Minister of Works, Engr. David Umahi, has said that phase one of the Lagos-Calabar super highway will be ready for commissioning by May 2025.  

Umahi disclosed this at a meeting with contractors at the Ministry’s headquarters in Mabushi, Abuja. Commending the contractor handling the project for the quality of work, Umahi also revealed that the Federal Government has paid N10bn as compensation for communities and individuals along the road corridor affected by the project.  

He said;  

“The ministry is doing everything possible to see how we can do away with veriation of price. In the states, there is nothing like variation of price, but what is fashionable in the Ministry of Works is variation of price.

“Let me announce that the concrete we gave, the asphalt we gave are based on a price of N1,700 per $1 US dollar; it don’t attract any variation. Even the legacy project, the Lagos-Calabar Coastal Highway, we have cut down to six lanes. The project has not been stopped. 

“It is going on smoothly. The first phase of this project should be ready for commissioning by May 2025. It shows that we mean business. As we are taking now, over 4 kilometers of concrete road has been completed. And where you have MTN and African cable, we saved the community and the cables. 

“We had to reroute to establish a new pathway away from the old route and the gazetted route. We’ve paid compensation of almost N10bn. 

“Over 90 percent of the new projects in the 2024 budget are constituency projects of the National Assembly. These constituency projects have very poor (funding) allocations in the 2024 budget, and that is why I say it is a palliative budget. 

“The budget is, (however) also very useful because a chain is as strong as its weakest link. If you have a beautiful road and it is broken into two by a flood, what do you do? That is where the budget provision or emergency project will come in handy. 

“We have 330 (emergency) projects, and as at today, we have completed over 80 per cent. We’ve completed some bridges.”

Umahi also said that the Federal Executive Council has agreed that some projects that do not have funding will be stepped down for those that have the greatest impact on the lives of a greater number of Nigerians. 

President Bola Tinubu, has raised the alarm over alleged attempts by some people to cash in on the current economic challenges in the country to undermine and destroy democracy. 

The President, however, promised to preserve democracy and protect the rights, freedoms, and liberties of Nigerians.

He added that the Federal Government negotiated in good faith and with open arms with organised labour on a new national minimum wage.

He promised to as soon as possible send an executive bill to the National Assembly to enshrine what has been agreed upon as part of the law for the next five years or less.

In his nationwide broadcast, today on Democracy Day, the President noted that some persons sacrificed their lives to ensure that democratic government was put in place about 25 years ago.

His words: “My dear compatriots, Nigeria faced a decision of untold gravity 25 years ago: Whether to veer towards a better destination or continue aimlessly in the fog of dictatorship.

“We made the right choice then. We must continue with that choice now.

“As Nigerians, we must remind ourselves that no matter how complicated democracy may be, it is the best form of governance in the long run. We must also be aware that there are those among us who will try to exploit current challenges to undermine, if not destroy, this democracy for which so much has already been given.

“These people do this not to make things better but to subject all other people and things to their control and dominance until the point that, if you are not counted among their elite, then your life will be small and no longer owned by you.

“This is the great battle of our day and the major reason we specially celebrate this Democracy day.”
The President said that Nigeria’s democracy is more than a historic fact, noting that it is a living, breathing reality.

He further said that the true meaning of the day is not to focus solely on the great deeds of the past that have brought the country to her present point.

He said: “Yes, we pay eternal honour to those who laid down their lives, sacrificing everything to pave the way for the nation.

“I stand uniquely placed in this regard. I was among those who took the risk to midwife the birth of our democracy. I am now a direct and obvious beneficiary of the fruits of those historic efforts.

“As president of this nation, I am morally and constitutionally bound to preserve this precious form of governance. I vow to do my utmost best to protect your rights, freedoms, and liberties as citizens of Nigeria.
“Even more than that, I pledge to do whatever is necessary to cement democracy as our way of life. 

“I come before you also to declare that our most important work remains before us. This real test has never been whether we would rise to challenge the slings of misfortune and grievous pain of dictatorship.

“The real test is whether we shall lower our guards as the shadow of despotism and its evident physical danger fade.”

