Legislature
Cashless Policy: Senate asks CBN to raise planned Withdrawal limits
The Senate has asked the Central Bank of Nigeria (CBN) to raise the proposed withdawal limit of N100, 000 per week for individual and N500, 000 per week reasonably upwards for Corporate bodies in response to public outcry
It also mandated its Committee on Banking, Insurance and other Financial Institutions, to embark on aggressive oversight of CBN on its commitment to flexible adjustment of the withdrawal limit and periodically report outcome to the Senate.
The Red chamber however supported CBN in continuous implementation of transformational payments and financial industry initiatives.
Senate however adopted the resolutions after heated debate by Senators on the proposed policy during consideration and adoption of report of its Committee on Banking , Insurance and other Financial Institutions .
The Chairman of the Committee, Senator Uba Sani ( APC Kaduna Central), had in the report argued that the planned Cash Withdrawal Limits, was well conceived by the CBN for transformation of the Nation’s economy and that the action falls within the mandate of the Apex bank as provided for, in section 2(d) and 47 of its extant Act.
However during general debate on the report and recommendations later adopted as resolutions , many of the Senators kicked against the timing of the policy , warning that it may lead to mass revolt in the rural areas across the country.
First to kick against it , was Senator Ajibola Basiru ( APC Osun Central), who said the proposed threshold of N100,000 and N500, 000 withdrawal per week for individuals and corporate bodies respectively , was unrealistic.
“Laws are made for people and not people made or created for law . If CBN is acting under section 2(d) and 47 of its extant Act to make life difficult for Nigerians through a policy , as representatives of the people ,we need intervene .
“Such intervention from us is to make CBN realise that the proposed Cash withdrawal limits policy is unrealistic and very injurious and detrimental to the well-being of rural dwellers, many of whom are our constituents.
“Report of this committee recommending the policy to us and by extension, to Nigerians through suggestion of flexibility in implementation, is vague, nebulous and means nothing “, he said.
Senator Adamu Aliero (PDP Kebbi Central) in his own contribution, the picture painted by the committee in its report on the proposed CBN policy, is nothing but an idea picture of what economy should be, which is far cry from what economy is , in reality as far as Nigeria is concerned.
“The proposed CBN policy does not capture the informal sector and very detrimental to the livelihood of rura dwellers who are not into e – banking.
“Public outcry against the policy is too much, requiring serious caution as far as implementation is concerned because Nigeria economy is predominantly rural “, he said.
Senator Adamu Bulkachuwa ( PDP Bauchi North), in his contribution, warned that the proposed policy , if not suspended, may trigger revolt from rural dwellers.
He said recommendations made by the Senate Committee on Banking on the policy which were later adopted as resolutions, made no sense to hi,
“Senate committee recommendations on the proposed CBN policy, is nothing but trying to put wool in the eyes of Nigerians “, he said .
Even Senator Orji Uzor Kalu (APC Abia North)who as a member of the Committee, signed the adopted report on the proposed policy , kicked against it in his contribution.
He said : N100, 000 per week for individuals and N500,000 per week for corporate bodies, are too small.
“The N500, 000 per day for individuals l and N3million per day for corporate bodies being implemented in Abia , Lagos , Ogun, Rivers, FCT etc, should be sustained across the country for now “.
Other Senators who kicked against implementation of the policy as planned from January 9, 2023 , were Biodun Olujimi (PDP Ekiti South), Chukwuka Utazi (PDP Enugu North) , Stella Oduah ( PDP Anambra North), Ibrahim Hassan Hadeija ( APC Jigawa North East ) etc .
But Senators Yusuf A Yusuf (APC Taraba Central), Degi Eremienyo (APC Bayelsa East) Francis Alimikhena (PDP Edo North) , supported it in their separate contributions.
***Allocates N23.96 Trillion for Capital Projects, N14.31 Trillion for Debt Servicing
The Nigerian Senate along with the House of Represebtatives have passed the 2025 Appropriation Bill, approving a record-breaking budget of N54,990,165,355,396 to finance government activities in the coming fiscal year.
The budget, titled A Bill for an Act to Authorise the Issue from the Consolidated Revenue Fund of the Federation, was approved after deliberations on its allocations and implications for economic growth, debt management, and infrastructure development.
The chairman of the National Assemble Godswill Akpabio who is also the President of the Senate gave the beakdown of the 2025 Budget to show that Statutory Transfers: ₦3.65 trillion, debt Servicing: ₦14.32 trillion, Recurrent (Non-Debt) Expenditure: ₦13.06 trillion and
Capital Expenditure: ₦23.96 trillion
The largest chunk of the budget, ₦23.96 trillion, was allocated for capital expenditure, aimed at infrastructure development, healthcare, education, and security.
