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Editorial

The Naira Swap Confusion

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The controversy surrounding the redesign of the naira by the Central Bank of Nigeria (CBN) and the subsequent withdrawal of the old notes with the deadline originally set at January 31, 2023, has been reverberating nationwide. The CBN, however, extended the deadline for the usage of the old notes by 10 days, up to February 10, 2023. But the intervention of the Supreme Court halted the CBN from enforcing the February time limit.
This battle, which extended to the two arms of the National Assembly, the Senate, and the House of Representatives, remains heated in the public domain with various permutations and insinuations introduced into the unfolding imbroglio. The Senate and the House of Representatives had earlier passed resolutions for the deadline to be extended to the end of June and July 2023 respectively.
The recent claims by the CBN that about N1.9 trillion worth of the old notes had already been received by the banking system and about N900 billion worth are still outside appeared instructive and worth further consideration. In any case, countless issues arise on this seeming power play between the apex monetary authority on one hand and the politicians and lawmakers on the other.
There is the general perception that the naira redesign and the subsequent policy on cash withdrawal limits are linked to the forthcoming general elections scheduled for February and March 2023. That appears plausible given the country’s experience in previous elections where vote buying through the dispensing of cash to gullible voters had played a very key role in the electorate’s inducements to vote in some particular direction.
Consequently, some individuals and civil society organisations called on the CBN to resist any attempt to extend the deadline beyond the dates set for the elections. Most of the reported incidences of vote buying usually take place a few days before the election as well as on the election dates when cash is splashed across the polling booths in the country with the destitute and vulnerable population tempted to compromise in this regard.
Excess cash in the hands of unscrupulous politicians allows them to influence votes cast for their political parties. This is a clear case of the weaponisation of poverty for political gains. So, the CBN’s currency redesign policy appears to have some serious advantage in ensuring free and fair elections in February and March. But the challenge here is how the apex bank can navigate through this process without constituting a stricture in the wheel of progress for the enhancement of economic activities.
Since the apex bank announced that it was going to redesign the N200, N500, and N1,000 denominations and urged Nigerians to swap the old naira notes with the new ones, the policy is generating more reactions from Nigerians as the new notes are scarce despite assurances by the apex bank that commercial banks should continue to load their ATMs with the new notes. Nigerians across the country have been lamenting the scarcity of the naira notes, with some angry and frustrated bank customers vandalising the facilities of some banks.
The epic battle over the retention or ban of old naira currency notes shifted to the Supreme Court recently when the Attorneys General of three states (Kaduna, Kogi, and Zamfara) approached the apex court on the issue of the deadline set by the CBN. The states are asking the court to stop the Federal Government from proceeding with its demonetisation policy because of the hardship the policy is bringing upon people in the affected states. The court granted the interim order against the Federal Government, restraining it from going ahead with its deadline for the use of the old naira note until February 15, 2023.
Some state governments, including Rivers, have decided to file separate applications to join the suit instituted by the three states at the Supreme Court on the same issue. The Rivers State Governor, Nyesom Wike, commended the Supreme Court for saving democracy by halting the Central Bank from banning the use of the old naira notes after February 10, 2023. The governor said the intervention of the court was timely because some elements were bent on derailing the democratic process. He urged Nigerians to vote against any candidate supporting the manner the currency redesign policy was being implemented.
We entirely agree with the governor’s views. Our position is based on the imminent economic dislocation the hurried implementation of the policy has brought upon hapless Nigerians struggling for survival. For weeks, while the CBN boasted that it had enough of the new notes with the commercial banks, their ATMs were crying in need of them. And as the blame game persisted, the short time frame led to a rush by the people to banks to dispose of old notes.
The CBN could have taken a leaf from the United States, which adopted a gradual process in the redesign of the dollar notes. For instance, the issuance of new banknotes in the first redesign since the 1920s began with the $100 note in 1996. That was followed by the $50 note in 1997, the $20 note in 1998, and the $10 and $5 notes in 2000. As for the United Kingdom, which set 30th September 2022 as the last day to use the paper £20 and £50 notes for retail purposes, the withdrawn notes can always be exchanged at the Bank of England for new notes at any time after this date.
To reduce the present currency crisis, therefore, there is a need for aggressive action by the CBN to ensure an adequate supply of naira in the system. This also accords with the position of the National Council of State (NCS). The council had tasked the CBN during its meeting last week to make the new naira notes available or recirculate the old notes to ease the current suffering of Nigerians. The volume of the new notes in circulation is highly insufficient and most of the ATMs have no new notes to dispense, while the dispensing few are still paying out old notes.
Beyond issuing mere threats, the CBN should sanction severely any commercial bank found hoarding the new naira notes since it claims that it has produced enough for distribution to all the banks across the country. Furthermore, many Point of Sales (PoS) agents are engaged in sharp practices by charging customers up to 30 per cent before paying them money. This has produced a negative effect on the cost of living and businesses. Accordingly, the CBN should punish these agents by withdrawing their licences.
Currently, millions of Nigerians are battling with fuel scarcity and escalating prices of petrol, kerosene, and diesel. Enormous productive time is being wasted on long queues. The untoward fuel crisis coincided with long queues at the INEC offices across the country by eligible citizens who waited to collect their PVCs, ahead of the forthcoming elections. Sadly, Nigerians now have to endure another long queue to obtain the redesigned naira notes and swap the old currency.

