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Senate raises concerns, takes decision over CBN’s cash withdrawal limits

Mixed reactions as Senate raise concerns over the new policy on cash withdrawal limits implemented by the Central Bank of Nigeria (CBN).

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Recall that the apex bank, under the new withdrawal policy, restricted the maximum cash withdrawal over the counter (OTC) by individuals and corporate organisations per week to N100,000 and N500,000 respectively.

The Senate Minority Leader Phillip Aduda (PDP, FCT) had, during Wednesday’s plenary called the attention of his colleagues to the new policy while seconding a motion that the nominations of Mrs Aishah Ahmad and Mr Edward Lametek Adamu as deputy governors of CBN be referred to the committee for screening.

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Aduda called for caution on the cash withdrawal limit, saying the policy would affect the country’s economy.

He said, “Our commerce, I think, is not is not ready for this and our economy cannot take this shock.

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“There is a need for us to speak about it because people are suffering and it is a very serious issue.”

Senator Gabriel Suswam (PDP, Benue) also urged the Senate to debate the policy immediately for the sake of Nigerians, whom, he said, were extremely worried.

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Suswam said, “My phone was inundated by calls from constituents, who are outside the former sector. People are extremely worried. You should have allowed us to discuss this issue for the sake of Nigerians.”

Responding, Senate President Ahmad Lawan cautioned the CBN not to approach the policy by jumping into it at once, saying many Nigerians would be affected.

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He further noted that there was the need to engage the CBN to get more details on the policy.

He therefore directed the Senate committee on banking, insurance and other financial institutions to discuss the matter during the screening of the CBN deputy governors.

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Lawan said the new CBN policy would be thoroughly debated next Tuesday.

He said, “At the moment, I will advise that these two deputy governors had been in the CBN for the past four years. So they are part of this system. They are not new people.

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“This should be part of the major issues to be raised when they appear for screening.

“I want us to be properly informed and guided. Most of us, if not all of us have not had an engagement with that institution.

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“My personal opinion is, if we want to be a cashless society, we should take time to be cashless society and not to jump on it at once. Most Nigerians will be out of business.

“But we need to take the opportunity of the screening to be better informed on the policy.”

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BREAKING ; Atiku’s Son dumps PDP defects to APC, vows to work for President Tinubu’s reelection

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BREAKING ; Atiku’s Son dumps PDP defects to APC, vows to work for President Tinubu’s reelection

The Son of Abubakar Atiku Abubakar, former Vice President and 2023 Peoples Democratic Party (PDP) presidential candidate, Alhaji Atiku Abubakar, dumped the PDP and pledged to work for President Bola Ahmed Tinubu’s re-election in 2027.

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Abubakar, popularly known as Abba, formally announced his defection to the APC at the National Assembly, where he was received by the Deputy President of the Senate, Senator Barau Jibrin, with APC leaders from the North-East.

Party leaders described the move as a significant boost to the APC’s consolidation efforts ahead of the next general election, given Abba’s political network and grassroots organisation.

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Announcing his resignation from the PDP, Abba said the decision was informed by his conviction in the leadership style of Senator Barau and the policies of the Tinubu administration.

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Eight persons killed, others injured in another fatal road accident

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Eight persons killed, others injured in another fatal road accident

Eight persons died while three others were injured in a road traffic crash along the Potiskum–Dogon Kuka carriageway in Yobe.

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The Yobe Sector Commander of the Federal Road Safety Corps (FRSC), Mr Andrew Longkam, confirmed the incident on Thursday.

He said the crash occurred around Gaggaba on the Potiskum–Dogon Kuka axis at about 12:40 hours.

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“Preliminary reports from Dogon Kuka Unit Command show the incident was promptly reported to the corps,” Longkam said.

FRSC operatives arrived within five minutes, enabling swift rescue, evacuation of victims, traffic control, road clearance and prevention of secondary crashes.

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The crash involved a white Howo trailer, registration DAL 963YY, and a white Mitsubishi Canter, registration NNR 437XA.

“Twelve adult males were involved, with eight fatalities and four rescued, including three injured and one unhurt,” he said.

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The injured and deceased were taken to Government General Hospital, Dogon Kuka, where the injured received prompt medical attention.

Longkam said the FRSC tow truck cleared the obstruction, restored traffic flow and notified the Police Motor Traffic Division in Dogon Kuka.

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“Preliminary findings indicate the Mitsubishi Canter, suspected to excessive speeding, committed a route violation and crashed into the trailer,” he said.

He said excessive speed and route violation were suspected causes, adding that investigations were ongoing to determine the exact circumstances.

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The sector commander urged motorists to avoid speeding, route violations and unsafe practices, assuring continued enforcement, emergency response and public education across the state. (NAN)

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Atiku finally breaks silence after his Son defects to APC

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Atiku finally breaks silence after his Son defects to APC

Former Vice President and Peoples Democratic Party (PDP) presidential candidate, Atiku Abubakar, has addressed his son Abba Abubakar’s decision to join the All Progressives Congress (APC), describing it as a personal choice.

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In a statement posted on his X handle, Atiku said, “The decision of my son, Abba Abubakar, to join the APC is entirely personal. In a democracy, such choices are neither unusual nor alarming, even when family and politics intersect.”

He added, “As a democrat, I do not coerce my own children in matters of conscience, and I certainly will not coerce Nigerians.”

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The former vice president also highlighted his concerns about the ruling party, saying, “What truly concerns me is the poor governance of the APC and the severe economic and social hardships it has imposed on our people.”

“ I remain resolute in working with like-minded patriots to restore good governance and offer Nigerians a credible alternative that brings relief, hope, and progress.”

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