We must re-commit to inclusivity, accountability, transparency

President Tinubu had earlier urged the citizenry and leaders to recommit to the values of inclusivity, accountability and transparency to guarantee an enduring democracy.

President Tinubu said after 25 years of uninterrupted democracy, it was time for all Nigerians to partake “in building a nation where every voice is heard, where every potential is realised, and where every citizen is empowered to contribute to the collective good.”

The President, who spoke during the 2024 Democracy Day Lecture at the Banquet Hall of the Presidential Villa, Abuja, noted that at this point of the nation’s democratic journey, every Nigerian, irrespective of background, must be given a chance to contribute to the nation’s shared destiny. 

The president spoke as a host of leaders and groups dissected Nigeria’s democracy since the June 12, episode and offered suggestions on the way forward.

With a series of activities mapped out to celebrate June 12 by The Patriots, state governments, especially in the South-West, and Civil Society Organisations, CSOs, notable Nigerians and groups, who spoke on June 12, yesterday, included former Vice President Atiku Abubakar; the Peoples Democratic Party, PDP; Academic Staff Union of Universities, ASUU; International Press Centre, IPC, among others.

This happened as the Federal Government declared today as a public holiday with the Department of State Service, DSS, warned those planning to embark on June 12 protest to have a re-think or face the consequences.

We must entrench flourishing democracy – Tinubu

President Tinubu, who was represented by Vice President Kashim Shettima, said the lessons learned after 25 years is that democracy is a journey that must be constantly nurtured and watched closely.

His words: “Our progress has been marked by both triumphs and trials, each serving as a reminder of the preciousness of our democratic principles. As we move forward, let us recommit to the values of inclusivity, accountability, and transparency, ensuring that our democracy not only endures but flourishes for generations to come. 

“The future of Nigeria lies in our hands, in our ability to dream, innovate, and act with courage and conviction. Let us embrace this moment with a renewed sense of purpose, knowing that the path we tread today will shape the Nigeria of tomorrow.

“This is an invitation for each of us to participate in building a nation where every voice is heard, where every potential is realised, and where every citizen is empowered to contribute to the collective good.”

President Tinubu observed that sustaining democracy for 25 years, the longest in the country’s checkered history is evidence of “the enduring sacrifices of several generations of patriots.”

Passing his verdict on the democratic journey so far, the President declared that 25 years was time enough to ascertain the effectiveness of any experiment.

He said, “Our democratic experience, despite the lows and the highs, is a telling referendum on our aspiration to build a nation that serves the interests of all, a federation that has not conspired against any benign group. 

“We are here because the alternative is a descent into dystopia. Today is a moment to reflect on our journey so far. The tragedies Nigeria survived to settle for this democracy, the fourth of such experiments, must inspire each of us to play our part to honour the labour of our founding fathers and mothers and remind ourselves of the principles that drove their resolve to build for us a diverse nation that has defied the pessimism of detached agents of anarchy.”

Noting that it is not just a day of remembrance, Tinubu stated that it is a call to action, even as he said young and competent Nigerians, including the patriotic and innovative, must all be engaged in crafting a succession plan that secures the desired future.

“It is through their energy, creativity, and commitment that we will build a Nigeria that stands resilient against the challenges of tomorrow. Let us therefore pledge to create an environment where every Nigerian, regardless of background, has the opportunity to contribute to our shared destiny,” President further noted.

Earlier, Secretary to Government of the Federation, Senator George Akume, highlighted the sacrifices made by heroes and heroines who fought for democracy, with many paying the ultimate price.

He saluted the courage of Nigerians in upholding democratic values despite challenges. 

He said, “Our democratic journey is one of optimism as reversal is never contemplated. Today provides an opportunity to salute the resilience of our people in believing in democracy,” Akume stated.

In his keynote address, former Katsina State Governor, Aminu Masari, called on politicians to prioritise citizens’ needs, saying: “democracy is about the government of the people, not just politicians. We therefore need to prioritise the needs of the populace ahead of our own needs. We also need to become better democrats. We need to fully imbibe the culture of democracy. We need good winners and good losers.”

