National News
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that under the guidelines, only the President can give a waiver for any cash above the approved daily threshold to be withdrawn for urgent or emergency reasons.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cash withdrawal limits in the country, state governments withdraw a total of N701 billion cash above the N225 billion withdrawn by the Federal Government and N156 billion withdrawn by the local governments in the country, bringing total public sector cash withdrawals between 2015 to date to N1.082trillion.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
National News
PRESIDENT TINUBU CHANGES SERVICE CHIEFS
PRESIDENT TINUBU CHANGES SERVICE CHIEFS
By: Our Reporter
President Bola Tinubu has made changes in the hierarchy of the Service Chiefs in furtherance of the efforts of the Federal Government of Nigeria to strengthen the national security architecture.
The President appointed General Olufemi Oluyede to replace General Christopher Musa as the new Chief of Defence Staff. The new Chief of Army Staff is Major-General W. Shaibu. Air Vice Marshall S.K Aneke is Chief of Air Staff while Rear Admiral I. Abbas is the new Chief of Naval Staff.
Chief of Defence Intelligence Major-General E.A.P Undiendeye retains his position.
The President, Commander-in-Chief of the Armed Forces, expresses most profound appreciation to the outgoing Chief of Defence Staff, General Christopher Musa and the other Service Chiefs for their patriotic service, and dedicated leadership.
The President charges the newly appointed Service Chiefs to justify the confidence reposed in them to further enhance the professionalism, vigilance and comradeship that define the Armed Forces of Nigeria.
All appointments take immediate effect.
PRESIDENT TINUBU CHANGES SERVICE CHIEFS
National News
Nigeria-Germany Trade Volume Hits €3 billion – Envoy
Nigeria-Germany Trade Volume Hits €3 billion – Envoy
By: Michael Mike
Nigeria-Germany trade volume has hit an all-time high of €3 billion, the German Ambassador to Nigeria, Annett Gunther said on Thursday
The envoy who addressed a press conference in Abuja said the 30% increase could be attributed to Nigeria’s economic recovery.
Gunther who called the press conference ahead of the joint Nigerian-German binational commission scheduled for Berlin, in German, noted that Nigeria remains “Germany’s second biggest trading partner in Sub-Saharan Africa with a total trade volume of 3 billion Euros,” adding that: “Trade volumes have increased this year by 30% due to Nigeria’s economic recovery.”
The envoy equally revealed that more than 90 German companies are active in the country, “indirectly creating about 17.000 jobs in Nigeria.”
Gunther also told journalists that good times between both countries were not over, promising Nigerians that more investments are on the way, especially in the energy and the pharmaceutical sectors.
She revealed that in the energy sector, the Presidential Power initiative is now in the second phase.
She said: “This cooperation with the German energy giant Siemens will add about 7 Gigawatts to Nigeria’s Energy Grid. Secondly, the German –Nigerian cooperation in the Gas sector, eliminating gas flaring and improving Nigeria´s CO2 footprint.”
The envoy revealed that the relationship has also improved in the area of Visa and Migration as no fewer than 7,600 visas were issued to both students and short term stay, adding that plans were already in place to increase the number.
Gunther said: “All the common goals and projects would not work if they were not supported by travels on all levels between our two countries, plus legal migration. Last year alone, the German Embassy here in Abuja and the German Consulate General in Lagos granted around 1400 long-term visas for purposes such as study in Germany, family reunion and employment as well as around 6200 visas for short-term stays such as business and tourism.
She revealed that: “This year, we are well on track to raise those numbers,” stating that:
“The German missions remain committed to furthering the bilateral relations by granting visas to properly documented applications.”
She also assured that in the area of military cooperation, Germany will continue to stand by Nigeria.
She said: “This year marked a new chapter: the launch of our first Bilateral Annual Programme, bringing military experts from both countries together for in-depth exchanges and joint planning.
“Through the Bundeswehr Advisory Group, Germany has been a reliable partner — supporting Nigeria with field medical expertise and counter-IED operations, car mechanical training and other interventions.
“And we’re not stopping here. Germany will continue to stand with Nigeria in the fight against terrorism.
“Next month, we’ll take this cooperation to the next level: for the first time, high-level military staff talks will take place in Abuja, opening the door to even closer collaboration in the future.”
She also revealed other areas of cooperation which includes support for the Nigeria police force and the drug enforcement agency amongst others.
In the area of stabilization efforts at containing impacts of terrorism and climate change, the envoy said: “Germany is supporting the development of resilient state institutions and the strengthening of local communities.”
She said focus are on the North East (Borno, Adamawa, Yobe) and the North West (Zamfara, Sokoto, Katsina), “where initiatives such as the reconstruction of schools, health centres, markets, housing, and police stations are improving both security and daily life for local people.”
