News
FG Targets N484Bn from Stamp Duty Charges, Others

Federal government is set to make a total of N483.73bn in three years from electronic payment boom by way of the Electronic Money Transfer Levy, according to projection made by the Budget Office of the Federation.

This was contained in its 2023 – 2025 Medium Term Expenditure Framework and Fiscal Strategy Paper.
The EMTL was introduced in the Finance Act 2020, which amended the Stamp Duty Act to tap into the growth of electronic funds transfer in the nation.
It is a single, one-off charge of N50 on electronic receipt or transfer of money deposited in any deposit money bank or financial institution on any type of account on sums of N10,000 and above.
Revenue derived from the EMTL is shared among the three tiers of government.
According to the budget office, which is under the Ministry of Finance, Budget and National Planning, the nation intends to make at least N137.03billion in 2023, N157.59bn in 2024, and N189.11bn from EMTL.
The office further revealed that the government made N111.84bn from the levy in 2021. Since the outset of the pandemic, e-payment transactions have soared because of mass adoption, improved broadband coverage, and increased stability of payment gateways.
Data from the Nigeria Inter-Bank Settlement System portal reveal that the total value of electronic transactions in the four months of 2022 (N117.33tn) is already higher than the total amount of transactions in 2019 (N108.42tn).
In 2020, it was N162.89tn and N278.38tn in 2021. According to the NIBSS, e-payments adoption payments surged as people transitioned to electronic channels for funds exchange in the wake of the pandemic.
The International Monetary Fund added that the value of mobile money transactions in the nation increased to 9.72 per cent of the Gross Domestic Product in 2020 because of the COVID-19 pandemic.
According to Business Hallmark, commenting on this increase earlier, Lilian Phido, head, Corporate Communications, NIBBS, said, “It is very clear that more and more people are accepting the channels of payment that are available and the platforms are stable.
“With stability, these components have grown. With stability more and more people moving.”
Commenting on the government’s projection, Victor Olojo, national president, Association of Mobile Money Agents in Nigeria, said, “Yes it will continue to increase with the boom. With what I know about the levy, it is a stamp duty championed by the Nigerian Postal Service for the Federal Government.
“It is a huge meaningful source of revenue to them, although it might not be as significant. For every transaction above N10,000 that enters your account, the stamp duty is automatically deducted. It is a big win for the Federal Government.”
“However, it has an impact on businesses. For some merchants, say a supermarket that does about 100 transactions in a day and gets charged N50 on each transaction, this is away from the cost of running the business. It would have been nice if the value of this N50 payment is seen in form of basic amenities.
“Presently, it appears like a rip-off as businesses still have to pay taxes, Value Added Tax, without commensurate impact. It has a negative impact on businesses since there is no visible impact.”
News
CISA Asks NDPC, Police to Act on Alleged Data Breach by NIPSS

Citizens Initiative for Safety Awareness (CISA), advocacy group focused on security, data protection, and counter-terrorism, has urged the Nigeria Data Protection Commission (NDPC) to provide an update on a petition alleging a cybersecurity breach and unlawful access to private communications involving officials of the National Institute for Policy and Strategic Studies (NIPSS).

Mr Chidi Omeje, national coordinator, in a letter dated April 10, 2026, observed no response from the commission so far.
Filed on July 1, 2025, by Mr Yushau A. Shuaib, the petition claims unauthorised access, interception, and use of private digital correspondence belonging to him and PRNigeria, his company.
The complaint named Barrister Nima Salman Mann, Rear Admiral Abubakar Abdullahi Mustapha, and Professor Elias Wahab concerning the alleged breach. Such incidents are outlined in the Nigeria Data Protection Act (NDPA) 2023, regarding data privacy, cybersecurity safeguards, and the protection of sensitive information.
CISA said if confirmed, the alleged actions contravene Nigeria’s data protection framework, with implications for data governance, safety of confidential media sources, and public trust in institutions.
It requests the NDPC to clarify the status of the probe, disclose any interim findings, and cite measures to prevent similar breaches.
The organisation believes the matter has evolved beyond an individual complaint, describing it as a test of the government’s commitment to enforcing its data protection laws, especially within ministries, departments, and agencies.
CISA also appealed to Tunji Disu, inspector general of Police, to order an investigation into the alleged cybercrime.
In a statement, Omeje criticised the “prolonged delay” by the Force Criminal Investigation Department (FCID) in acting on a petition submitted since June 2025.
The group said, despite “credible evidence,” the police had yet to invite or question the individuals mentioned. Pointing out that two of the officials share membership in the National Institute (mni) with the former DIG at the FCID, CISA raised concerns about a possible conflict of interest.
Omeje clarified that the petition was different from the civil suit at the Federal High Court over Mr Shuaib’s withdrawal from the NIPSS programme.
“An elementary legal principle holds that a civil suit cannot be a bar to criminal investigation or prosecution,” he noted.
CISA called on the police to act in accordance with due process, advising the authorities to uphold the rule of law and restore public confidence.
It contends that failure to act decisively could erode trust in law enforcement and reinforce perceptions of a two-tier justice system.
News
Kaspersky Reports Online Scam Exposure Remains Widespread Despite High Levels of Self-assurance

A recent Kaspersky survey highlights a considerable gap between consumers’ confidence in identifying online scams and their actual exposure to cyber threats.