The Federal Government will seek a a $2.5 billion World Bank facility as a funding window for the 2024 supplementary budget.

The money will augment the N50 billion Presidential Infrastructure Development Fund (PIDF) domiciled in the National Sovereign Wealth Investment Authority (NSWIA), which the government has also earmarked for the budget.

The Minister of Budget and Economic Planning, Sen. Atiku Bagudu, stated this in Abuja on Tuesday when he briefed the Joint Senate and House of Representatives Committees on National Planning and Economic Affairs.

Bagudu told the lawmakers that the $2.5bn was meant to augment the N50bn, which he said was not enough to execute the Renewed Hope Transformational Projects of the administration of President Bola Tinubu.

Recall that on May 29, President Tinubu had hinted the National Assembly of his plan to forward a Supplementary Appropriation Bill for the lawmakers to work on it.

According to Bagudu, the budget will be devoted mainly to the transformational projects of the administration, though he added that it might also include a provision for the new national minimum wage.

The minister listed the projects to include the Lagos-Calabar Coastal Road; the proposed Sokoto- Badagri Road; and the completion of all ongoing railway projects, which the government had yet to provide its own counterpart fund.

In addition, Bagudu informed the lawmakers that the budget would provide more money to support CNG, LNG projects targeted at improving energy for transportation and household use.

He added that the Trans-Saharan Highway, which the current administration inherited, would also be funded with the supplementary budget.

Bagudu spoke more, “The supplementary budget that was announced or rather was mentioned, came about when Mr President presented a memo to the Federal Executive Council.

“In the memo, he said that he inherited the Presidential Infrastructure Development Fund, which was domiciled in the National Sovereign Wealth Investment Authority.

“He has also identified transformational projects, including Lagos – Calabar, Coastal Road; proposed Sokoto-Badagri Road; completion of all ongoing railway projects, which we have not provided counterpart funding.

“We also plan to fund the rehabilitation and expansion of dams and irrigation schemes in order to support increased production within the economy. Last but not the least, more money to support CNG, LNG.

“The three roads, dams and irrigation, and railways, is what Mr. President designated as the infrastructure, renewed health infrastructure priority items.

“So that’s what he directed that the ministry prepare for appropriation supplementary appropriation bill.

“We have not finished work on the bill, we have not submitted the supplementary appropriation draft to the Federal Executive Council yet.

“So many people have approached the ministry and indeed leadership of the National Assembly as well as many members asking about the renewed hope the supplementary appropriation.”

Commenting on the new wage demand by the organised labour and the government’ plans, said the new pay demand might be covered by the budget.

“We are not clear how much revenue we have, given the challenges of the moment.

“Yes, we have done some scenarios given the exchange rate fluctuation and the impact of the budget and even scenarios given the current minimum wage negotiation that is ongoing.

“This is because even at N60,000, even at N62,000, that immediately doubles the minimum wage.

“So it was the forecast that even at the lowest level, it will increase inflation rate and that might affect interest rates which will affect in turn, economic activity, debt surges among others.”

He also spoke on the performance of the main 2024 budget of N28.7trillion, explaining why funds had yet to be released to some MDAs.

Bagudu stated, “Unlike the usual practice where every quarter the ministry of finance sent money to MDAs depending on what the envelope size is. That has been discarded and replaced by the bottom up cash.

“Under our procurement laws, ministries and MDAs are supposed to commence procurement as soon as the budget is passed into law.

“So most MDAs are in that process now. The first quarter capital releases is not high because most MDAs have not yet awarded the contracts and consequently they have not put any request for cash.

“We believe that it will pick up in this second quarter and subsequent quarters. So the budget performance will be difficult as procurement processes are completed by MDAs.

“Equally, as part of an effort for better treasury management, the federal Ministry of Finance have now decided that for some category of contracts, they will be doing the payments.

“So again, that is intended to ensure that financial resources are pooled in one place, rather than sent to various MDAs awaiting processes. So those are the broad brief on the 2024 budget.”