Nigeria-Germany Trade Volume Hits €3 billion – Envoy
National News
NEC Endorses President Tinubu’s Proposal To Revamp Training Institutions For Security Agencies Nationwide
NEC Endorses President Tinubu’s Proposal To Revamp Training Institutions For Security Agencies Nationwide
*Constitute committee to oversee overhaul of training facilities
*Okays anticipatory action framework to prevent riverine flooding across 36 states
*As VP Shettima urges states to align with President’s growth targets
By: Our Reporter
The National Economic Council (NEC) has endorsed President Bola Ahmed Tinubu’s proposal for the overhaul and revamp of training institutions for security agencies nationwide.
The President’s proposal followed a presentation made to Council by the Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, on the realisation of President Tinubu’s vision for a trillion-dollar economy, which also highlighted the necessity of investing more in security by the three tiers of government.

At its 152nd meeting held at the Presidential Villa, Abuja, NEC constituted a committee chaired by Enugu State Governor, Peter Mbah, to oversee the process of overhaul of training institutions for security agencies across the country.
The committee has a one month period to produce a blueprint for the renovation of training institutions for the Nigeria Police Force and sister agencies nationwide.
Addressing members of the Council, President Tinubu highlighted the need for government to fix training institutions and facilities for security agencies across the country, assuring that his administration would make concerted efforts to reverse the dilapidation in police training facilities nationwide.
“We have to make the conditions of the training facilities more conducive for both the trainers and trainees,” he said.
Other members of the NEC committee are Governors Uba Sani of Kaduna, Dapo Abiodun of Ogun, Kefas Agbu of Taraba, Umoh Eno of Akwa Ibom, Dauda Lawal of Zamfara, and Abdullahi Sule of Nasarawa, with former Inspector General of Police (IGP), Baba Usman, as secretary.
Also, President Tinubu urged state governors to also pay attention to issues that affect the wellbeing of the people particularly from the grassroot.
Earlier, Chairman of NEC, Vice President Kashim called on state governments to translate the optimism of the streets into real prosperity in homes and communities.
In his opening address, the Vice President Shettima reminded state governors that the measure of governance lies in the tangible improvement of citizens’ lives rather than rhetoric.
“The measure of government is not in speeches delivered; it is in the lives improved,” the Vice President said.
Highlighting one of the day’s major presentations, including the Anticipatory Action Framework for Riverine Flooding by the Office of the National Security Adviser (ONSA), VP Shettima reiterated the administration’s shift from reactive crisis management to proactive planning.
“It is no longer in doubt that rivers that once sustained our farmlands and livelihoods have also been the source of recurring tragedy for many of our citizens.
“Entire communities have watched their dreams drown in waters that could have been tamed through foresight and planning. True leadership anticipates danger and builds systems to prevent loss before it happens,” he said.
He commended the National Security Adviser, Malam Nuhu Ribadu, for leading the charge toward disaster preparedness across the federation, noting that the framework will strengthen early warning systems, coordination mechanisms, and subnational response capacities.

The Minister of Budget and Economic Planning, Sen. Abubakar Atiku Bagudu presented a NEC memorandum outlining Nigeria’s trajectory toward a $1 trillion economy by 2033, describing the target as a test of coordination and clarity.
According to the Vice President, “This ambition requires coordination across the federation. It is our duty as a Council to interrogate the pathways, to assign responsibilities, and to ensure that our targets are realistic, time-bound, and transparent to the citizens who expect results.”
He emphasised that the roadmap aligns with President Bola Ahmed Tinubu’s Renewed Hope Agenda, which prioritises macroeconomic stability, job creation, food security, and subnational competitiveness as anchors of national prosperity.
Senator Shettima also commended the Katsina Sustainable Platform for Agriculture (KASPA), a state-driven digital agriculture model designed to modernise service delivery and improve farmers’ access to data, markets, and climate information.
“Earlier this week, at the invitation of His Excellency, Governor Dikko Umaru Radda, I was in Katsina State. One of the progressive projects we launched is the Katsina Sustainable Platform for Agriculture, known as KASPA. It is a scalable framework for digital governance, farmer inclusion, and climate-smart productivity ready for sub-national adoption,” the Vice President said.
The platform, he noted, reflects the Council’s broader commitment to technology-enabled governance and inclusive agricultural growth that cuts across the thirty-six states and the FCT.
“The story of Nigeria’s recovery will not be written by chance but by choice—by the deliberate actions we take to protect our economy, safeguard our environment, and uphold the welfare of our citizens,” he said.
VP Shettima commended governors, ministers, and members of the Council for sustaining the NEC as a platform of trust, cooperation, and policy innovation.
Other highlights of the meeting are as follows:
NEC (6TH IN 2025) 153RD MEETING, THURSDAY, 23RD OCTOBER, 2025.
