Politics

Senate Wants CBN’s Cash Withdrawal Limits Reviewed

Published

3 years ago

December 16, 2022

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

Don’t Risk Your Legacy, Citizen Begs Jonathan Against 2027 Presidential Race

Published

15 hours ago

June 8, 2026

The Tide

A social commentator in Bauchi State, David Adenuga has urged former President, Dr Goodluck Jonathan, to ignore the growing calls for his return to the presidential race, warning that some political actors pushing the idea could tarnish his legacy.

In a letter titled, “An Open Letter to Former President Goodluck Jonathan,” the observer said Dr Jonathan should be careful not to allow himself to be drawn into partisan calculations driven by ambition rather than national interest.

“I write this letter as a concerned Nigerian who respects the role you played in Nigeria’s democracy and the peaceful example you set for the country,” he stated.

He cautioned the former president against allowing himself to be used by what he described as desperate political interests.

“I believe this is the time to protect the good name and legacy you have built over the years. You should not allow yourself to be used by desperate political elements who may be more interested in their own ambitions than in the future of Nigeria,” the letter read.

The Social Commentator further warned Dr Jonathan to be wary of those advocating for his comeback, claiming many of them were previously opposed to his administration.

“Many of those calling for your return today were your antagonists, those who frustrated your government back then. You should be careful not to become a pawn in a game designed by others or else they will stain your white with their ‘roforofo’,” he said.

He maintained that Dr Jonathan’s legacy remains defined by his decision to concede defeat in 2015, which he described as a landmark moment in Nigeria’s democratic history.

“Your legacy was built through years of public service and your decision to put the country’s peace above personal ambition at a critical moment in Nigeria’s history. That legacy should not be put at risk because of the desperation of a few politicians,” he added.

Mr Adenuga also alleged that some of the promoters of Dr Jonathan’s return have lost credibility in the public space.

“The truth is that some of the people pushing you to contest have already damaged their own reputations. They should not be allowed to stain your legacy with their soiled hands. What they could not achieve on their own should not be pursued through your name and goodwill,” he stressed.

He concluded by urging the former president to remain above political manoeuvring and protect his place in history.

“History has been kind to you. Preserve that honour and remain above the political games of those who want to use your name for their own purposes,” he wrote.

Recall that former President Goodluck Jonathan recently emerged as the presidential candidate of the Kabiru Turaki-led Interim National Working Committee of the Peoples Democratic Party (PDP) following a special convention held in Abuja, where delegates ratified his nomination ahead of the 2027 general elections.

Politics

I DIDN’T PROMISE YOU TICKETS, AKPABIO TELLS APC SENATORS WHO FAILED PRIMARIES

Published

15 hours ago

June 8, 2026

The Tide

The President of the Nigeria’s Senate, Godswill Akpabio, has clarified that he never promised to secure senatorial return tickets for senators who lost tickets at the All Progressives Congress (APC) primary elections.

He clarified that he only empathized with senators who were affected negatively by the outcome of their respective primary elections.

Senator Akpabio’s clarification was made public over the weekend in a statement issued in Abuja by his Special Adviser, Media and Publicity, Hon. Eseme Eyiboh.

The clarification was said to have been occasioned by reports in sections of the media suggesting that the President of the Senate promised to secure senatorial tickets for senators who lost their party primaries.

The statement read in part: “The attention of the Office of the President of the Senate has been drawn to misleading reports circulating in sections of the media suggesting that the President of the Senate has promised to secure senatorial tickets for senators who lost their party primaries.

“We must categorically assert that this report does not reflect the position of the President of the Senate. For the record, Senator Akpabio has neither made nor authorized to be made such promise.

“What the President of the Senate actually said, in the course of interacting with his colleagues, was to empathize with senators who were affected negatively by the outcome of their primary elections.

“He assured them that the leadership of the All Progressives Congress, APC, is actively working to address all issues arising from the primaries and that the final list of candidates will be released in due course in line with the party’s constitution and electoral guidelines.