However, the Chairman of the session, Sen. Yahaya Abdullahi, felt that that executive should have proposed amendments to the 2024 budget as against sending in a new one, considering the time it would take to conclude work on the new bill.

As the Country sets to commemorate its 25th Democracy Day on June 12, the Department of State Services (DSS) has issued a stern warning against individuals and groups planning to stage a protest.

The intelligence unit on Tuesday raised the alarm over a staged protest, it said has been designed “with sinister objectives to coincide with the Democracy Day Celebration.”

The agency acknowledged the right of assembly and expression but noted that the determination by some non-state actors to incite mass disaffection through demonstrations, which may turn violent, will not be tolerated.

The DSS said, “However, it is instructive to note that violent demonstrations are at variance with the peaceful disposition of the Federal Government to amicably address all contentions including the minimum wage.

“Citizens are, therefore, called upon to resist any persuasions to be lawless or cause disorder and anarchy in the nation. Displeased persons are rather encouraged to appropriately channel their grievances through the right channels and procedures.”

The agency further reaffirmed its duty to protect the country from inimical acts being orchestrated by disgruntled groups to cause a breakdown of law and order through collaborations with relevant stakeholders and sister agencies.

“The Service, while felicitating the government and citizens on this auspicious occasion of celebrating 25 years of unbroken democracy, calls for continued patriotism, unity and commitment in building a Nigeria of our collective dream.

“Meanwhile, the DSS website, dss.gov.ng; email address- This email address is being protected from spambots. You need JavaScript enabled to view it. and Telephone lines +2349153391309; +2349088373514 remain open to the public in the event that there is need to contact it.”

In past weeks, the social-economic stability of the nation has been tense, particularly with the unresolved negotiations between the Federal Government and the National Labour Congress concerning a deserving wage for the nation’s workers among other demands.

The NLC, after a week-long grace that was given to the federal government to enable an upward negotiation of the minimum wage, is likely to embark on a strike in the absence of a favourable agreement.

With this in view, President Bola Tinubu is set to address the nation on June 12 at 7 am.

The Federal Government has rolled out plans to subsidise Compressed Natural Gas vehicle conversion kits by 50% for road transport union members across the country.

The Chief Executive Officer of the Presidential initiative on CNGi, Engr. Micheal Oluwagbemi, said it was part of its move to convert one million vehicles from PMS to Compressed Natural Gas (CNG) by 2027,

Oluwagbemi, who’s also the Programme Director of the P-CNGi, spoke at the Northern Stakeholders Engagement in Kaduna on Tuesday.

He said the Federal Government had procured over 20,000 conversion kits that would be immediately deployed for the conversion incentive programme.

This was even as he said that the P-CNGi had identified eight conversion centres in four states which include Kwara, Lagos FCT and Rivers that would pilot the programme.

He said, “we are launching what we called the Conversion Incentive Programme with members of the National Union of Road Transport Workers of Nigeria, Road Transport Employees Association of Nigeria and National Association of Road Transport Owners being our immediate focus. This is because they are the operators in the road transport sector providing 90 per cent of the transportation in the country to members of the public.

“We will be making the conversion kits available to them at 50% discount and we are also ensuring that the installation cost is free. We are already negotiating with our partners who will initiate that project in the next week.

“We have already identified eight conversion centres in four states, namely Kwara, Lagos FCT and Rivers that will pilot the programme. Immediately after that, we will start expanding to other conversion vent that we have identified and there are 120 of them across the country.”

He the subsidised conversion programme was part of President Bola Tinubu’s goal of having one million vehicles converted to CNG by 2027.

In his keynote address, Kaduna State Governor, Senator Uba Sani, commended the Federal Government’s initiative setting a phase in switching from petrol powered vehicles to Compressed Natural Gas powered vehicles particularly the buses category

The governor, who was represented by the state Commissioner for Works, Ibrahim Hamza, said transportation remained the backbone of the nation’s economy.

“Transportation is one of the major promoters of our socio-economic activities which deals with the movement of persons, goods and freight from one point to another,” he said.

