News
NUC increases varsities application fee to 400%
By Kayode Sanni-Arewa
The National Universities Commission (NUC) has jacked up the application fee for establishing private universities in Nigeria by over 400%.
The commission’s Executive Secretary, Abdullahi Ribadu, in a statement on Monday, said the price hike is for better coordination and to ensure that newly established private universities are positioned to meet the challenges of the 21 Century.
The NUC increased the fee for purchase of application forms for the Establishment of a Private University from N1m to N5m.
The Commission also raised the processing fee for application for the establishment of a private university from N5m to N25m.
The NUC said the N25m reviewed fee would be communicated to applicants who have purchased the application form at the former rate of N1m but are yet to pay the processing fee for their application.
“They are also expected to effect payments within a period of 30 working days or risk forfeiture of their pending applications,” the statement read.
NUC Hikes Private University Application Fees by Over 400%
The Commission also suspended further processing of all inactive applications including those of private open universities (those that have not made progress on their applications or made submissions to the Commission for upwards of two years).
“The Commission hereby imposes a Moratorium for a period of one year with effect from Monday, 10th February, 2025 on:
“Inactive applications for the establishment of new private universities to enable the Commission to conduct a comprehensive review of such pending applications with a view to determining their viability;
“Applications on Step 1 of the 14-Step Procedure (i.e. those that have submitted Letters of Intent only), and
“Acceptance of fresh applications for the establishment of private universities, including private open universities.
“For the avoidance of doubt, the Commission will continue to process pending active. applications and make appropriate recommendations to the Federal Executive Council for approval.”
The NUC said since 1999, the Federal Government has approved the establishment of 149 private universities based on its recommendation.
By Gloria Ikibah
The House of Representatives has appointed Rep. Ibrahim Ayokunle Isiaka as the new Deputy Chief Whip.
Rep Isiaka who represents Ifo/Ewekoro Federal Constituency of Ogun State under the All Progressives Congress (APC), steps into the role following the passing of the former Deputy Chief Whip, Hon. Adewunmi Oriyomi Onanuga, earlier this year.
Speaker of the House, Rep. Tajudeen Abbas, confirmed Isiaka’s appointment during Tuesday’s plenary session, stating that it followed consultations with the APC caucus and other stakeholders from the Southwest.
Prior to this appointment, Isiaka served as Chairman of the House Committee on National Planning and Economic Development. Since joining the House in 2015, he has held key positions, including Chairman of the Committee on Ecological Funds, Deputy Chairman of the House Committee on Governmental Affairs, and leadership roles in several Ad Hoc Committees.
News
More headache for Nigerians as CBN imposes N600 charge on every N20,000 withdrawn from another bank’s ATM
By Kayode Sanni-Arewa
The apex bank in Nigeria, CBN, has imposed a withdrawal charge of between N100 and N600 for every N20,000 worth of interbank ATM withdrawals.
The three free monthly withdrawals that customers enjoy on interbank ATM withdrawals.
According to a CBN circular, FPR/DIR/GEN/CIR/001/002 with title, ‘Review of Automated Teller Machine Transaction Fee,’ dated February 10, 2025, the new fees would take effect March 1, 2025.
The Apex Bank said, “In response to rising costs and the need to improve the efficiency of Automated Teller Machine (ATM) services in the banking industry, the Central Bank of Nigeria (CBN) has reviewed the ATM transaction fees prescribed in Section 10.7 of the extant CBN Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions, 2020 (the Guide)”.
The CBN said customers withdrawing at the ATM of their financial institution in Nigeria would not be charged.
“Withdrawal from another institution’s ATM in Nigeria (Not-On-Us): On-site ATMs (within bank premises): A fee of N100 per N20,000 withdrawal will apply,” the apex bank further directed.
For Off-site ATMs (outside bank premises), the apex bank said a charge of N100 plus a surcharge of not more than N500 for every N20,000 withdrawal would be applicable.
It said that international withdrawals would be based on the exact amount imposed by the international acquirer.
The CBN said, “This review is expected to accelerate the deployment of ATMs and ensure that appropriate charges are applied by financial institutions to consumers of the service.
“Accordingly, banks and other financial institutions are advised to apply the following fees with effect from March 1, 2025.”
By Gloria Ikibah
The House of Representatives has directed the Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani, and the Nigerian Communications Commission (NCC) to put the planned increase in telecom tariffs on hold until service quality improves.
This resolution was sequel to a motion of urgent public importance on the “NEED FOR THE NIGERIAN COMMUNICATIONS COMMISSION NOT TO APPROVE THE IMPENDING HIKE IN THE TELECOMMUNICATIONS TARIFFS”, by Rep. Obuku Oforji, member representing Yenagoa/Kolokuma Opokuma Federal Constituency of Bayelsa State on Tuesday T plenary.
Rep. Oforji recalled that after a meeting with mobile network operators in Abuja on January 8, 2025, the minister hinted at an impending tariff hike. According to him, telecom companies have been pushing for an increase, with some proposing a 100 percent hike. However, Tijani clarified that while there would be an increase, it would not be as high as 100 percent, and the NCC would determine and announce the new rates.
The lawmaker explained that telecom operators justified the planned hike by citing rising investment costs, the need for better network infrastructure, and the increasing demand for digital services in sectors such as education, banking, and healthcare.
Rep. Ibrahim Isiaka Appointed Deputy Chief Whip of House of Reps
More headache for Nigerians as CBN imposes N600 charge on every N20,000 withdrawn from another bank’s ATM
Reps Urge FG to Stop Planned Telecom Tariff Increase
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