Business

Subsidy: Nigeria Spends N50bn Daily To Service The Rich

Published

2 years ago

May 14, 2023

Editor

The Chief Executive Officer of Connected Development, Malam Hamzat Lawal, has condemned the continued payment of fuel subsidies by the Federal Government, describing it as unacceptable.

Lawal, who spoke during an interview programme on Channels Television, said Nigeria, as a result of the payment, spends over N50 billion daily subsidizing the rich.

He said, ”We are subsidizing the rich, not the poor. The poor are actually bearing the brunt. And we spend over N50 billion every day subsidizing the rich people who can actually afford it.”

Mallam Lawal also called on the National Assembly to call for a public hearing concerning the $800 million loan President Muhammadu Buhari planned to secure from the World Bank.

The Federal Government had in April announced that the loan would be disbursed to about 50 million vulnerable Nigerians or 10 million households as part of its fuel subsidy palliatives measures.

The President recently sought the approval of the loan facility in a letter written to the Senate.

The activist, however, stated that the loan was unnecessary while adding that the public hearing would help ensure that all the grey areas concerned Nigerians have been answered.

”Taking a loan is not bad, but what do we do with this loan? People are poor. We have poor people, and it is not their doing that they are poor. And as a government, as people, we must care for these poor people.”

He also urged the government to explore the Open Government Partnership platform mm to ensure transparency in its spending.

Business

CBN Sets POS Maximum Transactions In Fresh Guidelines

Published

7 hours ago

October 8, 2025

Editor

The Central Bank of Nigeria has rolled out fresh guidelines for agent banking, known as Point of Sales, across the country.

The apex also in the guidelines pegged daily POS transactions at N1.2 million per agent and N100,000 per individual.

CBN disclosed this in a circular signed by its Director of the Payments System Management Department, Musa Jimoh.

The guidelines further mandate all financial institutions to publish the list of all their POS agents on their website and to display it in their branches.

CBN noted that the guidelines would take effect from April 1, 2026.

“The Guidelines aim to establish minimum standards for operating agent banking in Nigeria, enhancing agent banking to provide financial services and promoting financial inclusion, encouraging responsible market conduct and improving service quality in agent banking operations.

“This circular takes effect from the date of release, while the implementation of agent location and agent exclusivity shall be in effect from April 1, 2026.

“POS agents are restricted to a maximum of N1.2 million per day. Individual customers are limited to N100,000 in daily transactions.

“These limits are intended to curb misuse, enhance financial integrity, and protect consumers within the agent banking framework,” it stated.

Business

Naira Records First Appreciation Against US Dollar At Official Market

Published

7 hours ago

October 8, 2025

Editor

The Naira recorded appreciation on Wednesday against the United States dollar at the official market, the first time in three days this week.

The Central Bank of Nigeria’s exchange rate data showed that the Naira strengthened to N 1,470.62 per dollar on Wednesday, up from N1,471.09 traded on Tuesday.

This means that the country’s currency firmed up slightly by N0.47 against the dollar on a day-to-day basis.

Monday and Tuesday, the Naira recorded negative sentiment at the official foreign exchange market.

However, at the black market, the Naira remained unchanged at N1,500 per dollar on Wednesday, the same rate exchanged on Tuesday.

The apex bank data indicated that the country’s external reserves, a determinant of the exchange rates, stood at $42.57 billion as of October 7, 2025.

Business

SEC Warns Nigerians Of AfriQuantumX Ponzi scheme

Published

8 hours ago

October 8, 2025

Editor

Nigeria’s Securities and Exchange Commission (SEC) has named AfriQuatum, with a claimed worth of N76 billion, as a Ponzi scheme.

The regulator also urged the public to be cautious about investing with the firm.

SEC disclosed this in a recent statement.

According to the SEC, any person who places an investment or engages with the entity does so at his or her own risk, adding that its operations exhibit characteristics commonly associated with fraudulent Ponzi schemes.

“The attention of the Securities and Exchange Commission has been drawn to the activities of AfriQuantumX, which holds itself out as an investment platform trading on and selling cryptocurrency and stocks to investors in Nigeria.

“The Commission hereby informs the public that AfriQuantumX is not registered by the Commission either to solicit investments from the public or operate in any capacity within the Nigerian capital market,” SEC stated.