E-Financial
TSA & the Significance of Software Nigeria

If the nation is still searching for the alibi of the audacity and professional ability of Software-Nigeria, to effectively deliver world class solutions for the economic advancement, constructive development, National security and global competitiveness of Nigeria, the search stops here – with TSA.
The one-year-old Treasury Single Account (TSA) national project initiative is a digital knowledge infrastructure powered by developed by Systemspec developers and solutions provider of the Remita IT Infrastructure.
Remita is a distinct technology know-how statement and signature of the potentials of Software Nigeria.
After one year of its deployment – in line with global quality standards and best practice, the TSA initiative has now been acknowledged around the world, as a monumental success.
There are many similar Software Nigeria solutions yet to be discovered.
According to the recent pronouncement by the Accountant General of the Federal – Mallam Idris Ahmed in Abuja, the Treasury Single Account (TSA) has N5.224 trillion as at February 2017 – after its successful deployment in September, 2015.
Therefore, it is safe within the context of evaluating development methods for national Software, to state that the Remita Solutions is a Super Financial Banking Consolidation Application.
This success clearly validates the long-held and recognized fact, evidence and professional perception of the Institute of Software Practitioners of Nigeria (ISPON), that Software Nigeria Applications comply with major characteristics of global software trustworthiness.
Also, the advent of TSA represents a quality index to measure the capability, functionality and eminence of software Nigeria in general. Then, what is responsible for the continued myopic crazy for foreign software in Nigeria?
Policy Makers must understand the is acute danger (leading to digital enslavement) in allowing the unregulated deployment of foreign software in key Federal Government institutions, functions and operations domain to foreign applications software. The goal of this write-up is to encourage and promote the establishment of a National Software Development Strategies as a Policy Framework and encourage the mandatory inclusion of the patronage and protection of indigenous software empowered by concrete legislation –IT Bill to enact a National Software adoption Act.
This will serve to improve the level of the nation’s computer knowledge maturity levels, innovation, creative content competitiveness, as well as promote and spread the development, relevance and use of indigenous applications software and services in governance, education, health, business and industry, agriculture, transportation, public administration, law and justice, entertainment and national security.
Recognizing Software Development as a new productive knowledge frontier and potential instrument for economic empowerment and creation of wealth, Government in 2005, decided to launch a nation-wide awareness campaign – based on the technical report submitted to it by the Inter-Ministerial Committee on National Software Development Initiative (NSDI) with Jim Ovia as Chairman.
Currently, our knowledge-base and technology environment of the “new economy” is greatly influenced, undermined and controlled by foreign information system, Application Software and Databases. Software plays a fundamental roll and globally viewed as the backbone and ultimate currency for modern wealth creation, national prosperity and security.
Setting a national software development strategy, policy and awareness agenda therefore, is also against the backdrop that consciously building and systematically developing huge software capacities presents immense economic opportunities for sustainable nation building.
Suffice to state that Nigeria can earn a minimum of $10billion USD in foreign exchange annually from the local content-centric software industry.
Indeed, a strategic national software strategic policy and related legislation should ensure that within the next 3 years, a major knowledge and wealth creation movement should happen by compelling all the Banks in Nigeria to migrate to indigenous banking application software.
Before that line of thought is crucified and for the records, Indigenous Banking Application Software in the 90s had an installed base of over 80 Bank branches before the Bank mergers policy by Professor Chukwuma Soludo – former Governor of Central Bank of Nigeria.
This policy, as much as it is commendable, grossly overlooked the local content technology maturity implications. The aftermath is that it virtually killed indigenous software companies who were getting ready to deepen innovation of their solutions.
The resultant effect is that is created a floodgate to the ubiquitous spread of foreign banking application software in Nigeria banking system. To date, there is still no level playing field for indigenous application software to fairly compete in the Banking and Finance Ecosystem.
What indeed is Indigenous Software? Indigenous Software (Software Nigeria) is hereby defined as “All Types and versions of Software developed in Nigeria by a company(ies) and its Intellectual Property Rights (IPRs) owned by Nigerians, in Nigeria, where funds repatriation out of Nigeria is not required” Why Indigenous Software? First, the secret and future of all national development progress lies in the mastery of information systems, where software is the heart and oxygen! However, with a very poor Research, Design and Development (RD&D) platform and un-structured technology incubation and development culture, Nigeria is at best, described as light years away from mastering heavy industries, as experiences in the Industrial Revolution has portrayed – making us currently incapable of manufacturing such common technology products as an automobile, Airplane/ or even a simple motorbike or bicycle! Above all, importation of foreign software currently costs Nigeria more than $5billion USD (five billion dollars) in foreign exchange, some of which constitute a colossal waste and national security issues.
Today, the range of ICT-related concerns facing policy makers has increased dramatically in recent years: communications infrastructure, procurement for government automation and e-government programs, intellectual property, government-sponsored research programs, incubators and technology parks, engineering education, foreign investment and, of course, the potential for export revenue. Software is a relatively low-investment, environmentally friendly, high-growth global industry – a good target growth industry for many countries.
But it has also become the most critical and expensive element of the government and business systems that every nation must build for itself. As Stanford Professor Edward Feigenbaum put it while serving as Chief Scientist for the US Air Force, we now live in a “software-first world” (Clark et al., 1998). The increase in global demand that makes software exports a growth industry is driven by the continued consumption of software at home and then by other countries and business enterprises.
What Nigeria Must Do? Good strategic planning about government automation projects and investment incentives to domestic Software Developers can have a positive impact on the growth of a country’s software exports compared to relying on market forces alone. Establishment of massive Software-Knowledge Academies requires urgent attention.
Above all, retooling of the national workforce is imperative. Creation of a National Software Board and establishment of Regional Software Engineering Institutes as well as Software Development Bank are now mandatory.
Furthermore, creating certain types of software exports requires coherent long-term planning and investment strategies to complement and augment market-driven activity. Every country software-development Ecosystem has evolved a unique industry, shaped by its own resources and situation and by the particular local opportunities presented at the time. That indeed was the case of Microsoft.
The current shape and dynamics of the software industry should, therefore, inform ICT strategy, planning and policy, no matter the country’s stage of economic development. With TSA, the Software Case for Nigeria dictates that Nigerians are very capable in engineering and developing global standard software.
The Institute of Software Practitioners of Nigeria (ISPON) has over the years advocated for the need to establish a progressive national strategy and responsive policy for software acquisition, development, application and use, due to its very complex nature.
Systemspec is a dignified member of the Institute of Software Practitioners of Nigeria (ISPON) and deserves a national honour for its technology assiduousness and leadership through Remita.
E-Financial
FG Spent N3.1 Trillion on Domestic Debt Servicing in Q1- DMO

