Legislature

Cashless Policy: Senate asks CBN to raise planned Withdrawal limits

Published

2 years ago

December 14, 2022

admin

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.

Legislature

Lawan condoles with Borno Governor, victims of flood disaster

Published

1 week ago

September 12, 2024

admin

Former President of the Senate, Ahmad Lawan has extended his condolences to Governor Babagana Zulum and the people of Borno State following the recent devastating floods that have ravaged parts of the state.
A statement by his media adviser Dr. Ezrel Tabiowo quoted Lawan to have expressed deep sadness over the loss of lives and property caused by the disaster, which has left many residents displaced and without livelihoods.

He urged swift intervention from the National Emergency Management Agency (NEMA) and other relevant agencies to provide relief materials and assistance to the affected communities.

Lawan, who represents Yobe North Senatorial District, commended Governor Zulum’s efforts in responding to the flood disaster and pledged his support for the affected communities.

The former Senate President’s statement conveyed his solidarity with the people of Borno State during this challenging time.
The statement reads, “I am deeply saddened by the news of the severe flooding in Borno State, which has caused untold hardship and suffering to our compatriots. My heart goes out to those who have lost loved ones and property in this disaster.

“I urge the National Emergency Management Agency (NEMA) and other relevant agencies to swiftly provide relief materials and assistance to the affected communities.“

“I want to commend Governor Babagana Zulum for his proactive efforts in evacuating residents from the flooded areas and providing temporary shelters for them. His leadership has been instrumental in minimizing the impact of the disaster.“

He commended the federal government for providing additional support to Borno State to enable it to cope with the aftermath of the flood.

Lawan also urged the Borno State government to work with relevant agencies to find lasting solutions to the flooding in the state.

“While we commiserate with the victims of the flood, we must also work towards finding lasting solutions to this perennial problem. The Borno State government, in collaboration with relevant agencies, should embark on a comprehensive flood control programme to mitigate future disasters,” he said.

Senator Lawan prayed for the repose of the souls of those who lost their lives in the flood and wished the injured a speedy recovery.

Legislature

KGHA Resumes Sitting, Congratulates Ododo over Supreme Court Victory

Published

2 weeks ago

September 3, 2024

admin

From Friday Idachaba, Lokoja

The Kogi State House of Assembly has reconvened after a lengthy recess, with Speaker Rt. Hon. Aliyu Umar Yusuf expressing gratitude and excitement over the Supreme Court’s affirmation of Governor Ahmed Usman Ododo’s victory in the November 11th governorship election.

In his welcome address to members, Speaker Yusuf commended the lawmakers for their solidarity and assured them of the ruling All Progressives Congress (APC)’s commitment to collaborative governance for the state’s betterment.

Yusuf stated, “The Supreme Court’s pronouncement has profound significance for all of us, both as members of this esteemed assembly and as a state. We attribute this triumph to the Almighty God.”

The Speaker emphasized the legislature’s unity across party lines, saying, “As lawmakers, we have collectively rejoiced at this outcome, demonstrating our commitment to working harmoniously for the state’s progress.”

The assembly pledged its support for the executive branch, ensuring a harmonious working relationship to drive development and progress in Kogi State.

Legislature

Kogi Assembly Passes Vote of Confidence on Governor Usman Ododo

Published

2 weeks ago

September 3, 2024

admin

***Applauds Numerous Achievements in 7 Months

By Friday Idachaba, Lokoja

The Kogi State House of Assembly has passed a Vote of Confidence on Governor Ahmed Usman Ododo, lauding his outstanding achievements over the past seven months.

The vote of confidence was passed during Tuesday’s plenary session following the adoption of a motion on Urgent Public Importance, moved by Hon. Akus Lawal (APC-Ankpa 1).

In his motion, Hon. Akus highlighted the governor’s significant accomplishments in fiscal discipline, financial management, agriculture, health, security, infrastructure development, and education.

The motion commended Governor Ododo’s efforts in reducing the state’s domestic debt from N121 billion to N38 billion, earning Kogi State a “B-” rating with a positive outlook from FITCH Ratings.

The governor’s initiatives in agriculture, such as designating 8,000 hectares of farmland, releasing N8 billion to farm clusters, and refurbishing 200 tractors, were also praised.

In health, the motion recognized the governor’s efforts in formalizing the Health Insurance Scheme, revitalizing over 70 primary health centers, and distributing essential consumables and hospital equipment.

The governor’s commitment to security, infrastructure development, and education was acknowledged as well, including the engagement of local hunters and vigilantes, the launch of a metropolitan quick response unit, and the construction of roads and model colleges.

The House of Assembly’s vote of confidence is a testament to Governor Ododo’s dedication to transforming Kogi State and improving the lives of its citizens.

Hon. Jibrin Abu (APC-Ajaokuta) seconded the motion, which was supported by other members. In their various submissions, they applauded the governor for his achievements despite the pressure from ongoing litigation.

In his ruling on the motion, Speaker of the House, Rt. Hon. Aliyu Umar Yusuf, noted that despite the pending litigation from the election, the governor had achieved a great deal within seven months. He highlighted Governor Ododo’s impact on fiscal discipline, financial management, debt reduction, improved Internally Generated Revenue (IGR), and advancements in the agricultural sector.

Speaker Yusuf also emphasized the tremendous support the health sector has received under Ododo’s administration, from private healthcare to tertiary health institutions. He noted significant improvements in security, infrastructure development across the three senatorial districts, continuity and support for education, as well as reforms and improvements in Kogi’s civil service at both the state and local government levels.

He concluded that the governor not only deserves a pass mark but also excellence, and that a Vote of Confidence to support and encourage him was indeed in order.

Speaker Yusuf then adopted the motion following overwhelming voice votes in favor of the motion.