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FG, States, LGs Go Full Cashless March 1

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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that under the guidelines, only the President can give a waiver for any cash above the approved daily threshold to be withdrawn for urgent or emergency reasons.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cash withdrawal limits in the country, state governments withdraw a total of N701 billion cash above the N225 billion withdrawn by the Federal Government and N156 billion withdrawn by the local governments in the country, bringing total public sector cash withdrawals between 2015 to date to N1.082trillion.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

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VP Shettima: We’re Building Bridges To Take MSMEs Across Borders Of African Market

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VP Shettima: We’re Building Bridges To Take MSMEs Across Borders Of African Market

  • Inaugurates committee on hosting of 4th AU MSME Forum in Abuja

By: Our Reporter

The Vice President, Senator Kashim Shettima, has said the administration of President Bola Ahmed Tinubu has already taken bold steps to construct digital highways and bridges that would carry Micro, Small and Medium Enterprises (MSMEs) across borders into the heart of the African market.

According to him, while over 83 per cent of employment in Africa lies in the informal economy, the continent is not short on ideas and digital innovation that offer an unprecedented window to compete with the rest of the world.

Senator Shettima stated this in Abuja on Monday when he inaugurated the oversight committee recently approved by President Tinubu to organise Nigeria’s hosting of the 4th African Union (AU) Micro, Small and Medium Enterprises (MSME) Forum, scheduled to hold between June 23 and 27 in Abuja.

Listing some of the administration’s policies and programmes in this direction, the Vice President recalled that Nigeria chaired and spearheaded the AfCFTA Negotiating Forum, and has aligned its investment, digital trade, and competition policies with the agreement.

He noted that it is for this reason that Nigeria also established a Technology Export and Digital Trade Desk to support the nation’s entrepreneurs in exporting services and digital goods across Africa.

This, VP Shettima said, the i-DICE Programme, a 617.7 million dollar investment in digital and creative enterprises, and the 3 Million Tech Talent Programme, is set out to achieve by training Nigerian youths in coding, data science, and digital fluency to power the nation’s transformation.

The VP conveyed the assurance of President Bola Tinubu that Nigeria is ready to lead in shaping Africa’s digital trade future, even as the nation is harmonising its laws to make cross-border commerce seamless, secure, and scalable.

“We have reformed. We have invested. And we are resolved to see this transformation through. But none of us can achieve this in isolation. That is why this forum is not just important. It is indispensable. It provides the blueprint, the platform, and the partnerships that will empower African MSMEs to become the heartbeat of our economic renewal,” he said.

Earlier, the Deputy Chief of Staff to the President (Office of the Vice President), Sen. Ibrahim Hadejia, who is chairman of the organising committee, said the forum will provide a veritable platform for exchanging knowledge and ideas on MSME development and facilitate collaboration across the continent.

He said the theme of the summit, which is on “building resilient MSMEs through digital innovation, market access and affordable financing for Africa”, aligns with the efforts of the Tinubu administration in supporting development and growth in the sector.

On his part, the Minister of Information and National Orientation, Alhaji Mohammed Idris Malagi, who is a member of the organising committee, said hosting the 4th edition of the forum by Nigeria underscores growing confidence in Nigeria in the comity of nations.

The forum, he pointed out, reflects the efforts made by the administration of President Bola Ahmed Tinubu in providing a conducive environment for small businesses in the country.

In the same vein, the Minister of State for Industry, Sen. John Enoh, also a committee member, commended the leadership of President Tinubu and Vice President Shettima for prioritising the well-being and growth of small businesses, in acknowledgement of their contributions to the GDP and economic transformation.

He assured that efforts would be put in place to ensure that Nigeria successfully hosts the forum, while small businesses in Nigeria leverage the platform to improve in areas of access to affordable finance and markets, among other benefits.