Governor Dauda Lawal of Zamfara State has lamented there was no political will to eliminate banditry in the state and country.

Alleging the laid-back attitude of the police and the military in combating the menace of banditry plaguing the state, he said that the kidnapping-for-ransom trade, which was booming in the state can be eliminated in two weeks with the right political will.

He said that the uninspiring attitude of Federal Government-controlled security agencies was responsible for the creation of the state security outfit, Community Protection Guards in January.

The governor, who was featured on Channels Television’s Sunrise Daily programme, yesterday, said: “We, as governors, don’t have control over the military, we don’t have control over the police as well as the civil defence. In most cases, we get frustrated.

“When you need these people, they are nowhere to be found and the best thing to do is to set up that kind of security outfit.

“Sometimes, you’re really helpless. When you need them (security agents), they are not there. Even when they are there, they are given certain instructions on what to do and what not to do.

“In two weeks, we can take care of the situation but the political will is not there.

“We know who they (bandits) are. We know where they live. It’s just that there is no political will.

“At a point, I had to really come and say it clearly because when we are trying to take care of the situation, somebody somewhere is negotiating with the bandits without my knowledge,” he said, noting that the series of negotiations with bandits by previous administrations did not yield any positive results, hence there was no basis to continue with such venture which, he said, enrich the vicious marauders.

On the identity of those negotiating with bandits, he said: “To some extent, we do.”

Further, the governor said: “Zamfara State has become the hub of banditry in Nigeria. If you can take care of Zamfara today, you have solved more than 90 per cent of issues in northern Nigeria as a whole.”

Lawal said he had met with President Bola Tinubu to complain about the saboteurs to the security challenges in the state, noting that the President had assured him that something would be done to address the challenges.

On security outfits set up by states to complement security agencies in their states, he noted that these outfits have been handicapped in their operations due to several factors, including lack of license to bear assault rifles and superior weapons to confront deadly insurgents and criminals but governors were upbeat that with a constitutional backing, these outfits will live up to their full potential.

The World Bank yesterday affirmed its 3.3 per cent economic growth forecast for Nigeria in 2024 saying the nation’s economy was mildly buoyant in the early part of the year despite macroeconomic adjustments.

However, the World Bank downgraded its forecast for Nigeria’s economic growth in 2025 to 3.5 per cent, from the 3.7 per cent forecast made in January.

Similarly, the World Bank downgraded its forecast for Sub-Saharan economic growth in 2024 to 3.0 per cent from 3.8 per cent forecast made in January.

The report stated: “Growth in Sub-Saharan Africa (SSA) weakened to 3.0 per cent in 2023. Growth in the region’s largest three economies—Nigeria, South Africa, Angola—remained weak. In early 2024, private sector activity picked up, buoyed by a strengthening global economy.

At the same time, many economies in the region continue to struggle with weak government balance sheets, stemming partly from low revenue collection and high debt-service costs, while some also need to manage the adverse effects of currency depreciations. In Nigeria, growth slowed to 2.9 per cent in 2023. Despite ongoing macroeconomic adjustments, the economy was mildly buoyant in early 2024.

Growth in SSA is projected to pick up from 3.0 percent in 2023 to 3.5 percent in 2024 and about 4 percent annually in 2025-26, as fading inflationary pressures allow for interest rate cuts, which will support private consumption and investment.

Growth in the region’s largest three economies is expected to accelerate from 1.8 percent in 2023 to 2.4 percent in 2024 and an average of 2.6 percent in 2025-26. Yet, this is markedly below the region’s average growth. Non-resource-rich economies are forecast to maintain growth above their historical average rate, while resource-rich economies recover from their slow growth in 2023 that mainly reflected declining metal prices.

President Bola Tinubu, on Wednesday, charged Nigerians to bear the excruciating pain occasioned by harsh economic policies of his government.

According to Tinubu, the policies are necessary to put the nation on a sound economic position.

The President stated this in a national broadcast to mark the 25th anniversary of unbroken democracy in Nigeria and the 2024 democracy day.

