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FG Considers Converting $30BN In Domiciliary Accounts To Naira
The Federal Government is considering a policy that will result in the conversion of foreign currencies in domiciliary accounts of citizens to naira to stabilise the national currency.
The Federal Government is considering a policy that will result in the conversion of foreign currencies in domiciliary accounts of citizens to naira to stabilise the national currency.
If the plan succeeds, the government will order the conversion of foreign currencies sitting in individuals’ and corporate organisations’ domiciliary accounts to naira at a rate to be determined by the Central Bank of Nigeria.
One of the Presidency sources told Punch that the problem of forex scarcity and the naira fall was an elite issue, adding that the Federal Government would not fold its arms and continue to watch some individuals hoarding foreign currencies at the expense of the naira.
The source told the publication, “The problem of dollar scarcity is an elite problem. You will notice that this happens at the end and the beginning of a new month. That is when the exchange rate goes up. Invariably, that is when governors collect FAAC (Federal Account Allocation Committee) allocations. Whatever the connection, we don’t know.
“There is no country in the world where people open domiciliary accounts to keep dollars. It happens only in Nigeria. This must be addressed. This is not only a political issue, but it is also an economic issue that must be addressed. Genuine demands driven by economic activities can’t bring this huge pressure. By June, dollar demands are supposed to have gone down when Dangote Refinery must have started.
“Nobody should keep a domiciliary account if they do not have legitimate foreign currency earnings like salary or getting foreign exchange revenue, either as an individual or as a company. Even if you have foreign exchange inflow as a result of your work, immediately after the money lands in your account, the banks should automatically change it to the local currency and your local currency account will be credited with the equivalent value.
“In Nigeria today, there are over $30bn in domiciliary accounts of individuals. It is in the CBN account. The records are there. It is not right. These are issues we will have to deal with. In other countries, dollars are not meant to stay in peoples’ accounts.”
Back in September 2023, the Nigerian government said that it was looking to attract funds held in domiciliary accounts and those held by Nigerians abroad into massive investments in various sectors of the economy.
The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, disclosed this at a press briefing in Abuja.
Edun said Nigerians have huge funds in domiciliary accounts and hold large sums abroad, which can be deployed to rejuvenate the economy, adding that his team was working to provide the needed environment to attract such funds into the local economy.
The minister had said, “What we can see is that really, there are quite substantial sources of foreign exchange in Nigeria.
“There is a lot of cash outside the system, which if brought into the system, increases the money supply of dollars, increases in reserves and so forth.
“There are funds in domiciliary accounts, which if you give people the incentives they will utilise for investment in Nigeria.
“Nigerians in Nigeria have huge holdings of foreign currencies in banks and financial institutions abroad.
“We need to provide the environment that brings those funds home to choose to invest in the Nigerian economy rather than foreign economies, which is what they are doing right now.
“If you place money in a bank abroad, you’re investing in a foreign economy. Finally, we also have a huge source of funds from the Diaspora.
“Nigerians living and working abroad, who of course, have their families here and who are interested in keeping a presence here; we have to encourage them to be willing to save in Nigeria, perhaps by improving payment mechanisms; so we have to do a lot to aim at them.
“There is plenty of hope and it is our determination to put in place the kind of structures and incentive framework that brings Nigeria money abroad and even Nigeria money outside the system into the financial and economic system to work, to create jobs for Nigerians.”
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Ogun: Police Nab Man For Allegedly Poisoning Cows
The Ogun State Police Command has arrested a 30-year-old man, Samuel Egbetokun for allegedly poisoning cows in the Alabata community of the Odeda Local Government Area of the state.
Spokesperson of the command, Omolola Odutola, who confirmed the incident in a statement on Friday stated that the suspect had laced cassava with rat poison and tossed it to the cows while they were grazing.
According to the PPRO, two out of the three cows that consumed the harmful substance died instantly while a third is currently undergoing treatment.
“The incident came to light on January 16, 2025, when a 54-year-old man, Idris Lawal, of Akingbasa Village, complained to the local police station,” the statement read.
