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CBN to deal with banks imposing ATM withdrawal limits below N20K

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By Kayode Sanni-Arewa

The Central Bank of Nigeria (CBN) has warned that it will deal with banks that force customers to withdraw less than N20,000 per transaction from Automated Teller Machines (ATMs) despite having sufficient funds and requesting a higher amount.

This was disclosed in a Q&A explainer released by the CBN bank following its recent review of ATM withdrawal fees.

The CBN emphasized that ATM charges for withdrawals made from other banks’ ATMs—both on-site and off-site—are based on the expectation that customers can withdraw up to N20,000 per transaction.

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It stated: “Any bank that compels a customer with sufficient funds in their account to withdraw less than N20,000 per transaction, against their desire for a higher sum, would be contravening this regulation and will be sanctioned appropriately.”

The CBN encouraged affected customers to file complaints against banks that impose unnecessary restrictions.

“Consumers denied the right to withdraw up to N20,000 per transaction are encouraged to file a complaint with the CBN using [email protected].”

The CBN further clarified that banks are not allowed to charge more than the prescribed ATM fees, though they can charge less depending on their cost structure and business model.

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“The charges and surcharges are capped, meaning banks and other financial institutions cannot charge more than the fees stated in the circular. However, a bank can charge a lower amount depending on its cost structure and business development drive.”

The CBN advised customers to withdraw cash from their own bank’s ATMs to avoid extra charges. It also encouraged customers to explore alternative payment options such as mobile banking apps, POS terminals, and other digital payment channels to minimize ATM withdrawal fees.

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House Wades Into Sharp Practices In Payment Of Contractors

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Reprieve may soon come the way of Federal Government contractors as the House of Representatives has waded into the alleged sharp practices in the payment of contractors by the Ministry of Finance and Accountant General Office of the Federation.

The House in response to the Motion titled; “Alleged Fraudulent Practices in the Payment of Contractors by the Offices of the Ministry of Finance and Accountant General of the Federation cosponsored by Hon. Professor Paul Sunday Nnamchi, House Leader, Hon Professor Julius Ihonvbere and Hon. Aminu Sani Jaji directed the Committee on Finance to investigate the allegations.

The House also urged the Federal Government to strengthen internal controls and enforce strict penalties for officials found culpable in corrupt practices within the parliament system and subsequently establish a transparent digital payment system that eliminates discretionary human interference in payment of contracts.

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Professor Ihonvbere who presented the motion on behalf of the lead sponsor Professor Nnamch who was unavoidably absent reminded his colleagues that the 1999 Constitution of the Federal Republic of Nigeria, as amended “prescribes transparency, accountability and prudent management of public funds as fundamental principles of governance”.

He went further to cite section 15(5) of the constitution which provides that, “the state shall abolish corrupt practices and abuse of power which underscore the government’s obligation to prevent investigate and punish malfeasance particularly in public finance management “.

He noted that there had been reports of contractors being coerced into offering kickbacks or face unjustified deductions from their payments as a condition for processing of their invoices by the officials of Federal Ministry of Finance.

The sponsors further stressed that “unrestrained continuation of these corrupt practices were capable of discouraging credible investors and undermine confidence in government’s ability to uphold transparency and accountability”.

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The House sponsors also believed that without thorough investigations of the alleged sharp practices and consequently addressing them, contractors might lose confidence in government engagements thus leading to slow economic development and failed infrastructure projects nationwide.

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BREAKING: House Approves N54.99 Trillion Budget for 2025

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By Gloria Ikibah

The House of Representatives, during Thursday’s plenary session, approved the 2025 budget totaling N54.99 trillion.

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Chairman of the Appropriations Committee, Rep. Abubakar Kabir Abubakar, presented the committee’s report for the House’s consideration, leading to its adoption.

