seemingly stuck in replay of his jangling, gloom-ridden wish-list for our country.

“Obi’s new year message, in which he claimed that the political, economic and security situation of our dear country is worsening daily, is misleading and appears intended to score cheap political points.

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“This claim, at a time when all indicators show that our country is rebounding in significant measure across all sectors, casts Obi, squarely, as Nigeria’s leading doomsayer.”

Morka, who reeled out the achievements of the APC-led administration, said: “In reality, 18 months later, the economy under President Bola Ahmed Tinubu’s administration, has showed steady record of progress.”

He listed the landmarks as:

The ruling party further argued: “Despite these and other initial beneficial outcomes of ongoing unprecedented reforms, the administration is doubling its effort to ensuring that the reforms deliver their fullest benefits for the sustainable growth and transformation of our country.”

The ruling party said that the Presidential New Year message acknowledged that the “cost of food and essential drugs remained a significant concern for many Nigerian households. And to reverse this trend, Mr. President assured that his administration was committed to lowering food prices by boosting food production and promoting local production of drugs.”

The party also highlighted Tinubu’s resolve to crash the current inflation rate from 34 per cent to 15 per cent in the course of this fiscal year as a move to addressing the threat inflation poses to the country’s economy.

The statement further reads: “With the vigour in the administration’s war on corruption, evidenced by ongoing investigations and trial of  well-heeled Nigerians, Obi’s pontification on the urgent need to tame corruption is a clear case  of carrying coal to Newcastle.”

Faulting Obi, the party said: “It is a thing of irony that Peter Obi, who now arrogates to himself to be omniscient and philosopher’s stone, when it comes to our nation’s challenges, left no record of significant achievement, let alone transformation of any kind, in his eight-year tenure as Governor of Anambra State.

“Like his co-travellers in the Peoples Democratic Party (PDP), Obi’s obsessive pessimism and endless but futile effort to incite public outrage against the administration is borne out of their realisation that President Tinubu is unwittingly cementing their ultimate political irrelevance by his visionary and full-throttle reform and transformation of the fundamental pillars of our national life.”

Appealing for citizens’ support and patience, the APC spokesman assured Nigerians that “under the banner of the Renewed Hope Agenda (RHA), President Tinubu is dutifully turning our nation’s fortunes around.

“He (Tinubu) deserves the support  and patience of Nigerians in order to consolidate on the deep economic foundation he has laid, and deliver a vibrant, prosperous new Nigeria for the good of all.  We urge Nigerians to remain confident of better days ahead.”

Your assessment misleading, APC tackles Obi over socio-economic situations

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Currency in circulation now N4.8tn – CBN report

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Currency in circulation now N4.8tn – CBN report

Currency in circulation has reached an all-time high of N4.8 trillion as of November 2024, recording over seven per cent increase from the previous month.

Also, currency outside banks grew significantly in the same month hitting an all-time high of N4.6 trillion from the N4.2 trillion in the month of October.

These figures were contained in the money and credit supply data from the Central Bank of Nigeria (CBN).

The currency in circulation is the amount of cash–in the form of paper notes or coins–within a country that is physically used to conduct transactions between consumers and businesses.

It represents the money that has been issued by the country’s monetary authority, minus cash that has been removed from the system.

Similarly, currency outside a bank refers to cash held by individuals, businesses and other entities that is not stored in banks.

The currency outside the bank represents about 96 per cent of the currency in circulation.

Nigerians have in recent times been facing acute cash shortage with banks limiting daily withdrawal at Automated Teller Machines (ATMs) to N20,000 irrespective of the number of accounts held by an account owner.

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According to the latest data, the currency in circulation grew by seven per cent to reach 4,878,125.22 from 4,549,217.51 in October.

Currency in circulation has grown steadily in the outgoing year 2024 with over one trillion naira added to cash in circulation after starting the year with N3.65 trillion in January.

In February, the currency in circulation slightly increased to N3.69 trillion representing an increase of N43 billion or 1.18 per cent from the January figure.

March also saw an appreciable increase to N3.87 trillion while it further increased to N3.92 trillion in the following month of April.

The growth trajectory continued in May with the currency in circulation increasing slightly to N3.97 trillion, an increase of N42 billion or 1.07 per cent while it reached an all-time high of 4.04 trillion, an increase of 2.11 per cent from May.

The July figure also rose marginally with the currency in circulation settling for N4.05 trillion before growing to N4.14 trillion in August and N4.43 trillion in September and N4.5 trillion in October.

In the same vein, currency outside banks grew from N4.2 trillion in October to N4.6 trillion in November, showing increasing preference for other means of storing outside bank deposits.

Economist, Dr. Paul Alaje attributed the development to the expanding money supply, adding, “Money supply is expanding but this may not necessarily be in cash. As it is expanding, it will necessarily induce inflation. But you can’t blame the people. People must look for money. How much was bottled water last year, how much is it today? All of this will induce inflation. If you now ask, what is the cause of inflation? Is it money supply itself or a devaluation policy? It is a devaluation policy. Money supply is an offshoot. So the Central Bank is raising interest rates to actually reduce money supply but the more they try the more money supply expands.”

He stated that the floatation policy of the CBN has created inflation, adding, “It is like chasing one’s tail and I don’t know if you are going to catch it.”

Currency in circulation now N4.8tn – CBN report

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Tinubu not telling Nigerians the truth, says Sule Lamido

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President Bola Ahmed Tinubu

Tinubu not telling Nigerians the truth, says Sule Lamido

President Bola Tinubu has been accused of not being forthright about the true state of Nigeria under his administration.

Former Jigawa State Governor and senior Peoples Democratic Party (PDP) member, Sule Lamido, made the accusation while speaking on the BBC Hausa programme Gane Mini Hanya.

Lamido criticized both Tinubu and former President Muhammadu Buhari for what he described as a lack of transparency in governance.

“Buhari’s and Tinubu’s governments are not being transparent with Nigerians unlike during the time when PDP was in power where everything was transparent and open to all Nigerians,” Lamido said.

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He accused the two administrations of relying on propaganda rather than providing citizens with accurate information.

Lamido also expressed concerns over President Tinubu’s recent loan requests, questioning the logic behind them. “If Nigerians are being told the truth then there is nothing wrong with that, but how would you budget N30tn, generate N50tn and then request loan when you have a surplus of N20tn,” he said, referencing last year’s budget.

He described the situation as “reckless” and “selfish,” adding, “This recklessness and clear-cut selfishness is not done anywhere in the world, but yet you find (some) Nigerians supporting it. Visit social media and see how APC is being criticised, being referred to as calamity, yet you find some protecting it.”

Tinubu not telling Nigerians the truth, says Sule Lamido

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