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Senate Laments Cyber Threats to Digital Economy with $500m Annual Loss

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Senator Michael Opeyemi Bamidele
Senate Leader, Michael Opeyemi Bamidele
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**Begins amendment of Cybercrime Act, 2015

**Says national cybersecurity not effectively funded

The Senate Wednesday expressed concerns about annual loss of $500 million to various forms of cybercrime across the federation, warning that if the national cybersecurity programme was not effectively funded, the gains of digital economy would be defeated.

Consequently, the upper chamber resolved to review and amend the Cybercrime (Prohibition and Prevention) Act, 2015 with a view to putting an end to the exploitation of Nigeria’s digital space by cybercriminals and certain individuals with misguided intention.

The President of the Senate, Senator Godswill Akpabio expressed the concerns on Wednesday at the inauguration of public hearing on the 2023 Cybercrime (Prohibition and Prevention) Act (Amendment) Bill, 2023 at the Senate Complex, Abuja.

The inauguration was at the instance of the Chairman, Senate Committee on ICT and Cyber Security, Senator Shuaib Afolabi Salisu; Chairman, Senate Committee on National Security and Intelligence, Senator Shehu Buba Umar and all members of their committees.

In its report, the Nigerian Communications Commission (NCC) had claimed that Nigeria “is losing $500 million dollars annually to all forms of cybercrime including hacking, identity theft, cyber terrorism, harassment and Internet fraud.

At the inauguration of the public hearing on Wednesday, the senate president lamented that certain individuals with misguided intentions “are exploited cybercrime laws by tarnishing the reputation of Nigeria.”

Akpabio, represented by the Leader of the Senate, Senator Opeyemi Bamidele, observed that it was imperative to establish a comprehensive legal framework to deter, investigate, pursue and prosecute cybercriminals.

The senate president said: “In this age of rapid technological advancement and widespread internet usage, cybercrime has emerged as a grave menace to our society, economy and personal security.

“It is imperative and strengthening the existing laws on cybercrime prohibition and prevention. In the past, certain individuals with misguided intentions exploited our weak cybercrime laws, thereby tarnishing the reputation of our country.

“They engaged in a wide array of illegal activities, such as hacking, identity theft, fraud, harassment and cyber terrorism. These crimes not only inflicted significant financial losses upon our country, but also invaded our privacy, disrupted critical infrastructure, and eroded trust in our digital systems.”

Consequently, according to the senate president, it is of utmost national and economic importance that we establish a comprehensive legal framework to deter, investigate, pursue and prosecute cybercriminals.

In his opening remarks, Salisu explained the national significance of amending the Cybercrime (Prohibition and Prevention) Act (Amendment) Bill, 2023, saying it was intended to enhance the effectiveness of the law by addressing emerging threats and strengthening existing provisions.

He, therefore, challenged all the stakeholders to bring wealth of knowledge, experience and diverse perspectives on cybercrime to the front burner.

He pointed out that cybersecurity “is a complex and multidimensional challenge that requires a collaborative effort among the government, industry, civil society and academia.”

Also at the inauguration, Umar expressed grave concerns about the alarming exploitation and growing widespread of cybersecurity across all sectors, noting that the high cases of cybercrime had placed demand on the country to review the country’s law.

Umar, who initiated the bill, said: “Prioritisation of funding cybersecurity should be a matter of national urgency in the category as the national food security emergency recently declared by His Excellency, President Bola Ahmed Tinubu.

“If the National Cybersecurity Programme is not effectively funded, the gains of digital economy will be defeated. There is need urgent need for the country to amend the country cybercrimes.

“The current provisions handicapped Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices Commission (ICPC) National Information Technology Development Agency (NITDA), Central Bank of Nigeria (CBN) and the Nigeria Police to do their works effectively.

“If we must survive as a federation, the current weak approach to enforcing national cyber security directives must be examined and prioritised among other considerations. Currently, EFCC, ICPC, NITDA, CBN, and Nigeria Police funding concentrates on fighting cybercrimes Activities based on their limited Act.”

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Tinubu Accelerates Northern Rail Projects, Kaduna-Kano Line Set for December 3 Inauguration

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President Bola Ahmed Tinubu has intensified efforts to complete major railway projects across Northern Nigeria, with the Kaduna–Kano Standard Gauge Railway scheduled for inauguration on December 3, 2026.

The 203-kilometre Kaduna–Zaria–Kano railway project has reached approximately 90 per cent completion, while the 400-kilometre Kano–Katsina–Maradi railway project has attained 70 per cent completion.

According to the Federal Government, both projects have recorded significant progress since the Tinubu administration assumed office in 2023. The Kano–Katsina–Maradi project was reportedly at just five per cent completion, while the Kaduna–Kano line was below 30 per cent.

The projects form part of the administration’s commitment to expanding Nigeria’s railway network, improving regional connectivity and facilitating the movement of passengers and goods across the country and beyond.