 

 

 

 

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Editorial

Checking Terrorism Spread In The South

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The intensified Nigerian Military campaigns against terrorists and bandits in the North have started to produce promising results, signalling a cogent turning point in the nation’s battle against insecurity. For years, these despicable elements have inflicted intolerable levels of hardships on innocent civilians, disrupting lives, livelihoods, and communities with unrestrained violence.
However, the military incursion, characterised by strategic raids, airstrikes, and well-coordinated operations, has considerably constrained their activities, leaving them on the defensive. The once-emboldened insurgents and bandits, who operated with impunity and plunged the North into chaos, are now feeling the heat gravely and are unable to prolong their reign of terror.
The aggressive push by the military is a welcome development, as it restores hope to the millions of Nigerians who have long yearned for peace and stability in the region. The exacerbating strikes disrupt not just the movement and operations of the criminals but also their supply chains, logistics, and communication networks, weakening their ability to regroup and reorganise.
The triumphs are a proof of the resolve of the Nigerian government and the armed forces to address insecurity directly, boosting the confidence of citizens in their efforts. However, maintaining this momentum is critical. Continued investment in intelligence, technology, and collaboration with local communities will not only solidify the progress made but also guarantee the ultimate eradication of these felons.
Nonetheless, the growing influx of battle-weary outlaws into the South-West region is becoming a cause for concern, as it raises questions about the security and stability of the area. This move by the culprits to establish a base for their illegal activities is seen as a calculated strategy, highlighting the changing tactics of terror groups and banditry networks.
Reports of security operatives apprehending suspected members of these groups during training sessions in Osun State indicate the seriousness of the situation. Such incidents not only suggest a possible increase in violence but also highlight the growing vulnerabilities within the South-West, a region that was once considered relatively shielded from the insecurity affecting other parts of the country.
The arrests in Osun State are just one example of the broader threat facing the area. With terror groups reportedly regrouping in large numbers, the implications for governance, economic development, and societal peace are profound. The porous nature of security infrastructure, the vast terrain, and the availability of soft targets make the region an enticing option for these outlaws to establish a base.
If left unchecked, the attempts of these felons to infiltrate the South-West could potentially lead to a spillover of terror and devastation experienced elsewhere. Therefore, it is vital to bolster intelligence-gathering mechanisms, enhance community-based surveillance, and ensure the rapid deployment of security forces to thwart the machinations of these bad actors before their activities escalate into a full-blown crisis. Proactive measures are needed now more than ever to protect the region from descending into a state of chaos.
Nigeria’s Department of State Services (DSS) has lately increased its efforts to ensure national security by conducting strategic operations in parts of Ijesaland, leading to the arrest of numerous individuals allegedly involved in terrorist activities. Acting on credible intelligence, the DSS carried out preemptive raids across several locations within the state, targeting individuals whose presence and actions posed potential threats to safety.
Among those apprehended were illegal immigrants who failed to present valid residential permits or provide satisfactory explanations for their presence and mission in both the state and the country at large. The operation calls attention to the agency’s commitment to safeguarding national integrity and underscores the extensive issue of porous borders, which have facilitated the convergence of undocumented aliens.
Given these developments, all the governors in the South should act in unison and strategise against the security threats posed by the terrorists to avoid being caught off guard. The South-South and South-East geopolitical zones should establish regional security outfits like their South-West counterpart. This requires cooperation with all other relevant stakeholders, such as socio-cultural groups and non-governmental organisations, that are willing to help in warding off criminals from the Southern part of the country.
On April 11, 2021, South-East governors announced the formation of a new regional security group called ‘Ebube Agu’ after a meeting at the Imo State Government House. This decision came in response to violent attacks on police and correctional facilities. Unfortunately, the initiative was not followed through and has since faded away. The lack of response from the South-South region is depressing. It is important that governors prioritise the security of their respective zones.
As the military ramps up its campaign against terrorists and bandits in the North, the temptation for survivors to flee to relatively peaceful locations, particularly in the South, is real. However, it is the duty of leadership to clearly communicate that they will not find refuge in the forests of states within the three geo-political zones in the South.
We hope that the apprehension of suspected trainee terrorists in Osun State will serve as a stark warning of the dangers that lie ahead. It underlines the need for all Southern states to strengthen their vigilance and preparedness. If rogue elements fleeing from the North wrongly assume that they can regroup and find solace in the South, their plans must be met with strategic defence mechanisms and a united regional response.

