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SERAP wants reversal of ATM transaction fees hike, hammers CBN

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…gives CBN 48hrs ultimatum

By Kayode Sanni-Arewa

The Socio-Economic Rights and Accountability Project has given the Central Bank of Nigeria a two-day ultimatum to reverse the newly announced hike in Automated Teller Machine transaction fees, calling it “unlawful, unfair, unreasonable, and unjust.”

In an open letter dated February 15, 2025, signed by SERAP Deputy Director Kolawole Oluwadare, the organisation urged CBN Governor Olayemi Cardoso to immediately reverse the policy.

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The organisation argued that it would worsen the financial hardship faced by Nigerians, particularly low-income earners.

Details of this letter were issued in a press release titled, “SERAP gives CBN 48 hours to withdraw ‘unlawful, unfair hike in ATM transaction,” on Sunday.

According to the CBN’s February 10, 2025 circular, ATM withdrawals made at machines outside a bank’s branch premises will now attract a N100 charge per N20,000 withdrawn, while withdrawals at shopping centres, airports, and standalone cash points will carry an additional surcharge of up to N500 per N20,000 withdrawal.

The directive takes effect March 1, 2025.

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SERAP contended that the increase contradicts Section 42(1)(a) of the CBN Act 2007, which mandates the apex bank to ensure “adequate and reasonable financial services for the public” in the national interest.

It also cited Section 1(c)(d) of the Federal Competition and Consumer Protection Act, 2018, which seeks to “protect and promote the interests and welfare of consumers” and prohibits “restrictive or unfair business practices.”

“The increase in ATM transaction fees will hit the hardest those at the bottom of the economy and exacerbate the growing poverty in the country,” SERAP stated.

“CBN policies should not be skewed against poor Nigerians and in favour of banks that continue to declare trillions of naira in profits at the expense of their customers.”

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The organisation argued that imposing exorbitant fees at a time when many Nigerians are struggling economically is “manifestly unfair, unreasonable, and unjust.” It warned that the policy creates a two-tiered financial system, discriminating against economically vulnerable citizens who may not afford the extra charges.

“The increase in fees contradicts the Tinubu administration’s commitment to addressing poverty,” SERAP said.

“The CBN is failing to comply with the Nigerian Constitution, the Federal Competition and Consumer Protection Act, and international human rights obligations.”

SERAP demanded that the CBN reverse the decision within 48 hours of the receipt and/or publication of its letter or face legal action.

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“If we have not heard from you by then, we shall take all appropriate legal actions to compel you and the CBN to comply in the public interest,” the letter concluded.

Meanwhile, bank customers also kicked as CBN scrapped free ATM withdrawals, decrying the rate of increase.

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List: FG endorses 33 more universities

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The Federal Government has endorsed 33 new universities across Nigeria, increasing the total number of universities in the country to 309.

The approvals include seven federal universities, six state-owned universities and 20 private universities.

The seven new federal universities are the Federal University of Environment and Technology, Tai, Rivers State; Federal University of Applied Sciences, Kachia, Kaduna State; Tai Solarin Federal University of Education, Ijagun, Ogun State; Federal University of Agriculture and Developmental Studies, Iragbiji, Osun State; Federal University of Technology and Environmental Studies, Iyin-Ekiti, Ekiti State; Federal University of Agriculture and Technology, Okeho, Oyo State; and the Federal University of Health Science and Technology, Tsafe, Zamfara State.

The six new state universities are Abdulsalam Abubakar University of Agriculture and Climate Action, Mokwa, Niger State; Ebonyi State University of ICT, Science and Technology, Oferekpe, Ebonyi State; University of Aeronautics and Aerospace Engineering, Ezza, Ebonyi State; Benue State University of Agriculture, Science and Technology, Ihugh; Cross River University of Education and Entrepreneurship, Akamkpa, Cross River State; and the University of Innovation, Science and Technology, Omuma, Imo State.

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The approvals also include 20 private universities.

Among them are Omega University in Delta State, Regnum Medical University in Lagos State, Transatlantic University of Medicine and Health Sciences in Anambra State, City University in Ogun State, University of Fortune in Ondo State, Eranova University in the Federal Capital Territory, Minaret University in Osun State, Abdulrasaq Abubakar Toyin University in Kwara State, Southern Atlantic University in Akwa Ibom State, Lens University in Kwara State, Monarch University in Ogun State, Tonnie Iredia University of Communication in Edo State, Isaac Balami University of Aeronautics and Management in Lagos State, Kevin Eze University in Enugu State, Bridget University in Imo State, Leadership University in Abuja, Jimoh Babalola University in Kwara State, Greenland University, JEFAP University in Niger State, Azione Verde University in Imo State and Unique Open University in Lagos State.

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FG bars MDAs from awarding contracts without warrants

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Disturbed by the manner Ministries, Departments and Agencies of Government, MDAs flagrantly spend money without adequately aligning with Revised Bottom-Up-Cash Management Policy Framework, to this end, the Federal Government welded the big stick by barring MDAs from awarding contracts without warrants.

Ministry of Finance in a circular has ordered that due process must be followed or heavy sanctions awaits such government bodies.

In a circular signed by the Minister of Finance, Taiwo Oyedele in a sighted by this medium, it was expressly stated that :”The revision of this policy will further ensure that MDAs comply with statutory and regulatory provisions governing public financial management”.

