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New naira: Gbajabiamila faults Buhari, Emefiele over CBN policy

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The Speaker of the House of Representatives, Femi Gbajabiamila, has criticised the declarations made by President Muhammadu Buhari on new and old naira notes in a national broadcast on Thursday morning as negating the ruling by the Supreme Court.

Gbajabiamila, while commending the President for his intervention, stated that the Supreme Court had ruled that the old N1,000, N500 and N200 notes remain legal tender.

“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,” he stated.

The speaker, in a statement issued on Thursday, which he personally signed, said Governor of the Central Bank of Nigeria, Godwin Emefiele, had failed to publicly admit error in the monetary policy of the apex bank.

Buhari had while addressing the nation said the old N500 and N1,000 banknotes were no longer legal tender in the country. He, however, said the old N200 note would be legal tender for the next 60 days, till April 10, 2023, while urging Nigerians to deposit their old N500 and 1000 notes with the CBN.

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Gbajabiamila said, “Today, 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. 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.

“Section 20(3) of the Central Bank of Nigeria Act, 2007 provides the statutory authority for the Central Bank of Nigeria to initiate and implement policies for the recall of Nigerian currency. The extant provision is reproduced below: Notwithstanding subsections (1) and (2) of this section, the Bank shall have power, if directed to do so by the President and after giving reasonable notice in that behalf, to call in any of its notes or coins on payment of the face value thereof and any note or coin with respect to which a notice has been given under this sub-section, shall, on the expiration of such notice cease to be legal tender, but, subject to section 22 of this Act, shall be redeemed by the Bank upon demand.”

The Speaker noted that there are three conditions precedent for the CBN to recall existing naira notes. According to him, the first is that the permission of the President must be obtained, and the second is that reasonable notice shall be given, and the third is that the apex bank 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 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,” he stated.

Gbajabiamila added that the scarcity of cash is happening “because the CBN did not sufficiently replace the old currency it pulled out of circulation across the country.” According to him, 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.” He stressed that businesses cannot operate as neither they nor their customers have access to cash while the electronic banking platforms “appear to have uniformly collapsed.”

The statement further read, “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 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 1s sufficient to cause the Governor of the CBN to review the decisions that have brought us to this entirely avoidable moment.

“This morning, President Muhammadu Buhari, GCFR, announced that he has authorised 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.”

Also reacting to the presidential directive, a lawyer Rilwan Okpanachi, described the action taken by the President to announce the extension as “a regrettable and avoidable contempt of court”. He regards the action as “contemptuous” of the order of the Supreme Court.

“The Supreme Court order is specific and restricted the CBN, Federal Government and even the commercial banks from countering the February 10 deadline. This means that by the order, the N200, N500 and N1000 notes remain legal tender, and the President lacks the power to extend such.

“The President lacks the power to override the order of the  Supreme Court,” Okpanachi said.

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Atiku’s Subsidy Reversal: Desperation For Power Must Not Endanger Nigeria’s Economy-Yilwatda

