Business
FG Approves Lagos To Test e-Banking
The Federal Executive Council (FEC) on Wednesday endorsed the proposal by the Central Bank of Nigeria (CBN) to use Lagos State as a test case for e-banking and cashless economy.
Information Minister, Labaran Maku made this known to State House correspondents in Abuja, after the Council meeting presided over by President Goodluck Jonathan.
Maku said CBN Governor Lamido Sanusi and his team were present at the meeting to give the overview of the economy in the past two quarters and to discuss the initiatives taken by the apex bank in reforming the economy.
“The CBN has decided to start the cashless economy in Lagos State using Lagos as the hub for the beginning of the project.
“In this new initiative that the CBN has taken in partnership with the government of Lagos State, it is expected that in months to come, Lagos will really move quickly into e-banking,’’ he said.
Maku said Council gave its nod to the proposal because of its multidimensional advantages, particularly, in bringing down the running cost of banks by almost 30 per cent and affording every Nigerian to direct participation in the financial sector.
The proposal by the CBN indicates a limit of N150,000 and N1 million on free cash withdrawals and lodgments by individual and corporate customers respectively.
The minister said the CBN team also told the Council that the economy was on the right path with the growth rate of 6.4 per cent at the first quarter and the overall growth is put at 7.8 per cent.
On the inflationary movement, Labaran said the CBN reports indicated that headline inflation in the first and second quarters of the year stood at 12.8 percent.
The minister said the CBN team also reported to Council the upward progression witnessed in crude oil production which has gone up to 2.4 million barrels per day, due mainly to the peace witnessed in the Niger Delta region.
In a related development, Maku said Council gave approval to the Federal Ministry of Education to forward an Executive Bill to the National Assembly for an Act for the amendment of Education National Minimum Standard and Establishment of Institution Act and other Related Matters.
According to the Minister, the bill, if passed, will empower the National Universities Commission to handle cases of proliferation of illegal universities and prescribe punishment for those who violate minimum quality standard for the establishment of universities and courses.
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