Debt Management Office (DMO) said the federal government spent N3.14 trillion on servicing its domestic debt in the first quarter of 2026.

The office disclosed the data in its latest domestic debt service report for Q1 2026.
The figure comprises N2.97 trillion in interest payments and N169.68 billion in principal repayments.
The agency said in January, the government spent N741.82 billion on domestic debt service, while the figure rose to N967.67 billion in February.
Debt service increased further to N1.43 trillion in March, bringing the total for the quarter to N3.14 trillion.
The March figure was 47.7 percent higher than the N967.67 billion recorded in February and 92.7 percent above the N741.82 billion spent in January.
Also, the debt office said interest payments accounted for about 94.6 percent of total domestic debt service during the quarter.
The DMO said treasury bills accounted for the largest share of interest payments at N1 trillion, while interest on federal government bonds stood at N1.96 trillion.
The agency said the government also paid N4.24 billion in interest on FGN savings bonds during the period.
The DMO said the principal component of the debt service comprised N169.68 billion in repayments on local-denominated promissory notes.
Overall, the government’s domestic debt service rose sharply through the quarter, with March accounting for almost half of the N3.14 trillion spent between January and March.
Nigeria’s public debt increased by 0.01 percent to N159.35 trillion in the Q1 of 2026.
E-Financial
Interswitch, Temenos Commit to Advancing Nigeria’s Digital Banking Technology

Interswitch Group, an integrated digital payments and commerce company, together with global banking software provider, Temenos have reassured the Central Bank of Nigeria (CBN) of their commitment to advancing the modernisation of Nigeria’s financial services sector.