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The National Chairman of the All Progressives Congress (APC), Professor Nentawe Yilwatda, has condemned former Vice President Atiku Abubakar’s proposal to reverse the removal of petrol subsidy, describing it as a deeply troubling policy U-turn that raises serious questions about the opposition’s preparedness to govern Nigeria.
Professor Yilwatda said Nigerians deserve more than election-season declarations. He said any proposal to restore a costly subsidy regime must be subjected to rigorous scrutiny, particularly given the enormous fiscal burden subsidies placed on public finances and the distortions they created in the economy.
The APC National Chairman made the remarks during a visit to the headquarters of the City Boy Movement in Abuja, where he inspected the organisation’s facilities and interacted with its leadership.
The APC National Chairman noted that the opposition had been challenged repeatedly over the past three years to tell Nigerians what it would do differently if entrusted with power, yet no serious, coherent and convincing alternative had emerged. He said it was therefore suspicious that, after more than three years of silence on a comprehensive governing agenda, the former Vice President was only now, about four months before the 2027 general election, presenting a policy that could reverse hard-won economic adjustments and set the country’s development trajectory back several years.
“Economic policy cannot be reduced to election-season promises. Nigerians deserve to know precisely where the money will come from, what sectors will bear the cost and whether such a policy can be sustained without reopening the fiscal pressures that necessitated reform in the first place,” Professor Yilwatda said.
He maintained that the removal of subsidy was a difficult but necessary policy decision whose consequences required complementary measures to cushion its impact, expand social intervention and strengthen productive sectors of the economy.
Professor Yilwatda, in a statement by his Special Adviser on Media and Information Strategy, Abimbola Tooki, said the real test of leadership was not the ability to promise immediate relief for electoral advantage, but the courage to take difficult decisions, explain them honestly to citizens and remain committed to policies capable of producing sustainable growth. He said Nigerians are too discerning to hand over the nation to politicians who have yet to demonstrate what they would do with presidential power beyond reversing difficult but necessary reforms.
He added that Nigerians should carefully examine competing economic programmes ahead of the 2027 elections and distinguish between policies designed to address structural problems and promises that may provide short-term political appeal while creating longer-term fiscal difficulties.
The APC National Chairman also criticised the lack of ideological and organisational consistency within the opposition, saying politicians who continually move from one political platform to another cannot credibly claim to offer the stability and clarity required to govern a complex country. He contrasted this with President Bola Ahmed Tinubu, whom he said has remained within the progressive political tradition throughout his political career, apart from periods of political mergers, while Vice President Kashim Shettima has also maintained a consistent political trajectory. He added that key APC stakeholders had remained committed to the party and its progressive platform.
He said the APC-led administration under President Bola Ahmed Tinubu had taken difficult economic decisions and was implementing measures intended to reposition the economy, attract investment, strengthen domestic production and reduce dependence on unsustainable government interventions. He warned that reversing such reforms without a credible alternative could undermine investor confidence, worsen fiscal pressures and jeopardise the gains being pursued under the current administration.
Professor Yilwatda urged Nigerians to be wary of political promises that appear designed primarily to secure votes rather than solve structural problems. He also urged them to scrutinise the records and policy positions of those seeking the presidency, including the history of disputes involving former Vice President Atiku Abubakar and former President Olusegun Obasanjo, particularly allegations surrounding corruption in the privatisation exercise undertaken during the Obasanjo administration. He stressed that questions of accountability and economic governance must not be swept aside in the rush toward another election.
He said the 2027 election should be a contest of ideas, competence and credible policy alternatives, not a competition in which difficult economic realities are glossed over for political convenience.
 He said the 2027 election must be a contest between competing visions for Nigeria’s future, not a referendum on who can make the most attractive promises at the last minute.
Professor Yilwatda reiterated that the APC would continue to defend policies aimed at building a more productive, investment-friendly and economically sustainable Nigeria, while remaining open to constructive criticism and credible alternatives.
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Sanwo-Olu, Lai Mohammed, Gbenga Daniel to discuss 2027 elections, insecurity at 7th Freedom Online lecture

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Challenges facing the economy and insecurity, especially associated with elections in a developing economy like Nigeria, will be the focus of discussion at the seventh yearly lecture of Freedom Online (www.freedomonline.com.ng) on September 3 in Lagos.

Freedom Online, according to a statement by its Managing Director/Editor-in-Chief, Gabriel Akinadewo, is focusing on how to tackle insecurity during the lecture “because it has become a monster, threatening to consume the nation-state called Nigeria.

“What does the future hold for Nigeria after the 2027 general elections? How will the election be conducted in a way that will be acceptable to all? Will the outcome lay a solid foundation for the future of the country?

“We believe that actions of politicians, security agents and INEC officials, before, during and after the election will, one way or the other, decide the fate of the more than 200 million Nigerians in this geographical space. Obviously, insecurity, part of which is thuggery during elections, leads to poverty, underdevelopment and other social vices. Nigeria’s political, economic and social fabric is disintegrating because of this time bomb and the outcome of the election will go a long way to decide Nigeria’s future in global affairs”.

Akinadewo said Governor Babajide Sanwo-Olu of Lagos State is the Special Guest Speaker while former Information & Culture Minister, Alhaji Lai Mohammed and former Ogun State Governor, Senator Gbenga Daniel, are the Chairman and Special Guest of Honour respectively.

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The President of the Nigerian Guild of Editors (NGE) and Editor of Vanguard, Eze Anaba, is the Chief Host.

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Enugu Govt slashes Land Use Charges, cuts Property Rates

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…Property Enumeration App to drive new land revenue regime

The Enugu State Internal Revenue Service (ESIRS) has announced a drastic reduction in land use charges payable by property owners across the state  as part of measures to encourage tax compliance and broaden the state’s revenue base.

The Chairman of ESIRS, Mr Emmanuel Ekene Nnamani, disclosed this on Monday while briefing journalists on the activities and achievements of the agency in its three years under his leadership.

Under the revised arrangement, property owners in Independence Layout now pay N70,000 annually, while those in Abakpa pay N20,000. Owners of village houses, according to Nnamani, will pay N10,000 annually as land use charge.

Nnamani also announced plans to commence the implementation of a Property Enumeration App, which will facilitate the identification and enumeration of properties across the state and provide a database for the assessment and collection of land use charges.

