National News

FG, States, LGs Go Full Cashless March 1

Published

3 years ago

January 6, 2023

FG, States, LGs Go Full Cashless March 1

Worried by the inflationary consequences of huge public sector cash withdrawals on the nation’s economy, the Nigerian Financial and Intelligence Unit (NFIU), yesterday, outlawed cash withdrawals from all government accounts effective March 1, 2023 warning that defaulters risk three-year jail term.

The NFIU, declared that such transactions would now be done electronically in line with the Central Bank of Nigeria (CBN) monetary policy.

It said defaulters who fail to heed the cash restriction order on public accounts risks collaborative investigation by the Nigeria Financial Intelligence Unit (NFIU), Economic and Financial Crimes Commission (EFCC) and Independent Corrupt Practices Commission (ICPC).

Director and Chief Executive Officer, NFIU, Modibbo Tukur, who confirmed the latest development at a press briefing, at the Unit’s office in Abuja, said defaulters risk spending three years behind bars.

He said “The NFIU had told banks and government agencies at all levels to go fully digital by moving online, as all transactions involving public money must be routed through the banks for the purpose of accountability and transparency.

“This is not reversible as we are only enforcing the law. As far as we are concerned, Nigeria will become a full non-cash economy by March 1, 2023 this year.

As a consequence, any government official that withdraws even one naira cash from any public account from March 1 will be investigated and prosecuted in collaboration with relevant agencies like EFCC, ICPC and the NPF,” he said.

Tukur clarified that under the guidelines, only the President can give a waiver for any cash above the approved daily threshold to be withdrawn for urgent or emergency reasons.

He said despite the introduction of the cash withdrawal limits in the country, state governments withdraw a total of N701 billion cash above the N225 billion withdrawn by the Federal Government and N156 billion withdrawn by the local governments in the country, bringing total public sector cash withdrawals between 2015 to date to N1.082trillion.

“With some states withdrawing up to N24 billion and then we also discovered that the Federal Government withdrew in cash up to N225 billion while the local governments withdrew up to N156 billion.

“So if we are to apply the law here, all the public servants involved in this withdraws are entitled to three years imprisonment. That’s what the law said,” he said.

The NFIU therefore directed federal, state and local governments in the country to put necessary measures in place to ensure the smooth operationalisation of the new policy.

He advised the different tiers of government in particular, to deploy technology and train their staff to be able to apply the new policy from the stipulated date.

Modibbo said: “With the implementation of this guideline, Nigeria has been taken into a non-cash economy with effect from March 1, 2023.”

Continuing, he said: “The rate of withdrawals above the threshold from public accounts has been alarming, over N701 billion has been withdrawn in cash from 2015 till date. So you are all aware of the inflation in the economy, public servants traveling ,this and that, so the mark of withdrawing above the threshold is becoming very frequent.

“For government exigencies, only the President has the power to grant any waiver to any government official considering the importance of the situation; either for national security, health, or other important reasons.”

“From the first of March 2023. If there is any cash withdrawal, it is going to trigger off money laundering investigation in either EFCC ICPC, the Nigerian police, or all the law enforcement agencies, depending on the relevance of the withdrawal.

“So it’s also understood, the cash in the system is limited. But with this guideline, we expect that cash withdrawal from the system will go down by about N1 trillion Naira out of the N3 trillion cash that is in circulation on a weekly basis now.”

In his reaction, Frank Onyebu, Chairman, MAN, Apapa Branch, said: “This measure is laudable, but I think it’s still a tall order based on so many militating factors, chief of which is infrastructural deficiency. We cannot be talking about going totally cashless when we still have problems with internet penetration.

Chairman, SMEs Group of the Lagos Chamber of Commerce and Industry (LCCI), Daniel Dickson-Okezie said it was a welcome development.

“The more cashless we go, whether at governmental , organisational or individual levels, the better for the economy and society.

The issue of cashless economy was mooted for the first time during the Olusegun Obasanjo administration. The policy is acceptable because it will check crime , money laundering, corruption in government, private and public sectors.

Businesses don’t thrive in a corrupt society, investors don’t want to invest in a corrupt environment and corruption affects government too. So cashless economy will tame corruption,” he said.

He however tasked the government to follow it up by improving information technology infrastructure saying “The whole thing is based on ICT and it is important that we are able to make payments seamlessly.”

An economist, Dr Nathan Owhor, lauded the directive by NFIU on MDAs to ensure that all receipts and payments on government transactions from March 2023 are cashless is good for the economy.

“The leakage in the MDAs are huge and not good enough for the economy. The Chief Executives in the MDAs must learn how to be accountable and show greater financial discipline.

Some of them who claim to have strong godfathers are actually reckless with government finances and they enjoy protection. This protection is usually sustained by huge cash rewards which is a drain on the economy.

