General
Politicians Mounting Pressure to Stop CBN Cashless Policy—Groups
By Modupe Gbadeyanka
Some politicians have been accused of working tirelessly to frustrate the cashless policy of the Central Bank of Nigeria (CBN) for their selfish interests.
At a media briefing on Monday in Abuja, the Conference of Nigeria Political Parties (CNPP) and civil society organisations (CSOs) under the aegis of the Coalition of National Civil Society Organisations (CNCSOs) said the reason behind the moves to stop the policy is vote-buying.
During elections, politicians induce voters with cash. This is a practice across most of the political parties in Nigeria. Some offer voters less than N5,000 for votes.
A few days ago, the central bank said from January 9, 2023, Nigerians would only be allowed to withdraw N100,000 per week as cash across the different channels, ATMs, POS terminals and over-the-counter (OTC).
This was kicked against by some lawmakers at the National Assembly, who asked the governor of the CBN, Mr Godwin Emefiele, to appear before them this week for explanations.
At the press conference today, CNCSOs praised the apex bank for the new policy and expressed optimism that the bank would not bow to pressure.
According to the leaders of the two groups, Mr Willy Ezugwu for CNPP and Mr Ali Abacha for CSOs, the cashless policy will tackle corruption in Nigeria apart from vote-buying.
“For the purpose of insight, by law, Section 2 (b) of the CBN Act clearly mandates the Central Bank of Nigeria to solely issue legal tender currency in Nigeria.
“The CBN regulates the volume of money supply in the economy in order to ensure monetary and price stability in line with Section 2 (a) of the Act.
“Specifically, the Currency Operations Department of the CBN is responsible for currency management through the planning, procurement, distribution, processing, reissue and disposal of banknotes and coins.
“It was in the exercise of its unambiguous legal duties in Section 2 of its establishment Act that the CBN in 2012 introduced what is today known as a cashless policy which led to the application of aspects of the policy beginning from January 1, 2012, in Lagos State, which was tagged Cashless Lagos.
“As specified by the CBN as far back as 2012, the cashless policy is aimed at placing Nigeria among the best 20 economies in the world before the year 2020. This is a target that was never met. We’re in 20222. Is Nigeria now among the 20 best global economies? But the CBN informed the world that Nigeria would start changing to a cashless economy by January 2012 and complete the process in 2020 to be among the best economies.
“So, why are people complaining about the timing of the implementation of the new cash withdrawal limits when the CBN is running behind its own scheduled implementation target?
“Only a mischievous person will be complaining about the timing of the review of the cash withdrawal limits because we should be applauding Mr Godwin Emefiele as the CBN Governor for daring to move Nigeria’s economy into the top 20 best in the world after over seven years of stagnancy,” the groups said.
Speaking further, they stated that, “Part of the 2012 cashless policy was conceived to reduce the amount of Naira notes and coins (that is cash) used for business, though not to eliminate their usage in line with Nigeria’s vision 20:2020. If so, why should politicians or anybody be complaining about the current reduction in cash withdrawals even when the CBN is two years behind its own target?
“Also, the cashless policy, among other gains, is to help the central bank and commercial banks better manage our economy to ensure that Nigeria’s monetary policy works.
“Now, is Nigeria’s monetary policy working? The answer is NO! Why, then, are we seeing governors, like that of Adamawa State, talking against the CBN Governor and his management team, who have vowed to speed up the implementation process for a full launch of Nigeria’s cashless policy, two years behind schedule of placing Nigeria among the best 20 economies in the world? It is because many of our current leaders don’t mean well for the country.”
By Modupe Gbadeyanka
About 1,000 small-scale farmers in Ogun State would be empowered with a mobile-enabled agricultural intelligence launched by MTN Foundation.
The organisation has partnered with the federal government, the Ogun State government, the National Centre for Artificial Intelligence and Robotics (NCAIR), and Huawei to introduce a digital agriculture platform known as AgriConnect.