The statement reads,

 “My fellow Nigerians, let me begin by congratulating all of us for witnessing the celebration of another Democracy Day today, the 12th day of June 2024. This year also marks our nation’s 25 years of uninterrupted democratic governance.

“On this day, 31 years ago, we entered our rites of passage to becoming a true and enduring democratic society.

“Going through this passage was hard and dangerous. During the fateful six years that followed, we fought and struggled for our natural rights as human beings put on this earth by the divine hand of our Creator.

“We lost great heroes and heroines along the way. In this struggle, the winner of the June 12, 1993 presidential election, Chief MKO Abiola, the most significant symbol of our democratic struggle, his wife, Kudirat, General Shehu Musa Yar’Adua and Pa Alfred Rewane, among others sacrificed their very lives.

“They bravely surrendered their futures so that our nation might have a better one.

“Let us honour the memories of Chief Anthony Enahoro, Chief Abraham Adesanya, Commodore Dan Suleiman, Chief Arthur Nwankwo, Chief Chukwuemeka Ezeife, Admiral Ndubuisi Kanu, Chief Frank Kokori, Chief Bola Ige, Chief Adekunle Ajasin, Chief Ganiyu Dawodu, Chief Ayo Fasanmi, Chief Gani Fawehinmi, Chief Olabiyi Durojaiye, Dr. Beko Ransome-Kuti, Chima Ubani, and others who have transited to the higher realm.

“The sacrifices of General Alani Akinrinade, Professor Bolaji Akinyemi, Professor Wole Soyinka, Chief Ralph Obioha, Chief Cornelius Adebayo, among many others, should never be forgotten. For at least six years, they bore the pains and difficulties of life in exile.

“While the exiled pro-democracy activists kept the fire burning, their comrades at home sustained the pressure on the military brass hats. Among the latter are Olisa Agbakoba, Femi Falana, Abdul Oroh, Senator Shehu Sani, Governor Uba Sani, Chief Olu Falae, and other National Democratic Coalition leaders such as Chief Ayo Adebanjo and Chief Ayo Opadokun.

“The sacrifices they made, and the precious gift brought about by their selfless devotion can never be repaid. Neither shall it be forgotten.

“We could not have won the battle against military dictatorship without the irrepressible Nigerian journalists who mounted the barricades along with the pro-democracy activists. We celebrate them today, along with their media establishments such as The Punch, Guardian, National Concord, Tribune, The News/Tempo, and TELL Magazines. Military authorities proscribed these media establishments and jailed their journalists for standing for free speech and civil liberties.

“Despite the lethal might of the military government, what appeared to be high and unyielding walls of dictatorship came tumbling down. The dismal fortress exists no longer.

“The power of an idea, the power of the people proved more potent than all the guns and munitions, and the threats of the strongmen.

“The nation exited the yoke of military rule in 1999 to become the most populous democracy on African soil, the beacon of democratic self-determination for the black race and one of the largest democracies in the world.

“This change stands as a pivotal moment in human history. From this change, we shall never turn, nor shall the annals of mankind’s progress forget the sublime meaning of this great moment.

“Today, 25 years later, we celebrate the silver anniversary of our journey in democracy.

“We have steadied the course.

“Democracy is neither a foreign nor abstract concept devoid of real-life meaning for us. Neither can we afford to reduce or minimalise it to being nothing but the mere holding of periodic elections where one candidate and party outdo another.

“While elections attract dramatic attention, they are but one aspect of democracy. Democracy is a way of life that encompasses a broad outlook of which elections are but a part. As such, a nation can have elections without being democratic. But a nation cannot be truly democratic without holding elections.

“That we have established a tradition of holding transparent, open, and fair elections gives credence to our democratic bearing. That we have experienced peaceful transitions of government affirms our democratic temperament.

“Fellow Nigerians, true democracy shines its light into the daily lives of the people who live under its nurturing wings. It affords us the freedom and liberty to think as we want, live where we want and pursue whatever legitimate endeavour that suits us.

“Democracy does not assume some false or forced unity of opinion. In fact, democracy assumes that conflicting ideas and differing opinions shall be the order of the day. Given the diversity and variety of the human experience, there must be diverse perspectives and viewpoints.

