Connect with us

politics

Naira Swap :“bear this moment with equanimity”. Gbajabiamila faults the decision of the FG to disregard the Supreme Court order

Published

on

…says policy implementation poor

…adds it’s unclear what interest is being served

The Speaker of the House of Representatives Rep. Femi Gbajabiamila on Thursday faulted the decision of the Federal Government to disregard the Supreme Court order on the issue of currency swap.

It will be recalled that the apex court had last week given an order for the old 1000, 500 and 200 Naira notes to remain legal tender pending the determination of a case brought before it by some state governors.

On Wednesday, the apex court also reiterated its order and adjourned the matter to February 22.

On Thursday morning, President Muhammadu Buhari, in a nationwide broadcast, said he had instructed the Central Bank of Nigeria (CBN) to reintroduce the old N200 note until April 10, 2023, while the old N1000 and N500 have stopped being legal tender.

Reacting in a statement he personally signed in Abuja on Thursday, Gbajabiamila said though the president’s directive was a step in the right direction, the Federal Government could not afford situations that “suggest a wanton disregard for the rule of law.”

“This morning, President Muhammadu Buhari, GCFR, announced that he has authorized the Central Bank of Nigeria (CBN) to reintroduce the old N200 notes into circulation, pending when the Bank can make sufficient amounts of the new currency available. This is a step in the right direction, and I hope it helps curb Nigerians’ suffering.

“However, the decision still falls short of the order of the Supreme Court that the old currencies remain legal tender pending the adjudication of a pending suit brought by state governments on the legality of the policy and its implementation.

“It is not to the benefit of our country for the Federal Government to act in ways that suggest a wanton disregard for the rule of law. It will be better for us to strictly adhere to the court’s order in this matter pending the adjudication of the substantive suit,” he said.

Gbajabiamila however urged the citizens to “bear this moment with equanimity.”

He also urged the people to desist from actions capable of causing the break down of law and order.

“For the sake of our country, we must work together to resist actions that escalate tensions and endanger our democracy at this crucial moment of national awakening and rebirth.

“In all things, let the well-being of our fellow citizens and the survival of our nation be foremost in our hearts and guide all the decisions we make in this historic moment”, the speaker said.

Bemoaning the current situation in the country, Gbajabiamila added that “citizens and visitors are experiencing grave and unnecessary hardship across our country. They spend hours and days queuing at banks and teller machines to receive stipends of their own money to afford life’s necessities.

“This situation is a consequence of the flawed implementation of the naira redesign policy by the Central Bank of Nigeria (CBN). It is also the result of decisions made by the Central Bank’s Governor, Mr Godwin Emefiele, to refuse counsel, be guided by precedent or abide by the decisions of superior courts.”

He said Section 20(3) of the CBN Act, 2007 provided the statutory authority for the apex bank to initiate and implement policies for the recall of Nigerian currency, stressing that based on the provisions of the law, there were 3 conditions precedent for the CBN to recall existing Naira notes.

“The first is that the permission of the President must be obtained, and the second is that reasonable notice shall be given. The third is that the Central Bank of Nigeria shall pay the face value of the recalled currency upon receipt.

“Whereas reasonable people may disagree as to whether sufficient notice was given for the implementation of this policy, it is evident that the Central Bank of Nigeria (CBN) has failed woefully in its statutory obligation to pay the face value of the recalled currency in the form that is useful to the citizens whose current suffering could have been avoided.

“The current scarcity of cash is happening because the Central Bank of Nigeria (CBN) did not sufficiently replace the old currency it pulled out of circulation across the country. This created an artificial scarcity that put significant additional pressure on the already epileptic electronic banking channels, resulting in a near-complete collapse of trade in the country.

“Businesses cannot operate because neither they nor their customers have access to cash, and electronic banking platforms appear to have uniformly collapsed. It is unclear what interest is served by persisting in this erroneous course towards an unfolding economic disaster that the country cannot afford. The ongoing devastation of livelihoods is bound to have consequences long after this moment has passed.

“It is disheartening that the Central Bank of Nigeria (CBN) has resolutely refused to admit error and change course in the face of mounting evidence that the implementation of this policy has been a devastating failure.

