Politics
Senate Wants CBN’s Cash Withdrawal Limits Reviewed
Senators were Wednesday divided over plans by the Central Bank of Nigeria (CBN) to limit cash withdrawal by any individual to N100,000 and Corporate bodies to N500,000 per week from January 9, 2023.
The senators who kicked against the proposed policy, said that Nigeria was not ripe for it as the rural people would suffer, describing it as nonsensical, vague, nebulous and anti- people, just as they warned that it may lead to mass revolt in the rural areas across the country.
Consequently, the Senate issued a fresh order to the CBN over the cash withdrawal policy as it called on the apex bank to make upward adjustment of the proposed N100, 000 per week for individual and N500, 000 per week for Corporate bodies in response to public outcry.
The Upper Chamber, accordingly, mandated its Committee on Banking, Insurance and other Financial Institutions led by Uba Sani (APC Kaduna Central) to embark on aggressive oversight of the Bank on its commitment to flexible adjustment of the withdrawal limit and periodically report outcome to the Senate.
The Senate however supported the CBN in the continuous implementation of transformational payments and financial industry initiatives in line with its mandate in accordance with the CBN Act.
Resolutions of the Senate on Wednesday were sequel to the adoption of the report of Banking, Insurance and other Financial Institutions after heated debate by Senators on the proposed policy following the presentation by the Chairman.
While presenting the report, Senator Sani argued that the planned Cash Withdrawal Limits was well conceived by the CBN for transformation of the nation’s economy and that the action falls within the mandate of the apex bank as provided for in section 2(d) and 47 of its extant Act.
According to him, the implementation of the Cashless policy in 6 states resulted in reduction in the cost of currency management by 15.20% from N36 97 billion to N31.35 billion between 2013 and 2014.
The trend however reversed in 2014 following the suspension of cash deposit charges in the six states, causing currency handling cost to increase by 17.20% between 2014 and 2015. The cost of currency management has been on the increase since then. Total cost of currency management for 10 months to end October 2022 was N47.25 billion.
During debate on the report and recommendations that were later adopted as resolutions, Senator Ajibola Basiru, APC Osun Central, who said that the proposed threshold of N100,000 and N500, 000 withdrawal per week for individuals and corporate bodies respectively was unrealistic, adding that “Laws are made for people and not people made or created for law . If CBN is acting under section 2(d) and 47 of its extant Act to make life difficult for Nigerians through a policy , as representatives of the people, we need to intervene”.
Politics
Why I Won’t Help Tinubu’s Govt Overcome Economic Challenges – Sanusi
The 16th Emir of Kano, Muhammad Sanusi II, says he would not help President Bola Tinubu’s administration to correct the administration’s policies affecting the citizens.
Emir Sanusi spoke on Wednesday in Lagos as the chairman of the 21st Anniversary of Fawehinmiism (Gani Fawehinmi Annual Lecture 2025).
The emir stated that while there were “a few points” he could offer to explain the trajectory the administration had taken and how such decisions were predictable, he chose not to do so because “they don’t behave like friends.”
He said explaining the government’s policies would help the government, but he did not intend to assist them due to the way they had treated him.
“I can give a few points that are contrary, that explain perhaps what we’re going through and how it was totally predictable, most of it, and maybe avoidable. But I am not going to do that.
“I have chosen not to speak about the economy or the reforms or to even explain anything because if I explain, it would help this government, but I don’t want to help this government,” the emir said while addressing some of the points made by speakers about the economy.
He added: “You know they’re my friends, but if they don’t behave like friends, I don’t behave like a friend. So I watch them being stooges. And they don’t even have people with credibility who can come and explain what they are doing. I am not going to help. I started out helping, but I am not going to help. I am not going to discuss it. Let them come and explain to Nigerians why the policies that are being pursued are being pursued.
“Meanwhile, I’m watching a very nice movie with popcorn in my hands. But I will say one thing: What we are going through today is, at least in part, not totally, but at least in part, a necessary consequence of decades of irresponsible economic management.
“People were told decades ago that if you continue along this path, this is where you’re going to end up, and they refused to open their eyes. Now, is everything being done today correct? No.”
Emir Sanusi, who was deposed as the 14th Emir of Kano in 2020 by then-Governor Abdullahi Umar Ganduje, the current national chairman of the ruling All Progressives Congress (APC), was reinstated as the 16th Emir of Kano in 2024 by the New Nigeria People’s Party-led Kano State Government.
His emirship has faced ongoing challenges from forces believed to be backed by the federal government, including federal officials’ continued recognition of his predecessor, Emir Aminu Ado Bayero.
Last month, the police barricaded his palace, with the state government accusing the federal government of orchestrating the action to stir unrest in the peaceful state.
Politics
Reps Loses Deputy Chief Whip
The Deputy Chief Whip of the House of Representatives, Rt Hon. Oriyomi Onanuga, is dead.
Also known as Ijaya, Rt Hon. Onanuga, who was the member representing Ikenne/Sagamu/Remo North Federal Constituency, is said to have died following a brief illness.
This was confirmed in a tweet on the official X (formerly Twitter) account of the House of Representatives, on Wednesday night.
Rt Hon Onanuga, who was born in Hammersmith, London, to Nigerian parents on December 2, 1965, was a politician and entrepreneur. She held the position of Deputy Chief Whip in the Nigerian House of Representatives since 2023.
She contested and won a seat in the House of Representatives under the platform of the All Progressives Congress (APC) in 2019. She also served as the Chairperson of the House Committee on Women Affairs and Social Development.
Politics
Aiyedatiwa Dissolves Cabinet, Retains Finance Commissioner, Attorney-General
Gov. Aiyedatiwa, however, exempted two members of the cabinet from the dissolution due to the critical nature of their duties.
The two commissioners exempted include the Attorney General and Commissioner for Justice, Dr Kayode Ajulo, SAN, and the Commissioner for Finance, Mrs. Omowunmi Isaac.
This was contained in a statement issued by the governor’s Chief Press Secretary, Ebenezer Adeniyan, in Akure, the Ondo State capital.
Mr Adeniyan said in the statement that “All the affected cabinet members are to hand over all government properties in their care to the accounting officers of their respective ministries.
Gov. Aiyedatiwa thanked the executive council members “for their service and contributions to the development of Ondo State under his administration and wished them well in their future endeavours”.
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