“What democracy demands is that we do not resolve differences through force and repression. But we make allowance for the legitimacy of views that differ from our own.

“Where other forms of government impose against the will of the people, democracy aims to make leaders sufficiently humble that they conduct themselves as servants of the common good, not as viceroys of the narrow interests of the mighty.

“My dear compatriots, Nigeria faced a decision of untold gravity twenty-five years ago: Whether to veer toward a better destination or continue aimlessly in the fog of dictatorship.

“We made the right choice then. We must continue with that choice now.

“As Nigerians, we must remind ourselves that no matter how complicated democracy may be, it is the best form of governance in the long run. We must also be aware that there are those among us who will try to exploit current challenges to undermine, if not destroy, this democracy for which so much has already been given.

“These people do this not to make things better but to subject all other people and things to their control and dominance until the point that, if you are not counted among their elite, then your life will be small and no longer owned by you.

“This is the great battle of our day and the major reason we specially celebrate this Democracy day.

“Fellow Nigerians, our Democracy is more than a historic fact. It is a living, breathing reality.

“The true meaning of this day is not to focus solely on the great deeds of the past that have brought us to this point.

“Yes, we pay eternal honour to those who laid down their lives, sacrificing everything to pave the way for the nation.

“I stand uniquely placed in this regard. I was among those who took the risk to midwife the birth of our democracy. I am now a direct and obvious beneficiary of the fruits of those historic efforts.

“As president of this nation, I am morally and constitutionally bound to preserve this precious form of governance. I vow to do my utmost best to protect your rights, freedoms, and liberties as citizens of Nigeria.

“Even more than that, I pledge to do whatever is necessary to cement democracy as our way of life.

“Although the challenges are steep and multiple, I am grateful to lead Nigeria at this moment in her history and point in her democratic journey.

“I come before you also to declare that our most important work remains before us. This real test has never been whether we would rise to challenge the slings of misfortune and grievous pain of dictatorship.

“The real test is whether we shall lower our guards as the shadow of despotism and its evident physical danger fade.

“I say to you here and now that as we celebrate the enshrinement of our political democracy, let us commit ourselves to the fulfilment of its equally important counterpart, the realisation of our economic democracy.

“I understand the economic difficulties we face as a nation.

“Our economy has been in desperate need of reform for decades. It has been unbalanced because it was built on the flawed foundation of over-reliance on revenues from the exploitation of oil.

“The reforms we have initiated are intended to create a stronger, better foundation for future growth. There is no doubt the reforms have occasioned hardship. Yet, they are necessary repairs required to fix the economy over the long run so that everyone has access to economic opportunity, fair pay and compensation for his endeavour and labour.

“As we continue to reform the economy, I shall always listen to the people and will never turn my back on you.

“In this spirit, we have negotiated in good faith and with open arms with organized labour on a new national minimum wage. We shall soon send an executive bill to the National Assembly to enshrine what has been agreed upon as part of our law for the next five years or less.

“In the face of labour’s call for a national strike, we did not seek to oppress or crack down on the workers as a dictatorial government would have done. We chose the path of cooperation over conflict.

“No one was arrested or threatened. Instead, the labour leadership was invited to break bread and negotiate toward a good-faith resolution.

“Reasoned discussion and principled compromise are hallmarks of democracy. These themes shall continue to animate my policies and interaction with the constituent parts of our political economy.

“I take on this vital task without fear or favour and I commit myself to this work until we have built a Nigeria where no man is oppressed.

“In the end, our national greatness will not be achieved by travelling the easy road. It can only be achieved by taking the right one.

“The words of the American President Franklin Roosevelt certainly ring true:

“There are many ways of going forward. But only one way of standing still”!

“We dare not slumber lest the good things awaiting our immediate future pass us by. We dare not plant our feet in idle standstill in the middle of the intersection of hope and despair.

“We know the proper way forward and we shall take it!

“The initial rays of a brighter tomorrow now appear on the early horizon. An abundant future and our capacity to achieve that future lie within our reach. Democracy and the institutions it begets offer to take us to our profound destination.

