POLITICS
Reps Demand Review of N500m to N1bn Capital Requirement for Crypto Service Providers
By Ubong Ukpong, Abuja
The House of Representatives Ad-Hoc Committee on the Economic, Regulatory, and Security Implications of Cryptocurrency Adoption and Point-of-Sale (POS) Operations in Nigeria has described the N500 million to N1 billion capital requirement set by the Securities and Exchange Commission (SEC) for Virtual Assets Service Providers (VASPs) as too high and prohibitive.
The Committee, chaired by Hon.
Olufemi Richard Bamisile, made the observation during its technical session with key regulatory and security agencies held at the National Assembly Complex, Abuja, on Monday, 13 OctoberLawmakers noted that while regulation of the cryptocurrency sector is essential, the current capital threshold could stifle innovation, discourage legitimate investors, and exclude emerging entrepreneurs, particularly young Nigerians, who hold the potential to drive economic growth and Nigeria’s digital transformation.
The Committee therefore urged the SEC to review the capital requirement to make it more accessible and inclusive.During the session, the Economic and Financial Crimes Commission (EFCC) informed the Committee that all confiscated virtual and digital assets linked to criminal activities are currently in its custody. The Commission disclosed that it maintains dedicated digital wallets across its zonal offices for the safekeeping of such assets.
In response, the Committee directed the EFCC to provide comprehensive records of all digital asset confiscations to support its ongoing legislative review and policy recommendations.
Hon. Bamisile reaffirmed the Committee’s commitment to developing a regulatory framework that balances innovation with oversight, safeguards the financial system, and promotes transparency, youth inclusion, and national security in Nigeria’s digital economy.
The Committee, however, expressed displeasure over the failure of several key institutions, including the Office of the National Security Adviser, Central Bank of Nigeria, Nigerian Communications Commission, Federal Inland Revenue Service, Ministry of Finance, and Ministry of Communications, Innovation and Digital Economy, to honour its invitation to the meeting. The Chairman urged these agencies to take seriously the economic and security implications of the rapidly evolving digital finance sector.
WAEF Urges Credible, Peaceful Elections in Guinea-Bissau
From Mike Tayese, Yenagoa
The West African Elders Forum (WAEF), led by former Nigerian President Dr. Goodluck Jonathan, has called on the authorities in Guinea-Bissau to take all necessary steps to ensure that the upcoming presidential and parliamentary elections scheduled for November 23 are transparent, inclusive, and credible.
Concluding its three-day pre-election mission to Guinea-Bissau last week, the Forum urged the country’s electoral management body, the Comissão Nacional de Eleições (CNE), the Constitutional Court, and other relevant institutions to maintain strict neutrality and independence in the conduct of the polls.
According to Dr. Jonathan, building public confidence in the electoral process is essential for peace and stability in the region.
“We want a stable West Africa. Many of the crises we face in the region are election-related. Since the formation of the West African Elders Forum, we have undertaken missions to countries before, during, and after elections to help ensure peace and stability,” he said after the members paid a courtesy call on resident Umaro Sissoco Embaló in the State House in Bissau.
In a statement issued and made available to our correspondent via email by the Communications Officer, Goodluck Jonathan Foundation, Wealth Dickson Ominabo said, the WAEF delegation met with a broad spectrum of stakeholders, including President Umaro Sissoco Embaló, Interior Minister Botche Candé, members of the National Electoral Commission, the President and Justices of the Supreme Court, and representatives of civil society.
Dr. Jonathan emphasized that the Forum’s visit was a fact-finding mission aimed at assessing the level of preparedness of institutions responsible for the upcoming elections.
He added that WAEF’s approach focuses on strategic engagement to encourage dispute resolution through dialogue, respect for the rule of law, and support for peaceful democratic transitions across West Africa.
The West African Elders Forum (WAEF) is a non-partisan platform made up of former leaders and statesmen from West Africa. It works to prevent and mitigate electoral-related conflicts and promote peace, democracy, and stability in the region.
POLITICS
Tinubu Signs 2025 Budget Amendment Bill
By David Torough, Abuja
President Bola Tinubu has signed the Appropriation (Amendment) (No. 4) Bill, 2025, extending the implementation period of the 2025 budget from September 30, 2026, to December 31, 2026.
The amendment was passed by the Senate and the House of Representatives on Tuesday, September 29, 2026, before being transmitted to the President for assent.
According to a statement issued on Wednesday by Bayo Onanuga, Special Adviser to the President on Information and Strategy, the extension will give Ministries, Departments and Agencies (MDAs) additional time to complete ongoing capital projects.
The statement said the move would ensure that funds already appropriated are fully utilised without disrupting critical government programmes.
