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FG, States, LGs Go Full Cashless March 1
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that under the guidelines, only the President can give a waiver for any cash above the approved daily threshold to be withdrawn for urgent or emergency reasons.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cash withdrawal limits in the country, state governments withdraw a total of N701 billion cash above the N225 billion withdrawn by the Federal Government and N156 billion withdrawn by the local governments in the country, bringing total public sector cash withdrawals between 2015 to date to N1.082trillion.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
One killed, another injured as gunmen invade Gari Village in Niger State
By: Zagazola Makama
Armed men have attacked Gari Village in Masamagu area of Niger State, killing one person and abducting another in a violent incident that occurred on Wednesday night.
Zagazola Makama gathered that the attack happened at about 9:30 p.m. on July 24, when six unidentified gunmen stormed the community and macheted a 55-year-old man, Umaru Zakiru, to death.
They also abducted one Hussaini Muhammed to an unknown destination, but the victim later escaped from captivity with a gunshot wound.
A tram of security forces responded promptly and evacuated both the deceased and the injured to the General Hospital in Kontagora for autopsy and medical treatment.
A manhunt has been launched to track down the assailants and bring them to justice.
One killed, another injured as gunmen invade Gari Village in Niger State
Tinubu Assures Nigerians in Diaspora of Favourable Policies Towards Them
By: Michael Mike
President Bola Tinubu on Friday assured Nigerians in Diaspora of his administration’s determination to continue to provide the enabling environment and policies that will boost their active participation in the country’s governance.
Tinubu gave the assurance at the opening of the National Diaspora Day celebrations 2025 at the Banquet Hall, Presidential Villa, Abuja.
This year’s celebration is themed: “Optimizing formidable Diaspora Potentials for National Development and growth”.
The President, who was represented by the Secretary to the Government of the Federation, Senator George Akume, said: “We will continue to provide an enabling platform for effective policies for the Diaspora with the view to galvanizing your support for this administration and concretizing our democracy, optimizing your potentials and setting a good example for other African countries to emulate.
“Let me also state that we will look into the Challenges NiDCOM has enumerated with a view to ameliorating same so that we can harvest maximally the benefits of migration through the engagements with our Diaspora for national development and growth.”
He added that: “It is a great delight to address our over 20 million Nigerians in the diaspora on this auspicious occasion of the celebration of our National Diaspora Day 2025.”
“Only Nigerians both at home and abroad can develop Nigeria,” Tinubu stated.
The President highlighted the contributions of the diaspora, which include increasing remittances, pointing out that in 2024 alone, “Nigerians abroad sent home $20.9 billion through official channels—more than four times the value of the country’s foreign direct investment.
He said: “The Nigerians in the diaspora are also actively investing in our health care, agriculture, education, information, communication technology, housing and real estate, sports, transportation, oil and gas, and other sectors.
“This, I must say, is commendable and in our enlightened self-interest.”
The President stressed how highly the government rates the Nigerians in diaspora, saying “Our renewed hope for foreign policy recognises the diaspora as the fourth pillar for the agenda—namely democracy, demography, development, and diaspora.
In his goodwill message, the minister of Interior, Dr. Olubunmi Tunji-Ojo said:
“When you go to any part of the world, maybe in Asia, Africa, South America, you will see Nigerians excelling. Nigerians breaking barriers. Nigerians breaking ceilings. And Nigerians using ceilings as springboards to greatness.”
The Minister highlighted the economic potential of diaspora remittances—comparing Nigeria’s $21bn in 2024 remittances to $32.91bn in oil earnings and India’s $135.46bn diaspora inflows.
He said: “What does that tell you? It tells you that the power of economic emancipation, a lot of this resides within you, beyond your own imagination,” he said.
The minister also explained that the administration is laying the foundation for long-term national prosperity—even if short-term sacrifices are required.
“You cannot cure a tumor by virtue of a paracetamol. It is important that the Renewed Hope agenda of Mr. President came into being. And today, we can see the results. We can see the economic stability of this country,” he said.
Tunji-Ojo also spoke on the reforms in his ministry which include immigration and the protection of critical national infrastructure.
He therefore called on the diaspora community to trust in the country’s direction under President Tinubu’s leadership.
“Nigeria has never been ready for investment more than now. We are ready for investment.
“I assure you, under the leadership of this President, you will never regret your investment. Nigeria loves you. Nigeria cares about you. And this particular administration cares about you,” he said.
Earlier, in her remark, Chairman of the Nigerians in Diaspora Commission, Dr. Abike Dabiri-Erewa, said “The theme is apt to appreciate the efforts of both the government and the diaspora community in nation building and also to discuss how to make diaspora engagements better for national development.”
She emphasised the role of Nigerians in diaspora in the country’s development.
Dabiri-Erewa announced a proposed Diaspora Presidential Fellowship Programme. The initiative would allow professionals in the diaspora to take part in six-month sabbaticals in Nigeria, aimed at promoting knowledge transfer and innovation across sectors.
“It will strengthen their role in nation-building and serve as a knowledge-driven giveback to the fatherland,” she added.
Highlights of the event was the unveiling of a new Diaspora Home and Abroad Housing Platform, aimed at providing secure housing opportunities for diaspora Nigerians seeking to invest back home.
Tinubu Assures Nigerians in Diaspora of Favourable Policies Towards Them
Nasarawa: Security operatives arrest six over kidnapping, rape and robbery in Doma
By: Zagazola Makama
Security operatives in Nasarawa State have arrested six suspected members of a notorious armed robbery and kidnapping gang responsible for a series of violent crimes in Yelwa Ediya village, Doma Local Government Area.
The suspects, identified as Darda’u Shehu, Yunusa Malami Hashimu, Musa Abubakar, Ibrahim Musa, Mohammed Musa, and Jibrin Lafia, were apprehended during a coordinated raid based on actionable intelligence from a concerned resident.
During interrogation, the suspects reportedly confessed to their involvement in the kidnapping of a local councillor, Hon. Ari Muhammad, on May 26, 2025. They further disclosed that one of their members, Darda’u Shehu, raped the councillor’s wife, Talatu Ari, during the abduction and stole two mobile phones an Infinix Note 30 valued at ₦250,000 and a Tecno phone valued at ₦20,000.
The gang also confessed to mounting a roadblock along the Doma–Yelwa Road on July 19, where they attacked one Ibrahim Haruna and snatched his Bajaj motorcycle worth ₦970,000.
Recovered from the suspects were ₦100,000 in cash and one Bajaj motorcycle believed to have been taken from one of their victims.
The suspects also named their gang leaders as Bammi Alhaji Amme (alias Zomo) and one Lawali (surname unknown), who are currently on the run.
Efforts are ongoing to apprehend the remaining members of the gang and bring them to justice.
End
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