The Kaduna–Kano railway, an extension of the existing Abuja–Kaduna Standard Gauge Railway, is expected to establish a continuous rail connection between Abuja, Kaduna, Zaria and Kano, strengthening transportation links among key commercial centres in Northern Nigeria.

To assess the level of progress, President Tinubu recently directed a Federal Government inspection team, led by the Permanent Secretary of the Federal Ministry of Transportation, Engr. Funso Adebiyi, to inspect the projects.

Adebiyi expressed satisfaction with the quality of construction work, particularly the railway alignment, drainage systems, embankment protection, stone pitching and soil stabilisation.

The inspection also featured a train test run from Jaji in Kaduna State to Kano, enabling officials to assess the completed track infrastructure and passenger comfort.

President Tinubu has further directed that outstanding land acquisition and compensation issues within Kaduna metropolis be resolved immediately to facilitate the completion of the railway corridor connecting Abuja to Kano.

The Federal Government disclosed that the completed 190-kilometre Jaji–Kano section of the Kaduna–Kano railway, alongside the 250-kilometre Dawanu–Kano–Kazaure–Daura–Katsina section of the Kano–Maradi project, is scheduled for inauguration on December 3, 2026.

When fully operational, the Kaduna–Kano railway is expected to ease passenger movement, boost commercial activities and provide a safer alternative to road transportation along one of Northern Nigeria’s busiest economic corridors.

Similarly, the Kano–Katsina–Maradi railway is expected to enhance cross-border transportation, strengthen regional trade and deepen economic relations between Nigeria and neighbouring Niger Republic.

The Federal Government reiterated its commitment to ensuring that ongoing infrastructure projects across the country are completed and delivered in line with their scheduled timelines.

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FG Begins ₦50,000 Monthly Cash Relief for Vulnerable Nigerians

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The Federal Government has commenced a monthly cash relief programme offering ₦50,000 to vulnerable Nigerians to cushion the effects of rising living costs and economic hardship.

The Minister of Humanitarian Affairs and Poverty Reduction, Bernard Doro, disclosed this in a statement issued on Friday in Abuja, announcing the National Emergency Relief and Stabilisation Intervention (NERSI), a presidential initiative aimed at providing direct financial support to millions of vulnerable households.

Doro said the intervention was introduced in response to global food inflation and rising prices of essential goods, which continue to put pressure on household finances.

Under the programme, eligible beneficiaries will receive ₦50,000 monthly to help meet essential needs and ease the burden of the rising cost of living.

The minister explained that the intervention would be reviewed periodically in line with prevailing economic conditions, with beneficiaries notified directly before any adjustment.

He said the ministry was working with licensed digital financial service providers to ensure secure, transparent and timely disbursement of the funds.

According to him, beneficiaries will receive text messages from the providers seeking their consent before payments are made directly into their bank accounts or mobile wallets.

Doro clarified that beneficiaries are not required to apply, pay any fee or register through agents to access the programme.

He warned Nigerians against fraudsters, urging them not to disclose their Personal Identification Numbers (PINs) or Bank Verification Numbers (BVNs) to anyone.

The minister advised those uncertain about any message or facing demands for payment to contact the official NERSI helpline on 0700-022-2222.

He said the intervention complements existing Federal Government social protection and economic support programmes, while strengthening household resilience and economic stability.

Doro added that the initiative aligns with President Bola Tinubu’s Renewed Hope Agenda and underscores the ministry’s commitment to delivering social support with dignity, transparency and accountability.

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Ekiti Bureau Congratulates Oyebanji, Prioritises Curbing Capital Flight

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The Ekiti State Bureau of Local Content has congratulated Governor Biodun Oyebanji on his inauguration for a second term in office, pledging to prioritise efforts to address capital flight and strengthen the state’s economy.

The Bureau, in a congratulatory message issued by its management, and signed by the director of Admin Mr Tope Fasoyin, described the governor’s second-term inauguration as an opportunity to consolidate the achievements of his first tenure and advance policies aimed at promoting sustainable economic development in the state.

 

The agency reaffirmed its commitment to supporting the governor’s vision of retaining more economic resources within Ekiti State through effective implementation of local content policies.

 

It said efforts would be intensified to promote the participation of indigenous businesses in government projects, encourage patronage of locally produced goods and services, and create more opportunities for local contractors, suppliers, and service providers.

 

According to the Bureau, prioritising local content would help reduce capital flight, stimulate indigenous enterprise, create employment opportunities, and ensure that more economic benefits accrue to the people of Ekiti State.

 

The management also pledged to collaborate with relevant stakeholders to ensure that the governor’s economic development agenda is translated into tangible benefits for residents.

 

It expressed confidence that Governor Oyebanji’s second term would bring renewed opportunities for economic growth, investment, and sustainable development across the state.

 

The Bureau wished the governor a successful and impactful second term in office.

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