According to the findings, more than one-third of respondents (36%) in the Middle East, Turkiye and Africa (META) region reported encountering an online scam or attempted scam within the past 12 months, underscoring the persistent and evolving nature of digital risks.
Worryingly, these threats are far from hypothetical: 37% of surveyed users in the META region have fallen victim to online scams resulting in data compromise or financial loss.
Among those affected, nearly half (49%) experienced scams via social media platforms, while 48% reported investment or financial fraud attempts, 41% – scam associated with fake delivery or postal messages.
Phishing emails remain a significant threat as well, impacting 43% of respondents. These figures point to the increasingly diverse tactics used by cybercriminals to target individuals across multiple channels.
Despite this, confidence levels remain strikingly high: 80% of respondents in META believe they can recognise a scam, with 34% expressing strong certainty in their ability to avoid falling victim. This overconfidence may contribute to risky online behaviour and reduced vigilance.
When it comes to protective measures, respondents demonstrate mixed habits. While 57% report using strong and unique passwords, only 36% consistently check URLs before clicking, and 34% avoid public Wi-Fi for sensitive activities.
Notably, fewer than half (40%) use a dedicated security solution, which means a significant amount of people can face negative effects from cyberthreats. Alarmingly, 6% admit they do not use any specific security measures at all.
Regular maintenance of digital security tools also appears inconsistent. Just 35% of respondents in the META region update passwords and review security settings on a regular basis – at least once a month or more often. Meanwhile, 41% do so only occasionally, 19% rarely, and 5% never take such actions.
“The survey findings highlight a critical need for increased awareness and stronger adoption of comprehensive cybersecurity practices. While individual habits such as password hygiene and cautious browsing are essential, they should be complemented by reliable security solutions and regular security updates to effectively mitigate modern cyber threats,” comments Seifallah Jedidi, Head of Consumer Channel in the Middle East, Turkiye and Africa at Kaspersky.
News
Tinubu Tasks NRS to Restore Public Trust Amid Fiscal Changes

Against a backdrop of public criticism regarding ongoing tax reform policies, President Bola Tinubu on Tuesday charged the Nigeria Revenue Service to restore public confidence and ensure fairness in the implementation of the national tax system.

Tinubu gave the charge while commissioning the 16-storey head office complex of the revenue service in Abuja.
“No government can demand trust from its citizens when taxation is opaque, inefficient or unjust,” President Tinubu said.
The president commended Nigerians for enduring the economic reforms introduced by his administration, stating that no serious nation can achieve lasting prosperity on a weak and fragmented revenue system.
He stated that tax reform policies must be implemented to earn the confidence of Nigerians at home and abroad. He charged the revenue service to ensure that the policy embodies a new ethos.
“It must not only collect revenue, it must build trust, it must ensure fairness and it must demonstrate that government can be accountable, efficient and responsive,” Tinubu said. “It must become a model institution that earns confidence at home and respect abroad.”
The president thanked the Nigerian people for their resilience and perseverance. He recalled his inauguration day pledge to move Nigerians from the “darkness of uncertainty into the clear light of Renewed Hope”.
“I committed that we would confront structural weaknesses, restore fairness and build an economy anchored on discipline, equity and opportunity,” he said. “Today I stand before you to reaffirm that these words were not rhetoric.”
He described his inauguration pledge as a “contract with the Nigerian people”, adding that the gathering was not merely to commission a building but to mark a milestone in a larger national journey.
Tinubu explained that the administration took the bold decision to embark on far-reaching tax and fiscal reforms to simplify the system, eliminate distortions and create a transparent, investment-friendly environment.
“Our direction is clear,” he said. “A revenue system that rewards enterprise, supports growth and ensures that every contribution to the national cause is matched by value for the people.”
Tinubu described early results as “fantastic”, commending the revenue service for improved fiscal stability, stronger foreign reserves and increased investor confidence.
According to the president, these gains are the product of deliberate policy and a commitment to long-term prosperity. He noted that the new headquarters is a symbol of professionalism, transparency and efficiency.
“It reflects our resolve that institutions must rise to meet the demand of reforms and the expectations of the Nigerian people,” he said.
President Tinubu called for a better future, urging those who follow to build on a history greater than the vision of their forebears.
He noted that the completion of the building is a statement that Nigeria is no longer content with promises. “We are delivering progress,” he said. “History will not judge us by what we say, but by what we do.”
Tinubu stated that the work of national renewal demands consistency, courage and collective resolve. He added that the nation’s future is determined by the choice of reform, discipline and prosperity.
The president assured that his administration will remain focused until the promise to Nigerians is matched by the performance of its institutions and the prosperity of its people.
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