On his part, the Special Adviser to the President on Job Creation and MSME, Mr Temitola Adekunle-Johnson, who is secretary of the committee, said the team would work collaboratively to deliver a world-class event that reflects the efforts of the Tinubu administration, assuring that the country would be ready ahead of the opening ceremony on June 23 in Abuja.

Also, Lagos State Commissioner for Commerce, Cooperatives, Trade & Investment, Mrs. Folashade Ambrose-Medebem, said the state hosts the largest number of MSMEs in the country, close to 70 per cent, adding that the government has taken steps to ease access to funds for these businesses through a N10 billion fund, the Lagos State – Bank of Industry MSME Access to Finance Scheme (LASMECO).

Apart from Lagos State, Benue, Imo, Enugu, Katsina and Ekiti States are all involved in the sub-committees of the project.

In separate remarks, the Managing Director of the Bank of Industry, Dr Olasupo Olusi; the Executive Chairman of Federal Inland Revenue Service, Mr Zacch Adedeji and the Director General of Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Mr Charles Odii, who are members of the committee, pledged their commitment and support for the hosting of the meeting, noting that the benefits would positively impact local MSMEs and the overall national economy.

Other members of the committee include Ministers of Industry, Trade and Investment, Dr Jumoke Oduwole; Communication, Innovation and Digital Economy, Dr Bosun Tijani; Art, Culture, Tourism and Creative Economy, Barrister Hannatu Musawa; Executive Director of NEPC, Mrs Nonye Ayeni; Executive Secretary, NIPC, Mrs Aisha Rimi; CEO, NEXIM Bank, Mr Abba Bello, and President of NACCIMA, Mr Dele Oye.
End

VP Shettima: We’re Building Bridges To Take MSMEs Across Borders Of African Market

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Fire Service Apologises To Families, Nigerians After Fatal Rescue Truck Accident Left Three Dead, One Other in Critical Condition

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Fire Service Apologises To Families, Nigerians After Fatal Rescue Truck Accident Left Three Dead, One Other in Critical Condition

By: Michael Mike

The Federal Fire Service has sent apologies to the families of the three killed in a headlong collision of a car with its rescue truck.

A statement on Sunday by the Controller of the FFS, FCT Command, Momodu Ganiyu read: “The management of the Federal Fire Service (FFS) has expressed profound regret over the tragic incident that occurred around 11:00 pm on Friday at the ECWA Church Junction around Nitel Junction, Wuse 2, Abuja, following a collision between one of its rescue trucks and a Toyota Camry that resulted in the loss of three young lives and left one survivor critically injured

The statement conveyed the FFS heartfelt condolences to the families of the deceased and expressed profound sorrow over the incident.

The Service acknowledged the immense pain and loss experienced by the families, emphasising that the victims’ promising futures were tragically cut short.

The FFS also extended prayers for the swift recovery of the survivor, who is currently receiving medical treatment in an undisclosed hospital..

The statement read: “As a service, we are sorry over the unfortunate incident that claimed the lives of three teenagers. We know that it is a difficult time for their family to cope, considering the age range of the children involved in this fatal accident.

“The Federal Fire Service is aware that losing one’s children is a deeply painful experience that marks the radical change of the family’s life and involves a wide range of sad emotions.”

The statement further explained that the accident occurred during a firefighting operation at Avenue Plaza, Banex, when one of the fire trucks, having exhausted its water supply, was en route to refill. Operating at high speed with its siren blaring, the truck collided with the Toyota Camry, which was emerging from a connecting street at the junction.

The statement said: “We want to categorically state that at the time of the incident, the Controller-General (CG) was out of town and could not be immediately reached due to network issues. Upon being informed, the CG promptly returned to Abuja to meet with the affected families.

“He has since ordered a thorough investigation into the circumstances surrounding the accident and will personally lead a delegation to convey condolences to the bereaved families.

“While a dedicated team has been set up to investigate the tragic incident, the driver has since been detained by the police , while those at the FCT rescue center have also been suspended until the investigation is concluded.”

