Politics
Senate Wants CBN’s Cash Withdrawal Limits Reviewed
Senators were Wednesday divided over plans by the Central Bank of Nigeria (CBN) to limit cash withdrawal by any individual to N100,000 and Corporate bodies to N500,000 per week from January 9, 2023.
The senators who kicked against the proposed policy, said that Nigeria was not ripe for it as the rural people would suffer, describing it as nonsensical, vague, nebulous and anti- people, just as they warned that it may lead to mass revolt in the rural areas across the country.
Consequently, the Senate issued a fresh order to the CBN over the cash withdrawal policy as it called on the apex bank to make upward adjustment of the proposed N100, 000 per week for individual and N500, 000 per week for Corporate bodies in response to public outcry.
The Upper Chamber, accordingly, mandated its Committee on Banking, Insurance and other Financial Institutions led by Uba Sani (APC Kaduna Central) to embark on aggressive oversight of the Bank on its commitment to flexible adjustment of the withdrawal limit and periodically report outcome to the Senate.
The Senate however supported the CBN in the continuous implementation of transformational payments and financial industry initiatives in line with its mandate in accordance with the CBN Act.
Resolutions of the Senate on Wednesday were sequel to the adoption of the report of Banking, Insurance and other Financial Institutions after heated debate by Senators on the proposed policy following the presentation by the Chairman.
While presenting the report, Senator Sani argued that the planned Cash Withdrawal Limits was well conceived by the CBN for transformation of the nation’s economy and that the action falls within the mandate of the apex bank as provided for in section 2(d) and 47 of its extant Act.
According to him, the implementation of the Cashless policy in 6 states resulted in reduction in the cost of currency management by 15.20% from N36 97 billion to N31.35 billion between 2013 and 2014.
The trend however reversed in 2014 following the suspension of cash deposit charges in the six states, causing currency handling cost to increase by 17.20% between 2014 and 2015. The cost of currency management has been on the increase since then. Total cost of currency management for 10 months to end October 2022 was N47.25 billion.
During debate on the report and recommendations that were later adopted as resolutions, Senator Ajibola Basiru, APC Osun Central, who said that the proposed threshold of N100,000 and N500, 000 withdrawal per week for individuals and corporate bodies respectively was unrealistic, adding that “Laws are made for people and not people made or created for law . If CBN is acting under section 2(d) and 47 of its extant Act to make life difficult for Nigerians through a policy , as representatives of the people, we need to intervene”.
The Independent National Electoral Commission (INEC) has extended the deadline for political parties to submit the list of candidates for the 2027 governorship and state Houses of Assembly elections from Saturday, August 8, to Tuesday, August 11, 2026.
The commission announced the extension in a statement issued on Saturday and signed by the National Commissioner and Chairman of its Information and Voter Education Committee, Mohammed Haruna.
According to INEC, the decision followed appeals by political parties for additional time to complete the submission process through the dedicated online portal.
“The submission window, which according to the revised Timetable and Schedule of Activities for the General Election was originally scheduled to close on Saturday, 8th August, 2026, has been extended to Tuesday, 11th August, 2026,” the commission said.
In a a related development, INEC announced the suspension of PVC collection in Osun State ahead of the August 15 governorship election.
The commission said voters who applied for replacement of lost, damaged or defaced Permanent Voter Cards would have until midnight on Sunday, August 9, to print downloadable copies of their cards.
The electoral body explained that the deadline was necessary to enable it compile data on downloaded PVCs and produce final statistics on the total number of cards collected ahead of the election.
INEC said PVC collection in Osun commenced at the Registration Area level from July 22 to 28, 2026, but was extended to July 31 following complaints about large crowds and difficulties experienced by voters at collection centres.
The exercise subsequently moved to the local government level and ran from August 1 to 7.
The commission also disclosed that replacement downloadable PVCs had been made available to voters in Odo-Otin and Ife Central Local Government Areas following the theft of cards during attacks on the two collection centres.
It stressed that the stolen cards could not be used to vote.
INEC reassured Osun residents of its preparedness for the August 15 governorship election.
“The commission reiterates that the stolen cards cannot be used to vote.
“INEC reassures the people of Osun State of its readiness to conduct a free, fair, credible and inclusive governorship election on 15th August, 2026,” the statement said.
The commission said the deadline, initially set for Saturday, 8 August, has been extended to Tuesday, 11 August 2026, following appeals from political parties for more time.
INEC also announced that the window for voters who applied to replace lost, damaged or defaced PVCs to download their replacement cards will close at midnight on Sunday, 9 August.
The move is to enable the commission compile final PVC collection figures ahead of the 15 August Osun governorship election.
INEC said replacement downloadable PVCs have also been provided to affected voters in Odo-Otin and Ife Central Local Government Areas after hoodlums carted away cards from two collection centres, stressing that the stolen cards cannot be used to vote.
The commission reaffirmed its readiness to conduct a free, fair, credible and inclusive election in Osun State.
Gov. Kefas made the remarks over the weekend at the Federal Medical Centre (FMC), Jalingo, during the flag-off of the second phase of the Renewed Hope Medical Outreach in Taraba State, organised as part of activities marking Prof. Yilwatda’s 58th birthday.
The governor commended Prof. Yilwatda for choosing to mark his birthday by providing medical care to people in need.
“What Professor Nentawe did is a powerful demonstration of what leadership should be,” Gov. Kefas said.
He assured that his administration would continue to support initiatives that complement government efforts to improve healthcare delivery and the wellbeing of residents.
Speaking at the event, Prof. Yilwatda called on Nigerian leaders to embrace the culture of giving and use their positions to touch the lives of the less privileged.
He said his decision to celebrate his 58th birthday in Taraba State was deliberate and informed by the needs of underserved communities, particularly people who face difficulties accessing healthcare because of distance and financial constraints.
According to him, the intervention followed a needs assessment and was extended across the three senatorial districts of the state.
He said the exercise commenced on August 3 at Takum General Hospital and covered the Federal University Teaching Hospital, Wukari; First Referral Hospital, Sunkani, Ardo-Kola Local Government Area; General Hospital, Bali; General Hospital, Gembu; and FMC Jalingo.
Prof. Yilwatda said the intervention provided medical services to thousands of beneficiaries, including people who required surgical procedures.
He said sustainable national development could only be achieved when strong institutions placed Nigerians at the centre of development.
“Leadership is about service,” he said, urging political and public leaders to make giving back to society an important part of their responsibilities.
He reaffirmed his commitment to serving Nigeria and its people, saying his personal vision was to make every day of his life useful to humanity.
“Every day that I live, the vision is: let it be useful to humanity,” he said.
The Taraba State Commissioner for Health, Dr. Bordiya Buma, commended the initiative, saying it was consistent with the Renewed Hope agenda and efforts to strengthen healthcare delivery in the state.
Dr Buma said the second phase followed the successful completion of the first phase, which was conducted simultaneously in six local government areas, with two LGAs selected from each of the three senatorial districts.
According to him, more than 10,000 patients were attended to during the first phase, including people with medical and surgical conditions.
He disclosed that 327 general surgeries, 71 eye surgeries and 575 dental procedures were carried out during the exercise.
The commissioner expressed appreciation to President Bola Tinubu for the Renewed Hope Medical Outreach and thanked Prof. Yilwatda for supporting the initiative and choosing Taraba State as a beneficiary.
The Minister of Health and Social Welfare, Prof. Muhammad Ali Pate, also commended Prof. Yilwatda for choosing Taraba State to mark his 58th birthday through a medical outreach.
Prof. Pate said making healthcare the centrepiece of the birthday celebration was significant because health affects everyone.