“The extension gives Ministries, Departments and Agencies more time to complete ongoing capital projects,” the statement said.
“It ensures that funds already appropriated are fully put to work for Nigerians, without disrupting critical programmes.”
Tinubu also commended the leadership and members of the National Assembly for what the statement described as the prompt consideration of the amendment.
The president said the development demonstrated continued cooperation between the Executive and Legislative arms of government in the interest of the country.
The amendment therefore allows the Federal Government to continue implementing the 2025 budget until December 31, 2026, instead of the earlier September 30 deadline.
POLITICS
Tinubu Submits NDDC 2026 Appropriation Bill
President Bola Tinubu has submitted the 2026 Statutory Budget Proposal of the Niger Delta Development Commission (NDDC) to the House of Representatives for consideration and passage.
This is contained in a letter dated Aug.
20, 2026, addressed to the Speaker of the House of Representatives, Rep. Abbas Tajudeen and read by the Deputy Speaker, Rep. Benjamin Kalu at plenary on Tuesday in Abuja.In the letter, Tinubu said that the budget was prepared by the Minister of Niger Delta Development in line with the provisions of Section 121 of the 1999 Constitution.
According to him, the proposal was based on the NDDC’s revenue and expenditure forecasts and it aligned with the fiscal and developmental policies of the Federal Government and the Renewed Hope Agenda.
He said that the proposal also took into consideration the 2024–2026 Economic Recovery Growth Plan as well as key assumptions of the 2026 Appropriation Act of the Federal Government.
The President said the NDDC had prioritised programmes aimed at improving youth empowerment, energy and power supply, education, industrial and enterprise development, health and security.
He also listed increased agricultural productivity among the commission’s priorities, saying the interventions were intended to lift a significant number of citizens out of poverty.
Tinubu urged the House to give the proposal consideration and ensure its timely passage.
“I look forward to the timely passage of the 2026 Statutory Budget Proposal of the NDDC by the House of Representatives,” he said. (NAN)
POLITICS
Akume Tasks MDAs on Concrete Actions to Strengthen Transparency, Public Trust
By David Torough, Abuja
The Secretary to the Government of the Federation, Sen. George Akume, has charged Ministries, Departments and Agencies (MDAs) to translate the findings of the 2026 Transparency and Integrity Index (TII) into concrete improvements in their operations in order to strengthen accountability and public trust.
He gave the charge while delivering the keynote address at the presentation of the 2026 Transparency and Integrity Index held at the Auditorium of the Federal Ministry of Finance, Abuja.
The SGF said the administration of President Bola Tinubu, remains committed to open, accountable and responsible governance, stressing that public institutions must ensure that their policies, programmes and actions are transparent, visible and understandable to Nigerians.
According to him, the Index has become a vital instrument for assessing accountability, openness and ethical standards across government institutions, while providing MDAs with clear benchmarks to identify areas of strength and gaps requiring improvement.
He urged heads of MDAs to integrate the findings and indicators of the Index into strategic planning, performance management, budget priorities, procurement processes, staff training and digital disclosure rather than allow the report to become another document left unused.
“The report should not sit on the shelf and should inform management decisions, budget priorities, procurement processes, staff training, digital disclosure, and how you communicate with the public,” he said.
Akume emphasised that transparency should be viewed as an institutional asset rather than an administrative burden, noting that integrity must be embedded in the procedures and culture of public institutions through clear policies, proper record-keeping, effective oversight, ethical leadership and consequences for wrongdoing.
He further tasked MDAs to take advantage of technology by ensuring that their websites and data portals provide accurate, timely and user-friendly information, including current budget, contract and service information, to enable citizens to effectively engage government and track the utilisation of public resources.
The SGF explained that the 2026 TII assesses public institutions in five critical areas comprising fiscal transparency, open procurement and contracting, human resources and inclusion, control of corruption and citizens’ engagement, adding that the initiative complements existing public service reforms, anti-corruption measures and Nigeria’s Open Government Partnership commitments.
He noted that the ultimate objective of transparency and integrity should go beyond institutional rankings to building public institutions that Nigerians can understand, engage with and hold accountable, while safeguarding public resources and improving service delivery.
“The Federal Government remains fully committed to this goal. We will continue building institutions that are transparent, accountable, professional and responsive to the needs of the people,” the SGF said.
Akume commended the Bureau of Public Service Reforms (BPSR) and the Centre for Fiscal Transparency and Public Integrity (CeFTPI) for sustaining the initiative, while calling for stronger collaboration among government, civil society, professional bodies, development partners and the media in strengthening transparency and bringing corruption to its knees.


