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Just in: Despite hunger, FIRS Orders all Banks To Start Taking N50 Compulsory Electronic Money Transfer
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…levy On Every N10,000 Transfer
Despite hunger in Nigeria, the Federal Inland Revenue Service (FIRS) has directed all banks in Nigeria to enforce a mandatory N50 levy on electronic money transfers exceeding ₦10,000.
This directive aligns with the provisions of the Finance Act, which introduced the Electronic Money Transfer Levy (EMTL) as part of the government’s revenue generation efforts.
The EMTL is a fixed charge applied to qualifying transactions, and its implementation is expected to boost federal and state government revenues.
According to the FIRS, the levy is applicable to all forms of electronic transfers, including internet banking, mobile money platforms, and Point-of-Sale (POS) transactions.
The responsibility for collecting and remitting the levy lies with financial institutions, which must ensure compliance with the directive.
What Does This Mean for Bank Customers?
For every electronic transfer exceeding ₦10,000, bank customers will now pay an additional ₦50. For instance, if a customer transfers ₦20,000, a total of ₦20,050 will be debited from their account. This levy is separate from any service fees charged by banks for processing transactions.
Reactions from Stakeholders
The directive has sparked mixed reactions among Nigerians. While some view it as a minor inconvenience, others see it as an additional financial burden in a country already grappling with economic challenges. Critics argue that the levy could discourage cashless transactions, contradicting the Central Bank of Nigeria’s (CBN) drive for a cashless economy.
However, the FIRS maintains that the levy is essential for funding critical public services and infrastructure projects. “This levy is not new. It is part of the Finance Act, and the banks are simply implementing what has already been approved by law,” an FIRS spokesperson stated.
Implications for the Economy
The introduction of the EMTL is expected to generate significant revenue for the government. Under the Finance Act, revenue collected from the levy is shared between the federal and state governments, with 15% allocated to the federal government and 85% to the states.
Economists argue that while the levy could enhance government revenue, its success depends on proper management and transparency in fund utilization. There are also concerns about the potential impact on the informal sector, which relies heavily on electronic transfers for business transactions.
As the FIRS pushes for the implementation of the N50 levy on electronic money transfers, Nigerians are adjusting to the reality of an additional cost on their financial transactions. While the policy aims to increase government revenue, its long-term impact on the cashless economy and financial inclusion remains to be seen.
Bank customers are advised to stay informed about how the levy affects their transactions and to factor in the additional charge when making transfers.
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Akpabio sad over demise of Dotun Oladipo, says he was a courageous journalist
The President of the Senate, Senator Godswill Obot Akpabio, has expressed profound sadness over the death of veteran journalist and publisher of The Eagle Online, Dotun Oladipo.
Akpabio described Oladipo’s passing as a painful loss to the Nigerian media industry and the nation, noting his significant contributions to journalism, public discourse and the growth of online media in Nigeria.
The President of the Senate commiserated with the family, friends, colleagues and professional associates of the deceased, particularly members of the Guild of Corporate Online Publishers (GOCOP), where Oladipo served as Emeritus President.
“Dotun Oladipo was a courageous, principled and dedicated journalist who devoted a significant part of his life to the pursuit of truth, responsible journalism and the advancement of society.
“His sudden passing is a profound loss to his family, the journalism profession and Nigeria as a whole. His immense contributions to the development of online journalism, as well as his commitment to professional excellence, integrity and public interest, will remain indelible.
“As the philosopher John Stuart Mill reminded us, ‘He who knows only his own side of the case knows little of that.’ Dotun understood that a free and responsible press must listen, question and speak truth to power. His life demonstrated that journalism, when guided by courage and conscience, can illuminate society and strengthen democracy.
“His legacy will continue to inspire journalists and media professionals who believe in the power of responsible journalism to strengthen democracy and contribute to national development,” Akpabio said.
The Senate President prayed that God Almighty would grant the deceased eternal rest and give his family, friends, colleagues and loved ones the fortitude to bear the irreparable loss.
Akpabio also urged members of the media to uphold and build upon Oladipo’s legacy of professionalism, integrity, courage and unwavering commitment to the public interest.
“May God acquaint his soul with the compass of His course” he added.
News
SGF sets up presidential security committee, demands professionalism, urgency
The Secretary to the Government of the Federation (SGF) on Wednesday inaugurated the Presidential Committee on the National Threat Assessment and Five-Year Strategic Defence Operations Plan, charging members to approach the assignment with the highest degree of professionalism, objectivity, urgency and patriotism.
The committee, established by President Bola Ahmed Tinubu, has 90 days to produce a comprehensive National Threat Assessment and a rolling Five-Year Strategic Defence Operations Plan for the President’s consideration and approval.
The SGF, who described the assignment as one of considerable national importance, urged members to bring their collective expertise to bear on developing a coherent framework that would strengthen Nigeria’s capacity to anticipate, plan for and respond to current and emerging security threats.
He assured the committee of the full support and cooperation of the Office of the Secretary to the Government of the Federation, adding that it had been authorised to consult or co-opt representatives of other Ministries, Departments and Agencies whose specialised knowledge might be required.
According to a statement issued by his Special Adviser on Media and Publicity, Yomi Odunuga, Akume said the inauguration marked an important step in strengthening the country’s ability to understand and respond effectively to an increasingly complex and evolving security environment.
He observed that contemporary security threats had become increasingly interconnected and adaptive, with the capacity to exploit gaps between institutions, jurisdictions and operational theatres.
While acknowledging significant successes recorded by the Armed Forces and other security agencies across different theatres in recent months, the SGF said Nigeria must move beyond responding to individual security challenges to building a system capable of anticipating threats, setting priorities, allocating resources rationally and sustaining operational momentum.
