News
N5,000 Notes: Stop Sanusi Now – NASS Tells Jonathan
The Senate yesterday passed a resolution calling on President Goodluck Jonathan and Central Bank of Nigeria (CBN) Governor Sanusi Lamido Sanusi to stop the proposal to issue N5,000 note and all matters connected with it.
The Senate passed the resolution following a motion moved by Sen. Victor Enang ((PDP-Akwa Ibom) on the introduction of N5,000 note by Central Bank of Nigeria (CBN).
The senators said the proposed policy was illegal and unconstitutional and not done in consultation with the National Assembly.
Senate President David Mark said he read about the proposal in newspapers.
He said, ‘’ the only briefing I got on the issue was from the pages of papers.
“But I think the important thing is if Nigerians say they do not want a particular policy at a given moment, there is no harm in government retracing her step on the issue.
“I have listened to the arguments from those who support it but those arguments are simply not convincing.
“They appear highly theoretical, technical in nature and do not address any practical issue on ground.’’
Mark said any economic policy that failed to address issues directly but just talked about indices that could not be verified for now should wait.
He said the disadvantages of the introduction of N5,000 note at the moment far outweighed the advantages.
Leading the debate, Enang, who sponsored the motion with other senators present at plenary, argued that the proposal would cause multiple economic problems.
In his contribution, the Deputy Senate President, Sen. Ike Ekweremadu, said it was important for the government to listen to the voice of the people through their senators.
He said since the people were vehemently opposed to the introduction of the note, it was in the interest of the government to listen and withdraw from the path it was going.
Also, the Senate Leader, Sen. Victor Ndoma Egba(PDP Cross River), said even if the government’s policy was good, as long the people had rejected it, the government should listen to their voice.
“Former heads of state of this nation have spoken, Chief Olusegun Obasanjo has spoken against this policy and recently, the very respected Yakubu Gowon was opposed to it.
“They may not be economists as has been alluded to but with their knowledge or lack of knowledge to manage the economy of this country for very many years, we must listen to them,’’ Ndoma-Egba said.
Briefing newsmen after plenary session, the Senate Spokesman, Sen. Eyinnaya Abaribe (PDP-Abia), stated that the senators rejected the proposal because it contravened Section 4 (2) of the 1999 Constitution.
On resumption yesterday from a two-month recess, the house mandated its Committee on Banking and Currency to investigate the planned restructuring by the apex bank, and report within four weeks.
The house also directed the same committee to propose an amendment to the CBN Act for it to always seek the input of the House before coming up with new policies.
The resolution followed a motion moved by Chairman, House Committee on Rules and Business, Rep. Albert Sam- Tsokwa (PDP-Taraba)
It was unanimously adopted.
Leading the debate, Sam-Tsokwa had noted that the policy was inconsistent with international best practices as leading economies like the U.S., Britain and China do not have such high currency notes.
He said that the U.S. had introduced the $500, $1,000, $5,000, and $10,000 but had to phase them out due to the adverse effects they had on the economy.
The Governor of Rivers State, Sir Siminalayi Fubara, has begun the celebration of Nigeria’s 65th Independence anniversary with a Juma’at service where prayers were offered for the progress of the state and Nigeria.
Governor Fubara, who advocated for peace and unity of Nigeria during the prayers on Friday at the Rivers State Central Mosque, Port Harcourt, indicated that without peace, the accelerated development of Nigeria will remain in a limbo.
Governor Fubara, who was represented by Alhaji Abdurrazaq Diepriye, therefore urged citizens to remain patriotic.
According to him, “Allah has brought us this far. Without peace, we can not have progress and economic development. I call on all citizens irrespective of creed or tribe to remain patriotic.”
He thanked President Bola Tinubu for restoring peace in Rivers State while also using the forum to appreciate security agencies for their relentless effort in upholding the peace and unity of Rivers State and Nigeria.
The Chief Imam of Rivers State Central Mosque, Imam Ibrahim Yaloo, admonished Moslem faithful to always speak the truth, adding that those who obey Allah will be directed to good deeds and their sins forgiven.
Prayers were offered for Rivers State and Nigeria.
Other activities to mark the 65th Independence anniversary in the state include an Inter-denominational Church Thanksgiving Service on Sunday, 28th September and Parade Ceremony on Wednesday, 1st October.
Vice-President Kashim Shettima departed New York on Sunday after representing President Bola Tinubu at the 80th session of the United Nations General Assembly.
In a statement released on Sunday by the VP media aide, Stanley Nkwocha, the Vice President is now headed to Germany, where he will hold strategic meetings with officials of Deutsche Bank.
The statement read, “Vice President Kashim Shettima has departed New York, United States, after successfully representing President Bola Ahmed Tinubu, GCFR, at the 80th Session of the United Nations General Assembly.
“During his participation at UNGA 80, VP Shettima secured UN Secretary-General António Guterres’ commendation for Nigeria’s bid for a permanent UN Security Council seat.
“He also showcased Nigeria’s $200 billion energy transition opportunity to global investors and strengthened strategic partnerships with the UK on trade, defence, and migration issues.”
Nkwocha added that the VP delivered Tinubu’s national statement, calling for UN reforms and a permanent seat for Nigeria at the UN Security Council, and “demanded Africa’s control over its $700 billion mineral wealth, and digital inclusion initiatives.”
“He also engaged with the Gates Foundation on healthcare and education expansion, positioning Nigeria as the natural hub for the African Continental Free Trade Area’s $3.4 trillion market.
“VP Shettima was seen off at John F. Kennedy International Airport, New York, by cabinet Ministers who were part of the UNGA 80 delegation and Nigerian Mission officials.”
The aide noted that Shettima will return to Nigeria immediately after his engagements in Germany.
The Tide source recalls that the VP departed Abuja, yesterday.
He led other Nigerian officials at the Assembly.
As part of Nigeria’s 65th Independence anniversary celebration, the Federal Government held a special thanksgiving service on Sunday at the National Ecumenical Centre in Abuja to offer prayers and give thanks for the nation.
The event drew top government officials and security chiefs, including Senate President Godswill Akpabio and Secretary to the Government of the Federation, George Akume, as well as their spouses.
Other notable guests included Finance Minister and Coordinating Minister of the Economy Wale Edun, former Plateau State Governor, Senator Simon Lalong, and the Chief of Defence Staff, General Christopher Musa, who led the service chiefs in attendance.
Service chiefs present included the Chief of Naval Staff, Vice-Admiral Emmanuel Ogala, Inspector-General of Police Kayode Egbetokun, Comptroller-General of the Nigerian Immigration Service, Mrs Kemi Nandap and Controller-General of the Nigerian Correctional Service, Sylvester Nwakuche, among others.00
The service came days after the government unveiled the official theme and some of the activities slated for the 2025 Independence celebrations.
This year’s anniversary is tagged “Nigeria @ 65: All Hands on Deck for a Greater Nation,” as announced by the Director of Information and Public Relations at the Office of the Secretary to the Government of the Federation, Segun Imohiosen, in a statement on Wednesday.
“As part of activities to mark the 65th Independence Anniversary, the Juma’at Prayer and the Inter-Denominational Church Service will be held on Friday, 26th September at 1 pm and Sunday, 28th September at 10 am respectively, as well as the World Press Conference on Monday, 29th September at 10 am,” he said.
The Tide source had earlier reported that President Bola Tinubu, alongside former Heads of State, Yakubu Gowon, Olusegun Obasanjo and Goodluck Jonathan, is expected as a special guest at a national discourse convened by the Island Club, Lagos, to mark Nigeria’s 65th Independence Anniversary.
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