Politics
Senate Wants CBN’s Cash Withdrawal Limits Reviewed
Senators were Wednesday divided over plans by the Central Bank of Nigeria (CBN) to limit cash withdrawal by any individual to N100,000 and Corporate bodies to N500,000 per week from January 9, 2023.
The senators who kicked against the proposed policy, said that Nigeria was not ripe for it as the rural people would suffer, describing it as nonsensical, vague, nebulous and anti- people, just as they warned that it may lead to mass revolt in the rural areas across the country.
Consequently, the Senate issued a fresh order to the CBN over the cash withdrawal policy as it called on the apex bank to make upward adjustment of the proposed N100, 000 per week for individual and N500, 000 per week for Corporate bodies in response to public outcry.
The Upper Chamber, accordingly, mandated its Committee on Banking, Insurance and other Financial Institutions led by Uba Sani (APC Kaduna Central) to embark on aggressive oversight of the Bank on its commitment to flexible adjustment of the withdrawal limit and periodically report outcome to the Senate.
The Senate however supported the CBN in the continuous implementation of transformational payments and financial industry initiatives in line with its mandate in accordance with the CBN Act.
Resolutions of the Senate on Wednesday were sequel to the adoption of the report of Banking, Insurance and other Financial Institutions after heated debate by Senators on the proposed policy following the presentation by the Chairman.
While presenting the report, Senator Sani argued that the planned Cash Withdrawal Limits was well conceived by the CBN for transformation of the nation’s economy and that the action falls within the mandate of the apex bank as provided for in section 2(d) and 47 of its extant Act.
According to him, the implementation of the Cashless policy in 6 states resulted in reduction in the cost of currency management by 15.20% from N36 97 billion to N31.35 billion between 2013 and 2014.
The trend however reversed in 2014 following the suspension of cash deposit charges in the six states, causing currency handling cost to increase by 17.20% between 2014 and 2015. The cost of currency management has been on the increase since then. Total cost of currency management for 10 months to end October 2022 was N47.25 billion.
During debate on the report and recommendations that were later adopted as resolutions, Senator Ajibola Basiru, APC Osun Central, who said that the proposed threshold of N100,000 and N500, 000 withdrawal per week for individuals and corporate bodies respectively was unrealistic, adding that “Laws are made for people and not people made or created for law . If CBN is acting under section 2(d) and 47 of its extant Act to make life difficult for Nigerians through a policy , as representatives of the people, we need to intervene”.
Benue State Governor, Hyacinth Alia, has appointed Nigerian music legend, Innocent Idibia, popularly known as TuFace, as his Technical Adviser on Entertainment and Community Outreach.
In a viral video on Wednesday, Governor Alia praised TuFace for all the support towards his administration.
The Governor stated that TuFace can do more.
He stated, “On behalf of the Benue State Government and our very good people, we want to give you some more responsibility plus the ones you have been doing because you have the capacity to do some more and help us chart a way forward to improve other people’s lives and to gain more from your wisdom and advice as well.
“So, I’m pleased to announce that we will make you a Technical Adviser to the Governor on Entertainment and Community Outreach.”
Governor of Delta State, Rt Hon Sheriff Oborevwori, has officially defected from the Peoples Democratic Party (PDP) to the ruling All Progressives Congress (APC).
The announcement was made following a closed-door meeting at the Government House in Asaba on Wednesday.
The Governor’s Chief Press Secretary, Sir Festus Ahon, confirmed the development in a telephone conversation with The Tide’s source.
Similarly, the defection of former Governor Ifeanyi Okowa was announced on Wednesday in Asaba by Senator James Manager, following a meeting that lasted over six hours at the Government House.
Senator Manager said all PDP members in the State, including the Governor, former Governor Okowa, the Speaker, the state party chairman, and all local government chairmen, had agreed to join the APC.
“We cannot continue to be in a sinking boat,” he said.
The decision to defect to the All Progressives Congress (APC) followed extensive consultations with political stakeholders and was made in the interest of Delta State’s long-term development.
Governor Oborevwori, who won the 2023 gubernatorial election on the platform of the Peoples Democratic Party (PDP), was received by senior APC officials in what political analysts are already describing as a strategic realignment with far-reaching implications ahead of the 2027 general elections.
The Conference of Speakers of State Legislatures of Nigeria has condemned the recent wave of killings in Plateau, Borno, Benue, Niger State and most recently, Kwara State, calling on the federal and state governments to take urgent steps to stem the tide.
Chairman, Conference of Speakers of State Legislatures of Nigeria, Adebo Ogundoyin, stated this in a statement issued in Ibadan, Oyo State.
Rt Hon. Ogundoyin, who is the Speaker of the Oyo State House of Assembly, said the gruesome killings had led to tragic loss of lives, widespread displacement, and unimaginable trauma for thousands of Nigerians.
“We are alarmed by the escalating insecurity in the land and the seeming helplessness with which these attacks are met. The time for mere condemnation and rhetoric has passed; urgent and coordinated action is now required at all levels of government to end these bloodbaths and restore peace and order.
“While we acknowledge that defence and national security fall within the exclusive jurisdiction of the Federal Government, we must stress that every level of government bears responsibility for the security and welfare of the people. State governors, in particular, must rise to the occasion and fully understand that governance is not limited to road construction and ceremonial functions. True governance is rooted in the protection of lives, the preservation of order, and the alleviation of suffering,” he said.
He called on state governments to complement the efforts of the Federal Government by making and enforcing enabling laws for community policing and other grassroots-driven security models.
According to him, States must develop proactive frameworks that integrate local intelligence, social support systems, and youth engagement in the fight against insecurity.
The conference also urged the Federal Government to meaningfully engage the citizenry and introduce bold, practical measures to cushion the hardship caused by its current economic policies.
“Millions of Nigerians are groaning under the weight of inflation, unemployment, and a cost-of-living crisis. It is imperative that relief initiatives—targeted, transparent, and impactful—are rolled out without delay. Dialogue, not distance, must define the relationship between the government and its people at this critical time.
“The Conference of Speakers affirms its commitment to supporting all legislative actions necessary to restore security, promote justice, and foster inclusive governance across the country. The killings in Benue, Niger, Plateau, Borno, Kwara, and any part of Nigeria must not be allowed to continue unchecked. Justice must prevail, and peace must be restored.
“Let it be known: the safety, dignity, and well-being of every Nigerian must remain the top priority of all arms and levels of government,” Rt Hon. Ogundoyin said.