The Federal Fire Service reiterated its unwavering commitment to safeguarding lives and property and expresses its deepest sympathy to all those affected by this heartbreaking event.
End

Fire Service Apologises To Families, Nigerians After Fatal Rescue Truck Accident Left Three Dead, One Other in Critical Condition

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Enchanting Pington Showcases in Nigeria to Strengthen China/Nigeria Cultural Relations

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Enchanting Pington Showcases in Nigeria to Strengthen China/Nigeria Cultural Relations

By: Michael Mike

There was enchanting Pingtan, a traditional Chinese performance style, on display in Abuja on Sunday as China continues to deepen its cultural relations with Nigeria.

The event which was held at the China Cultural Centre in Abuja drew diplomats, artists, and culture enthusiasts, highlighting the growing synergy between Nigeria and China in promoting mutual understanding through the arts.

The rich, poetic rhythms of Chinese Pingtan music echoed through the centre as Chinese and Nigerian dignitaries, students, and cultural enthusiasts gathered to celebrate a profound cultural exchange.

The event, headlined by Wuxi Ballads: Portrait of Watertown Chinese Pingtan Art of Performance was organised by the Chinese Embassy in Nigeria and the China Cultural Center in Nigeria (CCCN).

In his welcome address, Counselor for Cultural Affairs of the Chinese Embassy in Nigeria and Director of the China Cultural Centre in Nigeria, Yang Jianxing, described the occasion as a bridge of friendship and understanding between the two nations.

He said: “Today, we gather to enjoy the Wuxi Fellows’ Portrait of Water town a Pingtan art performance. This is not just a performance; it is a gift of heritage, embodying the spirit of the Jiangnan region—rich in history, beauty, and talent.”

Yang also emphasised the uniqueness of Pingtan, a storytelling art form that originated in the water towns of southern China and combines narrative, opera, and instrumental music in the soft Wu dialect.

Deputy Director of the Wuxi Pingtan Troupe, Mr Shen Jie, elaborated on the cultural importance of the performance.

He said: “Pingtan uses the softer Wu dialect to recount the vicissitudes of life, evoking deep emotions through the pipa and sanxian. We hope this art serves as a bridge of peace, understanding, and harmony.”

Representing Nigeria’s Ministry of Art, Culture, and Creative Economy, Raphael Oraeluno noted that despite the geographical distance, “Pingtan blooms on this vibrant soil to foster heartfelt connections and shared values across borders.”

Oraeluno added that this art form, with its elegant storytelling and musical cadence, is similar to African oral traditions. We look forward to deeper partnerships and cultural exchanges between Nigeria and China.

The event also received commendation from Director of Programmes at the Federal Radio Corporation of Nigeria (FRCN), Mrs Msurshima Kighir who represented the DG FRCN, announcing that the FRCN will soon begin teaching Mandarin Chinese on its Network Service.

She said: “This is part of our commitment to promoting cultural understanding and unity through our programme Diplomatic Ties,” she said.

Director of FCT Secondary Education, Mrs Fatima Sambo praised China’s cultural outreach and noted that involving Nigerian students in such activities nurtures cross-cultural awareness.

“Without culture, there is no identity, and without identity, there is no nation,” she stated.

President of the Chinese Alumni Association and Society of Nigerian Artists, Mohammed Suleiman, emphasized the economic and creative potential in cultural performances.

“Art is not just a display—it’s a livelihood. This exchange shows how cultures can enrich each other and create employment through costume design, music, and language,” he said.

The evening concluded with thunderous applause for the visiting Wuxi Pingtan Troupe, who traveled over 10,000 kilometers to perform in Nigeria.

Their performance captivated the audience, blending traditional Chinese melodies with universal themes of love, history, and human connection.

Enchanting Pington Showcases in Nigeria to Strengthen China/Nigeria Cultural Relations

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