“It is deeply troubling that neither the intervention of the National Council of State nor an order of the Supreme Court is sufficient to cause the Governor of the Central Bank of Nigeria (CBN) to review the decisions that have brought us to this entirely avoidable moment”, Gbajabiamila said.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

politics

Update : C’River PDP Deputy Governorship Candidate,Emana Resigns From Party

Published

on

The Peoples Democratic Party (PDP) Deputy Governorship Candidate in 2023 general election, in Cross River State, Dr Emana Duke Ambroose-Amawhe, has resigned her membership from the party.

In a letter dated
march 28,2025, and addressed to the chairman of Edem Odo Ward, in Akpabuyo local government area of Cross River State, the former Deputy Governorship Candidate,explained that the resignation was with immediate effect.

She said her decision to leave the party was not made lightly, but she remains committed to serving her community and contributing to the progress of Cross River state and nation in other capacities.

In her words, “i am writing to formally resign my membership from the Peoples Democratic Party (PDP) with immediate effect.

” I sincerely appreciate the opportunity given to me over time to contribute my quota to the growth of the party and the chance to serve as the Deputy Governorship Candidate in the last general elections.

” It was a privilege to be part of the PDP’s vision and engage with our people in meaningful ways. However, after much reflection in light of the current state of affairs within the party, I believe it is time for me to move on.

“This decision was not made lightly, but I remain committed to serving my community and contributing to the progress of our state and nation in other capacities.

Continuing ” I appreciate the relationships and experiences gained during my time with the party and wish the PDP success in its future endeavours.

Amawhe, an embodiment of competence, capability and capacity,
was the Deputy Governorship Candidate to Senator Sandy Onor in Cross River State during the 2023 elections.

She was also an aspirant to the House of Representatives for the Bakassi/Akpabuyo/Calabar South Federal Constituency on the platform of the PDP.

Continue Reading

politics

Breaking : Sule Lamido blasts El-Rufai over call to join SDP, Says how can a grandson claim his grandfather knows nothing’

Published

on

Former Governor of Jigawa State and chieftain of the Peoples Democratic Party (PDP), Alhaji Sule Lamido, has fired back at former Kaduna State Governor, Malam Nasir El-Rufai, over his call for opposition politicians to join the Social Democratic Party (SDP).

El-Rufai, who recently announced his defection from the All Progressives Congress (APC) to SDP, urged opposition leaders including Atiku Abubakar, Peter Obi, Rotimi Amaechi, and Rauf Aregbesola to join him in his new political movement.

However, Lamido in an interview with BBC dismissed El-Rufai’s invitation, questioning his political ideology and commitment to national development.

“With all due respect, how does he expect us in PDP to leave and join another party? The PDP that we built is the same party that made him who he is today. How can a grandson claim his grandfather knows nothing?” Lamido said.

He recalled that El-Rufai once declared there were no political elders in Nigeria, insisting that he and his allies were the true power brokers.

“But now he claims he advised Buhari. If he truly had the power he once boasted of, why did he have to seek Buhari’s counsel?” Lamido asked.

The former governor stressed that, despite PDP’s internal challenges, it remained his political home.

“If PDP is struggling today, it is still the party that nurtured El-Rufai. If he claims PDP is dead, then he must remember that it is the party that gave him his political foundation. Whatever he has achieved today, PDP made it possible.”

“If I didn’t join APC in 2014 when I was invited, and they left PDP out of anger, why are they now leaving APC? What has APC done to them?” he asked.

He maintained that governance should not be driven by emotions or personal grudges.

“Leadership is about patience, foresight, and working for the peace of the people and the nation. If you allow emotions to dictate your decisions, you will never lead objectively.”

He stressed that if the goal is to unseat President Bola Tinubu, it should not be based on personal grievances but on national interest.

“We should not fight Tinubu just because we are angry at him or seeking revenge. Leadership should be about prioritizing the country’s well-being rather than personal emotions.”

Lamido concluded by urging politicians to focus on strengthening the country rather than making decisions based on resentment.

