By Tony Obiechina Abuja The Central Bank of Nigeria (CBN) has set a daily withdrawal limit on point-of-sale (PoS) terminals to N100,000 per customer. In a circular to all deposit money banks (DMBs), microfinance Banks, mobile money operators and super-agents, titled ‘Cash-out limits for agent banking transactions,’ CBN said the restriction is in line with the apex bank’s ongoing efforts to advance a cash-less economy. According to the circular, the interventions aim to address identified challenges, combat fraud and establish uniform operational standards across the industry. “In view of the above, ALL principals of agents are to comply with the…
Author: News Editor
…Tinubu Says 2025 Budget Ambitious, But Necessary To Secure Nigeria’s Future By Tony Obiechina Abuja President Bola Tinubu has unveiled a comprehensive N47.9tn budget proposal for the 2025 fiscal period, emphasizing investments in defence, infrastructure, health, and education. The proposed allocation is a reflection of the administration’s priorities to address security challenges, improve critical infrastructure, and enhance social services. Key highlights of the budget breakdown showed that the defence and security sector got the highest allocation of N4.91tn to bolster the nation’s security architecture amid ongoing efforts to combat insurgency, banditry, and other threats. The president allocated N4.06tn to drive…
Mozambique’s 2024 economic growth is likely to be revised down from a previous forecast of 4.3 per cent due to post-election civil unrest, a senior International Monetary Fund (IMF) official said. The IMF official also said the impact of Cyclone Chido had a significant influence on the downward revision of the previous economic growth forecast. In October, Daniel Chapo, the candidate of Mozambique’s ruling party Frelimo, was declared winner of the presidential election that opposition parties say was marred by voting irregularities. The disputed election results sparked protests from opposition supporters and there has been more violence since. The unrest…
Kenya suffered a widespread power outage on Wednesday that affected most of the country, with electricity supply restored about six hours later, the nation’s leading power utility Kenya Power said. The cause of the outage in East Africa’s largest economy, which was first reported at 1:28 a.m. local time (1028 GMT), has yet to be determined, Kenya Power said in a post on social media platform X. As of 7:35 a.m. local time (0435 GMT), power had been restored in the areas where it had gone off, the company said. Wednesday’s outage was the latest in a series of recurring…
Miss Amanda Amaeshi, an award-winning activist and campaigner, has been named My Life My Say’s ‘Changemaker of the Year’ for 2024. Amaeshi, a final-year LLB Law student at University College London (UCL), has consistently used her voice to influence policy and advocate for social justice. A statement made available to the News Agency of Nigeria (NAN) on Wednesday by Prof. Kenneth Amaeshi, father of Amanda, said the award, decided by public vote, was announced at My Life My Say’s ‘Next Generation Conference’. According to him, the event held on Nov. 22, 2024, at the Barbican Centre in London. The conference…
The National Bureau of Statistics(NBS) says kidnapping incidence in the country is estimated at 2,235,954 between May 2023 and April 2024. The NBS revealed this in its Crime Experience and Security Perception Survey (CESPS) 2024 released in Abuja on Tuesday. The CESPS is a household-based survey, which provides an in-depth understanding of the situation of crime in Nigeria, with a target population comprising household members 15 years and older. The NBS said the survey was carried out to produce estimates at national and zonal levels covering both urban and rural areas for a twelve-month reference period (May 2023 to April…
The Federal Government says it will establish a youth bank to offer loans, grants and other financial products to support young entrepreneurs fostering innovation and job creation. The Minister of Youth Development, Mr Ayodele Olawande, communicated this at a media parley on Tuesday in Abuja. According to the minister, efforts are underway to have a Nigerian Youth Employment Action Plan to address the problem of unemployment in the country. “The establishment of a youth bank has numerous benefits for young people and communities. “By supporting youth-led businesses, youth banks can contribute to employment generation and economic growth.” He said that the…
The Katsina Government on Tuesday rewarded a woman, Malama Amina Abdulkadir-Yanmama, with N500,000 for returning N748,320 to to the state. The N748,320 was meant for the Federal Government’s Home Grown School feeding programme in the state. The Executive Director, Katsina State Social Investment Programme Agency (KASIPA), Dr Mudassir Nasir presented the reward to the woman. “She told us that she received alert with a narration titled payment for vendors who were providing primary school pupils with free food. “The woman decided to come to our office because she was not on the register for vendors who provide food for our…
Kano State Governor Abba Yusuf, says his administration has adopted proactive measures to end corruption in the state. He said this at the 21st International Anti-Corruption Day Symposium on Tuesday in Kano. The event was organised by Kano State Public Complaint Commission and Anti-Corruption (PCACC) in collaboration with International Institute for Democracy and Electoral Assistance (IDEA) and Rule of Law and Anti-Corruption (RoLAC). The theme of the event is: ”Uniting With Youths Against Corruption: Shaping Tomorrow’s Integrity”. Yusuf said the state government also initiated viable programmes to protect human rights and eradicate Gender Based Violence (GBV) According to him, corruption…
By Tony Obiechina Abuja The National Insurance Commission (NAICOM) has welcomed the passage of the new Insurance Consolidated Bill by the Senate and expressed optimism that the legislation will unlock the growth, prosperity, and potentials of the insurance sector. The Commission noted in a statement on Wednesday that the passage of the Bill has marked a significant milestone in the country’s efforts to revamp the insurance industry after nearly two decades. According to the statement, the Commission believes that the Bill is a game changer for the Nigeria’s insurance industry, and will have high positive impact on the contribution of…