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E-Naira’ll not affect commercial banks’ deposits – Adedipe

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e-Naira
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Dr Biodun Adedipe, Chief Consultant, B. Adedipe Associates Ltd., said the e-Naira introduced by the Central Bank of Nigeria (CBN) would not affect deposits of commercial banks.

Adedipe said this at the National Business Extra fourth anniversary lecture/awards on Thursday in Lagos.

He spoke on the theme: “Cryptocurrency Vs E-Naira: Issues, prospects and challenges in Nigeria economy.”

Adedipe, who was the guest speaker, said e-Naira could not replace deposits or reduce the ability of the banks to create credits.

“It has limits on the amount that can conveniently be carried in a physical wallet,” he said.

According to him, banks will not lose their deposits to digital naira because of limits on e-Naira wallet transactions.

The economist explained that cumulative balance limits and transfer limits introduced by the CBN on Tier 1, 2 and 3 e-Naira wallet were small compared with activities of commercial banks.

The News Agency of Nigeria (NAN) reports that cummulative balance limit for Tier 1 is N300,000 with transfer limit of N50,000; Tier 2 balance unit is N500,000 with transfer limit of N200,000.

The CBN also pegged Tier 3 cumulative balance limit at five million naira with transfer limit of one million naira.

X-raying the benefits of the e-Naira, he said it would eliminate the cost of printing and minting currencies in the country.

Adedipe said it would eliminate restrictions in making cross-border payments, enhance financial inclusion and allow users to avoid the cost and restrictions in transactions on digital platforms of commercial banks.

The economist disagreed with insinuations that the e-Naira was introduced because of foreign exchange volatility.

He attributed foreign exchange volatility to speculation and the country’s huge import dependency.

On crytocurrency, the expert said recognising crypro as asset, commodity or means of exchange should be determined by its most prevalent use in Nigeria.

He stressed the need for a regulatory framework underscored by the popularity of mobile money.

Adedipe noted that regulatory framework was necessary due to trading in cryptos as alternative means of livelihood for tech-savvy, unemployed youths.

He said the framework should centre on what should be allowed, how it should be used, which financial institutions should be allowed and monitoring framework and reporting requirements.

“Blockchain technology has come to stay and will become more important. Cryptos ride on the back of the blockchain technology.

“If we want to encourage investment in blockchain technology (which is no longer the future, but already here), then we need to create space for cryptos and other adaptations of the technology,” he said.

Earlier, the Publisher of the National Business Extra, Mr Odion Aideloje, said the newspaper was established to be an alternative business platform.

Aideloje said the company was ready to partner corporate entities and other stakeholders for the growth and development of the country.

He said it had not been easy for the company in last four years of operation due to challenging operating environment.

The publisher assured stakeholders that the company would improve on shortcomings of previous years. (NAN)

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Business & Economy

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

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Power Station and Meters
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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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