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Editorial

New Federal Varsity In Ogoni

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President Bola Ahmed Tinubu has made history by signing into law a bill that establishes the Federal Univer-
sity of Environment and Technology in Ogoni, Rivers State. This significant occasion marks a bold step forward not only for the Ogoni people but also for the Niger Delta region and Nigeria as a whole. It signifies a commitment to education, environmental sustainability, and technological advancement.
For the Ogonis, who have long been impacted by environmental challenges, the university represents a beacon of hope. It is more than just bricks and mortar; it is a symbol of empowerment and a pathway to a brighter future. This development is akin to a seed, planted with the promise of a flourishing harvest of skilled professionals.
The university’s emphasis on environmental technology is extremely important, especially given Nigeria’s climate crisis. Education plays a crucial role in developing sustainable solutions. The institution will provide students with the necessary skills and knowledge to address the environmental challenges affecting the Niger Delta region and beyond. This will have a momentous impact.
Signing the bill, the President praised the Ogoni people’s resilience and unity. He stressed that the institution would mark a “significant milestone in our national journey towards environment justice, education and sustainable development”. Tinubu said the university is a reaffirmation of his administration’s “unwavering commitment to the people of Ogoni, the Niger Delta and the nation as a whole. For decades, the Ogoni people have been at the forefront of fight for environmental restoration and sustainable development, shaping both national and global conversation of these critical issues.
“By signing this bill into law, we are taking a decisive step towards addressing historical grievances and creating new opportunities for learning, growth and prosperity. The university will serve as a centre of excellence, equipping young Nigerians with the knowledge and skill to tackle present environmental challenges, drive clean energy solutions and contribute to our national sustainable economic development.”
We commend President Tinubu for his visionary decision to establish the much-needed institution aimed at fostering development and progress. This initiative is a testament to his commitment to addressing critical social and economic knots and creating opportunities that will benefit the people. The President has laid a solid foundation for sustainable growth while demonstrating a genuine desire to empower and advance the nation’s collective interests.
In addition to his commendable action, we applaud Tinubu for initiating peace talks to bring stability and reconciliation to the troubled area. The decision to engage in constructive dialogue demonstrates a deep understanding of the relevance of inclusive governance and the role of peace in fostering meaningful development. For decades, Ogoni has endured turmoil and neglect, impeding its potential and the return of oil exploration activities.
By opening the door to peaceful negotiations, the President has made a bold and necessary move towards healing fractured relationships and fostering trust among stakeholders. This initiative holds the promise of ensuring that the voices and needs of the Ogonis are heard and respected. We urge all parties involved to seize this golden opportunity for lasting peace and progress. It is only through unity and mutual respect that the full potential of Ogoni, and by extension the nation, can be realised.
As steps are taken to acknowledge and remediate the damage caused by years of oil exploration and production, the Ogonis must reciprocate Mr. President’s gesture by fostering a climate of equanimity and stability. This will ultimately pave the way for the resumption of oil exploration and production. This is not a call to forget the past, but a pragmatic recognition that meaningful change and sustainable development require a collaborative approach.
The Federal Government has a responsibility to ensure that all academic disciplines offered by the new university are fully accredited to maintain the integrity and quality of the school. Without proper accreditation, the institution risks producing graduates who are ill-equipped to compete in the global workforce or contribute substantially to national development. Accreditation serves as a benchmark that ensures programmes meet academic standards and adhere to best practices across various fields of study.
Staff recruitment should be conducted carefully, as the individuals brought into a team can greatly influence an organisation’s performance, culture, and long-term success. The primary focus of recruitment efforts at the university should be on attracting the best candidates who possess the necessary skills, qualifications, experience, and values. Merit should be the guiding principle in decision-making throughout the hiring process, rather than favouritism or personal bias.
For a nation to thrive in the 21st century, a strong higher education system is not only desirable, but essential. Universities serve as the catalysts for innovation, the breeding grounds for future leaders, and the foundations of a knowledge-based economy. The Federal Government must acknowledge this vital role and take intentional actions to properly fund the university in Ogoni and develop infrastructure to ensure it meets international standards. Neglecting this responsibility would put its future prosperity and global competitiveness at risk.
This institution must not suffer the same fate as other federally-owned universities that have been left to decay. That will be a disservice to its purpose and potential. Many government-owned universities in the country have struggled with dilapidated infrastructure, underfunding, insufficient staffing, and interruptions caused by industrial actions due to unpaid wages or poor working conditions. These challenges have led to declining standards in education, putting both students and staff at a disadvantage. The Ogoni University must not be another victim of this worrying trend.

