News
FG to Cut Deposits in Banks over their Refusal to Lend to Nigerians

The federal government said that it might be forced to cut her deposits with Deposit Money Banks (DMBs), otherwise commercial banks in the country over their reluctance to grant loans to agricultural, mineral resources and small and medium enterprises sectors of the economy.
President Goodluck Jonathan who expressed his government’s dismay, said that banks were not doing enough to support the real sector despite the policies and other measures provided to create an enabling environment for them to thrive over the years.
The President spoke at the opening session of the 7th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja, Tuesday.
Represented by Dr. Yerima Ngama, minister of State for Finance, Jonathan, warned that unless they increase their funding to these critical sectors, government might be compelled to reduce their access to public sector deposits.
Public sector deposits in banks are currently estimated at about N2 trillion but the Central Bank of Nigeria’s (CBN) decision to increase their Cash Reserve Requirement (CRR) for public sector deposits to 50 per cent, as part of the monetary tightening mechanism, had already reduced public funds available to banks to trade with.
The apex bank has intervened through financial intermediation support initiatives such as the Commercial Agricultural Credit Scheme (CACS), and Nigerian Incentive-Based Risk Sharing System for Agricultural Lending, NIRSAL.
The President noted that the banks were getting money from the government at zero interest rate but continued to deny the productive sector the required funding support.
He added that if the banks failed to play their roles, the government might withdraw its deposits in the banks and use a substantial part of the fund to support the productive sector.
Describing the oil sector as external to the economy (because there is little it is drawing from Nigeria to create wealth), Jonathan expressed desire for the banks to jointly do more in agricultural lending, which he noted remained too low to achieve the Agricultural Transformation Agenda’s (ATA), goals of making Nigeria a net exporter of food and catalyst for job creation in the economy.
He said: “The banks have to come together and see how they can put funds together to really support the farmers. “The statistics we have coming from the Central Bank is that when you lend to farmers they pay you. I think we have First Bank’s experience where the percentage of the nonperforming agric loans to performing is less than 1.5 per cent.
“So, the poor actually pay their loans, but why are the banks always eager to go and lend to the riskier businesses than this safe agricultural businesses? “The issue is with our psyche, we think that maybe they are not high tech or maybe there is too much documentation based on a loan of N50,000 or N100,000.
But as a nation, you have to look at it as your responsibility. We owe this nation; we have to rise to that challenge and see that the banking sector should come together with a solution and no longer wait for the Central Bank to be coming with the solution.
“But if we want to believe that the banking sector is not innovative, that it is not ready to come with solutions and they are always looking for government and they are always looking for the Central Bank to do the magic, I am saying that time is running out and people are not patient,” the President warned.
Noting that the banks needed to do more in lending to the agricultural, solid minerals and real sector as a corporate imperative, the President said unless they played their roles in a manner that suggests their readiness to support the nation’s economic development objectives, the CBN may have to introduce new policy measures that would deny the banks continued access to government deposits.
Mr. Segun Aina, president of the CIBN, had in his remarks re-assured the government of the institute’s readiness to partner government in its various initiatives aimed at deepening banking knowledge and improving delivery of top class financial services to the economy
He expressed the hope that the conference would serve as a veritable platform for players in the industry to explore, share experiences and identify strategies to be pursued in ensuring that the financial services industry effectively plays its expected roles in supporting economic development.
News
NITDA Partners OGP to Drive Presidential Digital Goals

The Director General of the National Information Technology Development Agency (NITDA), Kashifu Inuwa, CCIE, has reaffirmed Nigeria’s commitment to open governance, transparency and inclusive digital development as the Open Government Partnership (OGP) team formally presented the award and certificate received at the OGP Global Summit Spain 2025 to the Agency’s leadership.