“The new cashless policy for the MDAs will therefore achieve four broad objectives amongst others. In the first instance, which is perhaps key is the ability to track government receipts and payments.

Secondly, it has the capacity to reduce the high level of waste and mismanagement in the MDAs. It will also build trust in the domestic economy because of the level of transparency it will engender.

All of these possibilities in the final analysis will make more funds available for development projects,” he said.

FG, States, LGs Go Full Cashless March 1

National News

President Tinubu Commends Zulum over dividends of Democracy even as he commissions new projects in Borno

Published

6 days ago

December 22, 2025

Ochuwa Ibrahim

President Tinubu Commends Zulum over dividends of Democracy even as he commissions new projects in Borno

By: Bodunrin kayode

President Bola Tinubu on Saturday commended Prof Umara Zulum for doing a good job even as he delivers series of new project for his people.

The President who made the remarks during the commissioning ceremony of several projects performed separately, commended Governor Zulum for his transformative leadership which is really touching the lives of the people.

“I congratulate the Governor and the people of Borno State for this transformation. Government is all about people, and Professor Zulum is doing a very good job of caring for people.” Said Tinubu.

Tinubu had Commissioned three newly constructed mega schools and a fleet of 620 fully electric vehicles and tricycles delivered by the Governor of Borno State, Professor Babagana Zulum.

The President highlighted the projects as tangible evidence of effective governance and a blueprint for holistic state development needed in times like these.

The commissioned schools include: Mafoni Day Secondary School, Bola Ahmed Tinubu Government Day Secondary School and Mafoni Primary School.

They are part of Governor Zulum’s ambitious 104 Mega School Initiative designed to drastically improve access to quality education and rebuild the sector after over a decade of insurgency.

Each of the school complexes is equipped with modern classrooms, laboratories, libraries, sports facilities and an administrative complex to create a conducive learning environment.

Earlier, the President had also commissioned the international terminal of the Muhammadu Buhari International Airport, Maiduguri, in preparation for the commencement of international operations.

Responding to the President’s gesture Zulum expressed gratitude for the federal government’s support and reiterated his administration’s commitment to rebuilding Borno’s infrastructure, economy and human capital.

President Tinubu concluded his state visit by attending the wedding ceremony of the son of the former Borno State Governor Senator Modu Sheriff’s, conducted at the Maiduguri Central Mosque in front of the Palace of the Shehu of Borno state.

The event was attended by state government officials, traditional rulers community leaders and a group of federal officials in the Presidential convoy.

President Tinubu Commends Zulum over dividends of Democracy even as he commissions new projects in Borno

National News

Tinubu’s Procurement Reforms, a Turning Point for National Economic Growth – NEFGAD

Published

7 days ago

December 21, 2025

Ochuwa Ibrahim

Tinubu’s Procurement Reforms, a Turning Point for National Economic Growth – NEFGAD

By: Michael Mike

The Network for the Actualization of Social Growth and Viable Development (NEFGAD), a frontline public procurement advocacy group, has commended President Bola Tinubu for the bold, visionary, and far-reaching reforms outlined in his presentation of the 2026 Appropriation Bill to the National Assembly.

NEFGAD particularly commended President Tinubu’s remarks on public procurement at the presentation of the budget, stating that the President’s statement underscores the administration’s unwavering commitment to transparency, efficiency, and prudent management of public resources.

In a statement signed by the organisation’s acting head of office, Barrister Unekwu Ojo, and made available to journalists on Saturday, NEFGAD lauded the President’s disclosure that the Federal Government commenced a comprehensive procurement reform framework from November last year, describing it as a decisive shift toward strengthening due process, reducing waste, and enforcing accountability across Ministries, Departments, and Agencies (MDAs).

The statement noted that the reforms have demonstrably shortened procurement processing timelines, enhanced compliance, and strengthened sanctions against erring contractors and public officials, setting a new benchmark for governance and fiscal prudence.

The group said that November 2024, the period referenced by Mr. President, coincides with the assumption of office of the Director-General of the Bureau of Public Procurement (BPP), Dr. Adebowale Adedokun, and established beyond doubt, that the procurement reforms acknowledged by Mr. President are being driven and implemented under the leadership of Dr. Adedokun, in alignment with the policy direction of the Tinubu administration.

Of particular significance is the President’s emphasis on the Nigeria First Policy, which mandates MDAs to prioritize Nigerian-made goods and local companies in public procurement, NEFGAD described this policy as a strategic intervention aimed at deepening local content, stimulating domestic industries, creating jobs, encouraging innovation, and reducing Nigeria’s over-reliance on imports, and emphasised that procurement is no longer a mere administrative process but a powerful instrument for national economic development and industrial growth.