“Senator Akpabio remains committed to party discipline, due process, and the internal mechanisms of the APC for resolving disputes.

“He will not interfere with the autonomous processes of the party or make commitments that are outside the purview of the National Assembly leadership.

“The office also notes another report quoting a distinguished Senator on the need for the Senate to probe the military over recent security incidents.

“While legislative oversight is a constitutional responsibility of the National Assembly, Senator Akpabio’s position is that this is not the opportune moment for a public probe of the Armed Forces.

“At a time when our troops are engaged on multiple fronts against terrorism, banditry and other threats to National Security, subjecting the military to a public legislative inquisition could undermine their morale and operational focus.

“The Senate President believes strongly that support, collaboration and closed-door engagements with security agencies are more productive at this critical time.

“Oversight will be exercised responsibly, without creating distractions that embolden adversaries or divert attention from the urgent task of securing Nigeria and its people”.

Senator Akpabio then urged the media and the public to disregard sensational and inaccurate misrepresentation of his remarks and to always seek clarification from his office before publication.

Politics

POST PRIMARIES: IKWERRE MONARCHS ADVOCATE ISSUES-BASED POLITICS IN RIVERS

Published

15 hours ago

June 8, 2026

The Tide

The Supreme Council of Ikwerre Government-Recognized Traditional Rulers, Rivers State, has congratulated all candidates who emerged victorious in the various political party primary elections held across the state, describing their emergence as a reflection of the confidence reposed in them by their parties and supporters.

The council, however, urged Rivers people to embrace issue-based politics and support candidates based on their competence, character, vision, and commitment to public service rather than ethnicity, sectional interests, or sentiments.

The statement was jointly signed by the Chairman of the Council, the Eze Oha Evo III of Evo Kingdom, Prof. Leslie Eke and the Secretary, Nye Nwe Ala Omerelu, King Ben Ugo, after its monthly general meeting at Rumuigbo, in Obio/ Akpor Local Government Area and made available to the press at the weekend.

The statement noted that while the council remains proud of the political achievements of Ikwerre sons and daughters, it believes that the overall progress, stability, and development of Rivers State should remain the overriding consideration in the political process.

According to the traditional rulers, the emergence of candidates from different political parties and ethnic backgrounds demonstrates the vibrancy of democracy and the growing participation of Rivers people in governance and leadership.

The monarchs maintained that democratic contests should be driven by ideas, programmes, and solutions to the challenges facing the state rather than ethnic considerations or divisive narratives.

They urged voters to carefully assess the track records, leadership qualities, and developmental agendas of all candidates seeking elective offices and make informed decisions that would advance the collective interests of Rivers State.

The council stressed that politics should serve as a vehicle for development, unity, economic growth, security, and improved welfare for the people, irrespective of ethnic, religious, or political affiliations.

The royal fathers further called on political actors and their supporters to conduct themselves peacefully and responsibly throughout the electoral process, avoiding actions or utterances capable of overheating the polity.

They emphasized the need for mutual respect, tolerance, and healthy political competition among candidates and political parties, noting that Rivers State stands to benefit more from unity than division.

The statement further urged all stakeholders to place the interest of the state above personal ambitions and sectional considerations, adding that sustainable development can only thrive in an atmosphere of peace, cooperation, and inclusiveness.

The council observed that the ongoing political process presents an opportunity for the emergence of leaders who possess the capacity and commitment to address the developmental aspirations of the people.

The traditional rulers also encouraged young people across the state to participate actively in democratic institutions and leadership processes, stressing that governance should be inclusive and representative.

They reaffirmed the commitment of traditional institutions in Ikwerreland to the promotion of peace, stability, justice, and harmonious coexistence among all ethnic nationalities in Rivers State.

The statement prayed for wisdom, strength, and success for all candidates who emerged from the various political parties and expressed hope that the electoral process would produce leaders dedicated to the unity, progress, and prosperity of Rivers State.

By: King Onunwor