Nigeria emerged as the overall global winner in the Digital Governance category in recognition of the country’s excellence in deploying digital tools and policies to strengthen government transparency, accountability, and citizen engagement. In addition, Nigeria received the Regional Award for advancing Open Digital Governance across Africa and the Middle East, reaffirming its leadership role in promoting open government principles and driving digital transformation across the region.
These recognitions were largely attributed to initiatives led by NITDA in collaboration with civil society partners, such as Dataphyte, which showcased innovative and inclusive approaches to digital governance at the summit.
The summit, which was organised in Vitoria-Gasteiz, Spain, brought together more than 1,500 high-level representatives of governments, civil society leaders, and policymakers from around the world to exchange experiences, best practices, and progress on open government initiatives and implementation on key issues.
Receiving the OGP delegation at NITDA, Inuwa described the recognition as a national honour rather than an institutional one, stressing that the award reflects Nigeria’s collective efforts across government, civil society and the private sector in advancing open governance principles through the digital space.
According to him, such global recognition comes with heightened responsibility to deliver on commitments made under the OGP framework.
“This is not just about NITDA. It is a national recognition, and every recognition comes with responsibility,” the DG said.
“If we fail to execute the commitments we have made, it will not only affect our image locally but also at the international stage. This is also not something NITDA can do in isolation,” he added.
Inuwa linked the achievement directly to the Renewed Hope Agenda of President Bola Ahmed Tinubu, noting that digital transformation, transparency, economic diversification, job creation and efficient public service delivery remain central presidential priority areas.
He emphasised that leveraging digital technologies to deepen openness and accountability aligns with national objectives of strengthening institutions, improving governance outcomes and building trust between government and citizens.
Highlighting the importance of collaboration, the NITDA boss underscored the role of the OGP platform as a catalyst for a strong multi-stakeholder approach in Nigeria’s digital ecosystem.
He called on civil society organisations, development partners, the private sector and other government institutions to provide technical expertise, guidance and sustained engagement to ensure effective implementation of agreed commitments.
“We need to leverage the OGP platform. We need your expertise, your guidance, your support and your commitment to hand-hold us in delivering on these commitments,” he said.
He further noted that “a multi-stakeholder approach in the digital space is critical to fostering a resilient ecosystem that delivers real value to citizens.”
Inuwa disclosed that NITDA has already begun internal reviews of its OGP commitments and has tasked its representatives, including Dr Rousseau, to work with colleagues to develop a clear execution strategy.
He proposed the creation of joint work streams with OGP stakeholders to support implementation, ensure accountability and keep all parties on track.
“We are humans. Oversight and collaboration help us stay focused. With commitment, nothing is impossible, and I believe these goals are achievable,” he added, assuring the delegation of NITDA’s readiness and political will to deliver on all agreed commitments.
Inuwa also welcomed the idea of engaging the political leadership of OGP, including the Honourable Minister of Budget and Economic Planning, with a view to briefing President Tinubu on the achievement. He noted that celebrating milestones is important, as it reinforces morale and demonstrates that Nigeria’s efforts in digital governance are gaining global recognition.
“It’s also good when there are wins, we should celebrate, because we too never knew that the little things we are doing are noticed not just within Nigeria, but globally, to the extent of earning us this award,” he asserted.
He concluded by expressing gratitude to the Nigerian National OGP Secretariat and the global OGP leadership, reaffirming NITDA’s commitment to strengthening collaboration and building a more productive working relationship that will translate open governance principles into measurable national impact.
Earlier in his remark, Mr Olusoji Apampa, who led the OGP deelegation, said the honours were earned through a strong partnership between government and civil society, with NITDA playing a critical role, particularly in commitments focused on improving digital governance in Nigeria.
Apampa expressed hope that the awards would serve as added momentum to deepen ongoing commitments under NITDA’s leadership and accelerate the practical implementation of reforms aimed at strengthening digital governance across the country.
News
PalmPay Launches N400 Million World Travel Carnival, Rewarding Users with Free Global Trips

PalmPay, Nigeria’s leading digital banking platform, has announced the launch of its ₦400 million festive rewards campaign, designed to reward users with cash prizes and fully sponsored international travel experiences for everyday transactions on the PalmPay app.