“Let us board this progressive train together. Together, let us move Nigeria forward.

“Let’s continue to keep the fire of democracy burning. Let’s keep the torch lit for generations to come.”

The approval of former President Muhammadu Buhari for the re-design of Nigeria’s currency, the Naira, was on Tuesday tendered and admitted as exhibit before the High Court of the Federal Capital Territory (FCT) in Abuja.

The approval dated October 6, 2022 from the State House and personally signed by the former President was conveyed to the Central Bank of Nigeria (CBN) under Godwin Emefiele as governor to proceed with the project of redesigning and printing of the currency.

The Chief of Staff to President Buhari was said to have transmitted the written Presidential approval to the CBN.

Also tendered and admitted as exhibits are samples of the re-design currency as approved by Buhari.

The documents were tendered by the Economic and Financial Crimes Commission (EFCC) through its witness and former Director of Currency Operations at the Central Bank of Nigeria (CBN), Mr Ahmed Bello Umar.

The witness was led in evidence by EFCC’S lead counsel, Mr Rotimi Oyedepo, a Senior Advocate of Nigeria, SAN.

Umar who claimed to have authored some memos in relation to the project, however revealed that Emefiele partly departed from the approval of the former President.

Among others, the witness said that while the portraits in the samples endorsed by Buhari were on the right side, those printed have the portraits on the left side.

The former Director of Currency Operations at the CBN also claimed that the numbering styles for the currency adopted by Emefiele were different from the modes adopted by CBN under Emefiele.

Similarly, the witness said that while the approved samples have QR code, those printed did not have the features.

Under cross examination by Mahmoud Magaji, SAN, counsel to Emefiele, the witness admitted that Buhari actually approved the Naira redesign project.

He also admitted that Buhari on December 29, 2023 publicly launched the re-designed Naira currency for the use of Nigerians as legal tender.

The witness also admitted that the re-designed currency has his own signature as Director of Currency Operations adding that no currency becomes legal tender without his own signature.

The EFCC had on May 15, 2024 arraigned Emefiele on a four count charge before Justice Maryanne Anenih of the FCT High Court sitting in Maitama, Abuja.

Emefiele however denied the charge and was admitted to bail in the sum of N300 million.

In the four count charge, the anti-graft agency claimed that Emefiele embarked on the Naira redesign without the approval of the Board of the CBN as well as then President, Muhammadu Buhari.

Specifically, the EFCC accused Emefiele of approving the printing of various quantities of the new Naira notes “without the recommendation of the Board of Central Bank and the strict approval of the President, Federal Republic of Nigeria which conduct of yours caused injury to the public and you thereby committed an offence”.

While in count one he was accused of approving the printing of 375,520,000 notes at the cost of N11 billion, in count two he was accused of approving the printing of 172 million coloured swapped N500 notes at the cost of N4.4 billion.

Also in count three, the former CBN boss was alleged to have approved for printing 137,070, pieces of coloured N200 notes at the cost of N3.4 billion.

He was, in count four, alleged to have withdrawn the sum of N124, 860, 227, from the Consolidated Revenue Fund of the Federation in a manner not prescribed by the National Assembly.

A former Central Bank of Nigeria, CBN, Director of Currency Operations, Ahmed Umar, has disclosed that the immediate past governor, Godwin Emefiele, printed his own design of the naira.

Umar disclosed this while giving evidence at the Federal Capital Territory, FCT, High Court sitting in Maitama.

The former CBN director said the features in the design approved by former President Muhammadu Buhari was different from the one Emefiele ordered to be printed.

Umar said, “The design approved by the President had a QR code, which the currency in circulation does not. The positioning of the portrait was on the right side, that printed by the CBN was on the left and the number scheme approved by the President is different from what the CBN produced.”

The Economic and Financial Crimes Commission, EFCC, had on May 15, arraigned Emefiele on a four count charge before Justice Maryanne Anenih of the FCT High Court.

Emefiele however denied the charge and was admitted to bail in the sum of N300 million.