PRESS BRIEFING:
UPDATE ON ACCOUNT BALANCES AS AT OCTOBER, 2025
EXCESS CRUDE ACCOUNT – $535,823.39
STABILIZATION ACCOUNT – N87,665,172,169.67
NATURAL RESOURCES ACCOUNT – N141,585,815,908.16
UPDATE ON NEC AD-HOC COMMITTEE ON POLIO ERADICATION BY THE CHAIRMAN, ALH. MUHAMMAD INUWA YAHAYA, EXECUTIVE GOVERNOR OF GOMBE STATE
Chairman of the Ad-Hoc Committee briefed Council that since its inauguration, the Committee has convened four times (June–October 2025), strengthening political commitment and coordination.
That Epidemiological data show continued progress, with cVPV2 cases dropping by 44% from 109 in 2024 to 61 in 2025. Kano and Katsina achieved major reductions (89% and 88% respectively). However, Sokoto, Zamfara, and Kebbi reported new cases (8, 4, and 2), highlighting the need for ongoing vigilance. Gombe remains free of new cases.
That recent In-Between Round Activities (IBRA) led to significant gains:
i. Settlements reached rose from 77% in August to 97% in September.
ii. Vaccine coverage in insecure areas reached 90% across key states.
iii. The first phase of the National Integrated Campaign (launched by the First Lady on 6 Oct 2025) was conducted in five high-burden states, reaching 60% of settlements and vaccinating 73% (Polio) and 57% (Measles-Rubella) of targeted children as of 12 October 2025.
iv. The second phase began on 18 Oct 2025 in Gombe, continuing integrated vaccination efforts.
Current activities and next steps
- The nationwide Integrated Campaign commenced on 6th October 2025 is ongoing across five states — Kano, Katsina, Kebbi, Sokoto, and Zamfara.
- The Integrated Campaign delivers a comprehensive health package, including Measles-Rubella and Polio vaccines, Seasonal Malaria Chemoprevention (SMC), and Neglected Tropical Disease (NTD) interventions.
Council Resolution:
i. Council urged state governments to ensure release of funds to their structures to improve statewide immunization exercise.
ii. The NEC urged sustenance of momentum to reduce polio infection and spread thereby safeguarding every Nigerian child.
PRESENTATION ON KATSINA SUSTAINABLE PLATFORM FOR AGRICULTURE (KASPA) BY SSAP INNOVATION NASIR YAMMAMA
The National Economic Council received a presentation on the Sustainable Platform for Agriculture by the SSA to the President on Innovation, Nasir Yammama. The presentation was on the Katsina Sustainable Platform for Agriculture (KASPA) as a model for adoption by sub-nationals and part of solutions to challenges militating against improved agricultural productivity and sustainability in Nigeria.
The SSAP said the model which focuses on empowering smallholder farmers and developing the agribusiness value chain leverages technology to provide farmers with integrated agriculture assistance, including extension services and market linkages.
Council Resolution:
Council commended the innovation to deploy technology in addressing challenges faced by farmers across Nigeria and urged state governments to replicate the model in the bid to unlock the full potential of agricultural production regions across the country.

Council also directed the Ministry of Agriculture and Food Security to capture in its 2026 budget, the establish of the agriculture data and control centre in the 6 geopolitical zones of the country.
UPDATE ON THE NATIONAL ECONOMIC COUNCIL AD-HOC COMMITTEE ON CRUDE OIL THEFT PREVENTION AND CONTROL PRESENTED BY THE CHAIRMAN, SEN. HOPE ODIDIKA UZODINMA, GOVERNOR OF IMO STATE.
The Committee updated Council that it has met several times and Members have formed a common front to fight Oil Theft in Nigeria. Some Critical Stakeholders in the Industry were invited for discussions to extract very important information that will further the assignment of the Committee. The Committee also met with the Regulator NNPC, and some operators in the industry. Our determination to raise oil production is informed by the Nation’s quest for a One Trillion US Dollar Economy by the year 2030.
NEXT STEPS
Below are the next steps the Committee intends to undertake:
A. Obtain and analyze some important information/data from critical stakeholders to further assist its assignment.
B. Resolved to provide logistics support to outstanding States, Security Agencies and relevant Agencies in securing National Oil and Gas Assets.
C. Embark on physical visits by the Committee to all the Crude Oil Export Terminals
D. Carry out further Forensic Investigation
E. Periodically monitor the implementation of activities outlined in the workplan
Council Resolution:
Council commended the committee for a job well done and urged concerted efforts to improve crude production beyond the 1.72 million barrel per day and directed the committee to expand the scope of its work to cover illegal mining activities and theft of mineral resources across the country.
Council also noted that Nigeria is on course to hit 2.5 million barrels day by end of 2025.
End
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