He said: “That the House do consider the Report of the Committee on Appropriations  a Bill for an Act to authorise the issue from the Consolidated Revenue Fund of the Federation the total sum of N54,990,1 65,355, 396 (Fifty-Four Trillion, Nine Hundred and Ninety Billion One Hundred and Sixty-Five Million, Three Hundred and Fifty-Five Thousand, Three Hundred and Ninety-Six Naira) only, of which N3,645,761,358,925 (Three Trillion, Six Hundred and Forty-Five Billion, Seven Hundred and Sixty-One Million, Three Hundred and Fifty-Eight Thousand, Nine Hundred and Twenty-Five Naira) only is for Statutory Transfers N14,317.142,689,548 (Fourteen Trillion, Three Hundred and Seventeen Billion, One Hundred and Forty-Two Million, Six Hundred and Eighty-Nine Thousand, Five Hundred and Forty-Eight Naira) only is for Debt Service, N13,064,009,682,673 (Thirteen Trillion, Sixty-Four Billion, Nine Million, Six Hundred and Eighty-Two Thousand, Six Hundred and Seventy-Three Naira) only is for Recurrent (Non-Debt) Expenditure while the sum of N23,963, 251,624,250 (Twenty-Three Trillion, Nine Hundred and Sixty-Three Billion, Two Hundred and Fifty-One Million, Six Hundred and Twenty-Four Thousand, Two Hundred and Fifty Naira) only is for contribution to the |Development Fund for Capital Expenditure for the year ending on the 31 December, 2025 (HB. 2021) and approve recommendations therein”.

On December 18, 2024, the House received the committee’s report on the 2025 Appropriation Bill. The following day, December 19, 2024, lawmakers conducted a clause-by-clause review of the bill, which contains 12 clauses, outlined as follows:

“BE IT ENACTED by the National Assembly of the Federal Republic of Nigeria as follows: –
1. Issue and appropriation of =N=54,990,165,355,396 from the Consolidated Revenue Fund of the Federation for 2025.
(i)  The Accountant-General of the Federation shall, when authorised to do so by Warrants signed by the Minister charged with responsibility for finance, pay out of the Consolidated Revenue Fund of the Federation during the year ending on the 31st day of December 2025, the sums specified by the warrants, not exceeding in the aggregate =N=54,990,165,355,396 (Fifty-Four Trillion, Nine Hundred and Ninety Billion, One Hundred and Sixty-Five Million, Three Hundred and Fifty-Five Thousand, Three Hundred and Ninety-Six Naira)only,  for the year ending on the 31st day of December, 2025.
First Schedule
(ii)    The amount mentioned in subsection (1) of this section shall be appropriated to heads of expenditure as indicated in the Schedule to this Bill
(iii)    No part of the amount aforesaid shall be released from the Consolidated Revenue Fund of the Federation after the end of the year mentioned in subsection (1) of this section.
“2. Release of funds from the Consolidated Revenue All amounts appropriated under this Bill shall be released from the Consolidated Revenue Fund of the Federation only for the purpose specified in the Schedule to this Bill.
“3. Virement In the event that the implementation of any of the projects intended to be undertaken under this Bill cannot be completed without virement, such virement shall only be effected with the prior approval of the National Assembly.
“4. Corrigendum: Any error in the schedule to this Bill that may hinder the implementation of projects and programs in Ministries, Departments and Agencies may be corrected through a corrigendum issued by the National Assembly: in any of the following circumstances:
(a) If the total sum of the project or program is not affected;
(b) Where the projects or programs are domiciled in Ministries, Departments and Agencies that lack jurisdiction to execute such projects;
(c) Where the execution of projects or programs by Ministries, Departments and Agencies are overtaken by event; and         (d) Where projects are wrongly coasted, sited or posted to Ministries, Departments or Agencies
“5. Excess Revenue
(i) The Accountant-General of the Federation shall immediately upon the coming into force of this Bill maintain a separate record for the documentation of Revenue accruing to the Consolidated Revenue Fund in excess of oil price benchmark adopted in this Budget.
(ii) Such revenues as specified in Sub-section (1) of this section refers to Revenues accruing from sales of government crude oil in excess of the approved benchmark price per barrel, the Petroleum Profit Tax and Royalty on Oil and Gas
“6. Authorization
(i) No funds shall be paid out of the monies arising from the record specified in Section 5 (1) except by an Act/approval of the National Assembly.
(ii) The Accountant-General of the Federation shall forward to the National Assembly full details of funds released to the government Agencies immediately such funds are released.
“7. Information on Funds Releases
The Minister of Finance shall ensure that funds appropriated under this Act are released to the appropriate agencies and or organs of government as and when due, provided that no funds for any quarter of the fiscal year shall be deferred without prior waiver from the National Assembly.
“8. Due Process Certification: The department of government charged with the responsibility of certifying that due processes have been complied with in the processing of implementation of projects shall ensure that all processes of approval are completed within the specified period as provided for in the Public Procurement Act.
“9. Information on internally generated revenue, domestic and foreign assistance    All Accounting Officers of Ministries, Parastatals and Departments of Government who control heads of expenditures shall upon the coming into effect of this Bill furnish the National Assembly on quarterly basis with detailed information on-
(a) the Internally Generated Revenue of the agency in any form; and
(b) all foreign and domestic assistance received from any agency, person or organisation in any form.
“10. Power of Nigerian Embassies and Missions  The Missions and Embassies shall constitute their Tender Board as in a Parastatal’s Tenders Board (PTB) within the requisite threshold in compliance with the extant Executive Circular and the Provisions of the Public Procurement Act.
“11. Detailed estimate: The detailed estimates of expenditure are set out in the Second Schedule to this Bill.
“12. Expiry  Constitution, 1999: In line with the provisions of section 318 of the Constitution of the Federal Republic of Nigeria, this Bill expires after 12 months, starting from 1st day of January to 31st day of December, 2025 when asented to.
“Short Title: This Bill may be cited as the Appropriation Bill, 2025”.