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Editorial

HIV, Transiting From Donor Dependence

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The initial announcement by United States President, Donald Trump, to cut funding for international
HIV/AIDS initiatives sent shockwaves through the global health community. In Nigeria, a country facing a significant HIV/AIDS burden, the potential consequences were dire. However, the subsequent waiver granted by the administration has provided a lifeline for the millions of Nigerians who rely on the President’s Emergency Plan for AIDS Relief (PEPFAR) for their treatment and support.
PEPFAR has been an important partner in Nigeria’s fight against HIV/AIDS. Since its inception in 2003, PEPFAR has committed more than $7.8 billion to the country, catering to approximately 90 per cent of HIV treatment requirements. With this funding, Nigeria has been able to enhance its HIV prevention, treatment and support services and has witnessed a reduction in HIV/AIDS deaths.
The waiver granted by the Trump administration guarantees that PEPFAR’s life-saving medicines and medical services will continue to reach the needy. Antiretrovirals (ARVs) are the most common type of medicine used to treat HIV and reduce the virus’ spread. Through the provision of ARVs, PEPFAR helps prevent the spread of HIV and enhances the quality of life of those with the condition.
Although Nigeria was recently exempted from the requirement, the signs are evident: the country has to graduate from dependence on donor funds for its HIV/AIDS control programmes. Over the years, partners including the U.S. government have been central to the provision of treatment to people living with the virus. However, it is time for Nigeria to own its national response to HIV/AIDS.
Nigeria’s HIV/AIDS burden remains critical, accounting for 10 per cent of the global total. In 2023 alone, there were 75,000 new infections and 45,000 HIV-related deaths. The battle against Mother-to-Child Transmission remains challenging, with only 35 per cent of the target 75 per cent being met. Nearly 1.7 million Nigerian children have been orphaned due to HIV. Vulnerable populations, especially women and children, continue to disproportionately suffer.
To transition away from donor dependence, a multifaceted approach is necessary. Firstly, the country must increase its domestic financing for HIV/AIDS programmes. This can be accomplished through innovative funding mechanisms, such as leveraging public-private partnerships and exploring local revenue sources. Secondly, the government needs to strengthen its healthcare system to ensure equitable access to testing, treatment, and care. This involves expanding access to antiretroviral drugs, investing in community-based models, and addressing the stigma associated with HIV.
Thirdly, Nigeria must prioritise prevention efforts. This entails promoting condom use, providing comprehensive sexual education, and increasing awareness about the risks and modes of transmission. By focusing on prevention, the country can decrease the incidence of HIV infections and ultimately lessen the burden on its healthcare system.
Finally, Nigeria should develop a sustainable human resource strategy for its HIV/AIDS response. This involves training and equipping healthcare workers, engaging community volunteers, and empowering people living with HIV to advocate for their rights. A well-trained workforce is essential for delivering high-quality services and ensuring the long-term success of the response.
The transition beyond donor dependence is a complex but necessary journey for the country. By increasing domestic financing, strengthening healthcare systems, prioritising prevention, and investing in its human resources, the country can create a sustainable and effective response to HIV/AIDS. Also, the government should consider alternative funding mechanisms, such as increased domestic funding, public-private partnerships, and philanthropic initiatives. The time to act is now, for the well-being of present and future generations.
Nigeria’s National Agency for the Control of AIDS (NACA) has made momentous strides in combating HIV/AIDS, including expanding access to testing, treatment, and education. However, challenges persist, hindering the effectiveness of these efforts.
One major obstacle is limited access to healthcare facilities, particularly in rural areas. This impedes timely diagnosis and treatment, reducing the likelihood of optimal outcomes for those living with HIV. Additionally, stigma surrounding the disease remains a formidable barrier, preventing individuals from seeking testing and care. Inadequate awareness campaigns further contribute to low testing rates and delayed diagnosis.
Addressing these challenges requires concerted action by the government and stakeholders. Allocation of adequate funding is crucial to expand healthcare infrastructure and ensure the availability of essential services. Moreover, targeted interventions to reduce stigma and promote awareness are vital for increasing testing and early detection.
Collaboration between civil society organisations and grassroots movements is also essential for advocating for protection of HIV funding. Advocacy campaigns can mobilise public support and pressure lawmakers to prioritise the fight against HIV/AIDS. By addressing these challenges and ensuring sustainable funding, Nigeria can depend less on donor countries, drastically reduce HIV transmission, and provide the necessary care to those affected by the disease.

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