Ojo further commended the remarkable achievement of the Bureau of Public Procurement under Dr. Adebowale Adedokun, which has recorded over ₦1 trillion in savings within just one year through enhanced price intelligence and benchmarking mechanisms.

She insisted that: “This figure is larger than the cumulative savings recorded by the BPP in 17 years from 2007 to 2024 before Dr. Adedokun’s assumption of office, marking the most significant cost-saving milestone in the history of the Bureau and perhaps in the entire continent by any government in a single budget cycle.”

NEFGAD observed that these gains are a clear demonstration that Nigeria’s procurement system is entering a new era defined by efficiency, national interest, and sustainable economic growth. The organisation stressed that while the achievements are commendable, sustained reforms must be safeguarded through strict adherence to due process, impartial enforcement, and continuous transparency.

The group called on all stakeholders, including MDAs, civil society organisations, and the media, to actively engage in monitoring the implementation of procurement reforms, ensuring that the Nigeria First Policy achieves its intended goals without being hijacked by vested interests or manipulated for political patronage.

NEFGAD also urged the government to institutionalise best practices, consolidate savings, and expand the culture of accountability, warning that the long-term success of the reforms hinges on consistent oversight, robust regulatory frameworks, and unwavering political will.

According to NEFGAD, the ongoing transformation of Nigeria’s procurement landscape is not only a victory for public finance management but also a template for good governance that other sectors can emulate. The organisation reiterated its commitment to supporting the government’s reform agenda through advocacy, capacity building, and independent monitoring, emphasizing that procurement must continue to serve as a strategic driver of economic development, job creation, and national prosperity.

Tinubu’s Procurement Reforms, a Turning Point for National Economic Growth – NEFGAD

National News

China-Nigeria Trade Volume Surpasses $22b- Envoy

Published

1 week ago

December 20, 2025

Ochuwa Ibrahim

China-Nigeria Trade Volume Surpasses $22b- Envoy
…10,000 Nigerians Have Enjoyed Training Programmes in China So Far

By: Michael Mike

China-Nigeria trade volume has surpassed $22 billion, China Ambassador to Nigeria, Yu Dunhai has said.

Speaking at the 1st Annual China-Nigeria Government Exchange Program Alumni Reunion Gala, in Abuja, Yu also disclosed that over 10,000 Nigerians have benefited from opportunities for the exchange provided by China.

Yu while noting that 2025 trade volume has surpassed that of the previous year, said that China’s direct investment to Nigeria increased by 130%, while Nigeria’s export increased by over 200%.

He said: “ I think this bilateral relations not only has a political meaning, but it’s actually more about people-to-people relations. And I’m very happy to let all of you know that our trade volumes, this year, already surpassed 22 billion U.S. dollars.

“That’s already surpassed the total amount of last year. And China’s direct investment to Nigeria increased by 130%. And another good news is Nigeria’s export increased by over 200%.”

The envoy also said his country is working closely with Nigeria authorities to implement the zero tariff policy announced in June 2025, which is meant to expand Nigeria’s export to China while also enhancing Nigeria’s position on the international global trading system.

He said: “We are working very closely with the Ministry of Industry, Trade and Investment to implement the zero tariff policy, which the Chinese government announced last June. That is, China is going to provide zero tariff for 100% of products from all 53 African countries, including Nigeria, to China.

“And I believe that this is going to expand Nigeria’s export to China and contribute also to the enhancing of Nigeria’s position on the international global system, the trading system.”

He noted that China-Nigeria are working on other various projects which are aimed at providing mutual benefits, stating that he believed that Nigeria and China are natural partners, as both countries shared the same interest.

He therefore said both countries need to work together to enhance the current global governance, to address the active representation of African countries, and to better let our voices be heard globally.

Yu, while stating that: “China’s today is Nigeria’s tomorrow,” noted that China and Nigeria shared a lot of similarities.

On bringing the alumni together, Yu said: “is to provide a platform for our alumni who attended the Chinese Government Exchange Programme to stay connected, to exchange ideas, and thus contribute to China-Nigeria relations.

“Indeed, over the years, China has provided over 10,000 opportunities for the training programme for Nigerians.

He said the training opportunities aimed at building the capacities and sharing experience of governance, to poverty reduction, to manufacturing, agriculture, public health, trade, investment, science, technology, innovation, food economy, digital economy.

He added that: “And I believe that this not only helps to enhance the capabilities of the individuals, but also contributes to the economic and social development of Nigeria.”

Yu said the alumni of the exchange programme cut across Nigeria’s cities of Abuja, Lagos, Maiduguri and Ibadan, among others.

China-Nigeria Trade Volume Surpasses $22b- Envoy