TheCitizen - It's all about you
  • Home
  • Headlines
  • Latest News
  • Governance
  • Business
  • Financial Crimes
  • Opinion
  • Editorials
No Result
View All Result
  • Home
  • Headlines
  • Latest News
  • Governance
  • Business
  • Financial Crimes
  • Opinion
  • Editorials
No Result
View All Result
TheCitizen - It's all about you
No Result
View All Result

ECO: Adoption of single currency premature – Buhari tells ECOWAS

The Citizen by The Citizen
September 8 2020
in Business
A A
0
ECO: Adoption of single currency premature – Buhari tells ECOWAS
22
SHARES
734
VIEWS
Share on FacebookShare on Twitter

President Muhammadu Buhari Monday criticised the decision of the Francophone West African bloc of ECOWAS to unilaterally adopt proposed ECO currency, describing it as premature.

Buhari who made the remarks in Niamey, the Niger Republic capital, at the 57th Ordinary Session of the ECOWAS Heads of State and Government, said Nigeria remained committed to the implementation of a single currency plan.

He said the decision of the French-speaking West African countries to ambush their Anglophone counterparts on the proposed currency, without meeting laid down criteria had further created disaffection and mistrust among member-states.

“The premature adoption of the ‘ECO’ has unnecessarily heightened disaffection and mistrust among members of the emerging monetary union,” he said.

A statement by presidential spokesman, Malam Garba Shehu, said Buhari encouraged “UEMOA (French acronym for the West African Economic and Monetary Union) to return to the roadmap on the common currency in the sub-region.”

It also said the president urged all stakeholders to “bear in mind that those economic convergence criteria must be based on sound and sustainable macroeconomic fundamentals.”

Shehu said Buhari listed some key unresolved issues over a single currency plan to include: delinking the CFA franc of the UEMOA from the Euro; whether the UEMOA countries join as a bloc or individual countries; design of the exchange rate mechanism; stabilisation fund; policy harmonisation and exit strategy and reserve pooling, adding that the president appealed to his colleagues to provide “African solutions to African problems.”

He quoted the president as saying, “Foreign interference and so-called advice may not be in our best sub-regional interest,” reiterating the “need for UEMOA to return to the agreed roadmap of the ECOWAS single currency by complying with the established framework under the roadmap and cooperate with other member countries in achieving the objectives of the programme.”

Buhari also spoke on COVID-19 pandemic, noting that the summit was holding “under a very complex health pandemic, whose impact on the global health and economy has so far been devastating.”

The president who was earlier pronounced as ECOWAS Champion on COVID-19, was charged with the responsibility of mobilising and coordinating regional efforts against the pandemic, admitting that the “outlook for our sub-region with COVID-19 hovering over us is gloomy indeed.”

He said, “Like the rest of the world, our sub-region is witnessing economic downturn with negative growth that is headed towards deep recession and the outlook continues to be uncertain.”

The statement said he also charged his colleagues on the “need to continue to work in concert with each other on several fronts to ease the negative effects of the pandemic.”

It also quoted the president as saying, “we need to demonstrate our collective resolve to harness the opportunities that come with COVID-19, despite its overwhelming negative impact on lives and livelihoods.”

Buhari said he was confident that “where there are challenges, opportunities are also available to be seized upon through greater collaboration with each other.”

He added: “We must pool our resources together in unity to save our generation and generations to come from multiple challenges, including COVID-19 and related health issues.

“We need to redouble our efforts in preparing our national economies to withstand impending shocks against prospective multi-sector challenges that await us in the sub-region.”

Describing the situation as complex, the statement said Buhari appealed to his fellow leaders to “embrace our collective vision for the future with greater determination and innovative thinking and creativity.”

Buhari also appealed to ECOWAS leaders not to elongate their stay in office beyond constitutional limits, imploring them to respect constitutional provisions and ensure free and fair elections.

The president said it is “important that as leaders of our individual member-States of ECOWAS, we need to adhere to the constitutional provisions of our countries, particularly on term limits. This is one area that generates crisis and political tension in our sub-region.

“As it is, the challenges facing the sub-region are enormous; from socio-economic matters to security issues, the ECOWAS sub-region cannot therefore afford another political crisis, in the guise of tenure elongation. I urge us all to resist the temptation of seeking to perpetuate ourselves in power beyond the constitutional provisions.

“I commend those in our midst that have resisted such temptations, for they will be deemed exceptional role models in their respective countries and the sub-region as a whole.