Interswitch and Temenos had earlier in June announced a strategic partnership across Africa which would see Interswitch leverage Temenos solutions – across core banking, digital banking, payments, wealth management and financial crime mitigation – to provide cloud-hosted and on-premises managed services to banks and financial institutions across Africa.
This will enable institutions to progressively transform their banking platform and evolve to more customer-centric business models. The service will initially support key African markets including Nigeria, Ghana, Côte d’Ivoire, Kenya and others.
The recent regulatory visit to CBN headquarters in Abuja, was led by the Founder and Group Chief Executive Officer of Interswitch, Mitchell Elegbe, and Managing Director for the Middle East and Africa (MEA) at Temenos, Santhosh Rao, as part of the ongoing efforts by both organisations to deepen collaboration with Central Banks across the African region on the future of digital banking infrastructure across Nigeria and key African markets.
Discussions centred on the strategic partnership between Interswitch and Temenos, and how it will enable Nigerian financial institutions to progressively modernise their core banking platforms and transition to more customer-centric business models.
The two organisations also explored opportunities to work with the CBN in charting new frontiers in Central Bank Digital Currency (CBDC) innovation, leveraging resilient financial networks and decentralised application platforms to support the issuance and management of CBDCs.
Commenting on the visit, Elegbesaid: “Our partnership as Interswitch with Temenos and our continued engagement with the Central Bank of Nigeria reflect a shared commitment to building banking infrastructure that is resilient, inclusive, and ready for the next phase of Africa’s financial evolution.
We are proud to be at the table as these conversations shape the future of digital banking technology and innovation across key Africa markets…”
E-Financial
BOI Opens N250Bn Bond Offer to Fund Businesses

The Bank of Industry, through BOI Financing SPV Plc, has opened subscriptions for its inaugural Series 1 Fixed Rate Bond worth up to N250bn under its $1bn multi-currency instruments programme, seeking to raise long-term capital to finance businesses across Nigeria’s priority sectors.

The offer, which opened on 5 August and closes on 11 August, is being arranged by Chapel Hill Denham as the lead issuing house. The five-year bond is priced within a yield range of 17.35 per cent to 17.50 per cent and will be listed on the FMDQ Securities Exchange.
According to the offer document, proceeds from the issuance will be deployed to finance eligible businesses and projects across sectors, including agriculture and food processing, healthcare, engineering and technology, renewable energy, petrochemicals, oil and gas, creative industries and solid minerals, in line with BOI’s development finance mandate.
The lender said the financing is expected to improve access to medium and long-term funding for Nigerian enterprises, expand productive capacity, create and preserve jobs, deepen local value addition, support import substitution, boost exports and strengthen domestic value chains.
BOI, Nigeria’s foremost development finance institution, said it has provided funding to more than one million businesses across the country and disbursed over N1.27tn between 2023 and 2025. The institution operates across 34 states and the Federal Capital Territory and is jointly owned by the Ministry of Finance Incorporated and the Central Bank of Nigeria.
The bank also highlighted its financial performance, reporting a 36 per cent compound annual growth rate in gross earnings between 2021 and 2025.
Interest income rose 64 per cent to N884bn in 2025 from N538bn in the previous year, while its capital adequacy ratio stood at 39 per cent, nearly four times the regulatory minimum of 10 per cent. Its non-performing loan ratio was 1.7 per cent, below the CBN’s prudential limit of five per cent.
The bond has been assigned AAA ratings by Agusto & Co. and Intelligence Africa, reflecting the issuer’s strong capitalization, profitability, liquidity and ownership structure.
The issuance is open to institutional and qualified investors with a minimum subscription of N5m and additional investments in multiples of N1m. Interest will be paid semi-annually at a fixed rate, while principal repayment will begin in the third year through equal semi-annual amortised instalments until maturity in 2031.
The bond is also exempt from tax, making it an attractive investment option for investors seeking stable returns amid expectations of declining interest rates.
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