This signals the government’s commitment to addressing Nigeria’s infrastructural deficit.
However, the ₦14.32 trillion earmarked for debt servicing highlights the country’s rising debt burden, sparking concerns over long-term financial sustainability.
With the National Assembly approval, the budget now awaits President Bola Tinubu’s assent, after which implementation will begin. Analysts predict a challenging fiscal year, balancing economic growth with prudent spending and debt repayment.
However, time will tell whether the historic budget will deliver on its promises, or economic realities force adjustments down the line?
***Says addittional fund is to Prioritize Infrastructure, Health, Economic Growth
The chairman of the senate committee on Appropriation Senator Adeola Solomon Olamilekan has explained the approval of the 2025 Appropriation Bill by the national Assembly which it increased from N49.7 trillion to N54.99 trillion—the highest in the nation’s history.
The adjustment followed legislative reviews that uncovered additional revenues from key government agencies.
While explaining the Budget Expansion and Revenue Sources Olamilekan indicated that the additional N4.99 trillion was sourced from Nigeria Customs Service, Federal Inland Revenue Service (FIRS) and Government-Owned Enterprises (GOEs)
These he said led to an increase in funding for critical sectors, including N1.5 trillion for Bank of Agriculture, N500 billion for Bank of Industry, 1 trillion for Ministry of Solid Minerals, N1.5 trillion for Renewable Infrastructure Fund, N300 billion – Road construction and N400 billion for Rail transport.
Others are N380 billion of Water resources, irrigation, and dam projects, N250 billion for Military barracks renovation N120 billion for New military aviation projects, N50 billion for Border security agencies
Following the suspension of U.S. health aid, which previously provided funding for HIV, tuberculosis, malaria, and polio treatments, President Tinubu approved $200 million (N300 billion) to ensure continued medical supplies and healthcare support for affected patients.
On the major Boost for Infrastructure Development he said a record N23.7 trillion has been allocated for capital projects, marking a significant leap in infrastructure investment.
He listed the areas the funds will focus on to include Roads and railways,nEducation and healthcare improvements and Other critical public infrastructure
To prevent delays in budget implementation, the 2026 budget process will begin in July 2025, with the Medium-Term Expenditure Framework (MTEF) submitted early and the Appropriation Bill expected by October 2025.
Concerns over inadequate rail infrastructure funding in the South East were raised, but legislative leaders clarified that rail projects are primarily funded through public-private partnerships (PPPs).
According to him, the 2025 budget focuses on light rail development in Lagos, Ogun, Kaduna, and Kano, while further discussions on South East projects are ongoing.
He explained that to maintain Economic Stability the budget parameters remain unchanged, with key revenue sources including FIRS increasing its revenue target to N25.1 trillion, Nigeria Customs Service boosting revenue collection through stricter enforcement and Independent revenue agencies contributing 100% of their generated funds to the federal government
The House of Representatives has directed its Joint Committee on Communications and Interior to investigate reports of unauthorized National Identification Number (NIN) linkages by telecom service providers across Nigeria.
The decision followed the unanimous adoption of a motion jointly sponsored by Hon. Patrick Umoh (APC, Akwa Ibom) and Hon. Julius Ihonvbere (APC, Edo). The House also instructed the Nigerian Communications Commission (NCC) to probe the allegations and sanction any telecom operator found guilty of violating privacy laws.
Additionally, the National Identity Management Commission (NIMC) has been asked to clarify whether telecom providers were authorized to link NINs to subscriber lines and if such actions comply with existing regulations.
Hon. Umoh raised concerns about recent reports indicating that telecom companies have linked NINs to subscribers’ SIM cards without their consent. He warned that this unauthorized linkage exposes Nigerians to criminal activities, such as identity theft, financial fraud, and other cybercrimes.
“This action is a clear violation of the Nigeria Data Protection Act 2023 and the Nigeria Data Protection Regulation (NDPR) 2019, which guarantee the right to privacy and the protection of personal data,” Umoh stated.
He further emphasized that while the NIN system was introduced to enhance national security and streamline identification processes, unauthorized linkages undermine public trust and jeopardize citizens’ safety.
“Aware that innocent citizens have been wrongly implicated in crimes, suffered reputational damage, harassment, and legal challenges for offenses they know nothing about, it is imperative that we address this issue immediately,” Umoh added.
The House has mandated the probe committee to submit its findings within four weeks, as lawmakers seek to protect Nigerians from potential data breaches and uphold the integrity of national security protocols.
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