In the memo it was also stated that “It should be noted that Accounting Officers who contravene this policy shall be personally liable for any resultant commitments, in accordance with the provisions of • Financial Regulation 310 (Personal Responsibility for Expenditure • Public Service Rules 030402 (Serious Misconduct • Fiscal Responsibility Act Section 48 (Offences and Penalties – Independent Corrupt Practices and Other Related Offences Act (ICPC Section 22 Sub-sections 4.

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Under the new framework, no MDA is permitted to issue letters of award, sign contracts or enter into financial obligations unless the corresponding Warrant or Authority to Incur Expenditure covering the full or committed portion of the contract sum has been duly released by the Honourable Minister of Finance and Coordinating Minister of the Economy to the Accountant General of the Federation.

The circular also makes it clear that budgetary allocations alone do not constitute legal authority to spend public funds.

According to the directive, “Estimates in the Appropriation Act or budgetary provisions do not confer automatic spending authority. Only duly released Warrants/AIE issued by the Honourable Minister of Finance and Coordinating Minister of the Economy in line with Financial Regulation 301 confer legal authority to incur expenditure.”

The policy cites Financial Regulation 415, Section 22 of the Fiscal Responsibility Act, 2007, Section 16(1)(b) of the Public Procurement Act, 2007 and relevant provisions of the Independent Corrupt Practices and Other Related Offences Act as the legal basis for the revised framework.

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Government said the new measures are designed to align financial commitments with actual funds availability, strengthen expenditure controls and halt the growing accumulation of unfunded contractual liabilities arising from contracts awarded without the necessary financial backing.

The circular also introduces changes to the cash management process by abolishing the requirement for MDAs to submit monthly cash needs before the issuance of Warrants. Instead, Warrants will be issued based on approved budget implementation priorities and available Capital Development Fund balances.

In addition, all MDAs are required to prepare quarterly cash plans in line with their ministerial priorities and procurement plans for submission to the Office of the Accountant General of the Federation to improve cash flow forecasting and budget execution.

The Federal Government warned that Accounting Officers who disregard the directive would bear personal responsibility for any commitments arising from contracts awarded in violation of the policy.

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It stated that such officers would be held liable in accordance with the Financial Regulations, the Public Service Rules, the Fiscal Responsibility Act and other applicable laws governing public financial management.

The directive takes immediate effect and supersedes all previous instructions inconsistent with the revised framework. It also provides that all 2026 capital projects across Federal Ministries, Departments and Agencies shall be implemented in accordance with the new policy.

The government directed all Accounting Officers, Directors and Heads of Finance and Accounts, as well as Internal Audit Departments and Units across MDAs and other arms of government, to ensure strict compliance with the circular.

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Posterity will judge you well for devt of FCT -First Lady Remi Tinubu

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…Commends Wike’s Green Transformation of Abuja, Urges States to Engage Youth in Environmental Protection

First Lady of Nigeria, Senator Oluremi Tinubu has commended the Minister of the Federal Capital Territory (FCT), Nyesom Wike, for transforming Abuja’s City Gate into a major recreational and environmental landmark.

She was speaking during a ceremony to honour the FCT Administration for its environmental efforts which she said is in line with the just concluded category of the ongoing Green Nigeria Challenge of the Renewed Hope Initiative.

Senator Oluremi Tinubu said she was impressed by the transformation of the City Gate, describing it as “unbelievable.”

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She stated that despite a ₦50 million prize set aside under the Green Challenge to encourage states to reclaim abandoned spaces and dumpsites, no state entered for that category of the competition.

“It was a ₦50 million prize money and they didn’t enter. This was supposed to get our youth involved,” she said.

The First Lady explained that the initiative was designed to encourage states to convert neglected public spaces into clean and attractive environments.

“The transformation reflects the vision behind the just concluded Community Category of the Challenge which was designed to encourage youth groups to transform degraded public spaces, including dumpsites and abandoned areas, into green parks, gardens and other eco-friendly spaces. Our goal is to compliment government’s effort in beautifying our environment and promoting healthier communities towards improving the quality of life of our people.”

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“The remodeled Abuja City Gate is an excellent example of what abandoned public areas can become: a transformed key national landmark that warmly welcomes all Nigerians and visitors to our nation’s capital.”

“When I saw what he did with the City Gate, my God, unbelievable, unbelievable. I want to thank him. He’s done very well.”

“This was to turn around abandoned spaces, dumpsites, and we see a lot of it around the states.”

Senator Oluremi Tinubu also appealed to Wives of State Governors to mobilise the youth to participate in environmental clubs and sustainability initiatives in schools and tertiary institutions.

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“I’m using this opportunity to appeal to our First Ladies: Get our young children into the environmental clubs and environmental societies for our youth in tertiary institutions.”

“I remember when I was in the College of Education, I was a member of the Youth Environmental Programme for West Africa. We travelled from Nigeria throughout West Africa by road. It was a memorable experience for us.”

According to the First Lady Senator Oluremi Tinubu, young people must be encouraged to contribute to national development through environmental stewardship.

“We have to engage our young people and make sure that they can help build. Everybody has something to contribute to this country. It’s a great country and that’s why we are doing all we can.”

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In his remarks, the FCT Minister, Nyesom Wike revealed that the First Lady personally inspired the transformation of Abuja’s City Gate.

“The First Lady has to be commended for the FCT keying into the Renewed Hope Green Initiative because she has always said we have to change our environment and create opportunities where people can gather and relax.”

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