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We don’t have capacity to print new notes – Emefiele

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Amidst the cash crisis bedevilling the country and the expectations of Nigerians that President Muhammadu Buhari would resolve the matter in seven days as promised, the governor of the Central Bank of Nigeria (CBN) has said the apex bank does not have the capacity to print adequate new naira notes.

Emefiele made the disclosure on Friday when he briefed the emergency meeting of the National Council of State, sources who attended the meeting told PREMIUM TIMES.

On Friday, Mr Emefiele told the leaders that the Nigerian Security Printing and Minting Plc (The Mint), suffers capacity constraints, resulting in the failure to print adequate new notes to replace the old N200, N500 and 1,000 notes.

“The Mint has run out of papers to print N500 and 1,000 notes. They have placed orders with a German firm and De La Rue of the UK (for papers) but they have been placed on a long waiting list, so their orders cannot be met now.

“The Mint had received CBN’s request to print 70million copies of the new notes, totalling N126billion to be pumped into circulation by today (yesterday), The Mint doesn’t have the capacity,” a source said. .

Meanwhile, Mr Buhari was non-committal at the meeting and barely spoke, the source added. He left the meeting as the time for the Muslim’s Jummah prayer drew close and his deputy, Vice President Yemi Osinbajo, took over.

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Osinbajo said the president would take a decision

Meanwhile, seven days after President Muhammadu Buhari promised to address the cash crisis that hit the country following the naira redesign and old notes swap policy of the Central Bank of Nigeria (CBN), the new and old naira notes have remained elusive, Daily Trust Saturday reports.

Last December, the Godwin Emefiele-led CBN introduced the new notes amid efforts to fight corruption, terrorism, counterfeiting and related crimes, with a January 31, 2023 deadline.

However, Nigerians have had a hard time getting the new notes amid scarcity and rising tension across the country, forcing the apex bank to extend the deadline by 10 days, which was due yesterday, February 10.

President Buhari had on February 3 implored Nigerians to give him seven days to resolve the cash crunch that has become a problem across the country from the policy of the CBN.

The president made the call while speaking to the Progressive Governors Forum (PGF) who paid him a visit to seek solutions to the cash crunch, which they said was threatening the good records of the administration in transforming the economy.

Buhari, in a statement by his spokesman, Malam Garba Shehu, noted that he had seen television reports on cash shortages and hardship to local businesses and ordinary people and gave assurances that the balance of seven of the 10-day extension would be used to crack down on whatever stood in the way of its successful implementation.

There has been a flurry of suits at the Supreme Court by some state governors, challenging the apex bank’s policy over the hardship the policy has brought on the people.

The apex court had issued an order asking the CBN and the federal government not to go ahead with the implementation of the policy pending the determination of substantive suits before it.

 No respite, 7 days after

But seven days after Buhari’s assurance, Nigerians have expressed disappointment over his inability to resolve the issue as long queues persist in banks across the country.

A meat seller at Agege, Lagos, Shakiru Alabi, said he knew President Buhari was not going to solve the problem within seven days.

He said, “From his body language, Emefiele is working for him. I was not expecting him to do anything. He should come to Lagos and see how people are suffering to get their money. People will leave their work to queue at banks from 5am to collect N2,000,” he lamented, saying the situation has drastically affected their business.

For Comrade Yusuf Ibrahim Yara, a resident of Kurna in the Dala Local Government Area of Kano State, the promise by the president failed due to improper coordination in his team.

Yara said he would not blame the president alone for the failure but his cabinet, who he said failed to understand and believe in the suffering Nigerians are facing as a result of the policy.

Another resident of Kano State, Abdullahi Usman, an engineer, said people had already given up and didn’t put much expectation on the promise by the president.

“I think the government lacks the sincerity of purpose. Instead of improving the economy, it has brought hardship,” he said.

 Re-circulate old naira, Council of State tells CBN

The Council of State yesterday backed the new currency redesign policy but advised the CBN to ensure the availability of naira notes to douse tension and ameliorate the suffering of citizens across the country.

The Attorney General of the Federation and Minister of Justice, Abubakar Malami, governors Darius Ishaku of Taraba State and Babajide Sanwo-Olu of Lagos State, as well as the Special Adviser to the President on Media and Publicity, Femi Adesina, briefed State House reporters on the key issues after the Council meeting at the Presidential Villa, Abuja.

