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Acceptance of eNaira will speed up financial inclusion – Emefiele

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The Governor of the Central Bank of Nigeeia (CBN), Godwin Emefiele, on Monday said, the acceptance of the eNaira will speed up the rate of financial inclusion in the country.

Emefiele, said this while receiving a delegation of executive directors from the Bank of Uganda, who were on an experience sharing tour of the Central Bank Digital Currency (CBDC), in Abuja.

The CBN Governor, said he is satisfied that the country’s CBDC has recorded success as seen in the rate of integration and security features.

Emefiele said: “The CBDC would enhance the relationship between mobile banking and e-business and speed up the rate of financial inclusion.

“The eNaira, being the first of its kind for a large country like Nigeria, was attracting the interests of many countries, Uganda inclusive.

“We’ve been receiving enquiries from various Central Banks in different parts of Africa and the world, trying to understand what we are doing in the area of CBDC. We are happy that the IMF and World Bank have recognised what we are doing in the area of CBDC.

“However, the country has deepened its payment system infrastructure, and is ranked among the best in the world.”

The Apex bank boss, said his predecessor in office, Lamido Sanusi, laid the foundation upon which the country’s current payments system was built.

He further said Sanusi, as then CBN governor, appointed him chairman of the sub-committee of the Bankers’ Committee to lead the payments system drive in 2012, adding that the move paved the way for innovative ideas that eventually led the creation of the eNaira.

Emefiele also said he is confident that the CBN will achieve the 85 per cent financial inclusion target in a short period despite being slightly below 70 per cent.

He added that the bank was committed to accelerating the rate at which those who were financially excluded could come into the formal banking sector.

Emefiele, therefore, charged the executive directors (deputy governors equivalent) of the Bank of Uganda to strengthen the country’s payment system, adding that a strong payment system remained the bedrock for the successful take-off of a CBDC.

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FG Rules Out Electricity Tariff Hike, Targets 24-Hour Power Supply

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The Federal Government has ruled out any plan to increase electricity tariffs, saying its priority is to improve power supply and ensure reliable electricity across the country.

The Minister of Power, Joseph Tegbe, gave the assurance in Ibadan, Oyo State, on Thursday, amid concerns and speculation about a possible increase in electricity tariffs.

Tegbe spoke during the groundbreaking ceremony for five interconnected mini-grid projects with a combined generation capacity of 17.7 megawatts and a 17.74-megawatt-hour Battery Energy Storage System (BESS).

“I want to say this clearly and without ambiguity: there is no plan to increase electricity tariffs. What we are planning is a power sector that works around the clock. Our commitment is 24/7 power,” the minister said.

He urged Nigerians to disregard reports suggesting an impending tariff hike, stressing that the government was focused on improving electricity generation, transmission and distribution.

The five mini-grid projects are located in Bola, Jiboye, Molade-Adelubi, Ogo Oluwa and Sooko-Elega. They are expected to provide electricity to communities across Akinyele, Ido, Ibadan North, Egbeda and Lagelu Local Government Areas of Oyo State.

According to the minister, the projects are designed to expand electricity access, reduce dependence on petrol and diesel-powered generators, and create a more favourable environment for businesses, investment and job creation.

Tegbe said the Federal Government was also implementing a broader energy strategy aimed at improving electricity supply through designated energy corridors, including the Lagos-Ogun, Abuja-Kaduna-Kano and Benin-Enugu-Port Harcourt corridors.

He added that efforts were underway to strengthen the national grid and upgrade generation and transmission infrastructure across the country’s eastern, western and central corridors.

The minister described the mini-grid initiative as part of President Bola Tinubu’s Renewed Hope Agenda, noting that similar electricity interventions had been implemented in communities across several states with support from the Rural Electrification Agency (REA).

He commended Tinubu for his leadership and acknowledged the contributions of the REA, project developer Paras Energy and Natural Resources Development Limited, the World Bank and the Ibadan Electricity Distribution Company.

Tegbe also recognised the Oyo State Government, traditional rulers and other stakeholders for their roles in facilitating the projects.

The initiative is expected to improve electricity reliability in the beneficiary communities, support local economic activities and reduce energy costs for households and businesses.