He said students would be engaged to participate in the enumeration exercise, with each student expected to receive payment on a weekly basis, based on the number of houses enumerated.

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According to him, the initiative would help ESIRS establish an accurate property register while creating opportunities for students to earn income through the exercise.

Nnamani explained that the Property Enumeration App would assign identification to properties and their owners, making it easier for the government to determine taxable properties and improve compliance.

He said the exercise was part of ESIRS’ broader strategy to expand the tax net and bring previously untapped sources of revenue into the formal revenue system.

The ESIRS chairman said the agency was also expanding its revenue collection activities to o other  areas including haulage fees, land use charges, capital gains tax, stamp duties and withholding tax.

He disclosed that withholding tax would soon become operational in the state, urging individuals and organisations required to deduct the tax to ensure that the deductions were properly remitted to the government.

Giving an insight into the performance of ESIRS under his leadership, Nnamani said the agency had recorded a significant increase in internally generated revenue since 2023.

He said the state generated N37 billion in 2023, rising to N108.5 billion in 2024, while revenue increased substantially to N406.7 billion in 2025, representing tax and non-tax revenues.

Nnamani attributed the growth to the reforms introduced under Governor Peter Mbah’s administration, particularly the autonomy granted ESIRS and the deployment of technology for revenue collection.

He said the agency inherited a system characterised by poorly motivated personnel and fragmented revenue collection, but the autonomy granted by the state government enabled ESIRS to embark on fundamental reforms.

“Our Governor came with disruptive innovation and now it is time to give account,” Nnamani said.

He explained that the autonomy granted to ESIRS was backed by legislation, transforming the agency into a one-stop shop for revenue collection in the state.

According to him, ESIRS moved away from a mono-payment gateway operated through Interswitch and expanded the system to seven payment gateways, including UPS and Flutterwave.

He said taxpayers could now make payments through banks, transfers and more than 300 Point-of-Sale (POS) terminals, including from the comfort of their homes and even during weekends.

The development, he said, had significantly improved convenience and reduced opportunities for revenue leakages.

Nnamani said the agency also embarked on extensive training of its personnel and declared an emergency in which every staff member was required to have access to a laptop or tablet.

He added that ESIRS invested in reliable internet connectivity and solar energy to ensure that its operations were not disrupted by power challenges.

The ESIRS chairman said the agency had also banned cash payments as part of measures to strengthen transparency and accountability in revenue collection.

He said several revenue agencies that previously operated independently had been unbundled and brought under a centralised system, while ESIRS collaborated with relevant unions and revenue agencies to improve its operations.

According to him, the reforms were particularly significant in the informal sector, where revenues were previously paid to non-state actors before the new system was introduced.

Nnamani urged residents and businesses to familiarise themselves with the state’s tax laws, stressing that the agency was not interested in imposing arbitrary taxes but in ensuring compliance with existing legislation.

He said the law provides for certain exemptions, but taxpayers seeking exemption must undertake the required tax filing.

He noted that ESIRS was currently not implementing some provisions of the tax law to their full extent, citing the provision requiring the payment of one per cent of turnover in certain circumstances.

“We are only collecting N36,000 and people are complaining. I’m a tax collector and you have to convince me why you should not pay,” he said.

He urged taxpayers to study the tax laws and understand their obligations rather than evade payment.

The ESIRS boss further disclosed that the state was collecting Development Levy from new construction projects, noting that between 20 and 25 new buildings were being commenced daily across the state.

He said the levy was N150,000 in Enugu North Local Government Area, N100,000 each in Enugu South and Enugu East, N80,000 in Nsukka, while the rate for other local government areas stood at N50,000,”and you must pay to be permitted to commence development of the property”.

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He said ESIRS was also strengthening the collection of capital gains tax, particularly from property transactions, as well as stamp duty.

Nnamani maintained that the objective of the reforms was to create a sustainable and transparent revenue system capable of funding government programmes without placing undue pressure on taxpayers.

The chairman also dismissed concerns that the ongoing tax reforms were designed to frustrate businesses, particularly Igbo traders.

He said the forthcoming implementation of enhanced tax-compliance measures at both the federal and state levels should not be misconstrued as an attempt to shut down businesses.

According to him, the reforms are aimed at ensuring that individuals and businesses fulfil their statutory tax obligations.

“It is not aimed at shutting down Igbo business. People should pay their taxes and not evade it,” he said.

Nnamani said ESIRS would continue to expand the tax net while deploying technology to make payment easier, improve transparency and ensure that revenue due to the state was properly collected.

He said the agency’s ultimate objective was to build a modern revenue administration system in which taxpayers could meet their obligations conveniently while the state  would accurately account for every naira collected.

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