“His cattle rearer, Boji Sanni, caught a man throwing cassava mixed with a substance suspected to be rat poison to his cattle while grazing on January 15, 2025.
“The rearer reported that before realising the cassava was laced with poison, some cows had consumed it. Consequently, two female cows died, and a third is undergoing treatment. The value of the dead cows is estimated at N1,500,000.
Detectives from the Odeda Division, tasked with conducting a preliminary investigation, combed the area and recovered the poisoned cassava, which was secured as evidence.
“The suspect then reportedly confessed to the crime following his arrest.
“The Commissioner of Police has taken a personal interest in the case, particularly due to concerns about potential retaliation from herders or cattle rearers. He is warning others to refrain from such actions, emphasising that this case will serve as a deterrent,” Odutola said.
News
NIN Registration: Lepers Decry Lack Of Identity, Exclusion
In Nigeria, a nation that takes pride in its expanding digital economy and the prospect of a cashless society, the forgotten community of lepers languishes in the shadows.
As the country advances technologically, persons affected by leprosy are left behind, grappling for survival.
In this report, Gift Oba delves into the profound impact of this exclusion, exploring their daily struggles while they simultaneously battle the invisible barriers erected by a system that fails to recognize their existence.
In Ogun State, persons affected with leprosy face a devastating form of exclusion and no longer consider themselves indigenes of Nigeria due to their loss of fingers and inability to be captured on the National Identification Number (NIN)portal.
Jimoh Ahmed, a victim of leprosy and the Chairman of the Integrated Dignity Economic Advancement, an association that caters for persons affected with leprosy in Ogun State, revealed that some of their members were left out during the NIN registration process, resulting in their bank accounts flagged and telephone numbers disconnected.
Ahmed, in an interview with DAILY POST, lamented the untold suffering this has added to them.
“I would say people affected with leprosy are no longer Nigerians because whatever we want to do now, they ask for NIN.
“Most of our members do not even have fingers anymore and could not be captured in the NIN office.
“Some of them that have money in the bank cannot collect it because they have flagged their accounts and the banks are always requesting for NIN,” he said.
The National Identification Number, NIN, was introduced in Nigeria in 2012 by the National Identity Management Commission, NIMC,. The NIMC was established in 2010 by the National Identity Management Commission (NIMC) Act, 2007 to create, operate and manage Nigeria’s national identity card database, integrate the existing identity database in government institutions, register individuals and legal residents, assign a unique national identification number and introduce general multi-purpose cards.
This document, essential for accessing basic services like healthcare, banking, and even voting, remains elusive and effectively erases lepers from the very fabric of society.
We Find It Hard To Feed – Patients
The majority of Ogun State’s lepers who reside in the colony and neighbouring villages have bemoaned the hardships they face trying to provide for themselves.
The state has two colonies, one located in the Iberekodo area of Abeokuta and the other in Ijebu Igbo, yet these persons struggle to survive.
Ahmed stressed that they most times have to rely on the N10,000 naira stipends given to them by the state government, emphasising the need to reintegrate into society, particularly as the nation’s economic difficulties worsen.
He disclosed that their major occupation in the colony was farming but due to land encroachment, they are now left with nothing.
Ahmed said, “Even those still residing in the community, the heartache is too much for them. For them to eat is hard.
“The government is giving some stipends which is N10,000. It increased from N3,000 to N10,000 in 2013. From 1999 when Governor Osoba was there, he increased the money from N500 to N1500.
“In 2003, precisely on May 27, 2003, before Governor Daniel entered office, he visited the colony that day; they increased the money from N1500 to N3000 and from N3000 till 2013 before Governor Ibikunle Amosun increased it to N10,000.”
While appreciating the government for its palliative during the festive period,he begged them to look into increasing their stipends.
“We have been appealing to the government, the present Governor Dapo Abiodun for the increment, just to review the money because the hardship is too much now.
“We are over a hundred persons; some stay in the colony, and other members are still in the community area because we’ve been trying to let the people know that we want to integrate them into the community, and we’re doing it.