Such a system, he said, must also ensure that national security objectives are consistently translated into measurable outcomes.
The SGF stressed that although heads of defence, intelligence and security agencies must retain the flexibility required to respond to immediate threats, their responses should be anchored on a shared national understanding of the security environment and a coherent short-, medium- and long-term strategy.
He noted that operational requirements were sometimes considered independently without sufficient reference to an agreed national threat assessment, clearly prioritised national objectives or a unified capability plan.
According to him, the situation made coordination more difficult and limited the efficient deployment of scarce resources.
The committee, he explained, is therefore expected to help establish a coherent strategic system in which Nigeria’s threat assessment determines operational objectives, while those objectives, in turn, determine the capabilities required.
Capability requirements, he added, should inform expenditure, procurement, force development and industrial priorities.
“In simple terms, we must establish a clear path from threat to objective, from objective to capability, from capability to resource, and from resource to measurable outcome”, the SGF said.
He explained that the National Threat Assessment would provide the government with a comprehensive and objective understanding of Nigeria’s security landscape by identifying what threatens the country, why the threats matter, how they are likely to evolve and the consequences of failing to address them.
It would also determine appropriate government responses and provide a common planning basis for the Armed Forces, intelligence services and other relevant security agencies.
According to him, the assessment should enable the government to distinguish between immediate threats requiring urgent operational responses and emerging threats demanding early investment in intelligence, technology, infrastructure, doctrine, training and other capabilities.
The Five-Year Strategic Defence Operations Plan, on the other hand, would translate the National Threat Assessment into practical and prioritised operational requirements.
The SGF said the plan should establish what must be achieved in each operational theatre and identify the forces, capabilities, equipment, infrastructure, logistics, intelligence, technology and other enablers required to achieve the objectives.
It would also identify existing capability gaps and establish priorities based on the severity and urgency of identified threats, as well as provide a realistic implementation timetable specifying what is required, when it is required, why it is required, who is responsible for delivering it and how progress will be measured.
The five-year timeframe, he said, would provide the medium-term horizon required for force development, capability acquisition, infrastructure development, training, maintenance, research and development and the strengthening of Nigeria’s defence industrial base.
The plan would, however, operate on a rolling basis and be reviewed annually to accommodate emerging threats, changing operational realities, technological developments and lessons from ongoing operations.
Under its Terms of Reference, the committee is to review the principal existing and emerging security threats facing Nigeria and assess their relative urgency and strategic implications.
It is also mandated to define operational priorities and identify capabilities required in each theatre; determine capability gaps and equipment, logistics, infrastructure, technology, personnel and support requirements; and establish procurement priorities based on assessed threats and operational requirements rather than institutional preferences.
The committee will also establish implementation steps and realistic timelines for each priority, including measures for monitoring progress and assessing outcomes, as well as make other recommendations necessary for the formulation and effective implementation of the Strategic Defence Operations Plan.
The SGF said the nation’s military and security personnel, who continue to demonstrate courage and commitment in defending the country, deserve a strategic framework that clearly defines their objectives and provides the capabilities, resources and support required to accomplish them.
He thereafter formally inaugurated the committee on behalf of President Tinubu, wishing members wisdom, diligence, and successful deliberations in discharging the national assignment. Government
The committee, which will be coordinated and supported by the Office of the Special Adviser to the President on Homeland Security, Major General Adeyinka Famadewa (rtd), has as members the National Security Adviser, Nuhu Ribadu; Minister of Defence, General Christopher Musa (rtd); Minister of State for Defence, Bello Muhammad Matawalle; and Chief of Defence Staff, General Olufemi Oluyede.
Others are the Chief of Army Staff, Lt.-General Waidi Shaibu; Chief of Air Staff, Air Marshal Sunday Kelvin Aneke; Chief of Naval Staff, Vice Admiral Idi Abbas; Inspector-General of Police, Olatunji Rilwan Disu; Director-General of the Department of State Services, Tosin Ajayi; and Director-General of the National Intelligence Agency, Ambassador Muhammed Muhammed.
In his closing remarks, Famadewa expressed appreciation to President Tinubu for the confidence reposed in members and the opportunity given to them to contribute to the security and well-being of the country. Government
He urged members to work collectively and in synergy towards strengthening Nigeria’s security architecture, stressing that the assignment must be approached as a shared national responsibility.
Famadewa said his role would not be to command members of the committee but to facilitate collaboration and harness their collective expertise towards achieving the objectives set by the President.
He also said subcommittees would be established to facilitate the work, allow members to concentrate on specialised areas, and ensure the committee completes the assignment within the stipulated 90-day timeframe.
The Nation
News
How Late Nollywood actor Ogogo donated N2.5m to mosque renovation while on sick bed – Muslim community
Details have emerged that the late veteran actor Taiwo Hassan, popularly known as Ogogo, donated ₦2.5 million towards the renovation of a mosque in Ilaro, Ogun State, last month despite being on a sick bed.
According to a post by A. Adebanji on X, Ogogo personally contacted the Imam of Ilaro mosque after learning that renovation work was ongoing and expressed his desire to contribute to the project.
The Ilaro Muslim community said it was shocked when it received ₦2.5 million from the actor and immediately contacted him to confirm the donation.
“He told us he would have given us more, but because of his health situation, he didn’t want to come on social media to start begging for financial assistance,” the community said.
The revelation has added a poignant dimension to tributes following Ogogo’s death, highlighting his philanthropic gesture towards his community even while he was battling ill health.
The community prayed for Allah’s forgiveness and eternal rest for the late actor.
Ogogo was widely known for his contributions to the Nigerian film industry, particularly Yoruba-language cinema, and remained a prominent figure in the entertainment industry until his death.
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