“Related to this call for restraint is the need to guarantee free, fair and credible elections. This must be the bedrock for democracy to be sustained in our sub-region, just as the need for adherence to the rule of law.”

Buhari also spoke on the political situation in Mali, saying it is of serious concern to ECOWAS, commending President Mahamadou Issoufou of Niger Republic and the out-going Chair of the ECOWAS Authority of Heads of State and Government and the leadership of the ECOWAS Commission, as well as the chief mediator, former Nigerian President Goodluck Jonathan, “for effectively demonstrating commitment in handling the political situation in that country.”

Shehu quoted Buhari as saying, “Nigeria remains resolutely committed to ECOWAS decision for a civilian-led Transition Government not exceeding 12 months. This is important because of the circumstances surrounding Mali where violent non-state actors and other negative tendencies reside and who can take advantage of the unstable political situation to overrun the country, thereby plunging it into greater danger that will affect the political stability of the whole sub-region.

“While Nigeria understands the current political realities in Mali, the sub-region’s commitment to the Protocol on Democracy and Good Governance, must never be compromised.

“An early return to democratic governance which is transparent and civilian-led, will commend itself for Nigeria’s support for progressive relaxation of sanctions against Mali.”

The statement said Buhari also spoke on security situation in West Africa, noting that, “terrorism continues to be the greatest security threat in our sub-region, complicating other national security challenges.”

He added: “As a sub-region, we need to collaborate more by working hand in hand with each other, to combat the root causes of the different security-related manifestations in our countries.

“Nigeria is concerned with the rapidity at which terrorist groups in the Sahel and West Africa are working together against all of us,” adding: “We must urgently review these ugly developments to guarantee the safety and survival of our sub-region.

“Our national security apparatus and the relevant Units of ECOWAS must urgently be seized with these unfolding events across our sub-region and act decisively on the emergence of early warning signs,” he said. – Thisday.

Share9Tweet6
Previous Post

COVID-19: First international flight lands at Abuja airport

Next Post

CBN moves against banks, gaming companies over unauthorised FX transfers

Related Posts

Amazon cloud computing outage disrupts Snapchat, Airbnb, other online services worldwide
Business

Amazon cloud computing outage disrupts Snapchat, Airbnb, other online services worldwide

October 20 2025
Striking aviation workers reject govt plea, threaten total shutdown
Business

Aviation sector under threat as union, NiMet threaten strike

October 20 2025
FRSC introduces contactless driver’s licence system
Business

FRSC introduces contactless driver’s licence system

October 20 2025
Daily Times Nigeria unveils plans to mark 100 years
Business

Daily Times Nigeria unveils plans to mark 100 years

October 20 2025
Asharami Synergy bolsters fuel solutions in Lekki with new retail station
Business

Asharami Synergy bolsters fuel solutions in Lekki with new retail station

October 20 2025
Nigeria: IMF insists on fuel subsidy removal
Business

Nigeria missing as IMF lists Africa’s fastest-growing economies

October 18 2025
Next Post
CBN raises banks’ cash reserve ratio to 27.5%

CBN moves against banks, gaming companies over unauthorised FX transfers

Bauchi governor orders salary, pension payments by May 20

FG donates relief materials to Bauchi flood victims

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

FROM THE GRASSROOTS

ALGON orders Edo council officials to wear Tinubu’s signature caps

ALGON orders Edo council officials to wear Tinubu’s signature caps

by The Editor
October 18 2025
0

...

Olubadan unveils legal committee to tackle land grabbing

Olubadan unveils legal committee to tackle land grabbing

by The Editor
October 15 2025
0

...

Birnin Gwari needs urgent federal intervention – Emir tells Tinubu

Birnin Gwari needs urgent federal intervention – Emir tells Tinubu

by The Editor
October 13 2025
0

...

Rivers court adjourns hearing on LG poll legitimacy

Rivers court adjourns hearing on LG poll legitimacy

by The Editor
September 16 2025
0

...

APPOINTMENTS

Tinubu seeks Omidiran, 28 others’ confirmation as FCC members

Tinubu seeks Omidiran, 28 others’ confirmation as FCC members

by The Editor
October 15 2025
0

...

Okpebholo swears in 19 commissioners, warns against corruption

Okpebholo swears in 19 commissioners, warns against corruption

by The Editor
October 15 2025
0

...

Fubara drops Danagogo, appoints Anabraba as Rivers SSG

Fubara drops Danagogo, appoints Anabraba as Rivers SSG

by The Editor
October 13 2025
0

...