The House convened in the Committee of Supply, with Speaker Tajudeen Abbas overseeing the review of budgetary allocations.

During deliberations, Rep. Chinedu Ogar noted the absence of funding for light rail projects in the South East. In response, the Speaker assured that the matter would be brought to the President’s attention and could be addressed through a supplementary budget.

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Following this, the House resumed plenary, where Majority Leader Rep. Julius Ihonbvere moved for the adoption of the report as a working document. The motion received unanimous approval, leading to the final reading and passage of the 2025 Appropriation Bill.

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CRP Hails Wike on Massive Developmental Projects in FCT

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By Kayode Sanni-Arewa

The Concerned Rivers People (CRP), a grassroot political pressure group, has hailed the Minister of the Federal Capital Territory, Nyesom Wike over the massive infrastructural projects he has undertaken in the nation’s capital in the last eighteen months.

The commendation came at the end of an extraordinary executive meeting of the group held in Port Harcourt, the Rivers State capital. During the marathon meeting, members of the Executive Committee of the CRP, observed with delight the giant strides of Wike and the impact he has made in addressing the infrastructure gaps in Abuja within a very short period of time.

In a communiqué issued at the end of their deliberations, the group resolved to pass a vote of confidence on Wike in order to spur him into more action.

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According to the communiqué, members of the CRP said they were not surprised at the performance of Wike having been witnesses to his equally superlative performance during his tenure as the Governor of Rivers State.

” Our own dear leader and political icon has changed the narrative in the art of governance because he deploys all his energy and intellect into any governance role that he gets.

” What he is doing in Abuja is a clear testimony that he is Mr Project. He has changed the architectural landscape of Abuja, constructing multi billion naira roads and bridges to ease free flow of traffic in and around the city of Abuja.”

Public Relations Officer of the group, Alex Nwogu disclosed that at the last count, Wike has executed over 200 infrastructure projects since he assumed office in 2023.The CRP, he said, regards the FCT Minister as a worthy ambassador of the people of Rivers State.

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