 

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Oyedele Warns Against New Taxes, Urges Governments to Explore Revenue Alternatives

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President Bola Ahmed Tinubu
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Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has cautioned governments against imposing new taxes or increasing the tax burden on vulnerable citizens and productive sectors amid economic pressures.

Oyedele spoke on the sidelines of the 2026 annual meetings of the International Monetary Fund (IMF) and the World Bank in Bangkok, Thailand, where he presented the communiqué of the Intergovernmental Group of Twenty-Four (G24), which he chairs.

The minister said governments should prioritise identifying areas of savings, improving revenue mobilisation and strengthening fiscal management rather than introducing additional tax burdens that could further strain households and businesses.

“This is the wrong time to impose new taxes or increase the burden of tax, particularly on the vulnerable population and productive sectors of the economy,” he said.

Oyedele made the remarks while responding to questions on how developing countries could reduce debt-servicing costs without cutting essential public expenditure.

He urged governments to look inward for savings and explore more efficient ways of generating revenue while protecting vulnerable populations from further financial pressure.

On public borrowing, the minister said debt financing remained necessary to support economic growth but stressed that borrowed funds should be deployed to stimulate job creation and promote inclusive development.

He noted that governments should prioritise limited public resources for essential services, including healthcare and education, while leveraging private capital to support other investment needs.

Oyedele also cautioned against treating taxation and borrowing as mutually exclusive options, explaining that both have economic implications and must be carefully balanced.

According to him, excessive taxation of vulnerable households could reduce their capacity to afford basic necessities, including food, healthcare and education.

He described public debt as a future tax burden, emphasising the need for governments to adopt fiscal policies that balance present revenue needs with long-term economic sustainability.

“Debt is future taxes, so it’s not one or the other. It’s to strike a balance, bearing in mind ultimately that the essence of tax and of debts is to cater for the people,” he said.

The minister’s remarks underscore the need for developing economies to strengthen domestic revenue mobilisation, improve public spending efficiency and manage debt sustainably without undermining household welfare or productive economic activities.

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Over 67,000 Nigerians Benefit From Consumer Credit Scheme — Tinubu

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President Bola Ahmed Tinubu
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President Bola Tinubu has said that 67,512 Nigerians across 25 states and the Federal Capital Territory (FCT) have so far benefited from credit backed by the National Credit Guarantee Company (NCGC).

Tinubu disclosed this on Monday in a series of posts on his official X account as Nigeria prepares to celebrate its 66th Independence Day.

According to the President, the NCGC has issued ₦21.59 billion in guarantees, enabling participating financial institutions to provide ₦46.95 billion in loans.

He said 11,374 of the beneficiaries are women, while 33.5 per cent are first-time formal borrowers.

Tinubu noted that more than 22,000 Nigerians had entered the formal credit system for the first time through the scheme, giving them an opportunity to build credit records that could improve their access to future loans.

The consumer credit scheme was launched in July 2026 by the Nigerian Consumer Credit Corporation (CREDICORP), in partnership with the Federal Ministry of Communications, Innovation and Digital Economy.

The President said the initiative was part of his campaign promise to move Nigeria towards a credit-based economy and make financing more accessible to individuals and businesses.

He said CREDICORP enables working Nigerians to access consumer credit, while the National Education Loan Fund (NELFUND), Bank of Industry and Development Bank of Nigeria provide financing in other sectors.

Tinubu explained that the NCGC was established to reduce the risks faced by financial institutions when lending to businesses and individuals without sufficient collateral or credit history.

He said the company currently works with 19 financial institutions, comprising 13 commercial banks, three microfinance banks and three development finance institutions.

The President added that businesses supported through the NCGC scheme were estimated to have created 661,291 direct and indirect jobs.

He said the impact of the scheme showed how government reforms could translate into economic opportunities for Nigerians.

“Our reforms laid the foundation. Credit gives Nigerians the means to build on it,” Tinubu said, adding that the Federal Government would continue to expand access to credit across the country.

He described the development as evidence of his administration’s efforts to fulfil its campaign promises, saying, “Promise made, promise kept. We are moving from reforms to opportunities. Nigeria First.”

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