Federal government will receive fresh loan funding from the World Bank, with approval expected for loans totalling $2.25billion on June 13, 2024.

Recall that Wale Edun, minister of Finance, at the spring meetings of the International Monetary Fund and the World Bank last month, had announced that the nation had qualified for processing a loan, described as ‘virtually a grant’ of $2.25bn from the World Bank at one per cent interest rate.

He stated, “We have qualified for the processing just this week to the Board of Directors of the World Bank of a total package of $2.25bn of what you can call ‘the closest you can get to a free lunch’- virtually a grant. It’s for about 10- 20 years moratorium and about one per cent interest.”

The package, approved by the World Bank Board of Directors, offers a 40-year term with a 10-year moratorium and a nominal one-percent interest rate.

According to the latest information on the World Bank website, the funding will be received via two major development projects.

The first project is the Nigeria Reforms for Economic Stabilization to Enable Transformation Development Policy Financing, which is set to receive $1.5bn.

The second project, NG Accelerating Resource Mobilization Reforms Programme-for-Results, has proposed funding of $750m.

It was also indicated that the government might reintroduce the excises on telecom services and the EMT levy on electronic money transfers through the Nigerian Banking System, among other taxes.

Senator Shehu Umar Buba, chairman, Senate Committee on National Security and Intelligence, on Sunday, clarified that the recently imposed cybersecurity levy announced by the Central Bank of Nigeria (CBN) is not targeted at individuals operating bank accounts.

Rather, the senator, who sponsored the amendment bill in a statement in Abuja, explained that the levy is aimed explicitly at financial institutions and telecommunication companies.

He said the financial institutions and telecommunication firms are most vulnerable sectors to financial crimes and cyber fraud to enhance cybersecurity measures and national security in the country.

He noted that: “The relevant section of the Cybercrime Act is very clear about the businesses that are required to pay the levy, not the citizens.

“The Act is very explicit about who is responsible for the payment, not Nigerian citizens or individuals.

“The relevant section of the Cybercrime Act 2015 listed the businesses required to pay the levy: telecommunications companies, Internet Service Providers, banks, insurance companies, the Nigerian Stock Exchange and other financial Institutions.

“The organisations in the sectors have been listed in previous circulars by the Central Bank of Nigeria, especially in 2018. The new circular by the CBN further provided many exemptions.”

Buba also clearly explained the amount payable as a cybersecurity levy.

According to him, “It is either 0.005 or 0.5 per cent arithmetically. The figure in the principal act was 0.005 as a fraction, which was converted to the percentage that became 0.5 per cent in the amendment.

“Therefore, the statistics in fractions and percentages are the same.

“The legislator highlighted that the passage of the amendment bill was a collaborative effort of various stakeholders.

“The passage of the amendment bill was a collaborative effort involving the government, industry players, civil society and academia.

“They expressed their contributions and actively  participated in the public hearing before the endorsement by the two chambers of the National Assembly.

“After rigorous processes, President Bola Ahmed Tinubu signed the bill into law in February 2024.”

The senator acknowledged the concerns of Nigerians, civil groups and other stakeholders about the current economic situation.

He was reassured that implementing the cybersecurity law was not meant to punish citizens.

He emphasised that the levy was a collective effort to protect national security and the economy, with the financial burden primarily falling on the specified businesses.

The Cybercrime (Prohibition, Prevention, etc.) (Amendment) Act 2024, which President Tinubu signed into law in February, imposes a 0.5 per cent (0.005) levy equivalent to half the value of all electronic transactions by the businesses specified in the Second Schedule of the Act.

The levy will be remitted to the National Cybersecurity Fund, which the Office of the National Security Adviser (ONSA) shall administer.

The circular announcing the levy also exempted some transactions from the cybercrime levy.

They included loan disbursements and repayments, salary payments, intra-account transfers and other financial transactions.

9 Payment Service Bank (9PSB), Nigeria’s digital payment service bank, focused on financial inclusion has encouraged the growth and development of more Information Technological startups by sponsoring the just concluded Kano TechPrenuer Conference. A Tech entrepreneur gathering held at Meena Event Centre, Lodge Road, Kano.

The flagship event, which was organized by IMH Global with the theme: Empowering Tomorrow: Innovating in the Digital Space, aimed at bringing together tech enthusiasts, entrepreneurs, and innovators to explore emerging trends, share insights, and enhance networking opportunities within the technology ecosystem, with a focus on fostering innovation and entrepreneurship.

Speaking during his presentation, Akeem Salam, Group Head Business Development and Strategy, 9 Payment Service Bank (9PSB), highlighted the huge contributions of technology and its innovations to different fields of human endeavors, how it has transformed the way operations and services are being rendered especially in finance and banking sector.

Today, banking services are all digitalized, which has paved way for the emergence of financial technology companies and payment service banks to operates seamlessly and drive financial services to the banked and the unbanked in every nook and cranny of the country; as well as facilitate financial inclusion for all Nigerians leveraging on mobile technology and communication.

‘’We have made tremendous efforts by contributing to closing the gap in financial inclusion by delivering our services to various market segments with our tailor- made products and services such as our virtual accounts, Bank9ja mobile App, USSD services, PoS services to merchants, ever dependable agency banking; driven by our Service Location Partners and bills payment as a service made easier once you have our platform available on your mobile devices. In addition, we collaborate with other industry players to ensure we deliver on our mandate.

“Remember, collaboration is indispensable as it opens opportunities in the industry by helping the journey to be a smooth ride. Therefore, we have been partnering financial service providers to ensure we leave no stone unturned. Our products and services are flexible and user-friendly, pricing and charges are of industry standard, Akeem added.”

‘’Asides from delivering seamless payment services, the Central Bank of Nigeria also mandate us to drive financial literacy, to ensure that basic financial education is extended to both young and adult Nigerians. This of course, we have been doing through our diverse services and programmes.

“We will continue to support the development, growth and innovations of startups and tech initiatives as this will impact the society greatly. Therefore, I enjoin you all to be focused and committed in your career and businesses,” he remarked.

Kano TechPrenuer Conference is an annual gathering of enthusiastic individuals in the tech industry. The event brought together IT consultants, web developers, social media marketers/managers, affiliate marketers to interact, upskill, collaborate, and chart the way forward. The event served as a nexus for innovation, providing a space for learning, networking, and exploring the latest trends and strategies in the tech entrepreneurial ecosystem within Kano State.