President Bola Ahmed Tinubu, yesterday, articulated the rationale behind his administration's economic reforms, saying the primary motive is to protect the interests of future generations, whose commonwealth, he says, has been frittered in the last five decades.
Tinubu made the remarks at State House, Abuja, while receiving a delegation of former National Assembly colleagues from the aborted Third Republic, when he served as senator for Lagos West.
He highlighted the challenges he faced at the beginning of his administration, and said they were mainly economic and social.
The president's comments came as Governor of Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, allayed fears about the fate of the Nigerian economy, assuring that the worst is over and a period of relief and recovery is at hand.
Similarly, National Security Adviser (NSA), Malam Nuhu Ribadu, said safeguarding the naira was a national security obligation.
Ribadu vowed to sustain existing collaboration between his office and the apex bank to stem abuses and sabotage of the naira.
Cardoso and Ribadu spoke yesterday in Abuja at a CBN and security agencies' engagement session with the theme, "Security and Efficiency in Cash Cycle Operations."
Tinubu expressed his gratitude to the delegation of former legislators, especially, for their support in the difficult times.
He stated, "For 50 years, Nigeria was spending money of generations yet unborn and servicing the West Coast of our sub-region with fuel. It was getting difficult to plan for our children's future.
"We faced serious headwinds, when I took over, very challenging times. Nigeria would have been bankrupt if we had not taken the actions that we took, and we had to prevent the economy's collapse."
The president declared that the administration had been able to stem the ugly tide. He expressed appreciation to Nigerians for their collective support in the efforts to turn things around.
He said, "Today, we are sitting pretty on a good foundation. We have reversed the problem; the exchange rate is stabilising. Food prices are coming down, especially, during Ramadan. We will have light at the end of the tunnel."
Tinubu said firm adherence to democratic tenets was the best route to economic, social, and political development.
He told the former legislators, "I am happy that you are holding to your belief in democracy. I thank you for keeping faith and remembering how we started. Some people missed the ball. Some leadership failed, but we kept the faith with our democratic beliefs and freedom and the right to aspire to the highest office in the land. I am benefiting from it."
Speaking earlier on behalf of the group of Third Republic legislators, Senator Emmanuel Nwaka expressed his delight at some of the programmes the Tinubuadministration had implemented, especially, the Nigerian Education Loan Fund (NELFUND) and Nigerian Consumer Credit Corporation (CREDICORP).
Nwaka said, "I appreciate you for what you are giving to students because the student population is the largest demographic in the country. I've spoken with many of them, and many have benefited from it.
"And the next one is the CREDICORP. That's a major way of fighting corruption. You see, a young man, you come out of school, you want to buy a car, you have to put down cash, you want to buy a house, and you are not married, but with the CREDICORP, you can get things done. I'm following their activities; we are delighted."
Other members of the delegation were Senator Bako Musa, Hon. Terwase Orbunde, Hon. Wasiu Logun, Hon. Amina Aliyu, High Chief Obi Anoliefo, and Hon. EzeNwauwa.
Meanwhile, Cardoso said the most difficult part of the country's economic journey had passed. He said there was growing confidence in the naira, with more and more people now choosing to keep their assets in the local currency.
Cardoso attributed the successes recorded in efforts to strengthen the naira, partly, to the immense support provided by the office of the NSA (ONSA). He said Ribadutook it upon himself to rally other security agencies to deal with the situation.
The CBN governor said what transpired between the apex bank and ONSA during the "very difficult" period "contributed to the stability of what we have today".
He stressed that he remained grateful for the continuous support of the NSA, following unprecedented attacks and pressure on the naira.
Cardoso stated, "There's nothing to be afraid of; we have seen extremely difficult times...the time for fear is over."
Cardoso reiterated the need to further collaborate with security agencies to preserve the gains achieved so far. He underscored the critical role of security in safeguarding Nigeria's financial system and ensuring the seamless execution of the apex bank's mandate.
He also acknowledged the invaluable roe of the security agencies in financial stability and economic integrity.
Nevertheless, the CBN governor pointed out that recent experiences highlighted pressing challenges that required urgent attention and closer collaboration.
He said disruptions in cash movement, disparate pricing for security escort services, and the commoditisation of cash by Point of Sale (POS) merchants and bank agents remained emerging concerns that impacted financial system efficiency.
Cardoso also said administrative issues, including End-User Certificate administration, necessitated structured engagement between financial institutions and security agencies to ensure compliance without impeding essential banking operations.
He said beyond the cash cycle-related concerns, the central bank had continued to face broader security challenges that affected its operations.
Cardoso listed the challenges to include security coverage for CBN premises and currency movements. He highlighted the limited availability of armed security personnel, particularly in regions experiencing heightened criminal activities.
He also bemoaned inter-agency communication gaps, especially delays and procedural bottlenecks in obtaining necessary security clearances for CBN-approved operations, including foreign currency evacuations.
Cardoso said investigative scrutiny, particularly instances where CBN officials were summoned for routine approvals, impacting operational efficiency and regulatory confidence, needed to be reviewed.