Continue Reading

politics

Breaking : Rivers State House of Assembly Gives Governor Fubara, 48 hours to present 2025 Budget

Published

on

….I’ll obey Supreme Court judgment, says Fubara

Forty-eight hours after the Supreme Court handed down two judgments that threaten the soul of the Siminalayi Fubara Rivers State government, the governor yesterday announced his intention to fully obey the orders.

In a twist, described by observers of the Rivers State politics as unexpected, Fubara told Rivers residents that he expected to get the Certified True Copy (CTC) of the judgment by Friday to enable him to take the necessary action.

He ordered the 23 local government chairmen, whose election was voided by the judgment, to quit today after handing over to heads of personnel.

The apex court on Friday gave two judgments – one by Justice Akomaye Agim, which recognises the Martins Amaewhule-led 26 members of the state House of Assembly, and the second by Justice Jamilu Tukur, which declared as invalid the election conducted on October 5, 2024, that led to the emergence of 23 chairmen and 319 councillors.

The apex court further invalidated the state budget and ordered the Central Bank and the Accountant-General of the Federation to stop releasing funds to the state government pending when Fubara would re-present the budget to the authentic House of Assembly led by Speaker Amaewhule.

In a broadcast yesterday, Governor Fubara said: “I have had a meeting with my team of lawyers and they have assured me that the certified true copy of the judgments may be available to them by Friday 7th March 2025.

“I assure you that upon the receipt of certified judgments, we shall study their ramifications and implement them without reservations to move the state forward.

“Furthermore, given the outlawing of caretaker arrangements in the local government system, I hereby direct the heads of personnel management to immediately take over the administration of the 23 local government councils pending the conduct of fresh elections by the Rivers State Independent Electoral Commission.

“I further direct the outgoing local government chairmen to formally hand over the levers of power to the heads of personnel management by Monday, 3rd March 2025.”

Fubara said since its inception, his administration conducted the affairs of government within the framework of the constitution, due process and the rule of law.

The governor noted with regret the trying times the state had been plunged but urged everyone to remain calm and peacefully go about their legitimate daily activities and be sure that his administration would continue to do everything in meeting their aspirations.

Fubara said: “We are all aware of the recent Supreme Court judgments and pronouncements regarding aspects of the lingering political disputes in our dear state.

“Although we disagree with the judgments, we are bound to obey the orders made therein as a law-abiding government.

“Since inception, we have conducted the affairs of government within the framework of our Constitution, due process and the rule of law.

“While we are not above mistakes because we are humans, we believe that we have not, as a government, done anything deliberately to trample on the rule of law or the hallowed principles of constitutional governance.”

Fubara, Amaewhule should work together, say elders

The Rivers State Elders Council (RSEC) called on Fubara and Speaker Amaewhule, to prioritise the interest of the state and work together in line with the Supreme Court judgment.

Referring to Fubara and the lawmakers as one political family, the elders in a statement signed by its Chairman, Chief Ferdinand Alabraba, said there was no more case standing between the both parties.

The elders congratulated the people of Rivers State on what they described as the well-rounded pronouncements of the Supreme Court oon the political crises.

The statement said: “The Elders Council further commends the people of the state for their resilience, patience and peaceful disposition throughout the period of the crises in the state while awaiting the final verdict of the apex court of the land on all the matters.

“Now that the Supreme Court has spoken unequivocally on all the matters, we believe strongly that nothing now stands in the way of His Excellency, Sir Siminalayi Fubara, Governor of Rivers State and Rt Hon Martin Amaewhule, Speaker of the Rivers State House of Assembly, working together in the best interest of the state and her people.

“We are, therefore, calling on the Governor of Rivers State and the Speaker of the Rivers State House of Assembly, who both emerged from the same political family in the state, to put Rivers State above all other considerations, personal or otherwise, and ensure urgently that all necessary steps are taken in conformity with their constitutional responsibilities.

“We give God Almighty all the glory for granting Rivers State this unique opening for peace to return to our dear state.”

Continue Reading

Trending

Copyright © 2025 Newsthumb Magazine | All rights reserved