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We’re addressing poverty, youth unemployment to tackle insecurity – Buhari
President Muhammadu Buhari says his administration has begun to address the twin problem of poverty and youth unemployment fuelling insecurity in the country.
He also said the daunting security challenges had not consumed the nation due to the Nigerians’ can-do spirit.
These are part of his address to the nation this morning to mark the 2021 Democracy Day, which his administration shifted from May 29 to June 12 in memory of Chief MKO Abiola, who won the 1993 presidential election but was annulled by the ruling government then and he eventually died in detention.
The President said, “In the last two years, we have witnessed and overcome a good number of testy challenges that would have destroyed other nations especially relating to our collective security.
“The indefatigable can-do spirit of the Nigerian has sustained us and would keep pushing us to put these challenges behind us.
“Unfortunately some of these challenges came in the shape of violent outrages leading to the loss of lives of many of our dear compatriots and the destruction of some of our infrastructure, including those devoted to improving our democratic processes.”
He expressed worry of the persistent attacks, abduction and killing of innocent people by terrorists and hoodlums, adding that his administration would move against the perpetrators and their sponsors.
He said, “Let me assure my fellow citizens that every incident, however minor, gives me great worry and concern and I immediately order security agencies to swiftly but safely rescue victims and bring perpetrators to justice.
“ When you elected me as your President in 2015, you did so knowing that I will put an end to the growing insecurity, especially the insurgency in the North East, but the unintended consequences of our scattering them in the North East pushed them further in-country which is what we are now facing and dealing with. We will, by the Grace of God put an end to these challenges too.
“Unfortunately, like in most conflict situations, some Nigerian criminals are taking undue advantage of a difficult situation and profiteering therefrom with the misguided belief that adherence to the democratic norms handicaps this Administration from frontally and decisively tackling them.”
The President said the FG was already addressing the twin underlying drivers of insecurity – poverty and youth unemployment.
“Interventions led by government and the Central Bank of Nigeria driving economic growth over the past six years are targeted mostly to the agricultural, services, infrastructure, power and health care sectors of the economy.
“In the agricultural sector, for instance, the Anchor Borrowers Programme resulted in sharp decline in the nation’s major food import bill from $2.23 billion in 2014 to $0.59 billion by the end of 2018,” he said.
Specifically, the President said his administration had assisted many farmers, artisans and small-scale business owners, with a total of 10.5 million Nigerians saved from poverty in the last two years.
Buhari said, “In the last two years we lifted 10.5 million people out of poverty – farmers, small-scale traders, artisans, market women and the like.”
The President said his administration remained strongly committed to lifting 100 million Nigerians out of poverty in 10 years.
“I will be the first to admit that in spite of our efforts and achievements which are there for all to see, there is still much more to be done and we are doing our best in the face of scarce resources and galloping population growth rate that consistently outstrips our capacity to provide jobs for our populace. Our over-all economic target of lifting 100 million Nigerians out of poverty in 10 years is our goal notwithstanding COVID-19.
“I am very convinced that the 100 million target can be met and this informed the development of a National Poverty Reduction with Growth Strategy. The specific details of this accelerated strategy will be unveiled shortly.”
Buhari disclosed that his administration disbursed N5,000 to one million Nigerians using a rapid response register and advanced N20,000 to 750,000 beneficiaries of the conditional cash transfer progamme and provided 1.37 million Nigerians with palliatives from the Coalition Against COVID-19 (CACOVID), a private sector-led organisation established to assist the government in combating COVID-19 pandemic.”
Buhari said his administration was not opposed to constitutional reform as part of our nation building process, noting that everyone must understand that the primary responsibility for constitutional amendments lies with the national assembly.
“This body which, as I said, is the arm of government responsible for constitutional changes has concluded the preliminary stages of amending and improving our constitution in a way that the majority of Nigerians will be happy with.
“Government is, however, willing to play a critical role in the constitutional amendment process without usurping the powers of the National Assembly in this regard.”
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Currency in circulation now N4.8tn – CBN report
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
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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Nigeria Customs Service begins 2025 recruitment [How to apply]
Nigeria Customs Service begins 2025 recruitment [How to apply]
The Nigeria Customs Service (NCS) has announced the commencement of its recruitment exercise, assuring Nigerians that the process is entirely free and fair.
The agency has cautioned the public to be vigilant against scammers who may attempt to exploit unsuspecting applicants during the recruitment period.
Applications are invited for positions in the Superintendent, Inspector, and Customs Assistant cadres as part of the Service’s plan to recruit 3,927 officers in 2025.
This initiative is aimed at enhancing trade facilitation and supporting Nigeria’s economic recovery efforts.
“Our recruitment is entirely free and fair. At no stage do we charge fees. Anyone requesting payment is a scammer,” the agency emphasized, urging applicants to be wary of fraudulent schemes.
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The NCS outlined eligibility criteria, stating that applicants must be Nigerian citizens by birth, possess a valid National Identification Number (NIN), and have no criminal record or ongoing investigations.
Academic qualifications for the three cadres are as follows:
Superintendent Cadre: A university degree or Higher National Diploma (HND) along with an NYSC discharge or exemption certificate.
Inspectorate Cadre: A National Diploma (ND) or Nigeria Certificate in Education (NCE) from an accredited institution.
Customs Assistant Cadre: At least an O’Level certificate (WAEC or NECO).
In addition to these qualifications, the NCS stressed that all applicants must be physically and mentally fit, providing evidence of medical fitness from a recognized government hospital.
Nigeria Customs Service begins 2025 recruitment [How to apply]
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