Malami, who gave a summary of the meeting said, “The two major resolutions that were driven, arriving from the deliberations of the Council, are that we are on course as far as elections are concerned and we are happy with the level of preparation by the Independent National Electoral Commission (INEC) and the institutions.

“Also, the naira redesign policy stands, but the Council agreed that there is the need for aggressive action on the part of the CBN as it relates to implementation, by ensuring adequate provision with regard to the supply of the naira to the system.”

Also, Governor Ishaku said members of the Council of State advised President Buhari, who chaired the meeting, to ensure that the CBN makes provision for the availability of naira notes in the country to cater for the needs of the poor.

He said deliberations on the new currency redesign policy took more time because of hardship across the country.

Ishaku said members of the Council mostly expressed concern over the implementation of the policy after a briefing from the governor of the CBN, Godwin Emefiele.

He said the CBN governor was advised to make new naira notes available or re-circulate old ones to ease the suffering of Nigerians.

He, however, added that the president would take a final decision, having received advice from members of the Council of State.

Daily Trust

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NDC: “They cannot stop me, they will fail” — Peter Obi

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“…If you know what they are doing to ensure that I’m not on the ballot in 2027, you will be surprised”

Presidential candidate of the Nigeria Democratic Congress (NDC), Mr Peter Obi has vowed that nobody will stop him from taking part in the 2027 general election.

Obi spoke in reaction to the Federal High Court judgement on Friday, which ordered the Independent National Electoral Commission, INEC, to deregister the party.

The NDC candidate, who disclosed that powerful forces want him out of the race, declared that he is unstoppable.

Obi was a guest speaker at a leadership programme hosted by a group, NextGen Mentorship and Leadership Initiative on Friday at Madonna University Okija, Anambra State.

He said: “If you know what they are doing to ensure that I’m not on the ballot in 2027, you will be surprised.

“The Nigerian government is doing everything to ensure that I do not contest in this election, but I’m not looking at the obstacles but at the destination.

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“I’m rather focussed at the fruitfulness of the destination and that is what keeps me going.

“I’m not desperate to be Nigerian President but desperate to see Nigeria work. Go and obtain your PVC. If you don’t vote, you are hurting your future. When you have your PVC, do not vote for me because I’m an Igbo man. I’m not contesting the election because I’m an igbo man, but vote for me because I’m the most qualified.”

On the court judgment, he had this to say: “They cannot stop me. They will fail. Let me assure you it is not the end of the road. We are committed to this democracy and to those who want to kill this democracy they are trying to hurt the society.

“The reactionary elements in Nigeria, those who are bent on holding Nigeria down do not want it to work but I can assure you it would work. I have confidence that I will pull through because the will of the people must prevail.

“No where is safe in Nigeria today, yet the people who should help salvage the country are bent on hurting our democracy.

“My message to all those who mean well for Nigeria and not just my supporters is for us to remain peaceful and continue to resist this tragedy being imposed on Nigeria.”

He also challenged President Bola Tinubu to a debate, noting that “I challenge any of those contesting to a debate to say what they want to do for this country, including President Bola Tinubu. I’m not saying it to make you happy but to change Nigeria and make it work.”

Meanwhile, the NDC has also  rejected the judgement , declaring that it has instructed its lawyers to file an appeal.

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Remi Tinubu sparks debate after urging Nigerians to start akara, corn businesses

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First Lady Oluremi Tinubu has come under fire on social media after encouraging Nigerians to consider small-scale ventures such as selling akara, roasted corn and kuli-kuli, saying the businesses require little capital to begin.

Tinubu made the remarks while speaking with correspondents following the second-quarter meeting of the Renewed Hope Initiative with wives of state governors at the State House in Abuja on Wednesday.

A video of her comments, shared by News Channel 247 on Friday, quickly generated widespread reactions online.

Speaking on the activities of the Renewed Hope Initiative, the First Lady said the programme had been providing grants, rather than loans, to vulnerable Nigerians to help them start businesses and improve their livelihoods.

“We’re trying to give hope, and to start Akara business doesn’t take a lot of money. To start roasting corn, or somebody even said kuli kuli doesn’t take much. We didn’t give them a loan; we gave it to them as a grant.

“So we’ve encouraged Nigerians as best as we could. What is within our hands, I have given, and I keep giving,” she said.

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Tinubu also highlighted the initiative’s interventions in healthcare, education, agriculture and social investment, noting that she had personally supported several causes with substantial donations.