The campaign will run from December 17, 2025, to January 8, 2026. The campaign is designed to reward everyday transactions with extraordinary experiences. It runs alongside PalmPay’s Purple December brand campaign, which focuses on wrapping up the company’s key brand and community initiatives for the year.
At the centre of the rewards campaign is the PalmPay World Travel Carnival, an interactive card collection experience that allows users to earn city cards by completing transactions on the app. Users are required to collect five city cards – London, New York, Dubai, Sydney, and Cape Town and combine them into a World Card, which unlocks a share of the prize pool.
The more World Cards a user creates, the larger their share of the cash rewards. Any extra uncombined cards can be swapped with friends and other PalmPay users to help complete additional World Cards.
Beyond cash rewards, the Carnival also offers Free Global Trips. In each round, the top two users with the highest number of eligible transactions (₦100 and above) and at least one World Card will win an all-expense-paid international trip.
The travel grand prize covers:
- Visa fees
- Round-trip international airfare
- 5-day, 4-night hotel accommodation
- Side attraction
- Meal expenses
- Airport pick-up and drop-off
- All transportation for scheduled tour activities during the trip
Winners will be determined through a transparent leaderboard system, with prizes credited automatically at the end of each round on December 25, December 31, and January 8.
Participation is simple:
- Complete tasks on the PalmPay app, such as Airtime, Data, Transfers, and other specific transactions listed in the app, to earn cards.
- Collect all five city cards.
- Swap cards with friends to complete your collection.
- Combine cards to form a World Card and earn cash rewards.
- Perform more transactions to climb the leaderboard for a chance at the global trip prize.
To ensure fairness, PalmPay has instituted strict rules: no cheating, bots, fake accounts, or manipulation. Any violations may lead to disqualification or account bans. Additionally, the Free Travel Prize is limited to one per user throughout the campaign.
Speaking on the launch, Femi Hanson, Head of Marketing & Communication, “This festive rewards campaign is about turning everyday banking into meaningful value for our users. With the World Travel Carnival as the headline activation, we are reinforcing PalmPay’s promise of being the smarter way to bank—where smart financial decisions unlock bigger opportunities.”
News
REA, NBS Partner to Deliver Comprehensive Energy Data for Nigeria

The Rural Electrification Agency (REA) and the National Bureau of Statistics (NBS) have signed a Memorandum of Understanding (MoU) to conduct a nationwide energy survey aimed at closing long-standing data gaps in Nigeria’s power sector. The initiative is expected to guide policy, attract investment, and accelerate universal electricity access.

Signed in Abuja, the agreement establishes a National Energy Survey based on the Multi-Tier Tracking Framework (MTF), a globally recognized methodology that measures electricity access not only by grid connection but also by quality, affordability, reliability, and usage of electricity and clean cooking solutions.
The survey will be implemented under the Energy Sector Management Assistance Program (ESMAP) of the World Bank. Dr. Abba Aliyu, REA Managing Director/CEO, said the partnership underscores REA’s commitment to evidence-based rural electrification planning and will generate detailed insights on electricity access and off-grid solutions nationwide.
Prince Adeyemi Adeniran, Statistician-General of the Federation/CEO of NBS, emphasized that reliable statistics are essential for effective policymaking, assuring that NBS will provide technical oversight, sampling expertise, and quality assurance to meet global standards.
The survey will assess energy access, household affordability, expenditure patterns, and the adoption of off-grid technologies such as solar home systems, mini-grids, and clean cooking solutions. REA will provide sector expertise and policy alignment, while NBS manages regulatory approvals, methodology, and technical supervision.
Funded and technically overseen by the World Bank, the exercise will run for 18 months, with the resulting data expected to improve national energy planning, programme targeting, and private sector investment, particularly in underserved and rural communities.
Officials said the collaboration reflects the Federal Government’s commitment to strengthening inter-agency coordination, enhancing energy data availability, and advancing Nigeria’s goal of universal electricity and clean cooking access.
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