This initiative will give the beneficiaries access to mobile-enabled agricultural intelligence and digital tools designed to enhance food production.
The selected farmers are from a state-managed database of over 160,000 registered farmers, providing them with mobile-enabled services and digital technologies supplied by Huawei.
“This initiative is intended to enhance food production, ensure food security, and boost agribusiness opportunities across the state and Nigeria at large.
“These are not just gadgets; they are tools of transformation. With this programme, we are boosting productivity, promoting efficiency, and fortifying the cassava value chain. Ogun State is proud to lead in cassava production and equally proud to lead in agricultural innovation,” the Governor of Ogun State, Mr Dapo Abiodun, stated at the launch of the scheme at June 12 Cultural Centre in Kuto, Abeokuta.
He announced the construction of a new cotton processing plant with a capacity to process 100 tons per hour, expected to generate 250,000 direct jobs and position Nigeria as a key player in the global cotton and garment industry.
The governor called on all public and private stakeholders to support the AgriConnect Initiative, stressing that Ogun State is home to the most responsible and best-organised farmers in the country.
Also speaking, the Executive Director of the MTN Foundation, Ms Odunayo Sanya, said, “We strongly believe in the power of technology to drive growth, create opportunities, and empower individuals.
“The AgriConnect Initiative embodies this belief by leveraging both global and local partnerships to provide our farmers with essential tools and resources.
“Access to real-time weather forecasts, market prices, and best agricultural practices will not only support informed decision-making but also significantly improve yields and increase farmers’ incomes.
“Ultimately, this will contribute to economic growth at both the state and national levels.
“For those unfamiliar with the MTN Foundation, since its inception in 2004, we have remained at the forefront of Nigeria’s social empowerment.
“We have invested over N32 billion in projects and interventions that align with national priorities and Sustainable Development Goals.”
By Adedapo Adesanya
Former Vice President of Nigeria, Mr Atiku Abubakar, has officially resigned his membership from the People’s Democratic Party (PDP) with immediate effect.
In a resignation letter addressed to the Chairman of PDP, Jada 1 Ward in Adamawa State, Mr Abubakar expressed profound gratitude for the opportunities offered to him by the party, including serving two full terms as Vice President and contesting twice as its presidential candidate.
Mr Abubakar, who described himself as a founding father of the PDP, stated it was “heartbreaking” to make the decision, but emphasized it was necessary due to the current trajectory of the party, which he believes diverges from its foundational principles.
“It is with a heavy heart that I resign, recognizing the irreconcilable differences that have emerged,” he wrote, wishing the party and its leadership well in the future and thanked them for their support.
His exit comes as he joins a coalition of some opposition leaders in the country which recently adopted the African Democratic Congress (ADC) to challenge President Bola Tinubu in the 2027 general elections.
The former candidate of the Labour Party, Mr Peter Obi, also indicated interest in the coalition.
Other prominent members of the coalition include former Governors Nasir El-Rufai, Mr Rotimi Amaechi, Mr Sule Lamido, Mr Gabriel Suswam, Mr Emeka Ihedioha and Mr Rauf Aregbesola, who is the national secretary of the ADC.
By Modupe Gbadeyanka
The remains of the immediate past President of Nigeria, Mr Muhammadu Buhari, have arrived in Daura, Katsina State, for burial.
The former Nigerian leader died in London on Sunday after an undisclosed illness. He was earlier planned for burial yesterday, but it was shifted to today.
The body of the late president left the United Kingdom for Nigeria on Tuesday morning, accompanied by the Vice President, Mr Kashim Shettima, the President’s Chief of Staff, Mr Femi Gbajabiamila, and some family members.
At the Umaru Musa Yaradua Airport in Katsina this afternoon, the presidential jet, which conveyed the remains of the late military general from London, landed at about 2 pm, with President Bola Tinubu on the ground to receive the convoy.
They are in the Daura residence of late Mr Buhari for the funeral according to Islamic rites.
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