Savannah Energy signs agreement with Chadian govt for new renewable energy projects

Savannah Energy announces board changes, appoints two Nigerians as Independent Non-Executive Directors

by The Editor
October 9 2025
0

...

ODDITIES

Kano Court orders Hisbah to marry off TikTokers over ‘indecent’ videos

Kano Court orders Hisbah to marry off TikTokers over ‘indecent’ videos

by The Editor
October 20 2025
0

Teenager plucks sister’s eyes for ritual in Bauchi

Teenager plucks sister’s eyes for ritual in Bauchi

by The Editor
October 20 2025
0

Lagos to probe school over alleged sodomy

Father impregnates 15-year-old daughter in Ondo

by The Editor
October 17 2025
0

GLOBAL NEWS

Madagascar coup leader appoints businessman as new prime minister

Madagascar coup leader appoints businessman as new prime minister

by The Editor
October 20 2025
0

...

Madagascar’s military leader swears in as president

Madagascar’s military leader swears in as president

by The Editor
October 18 2025
0

...

Trump, Putin to meet in Budapest over Ukraine war

Trump, Putin to meet in Budapest over Ukraine war

by The Editor
October 17 2025
0

...

2026 Hajj: Saudi govt approves 66,910 slots for Nigeria

2026 Hajj: Saudi govt approves 66,910 slots for Nigeria

by The Editor
October 17 2025
0

...

Trump persuades India to stop buying Russian oil

Trump persuades India to stop buying Russian oil

by The Editor
October 16 2025
0

...

State of the States

Aiyedatiwa clears Ondo two-year gratuity backlog

Aiyedatiwa clears Ondo two-year gratuity backlog

by The Editor
October 20 2025
0

...

21.8% North-East residents HIV positive – NBS …as 16,000 die from HIV complications in Borno

Adamawa records 8,850 new HIV infections in four years

by The Editor
October 17 2025
0

...

Zamfara APC condemns state govt’s mass sacking of civil servants

Zamfara APC condemns state govt’s mass sacking of civil servants

by The Editor
October 14 2025
0

...

Gov. Otti set to build modern fire station in Umuahia

Gov. Otti set to build modern fire station in Umuahia

by The Editor
October 7 2025
0

...

Plugin Install : Widget Tab Post needs JNews - View Counter to be installed
  • Trending
  • Comments
  • Latest
Amazon cloud computing outage disrupts Snapchat, Airbnb, other online services worldwide

Amazon cloud computing outage disrupts Snapchat, Airbnb, other online services worldwide

October 20 2025
Madagascar coup leader appoints businessman as new prime minister

Madagascar coup leader appoints businessman as new prime minister

October 20 2025
Heartbroken woman, 22, commits suicide over cheating boyfriend

Heartbroken woman, 22, commits suicide over cheating boyfriend

October 20 2025
Soludo targets guber win in all Anambra polling units

Soludo targets guber win in all Anambra polling units

October 20 2025

EDITORIAL REVIEW

Invest in vocational, technical education – Punch

Invest in vocational, technical education – Punch

by The Editor
October 20 2025
0

End female genital mutilation – Punch

End female genital mutilation – Punch

by The Editor
October 17 2025
0

Nnaji: Nigeria’s dodgy vetting processes – Punch

Nnaji: Nigeria’s dodgy vetting processes – Punch

by The Editor
October 16 2025
0

Vacations and governance: Why President Tinubu’s trip matters -Guardian

Tinubu, honour promise to ASUU – Punch

by The Editor
October 15 2025
0

The killings in the South East – Thisday

The killings in the South East – Thisday

by The Editor
October 14 2025
0

Opinion

Tinubu finds his own demons

Next time, Umahi should go to NTA

by The Editor
October 16 2025
0

...

Objections over presidential pardon for grave offenders

Objections over presidential pardon for grave offenders

by The Editor
October 13 2025
0

...

1975 public service purge: What have we learnt?

1975 public service purge: What have we learnt?

by The Editor
September 30 2025
0

...

Tinubu finds his own demons

Nigeria’s state of weakness

by The Editor
September 18 2025
0

...

Plugin Install : Popular Post Widget need JNews - View Counter to be installed
  • Home
  • Headlines
  • Latest News
  • Governance
  • Business
  • Financial Crimes
  • Opinion
  • Editorials

© 2024 TheCitizen Ng. All Rights Reserved.

No Result
View All Result
  • Home
  • Headlines
  • Latest News
  • Governance
  • Business
  • Financial Crimes
  • Opinion
  • Editorials

© 2024 TheCitizen Ng. All Rights Reserved.