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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.
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Independence Anniversary: Nigeria Is A Failed Grandfather – Monarch
A first class traditional ruler in Rivers State, His Royal Majesty, King Aaron Ikuru, has described Nigeria at 65 as a grandfather who cannot provide leadership to other African Countries.
The monarch stated this in an interview at his palace in Ikuru Town, yesterday.
According to him, Nigeria would have been a developed country to set the pace in the whole of Africa, considering its numerous resources.
“Nigeria is a grandfather but not behaving as a grandfather. Our country, Nigeria, before and from the era of Independence was in the state of becoming a great country, but unfortunately is not becoming anything.
“We should be far ahead with what we have in the country. God blessed us, we have almost what it takes in terms of mineral resources, manpower amongst others that can drive speedy development in the country.
“If we’re able to harness all the things we have, even America by now would have respected us”, he said.
While blaming the past leaders of the country, the monarch called on the current leadership of the country to redouble efforts in order to narrow the differences in terms of development, exchange rate between naira and foreign currencies.
King Ikuru, who is also the Chairman of Andoni Area Traditional Rulers Council, however, lauded the efforts of the founding fathers, past leaders of the country for the achievements so far.
He also expressed optimism that Nigeria would be great, calling on the opinion leaders to shun tribalism and political intolerance in the country.
“If Nigeria should experience rapid development in all sectors, it means we must shun tribalism and political intolerance, the interest of our country must be our priority.
“We need to fight corruption vigorously, and leaders must show good example of discipline and integrity”, he said.
The monarch used the opportunity to wish Nigeria happy independence anniversary.
By: Enoch Epelle
News
FG begins payment of N32,000 pension increment to retirees – PTAD
The Pension Transitional Arrangement Directorate has announced the start of implementation of the new pension increments for pensioners under the Defined Benefit Scheme, saying the adjustments will be reflected in the September 2025 payroll cycle.
In a statement signed by Management and posted on its X handle, PTAD said the increase package includes a fixed N32,000 payment alongside percentage increases of 10.66% and 12.95% for eligible categories, which will benefit about 832,000 pensioners under its management.
Recall that PTAD in August announced President Bola Tinubu approved a series of measures, including new welfare benefits for pensioners under DBS.
The approval follows a formal request by PTAD’s Executive Secretary, Tolulope Odunaiya, seeking an emergency budgetary allocation to implement pension reforms and welfare benefits for the scheme’s retirees.
The measures include a N32,000 pension increment, percentage increases for pensioners of defunct and privatised agencies, pension harmonisation for all DBS pensioners, enrolment into the National Health Insurance Scheme, and the settlement of long-standing unfunded pension liabilities.
In a statement yesterday, PTAD said the partial release of N820.188 billion by the Federal Ministry of Finance from the emergency funding has made it possible for pensioners to begin receiving the enhanced payments immediately.
The statement read, “Further to the President’s approval of the emergency budgetary allocation for the payment of the new pension increment rates for Pensioners under the Defined Benefit Pension Scheme (DBS) that was earlier published by the Pension Transitional Arrangement Directorate on Friday, 8th August, 2025, the Directorate is delighted to announce the commencement of the implementation of the 832,000, 10.66% and 12.95% pension increment for eligible pensioners under the management of PTAD, in the September 2025 pension payroll cycle.
“This achievement has been made possible through the partial release of 820.188 billion by the Federal Ministry of Finance, from the initial 845 billion emergency funding approval granted by the Federal Government.
“This milestone clearly reaffirms the Federal Government’s dedication to safeguarding the welfare and entitlements of DBS Pensioners in line with the Renewed Hope Agenda.”
The directorate thanked President Bola Ahmed Tinubu for approving the emergency allocation.
It also acknowledged the role of the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun; the Minister of State for Finance, Dr Doris Uzoka-Anite; the Accountant-General of the Federation and key presidential aides and parliamentary committees for their “timely interventions” and support.
The statement also expressed appreciation to organised pension groups, including the Nigeria Union of Pensioners and the Federal Parastatals and Private Sector Pensioners Association of Nigeria, for their cooperation during negotiations and implementation planning.
“We further assure all our DBS Pensioners and Stakeholders that the Directorate will continue to collaborate with the relevant authorities towards release of the outstanding approved funds and subsequent fulfilment of all future obligations relating to the pension increments and the landmark reforms,” the statement added.
The DBS covers pensioners who retired before the introduction of the Contributory Pension Scheme in 2004, including those from defunct public institutions, privatised agencies, and treasury-funded parastatals.
Over the years, many have faced irregular payments, delayed harmonisation, and inadequate healthcare access, challenges that the new reforms are expected to address.
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Nigeria At 65: NOA urges citizens to foster unity, progress
The National Orientation Agency (NOA) has urged Nigeria. citizens to remain united, peaceful to enhance development of the nation as it celebrates 65th independence anniversary.
Mr Mkpoutom Mkpoutom, Director of NOA in Akwa Ibom, gave the charge in Uyo yesterday while addressing newsmen and stakeholders to mark the anniversary.
Mkpoutom said it was essential to recognise that the strength of Nigeria lay in its diversity
“With over 250 ethnic groups and an array of languages, the nation embodies a unique blend of heritage.
“This diversity should be seen not as a dividing line but as a unifying force that propels the country toward progress.
“As Akwa Ibom embarks on another year, it is crucial for all citizens to foster a sense of unity and shared purpose.
“Embrace dialogue, understanding and collaborate with the Renewed Hope Agenda of President Bola Tinubu in its efforts to addressing pressing challenges like poverty, security, education, and healthcare, thereby paving way for a brighter future for all.”
The state director, however, appealed to Nigerians from all walks of life to renew their commitment to a more prosperous, peaceful, and equitable nation.
“Let this anniversary serve as a reminder of the collective strength that lies in every citizen,” he said.
He urged everyone to contribute positively to the development of a better society.
Mkpoutom urged the people and all citizens to honour the labours of heroes past, as they celebrated the present, while working diligently toward a future filled with hope and opportunities for generations to come.
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