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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Blue Economy: Minister Seeks Lifeline In Blue Bond Amid Budget Squeeze

Ministry of Marine and Blue Economy is seeking new funding to implement its ambitious 10-year policy, with officials acknowledging that public funding is insufficient for the scale of transformation envisioned.
Adegboyega Oyetola, said finance is the “lever that will attract long-term and progressive capital critical” and determine whether the ministry’s goals take off.
“Resources we currently receive from the national budget are grossly inadequate compared to the enormous responsibility before the ministry and sector,” he warned.
He described public funding not as charity but as “seed capital” that would unlock private investment adding that without it, Nigeria risks falling behind its neighbours while billions of naira continue to leak abroad through freight payments on foreign vessels.
He said “We have N24.6 trillion in pension assets, with 5 percent set aside for sustainability, including blue and green bonds,” he told stakeholders. “Each time green bonds have been issued, they have been oversubscribed. The money is there. The question is, how do you then get this money?”
The NGX reckons that once incorporated into the national budget, the Debt Management Office could issue the bonds, attracting both domestic pension funds and international investors.
Yet even as officials push for creative financing, Oloruntola stressed that the first step remains legislative.
“Even the most innovative financial tools and private investments require a solid public funding base to thrive.
It would be noted that with government funding inadequate, the ministry and capital market operators see bonds as alternative financing.
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