“In that community, the first job we do is farming but due to the encroachment of the land, there’s no opportunity for that.
“That is why we’re only appealing to some members to diversify in their own business.
“We’re trying to let them know that they can’t do only farming but there’s no money for us to establish the business.”
“Don’t Enter My Cab” – Ogun drivers to lepers
Despite the country’s advancement, DAILY POST gathered that in Ogun state, transportation has been a major challenge for these persons.
Ahmed, while stressing that the majority of drivers in the state do not want to carry them, said, “Whenever we want to enter a car, when they see our hand or leg, they’ll say ‘don’t come in.’”
Regarding schooling, he also bemoaned the fact that some who had enrolled had been forced to drop out because they couldn’t handle the humiliation and shame of discrimination.
While Section 17(1), (2), 42(1) of the Nigerian Constitution guarantees equal rights for all Nigerians, lepers, however, have been forced to live on the fringes with their voices silenced and their struggles ignored.
We Can Enroll Them Without Fingerprints – NIMC
When contacted by DAILY POST, the Head of the Corporate Communication Unit, NIMC, Kayode Adegoke, said the NIN enrollment can accommodate persons affected by leprosy.
Adegoke insisted that no one is discriminated against by the commission, emphasizing that even in several Northern states, everyone had registered.
He said, “We don’t neglect anyone; we have never deferred anyone. Even in some states in the Northern part of Nigeria, we registered everybody.
“They go to our centres or if they want us to bring the system to them, we can talk to any of our people, if they have centres like leper colony just like we did in Ondo and some other state, we can bring the system to them to register them there, yes we can do that.”
When asked if there was an alternative way to enroll them without the use of fingerprints, Adegoke said, “There are ways; if they don’t have fingers, what we do is that we take their pictures, send it and generate a NIN for them.
“We can enroll them. There is no need for a finger”, he added.
News
Governors Bow, Back Tax Reform Bills, Reject VAT Increase
Nigerian governors have expressed their support for the tax reform bills initiated by the federal government, proposing a new sharing formula for value-added tax, VAT.
This is coming after meeting of the Nigeria Governors’ Forum, NGF, and the Presidential Tax Reform Committee which was held on Thursday.
The governors’ forum, in a communique at the end of the meeting, emphasized its strong support for the comprehensive reform of Nigeria’s archaic tax laws.
“Members acknowledged the importance of modernizing the tax system to enhance fiscal stability and align with global best practices,” they stated.
They proposed a revised VAT-sharing formula which they said would ensure equitable distribution of resources.
According to them, the new sharing formula will be 50% based on equality, 30% based on derivation, and 20% based on population.
“Members agreed that there should be no increase in the VAT rate or reduction in Corporate Income Tax (CIT) at this time, to maintain economic stability.
“The Forum advocated for the continued exemption of essential goods and agricultural produce from VAT to safeguard the welfare of citizens and promote agricultural productivity,” the communique read.
The NGF recommended that there should be no terminal clause for the Tertiary Education Trust Fund, TETFUND, National Agency for Science and Engineering Infrastructure, NASENI, and National Information Technology Development Agency, NITDA, in the sharing of development levies in the bills.
Despite the heated debates that the tax reform bills have generated, the governors said they support the continuation of the legislative process at the National Assembly that would culminate in the eventual passage of the Tax Reform Bills.
Recall that last year, President Bola Tinubu sent four tax reform bills to the National Assembly, asking the lawmakers to consider and pass them.
The proposal includes the tax administration bill, Nigeria tax bill, and joint revenue board establishment bill.
Tinubu also wants to repeal the law establishing the Federal Inland Revenue Service, FIRS, which he is seeking to replace with the Nigeria Revenue Service.
But the move has been met with pushback from several sections of the country, notably the northern governors and some leaders in that part of Nigeria.
They asked the National Assembly to reject the bills, claiming they were against the region. Some labelled them anti-north.
However, President Tinubu vowed not to withdraw the bills, with the presidency assuring that they are not against any section of the country.
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