Other concerns raised by the central bank boss included uncoordinated treatment of Cash-in-Transit (CIT) services, especially arrests and detentions of banking and CIT personnel, as well as seizures of consignments without consideration for the bank's operational needs.
He drew attention to the inconsistencies in security service provisions across different police commands, leading to varied pricing structures and logistic challenges that complicated the engagement process.
He also emphasised the role of security agencies in combating currency trading malpractice, and strengthening collaboration to curb illicit currency trading activities that undermined monetary policy objectives.
Cardoso said, "These issues underscore the urgent need for clearer operational frameworks, improved security protocols, and stronger inter-agency cooperation to enhance the effectiveness of the CBN's regulatory and operational responsibilities."
He said the workshop served as a platform to realign collective efforts by enhancing mutual understanding, refining security protocols, and fostering a cooperative framework, to create a more secure, efficient, and responsive financial system.
Ribadu, in his own comments, said addressing identified concerns required collaborative efforts.
He pointed out that in other parts of the world, cash movement was made a specialised task to reduce operational challenges.
The NSA boss called for enforcement of existing laws against those who abused the naira, adding that bringing people to justice is key to solving the problem.
Ribadu said, "If nobody is punished for bad behaviour, they will do more."
He said cash movement needed to be certified and standardised.
Ribadu lamented a situation where half of the seats on commercial flights were sometimes occupied with cash, wondering what would be the case on private flights as well as boats.
He said the current administration was dealing with some of the difficulties it inherited, adding, however, that there has been lots of improvements.
He stated, "The economy is beginning to take shape in less than two years, and we are counting the benefits. We inherited one of the most damaged economies."
Ribadu commended Cardoso for doing a lot to stabilise the financial system, and vowed continuous support for the central bank.
He acknowledged that the partnership between CBN and ONSA had yielded positive outcomes.
Earlier, CBN Deputy Governor, Operations Directorate, Bala Bello, explained that the engagement session aimed to reinforce the importance of a robust security framework in safeguarding the financial ecosystem, while ensuring the seamless execution of the bank's mandate.
Bello said CBN and its licensed partners interacted with various security agencies for numerous reasons, which included security escort/clearance, financial intelligence, and investigations.
Bello pointed out that the financial industry had its own challenges, especially cash cycle operations challenges, lack of uniformity in the provision of logistic services, and the commoditisation of the naira by PoS merchants and bank agents.
He stated, "Addressing these concerns effectively demands enhanced collaboration, mutual understanding, and structured guidelines for an enhanced service delivery.
Security remains a fundamental pillar of financial system stability."
Relatedly, CBN's Deputy Governor, Corporate Services Directorate, Ms. EmemUsoro, said the bank remained committed to bold, data-driven policies that accelerated access to finance, drove investment, and fostered a more inclusive, dynamic economy.
Usoro spoke at the Citibank's inaugural Women in Central Banking event, held in London, on March 10, in celebration of International Women's Day.
In her address, titled, "Accelerating Women's Financial Inclusion: Unlocking Opportunities for Growth and Investment," she expressed confidence that the bank's strategic initiatives, under Cardoso, will drive higher financial inclusion for women and other underserved groups and unlock economic value.
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Usoro told the forum, which had female central bank deputy governors from Kenya, Türkiye, Israel, Kazakhstan, Nigeria, and the United Kingdom, that CBN's efforts will fuel entrepreneurship, expand market participation, and strengthen financial resilience.
She stated, "With macroeconomic stabilisation taking hold, the central bank is shifting focus to broader financial sector reforms, including financial inclusion - an area of particular importance to Governor Cardoso.
"Whether for women-led businesses seeking capital, professionals securing their financial futures, or rural communities accessing banking for the first time, inclusion is a catalyst for sustainable growth.
"It is undeniable that when women thrive, economies prosper and opportunities multiply."
In celebration of the 2025 International Women's Day, Usoro shared the CBN's targeted policies and strategies to accelerate women's financial inclusion and reduce the gender gap in access to finance.
She disclosed that CBN, in collaboration with development partners, had conducted an assessment of women's financial inclusion in Nigeria. She said the bank established a Gender Desk in its Financial Inclusion Unit in response to the study's findings, which identified key obstacles, such as low trust in financial service providers and limited financial literacy.
The study revealed a nine per cent gender gap in access to finance, she said.
While stating the challenges faced by the current CBN management team upon taking office, Usoro outlined a series of critical reforms implemented to realign the bank with its core mandate.
She also listed the launch of the Women Entrepreneurs Finance (WE-FI) Code Commitment, championed by CBN, in collaboration with the Development Bank of Nigeria (DBN) and the Bank of Industry (BoI); the launch of the Framework for Advancing Women's Financial Inclusion in Nigeria (FAWFIN); and the inauguration of an inter-agency Special Interventions Working Group with a priority focus on women, as efforts by the bank to promote gender financial inclusion.
Usoro, urged participants to partner with financial institutions to expand credit facilities for women-owned businesses, invest in the fintechecosystem, particularly in infrastructure that improved access to digital finance, and support capacity-building programmes that enhanced women's financial literacy and entrepreneurship.
