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.
The National Assembly has modified the National Drug Law Enforcement Agency (NDLEA) Act to prescribe life imprisonment for individuals found guilty of storing, transporting, or concealing illicit drugs and substances.
The amendment was adopted on Thursday during plenary, presided over by Deputy Senate President Barau Jibrin, following broad support from the senators.
The amendment reflects a harmonised position of the Senate and the House of Representatives on Section 11 of the NDLEA Act.
The House had earlier passed an amendment prescribing life imprisonment for drug traffickers, while the Senate had proposed the death penalty.
To reconcile the differences, a conference committee of both chambers was convened. Senator Tahir Monguno, Chairman of the Senate Committee on Judiciary, Human Rights, and Legal Matters, presented the harmonised version to the Senate.
He urged lawmakers to adopt the House’s position of life imprisonment, arguing that enforcing the death penalty could lead to the execution of over 900 accused persons currently awaiting trial for drug-related offenses.
The Deputy Senate President who presided over the plenary had put the resolution to a voice vote, and the majority of senators supported the amendment.
The approved version stipulates life imprisonment for offenders.
The amended section now reads:
“Anybody who is unlawfully involved in the storage, custody, movement, carriage, or concealment of dangerous drugs or controlled substances and who, while so involved, is armed with any offensive weapon or is disguised in any way, shall be guilty of an offence under this Act and liable on conviction to be sentenced to life imprisonment.”
This amendment aims to strengthen the fight against drug trafficking while addressing concerns over human rights and the judicial implications of the death penalty.
The move is part of efforts to curb the growing menace of drug trafficking and its adverse effects on Nigerian society. According to Senator Monguno, the life imprisonment penalty strikes a balance between deterrence and humane judicial practice.
With the amendment, the NDLEA now has a robust legal framework to prosecute offenders and combat drug-related crimes effectively.
President Bola Ahmed Tinubu has formally requested the National Assembly’s approval for a $2.209 billion (₦1.767 trillion) external borrowing plan to finance part of the ₦9.17 trillion fiscal deficit in the 2024 budget. The loan, included in the 2024 Appropriation Act, is critical to the government’s broader strategy for economic recovery and growth.
In a letter to Senate President Godswill Akpabio, President Tinubu noted that the borrowing aligns with the provisions of Sections 21(1) and 27(1) of the Debt Management Office (DMO) Establishment Act, 2003. He also indicated that the Federal Executive Council (FEC) had approved the plan.
The President explained that the funds would be sourced through Eurobonds or similar external financial instruments. A detailed summary of the loan’s terms and conditions accompanied the letter to guide legislative scrutiny.
“This borrowing is necessary to address the budget deficit and fulfill our fiscal strategy for 2024. Swift approval will enable us to move forward with mobilizing these funds,” the President stated, emphasizing the urgency of the request.
Senate President Akpabio referred the matter to the Committee on Local and Foreign Deb
By Isah Bala
Access to quality education is a cornerstone of societal progress, and Senator Natasha Akpoti-Uduaghan is embodying this vision by bringing transformative educational tools to Kogi Central. In a groundbreaking initiative, the senator recently provided 5,000 digital learning devices to public primary and secondary schools in her district, aiming to bridge the digital divide and set a new educational standard.
The devices, unveiled at Abdul Aziz Attah Memorial College (AAAMCO), are preloaded with the Nigerian curriculum from UBEC and internationally acclaimed educational resources, including Khan Academy and Discovery Kids. Through this initiative, students will experience interactive learning, enabling them to explore subjects in depth, enhance digital literacy, and engage with complex topics in a hands-on way.
This project is just the beginning of Senator Natasha’s ambitious plan to make “smart schools” the norm in Kogi Central. She envisions a future where every child in her district has equal access to digital learning, stating, “My dream is to equip all public primary and secondary schools in Kogi Central with digital learning devices before the end of my tenure in 2027.”
Beyond device distribution, the senator’s initiative includes UBEC-led teacher training to ensure educators are equipped to integrate these tools into their classrooms effectively.
With this dual approach of student and teacher empowerment, Senator Natasha is laying a foundation that will support digital literacy and skill development for years to come.
Senator Natasha’s commitment to educational advancement represents a significant step forward for Kogi Central, ensuring that young students have access to the tools they need to succeed in an increasingly digital world. This initiative marks her dedication to the constituency that entrusted her with this mandate.
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