Business
TUC Berates FG Over Planned Pay Rise For Political Office Holders …Condemns Plan To Borrow $29.9bn
President of the Trade Union Congress (TUC), Quadri Olaleye has berated the federal government over the planned pay rise for political office holders, saying it will worsen the already pauperised Nigerians if implemented.
Olaleye, who recently took over the leadership of the TUC from Boboi Kagama said the plan by the Revenue Mobilisation, Allocation and Fiscal Commission to review the remuneration of political office holders at a time the local and foreign debt is overwhelming and the country grappling with economic issues is a conspiracy that must not be allowed to stand because of the dire consequences it will further have on the economy, people and Nigeria’s collective image.
According to him, it is a mockery of the political decision.
“Does it mean the federal government increased the Value Added Tax (VAT) to raise money to pay the politicians?,” he queried.
He wondered that while some countries in Africa have a unicameral legislature because their former system was eating deep into the national treasury, Nigeria is not thinking along that line.
“Why can’t we think along that line? After all, we have a National Assembly that you could hardly see all the members seated at every session. It is the same thing at the state level, yet their absence has never disturbed any session.
“We are demanding that the cost of governance be drastically reduced. We do not need 496 lawmakers. Governors do not need over 500 aides. It is too expensive to maintain. The salaries and allowances of these public office holders in Nigeria is part of the cause of the economic hardship in Nigeria. Half of these political officials’ salaries, if put into proper use, could give hundred thousands of unemployed youths useful employment”.
The TUC president also condemned the report that government is planning to borrow $29. 9b.
He said if the federal government succeeds in borrowing the $29. 9b it applied, then the total debt profile would have risen to about $84b.
“Even the World Bank has warned about the danger and consequences of our debt yet it appears no one cares if the country goes further down in shame. The question is, why tax or borrow just to pay politicians and service cronies when over 21 percent of our able-bodied youths are unemployed? We are worried that the insecurity situation arising from unemployment does not bother them?”
He said if Nigeria must move forward, there is need for restructuring of the political system.
“For us, the leadership belittles the country before the international community when they nurse such ideas now. It is a bizarre thing to do and we condemn it in strong terms. We enjoin the authorities to drop the idea to restrain the do-or-die attitude of some politicians”.
Business
Agency Gives Insight Into Its Inspection, Monitoring Operations
Business
BVN Enrolments Rise 6% To 67.8m In 2025 — NIBSS
The Nigeria Inter-Bank Settlement System (NIBSS) has said that Bank Verification Number (BVN) enrolments rose by 6.8 per cent year-on-year to 67.8 million as at December 2025, up from 63.5 million recorded in the corresponding period of 2024.
In a statement published on its website, NIBSS attributed the growth to stronger policy enforcement by the Central Bank of Nigeria (CBN) and the expansion of diaspora enrolment initiatives.
NIBSS noted that the expansion reinforces the BVN system’s central role in Nigeria’s financial inclusion drive and digital identity framework.
Another major driver, the statement said, was the rollout of the Non-Resident Bank Verification Number (NRBVN) initiative, which allows Nigerians in the diaspora to obtain a BVN remotely without physical presence in the country.
A five-year analysis by NIBSS showed consistent growth in BVN enrolments, rising from 51.9 million in 2021 to 56.0 million in 2022, 60.1 million in 2023, 63.5 million in 2024 and 67.8 million by December 2025. The steady increase reflects stronger compliance with biometric identity requirements and improved coverage of the national banking identity system.
However, NIBSS noted that BVN enrolments still lag the total number of active bank accounts, which exceeded 320 million as of March 2025.
The gap, it explained, is largely due to multiple bank accounts linked to single BVNs, as well as customers yet to complete enrolment, despite the progress recorded.
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