“I remember giving for TB. When I heard there were so many TB cases, I gave N2 billion. To breast cancer, I gave a billion. For food malnutrition, I gave half a billion.

“So those are the things we’ve been doing and making sure we can make sure that whatever this government is trying to do, it will see the light of day,” she stated.

According to the First Lady, the initiative has also provided scholarships, ICT training opportunities and support for agricultural and social investment programmes.

She urged Nigerians to remain hopeful despite the prevailing economic difficulties.

“The narrative has really changed, has changed to challenge the average man, whereas the average man is supposed to have hope. So I like the idea that Mr President say this is the Renewed Hope Agenda.

“We have to renew our hope, and that’s how we renew our hope, you know, and that’s what I have to tell Nigerians,” she said.

However, her comments on small-scale businesses triggered swift criticism, with many social media users accusing her of downplaying the severity of the country’s economic challenges.

An X user, @ADCVanguard_, said the video demonstrated “exactly how disconnected Nigeria’s ruling class has become from the reality of ordinary citizens.”

Another user, @ireteeh, compared the initiative’s interventions with private-sector efforts, writing: “The First Lady is empowering people with akara, corn, and kuli-kuli, while an ordinary citizen with limited resources is equipping people to build thriving careers in cybersecurity.”

A user identified as Nefertiti (@firstladyship) also criticised the remarks, saying, “Nigerians are in big trouble. There is fire on the mountain but the people are tired of running.”

Despite the backlash, some Nigerians defended the First Lady, arguing that there was nothing wrong with encouraging people to engage in small businesses.

One X user, @Akikanju1568901, described akara as “one of the most lucrative businesses in Nigeria,” noting that the trade has enabled many families to train their children in universities and acquire houses and cars.

Another user, @PemiOladapo, wrote: “There’s dignity in labour… these are our local snacks! People should start it and scale it!”

Meanwhile, another commentator, @TossynBankz_, argued that the issue was not the nature of the businesses but the broader economic context.

“Nobody is mocking akara, roasted corn, or kuli-kuli. Those are honest businesses. The problem is that Nigerians are asking for a better economy, more jobs, and lower prices. Telling people to start selling akara in this situation just feels like the government doesn’t understand what people are going through,” the user wrote.

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BREAKING: Court nullifies NDC’s registration, overturns earlier ruling that directed INEC to register party

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The Federal High Court sitting in Lokoja, Kogi State, has set aside its earlier judgment that compelled the Independent National Electoral Commission (INEC) to register the Nigeria Democratic Congress (NDC) as a political party.

The latest ruling effectively reverses the legal basis upon which the NDC had been listed by INEC, throwing the party’s status into uncertainty and preventing it from operating as a recognised political party for now.

Earlier this year, the NDC secured a Federal High Court judgement in Lokoja, Kogi State in Suit No. FHC/LKJ/CS/49/2025 directing INEC to register it, a development that sparked controversy among other political associations. The party’s inclusion on the electoral commission’s list was based solely on that court order.

However, the registration was challenged by rival political groups, particularly the All Democratic Alliance (ADA), which argued that the NDC failed to comply with statutory requirements for political party registration.

The challengers alleged that the party did not properly complete the application process through INEC’s designated portal and failed to submit essential documents, including its manifesto and other required materials.

Following the fresh legal challenge, the Federal High Court in Lokoja revisited the matter and vacated its previous judgment, agreeing that the earlier order compelling INEC to register the NDC should no longer stand.

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The court’s decision means that the NDC is currently not an officially registered political party. As a result, the party cannot sponsor or field candidates in any election until it obtains formal recognition from INEC.

The judgment also effectively returns the party to the starting point of the registration process. To regain recognition, the NDC will either have to meet all of INEC’s registration requirements and apply afresh or challenge the latest judgment at the Court of Appeal.

For INEC, the ruling means the electoral commission is no longer under any legal obligation to register the NDC.

The court agreed with the commission’s position that there were legal issues surrounding the earlier order that compelled the registration, which may have involved procedural errors, timing, or failure to satisfy statutory conditions.

In practical terms, the court’s decision keeps the NDC off the list of officially recognised political parties unless it successfully overturns the ruling on appeal or completes the registration process in accordance with INEC’s guidelines.

The latest judgment marks a significant twist in the legal battle over the party’s registration and could have implications for its political ambitions ahead of future elections.

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