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Financial Experts, Nigerians Kick Against CBN’s New ATM Card Charge Plan

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Economists and bank customers have expressed concerns over the Central Bank of Nigeria’s (CBN) proposal to raise the Automated Teller Machine (ATM) card issuance fee from ₦1,000 to ₦1,500.....KINDLY READ THE FULL STORY HERE▶

The development follows the apex bank’s release on April 21, 2026, of a 42-page exposure draft titled Guide to Charges by Banks and Other Financial Institutions.

According to the draft, the proposed changes include a 50 percent increase in ATM card issuance fees, the removal of maintenance charges on naira debit and credit cards, and a $10 annual fee for maintaining foreign currency-denominated cards.

The CBN also outlined other revised bank charges and invited input from stakeholders and the public, with a deadline of May 8, 2026.

The proposal has generated mixed reactions, with many Nigerians criticising the planned increase in ATM card fees, while some stakeholders welcomed the removal of maintenance charges on naira cards.

Speaking in an interview, President of the Bank Customers’ Association of Nigeria and financial analyst, Dr. Uju Ogunbunka, faulted the short timeline given for feedback, describing it as unrealistic and rushed.

He said the deadline does not provide enough time for meaningful review by stakeholders, noting that the period for consultation is too limited given the current economic environment.

Ogunbunka added that more time should have been allowed for proper evaluation, especially for industry operators who need to study the document thoroughly.

He stressed that the tight schedule could hinder effective participation in the consultation process.

Also reacting, Professor of Accounting and Finance at Lead City University, Godwin Oyedokun, warned that the proposed fee hike could increase financial pressure on Nigerians and affect financial inclusion efforts.

He noted that while regulators may justify the adjustment due to rising operational costs such as technology, security, and infrastructure, the impact on consumers remains significant.

According to him, banking customers already face multiple charges, and additional fees may worsen the financial burden on households, particularly low-income earners, students, and small business operators.

Oyedokun cautioned that higher costs could discourage some Nigerians from using formal banking channels, potentially undermining the country’s financial inclusion goals.

He, however, acknowledged that removing certain recurring charges could benefit customers in the long run if properly implemented.

The professor emphasised that beyond fee adjustments, banks must improve service delivery, transparency, and complaint resolution to justify any changes.

He also called for stronger consumer protection measures, warning that regulatory reforms should not focus solely on increasing charges.

Oyedokun concluded that banking services must remain accessible and affordable, stressing that trust and efficiency are key to sustaining financial inclusion in Nigeria.

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Tinubu Seeks House of Reps’ Approval for ₦269bn Promissory Notes to Settle Debts.

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The Federal Government has asked the National Assembly to approve the issuance of promissory notes worth ₦269.44 billion to settle outstanding debts owed to contractors and other creditors.....KINDLY READ THE FULL STORY HERE▶

President Bola Tinubu made the request in a letter conveyed by the Secretary to the Government of the Federation (SGF), Senator George Akume, and read during plenary at the House of Representatives in Abuja.

The President is seeking lawmakers’ approval to establish and expand the Promissory Note Programme to address the government’s outstanding financial obligations.

In the letter dated August 18, 2026, and received by the Speaker’s office on October 21, Akume disclosed that the total liabilities amounted to ₦269,446,402,822.56.

He explained that the debts, which include contract-related and project-related obligations, were identified and confirmed following a comprehensive review by the relevant ministries, departments and agencies.

According to the SGF, the programme would provide “a structured, transparent and fiscally responsible framework” for settling the liabilities, with only verified and validated claims considered for payment.

In addition to seeking approval for the issuance of the promissory notes, Tinubu asked lawmakers to authorise the inclusion of the identified categories of creditors and beneficiaries, subject to final verification and certification.

The President also requested approval for the Minister of Finance and Coordinating Minister of the Economy, the Debt Management Office and other relevant government agencies to oversee the implementation of the programme.

Akume said the initiative would prevent the outstanding debts from accumulating further interest, penalties and other charges.

He added that the arrangement would reduce the financial pressure on affected creditors and demonstrate the government’s commitment to fulfilling its legitimate obligations.

The SGF noted that the Promissory Note Programme had previously been used to address inherited domestic debts and contractual liabilities, following approval by the Federal Executive Council and the National Assembly.

He explained that the scheme would allow the government to settle the obligations in phases without placing excessive pressure on public finances, in accordance with sound debt management principles.

Akume urged the House of Representatives to consider the request urgently, citing the substantial value of the liabilities, the length of time some debts had remained unpaid and the risk of additional interest accruing.

He said timely approval would enable the government to commence issuing the promissory notes and facilitate the resolution of the outstanding obligations.

A detailed schedule containing the debts, beneficiaries, amounts involved and supporting documents was attached to the request for lawmakers’ consideration.

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Tinubu Approves 500,000 Solar Lights for South-East, Kalu Announces.

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President Bola Tinubu has approved the distribution of 500,000 solar-powered lights to rural households across the South-East, according to the Deputy Speaker of the House of Representatives, Benjamin Kalu.....KINDLY READ THE FULL STORY HERE▶

Kalu made the disclosure during the flag-off ceremony of the Renewed Hope Light-Up initiative in Bende Federal Constituency, Abia State, where 26 transformers, alongside 10,000 solar-powered lights and fans, were distributed to communities.

He said 42,000 households in the constituency had been selected to benefit from the programme, adding that the first batch of 10,000 solar-powered lights and fans was expected to arrive within two weeks.

According to the deputy speaker, the initiative commenced with a pilot scheme under which 1,000 units were provided to selected beneficiaries. He noted that representatives from the constituency’s wards had confirmed that the units were working properly.

Kalu explained that the programme was designed to extend the benefits of the Federal Government’s Renewed Hope Agenda to rural communities, particularly households struggling with unreliable electricity supply.

He described the planned distribution of solar-powered lights to 42,000 households in a single federal constituency as unprecedented, noting that the intervention would improve access to electricity in underserved communities.

Meanwhile, Emmanuel Ndubuisi, the lawmaker representing Bende South Constituency in the Abia State House of Assembly, welcomed the initiative.

Ndubuisi said some communities in the area had been without electricity for approximately two years following transformer failures, adding that the intervention would help address their power challenges.

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CAN Sounds Alarm Over Video Threats Against Christians, Urges DSS, Police To Act.

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The Christian Association of Nigeria (CAN) has called on security agencies to investigate a viral video allegedly showing a young man leading a group of boys in chants threatening attacks on Christians in Enugu and Jos during Sunday worship.....KINDLY READ THE FULL STORY HERE▶

CAN President, Archbishop Daniel Okoh, condemned the alleged incitement and urged the Department of State Services (DSS), the Nigeria Police Force and other security agencies to identify those involved and prosecute anyone found guilty.

In a statement, Okoh expressed particular concern over the apparent involvement of children and young people, warning that exposure to messages promoting religious hatred could have serious consequences.

“The possibility that young people are being exposed to or encouraged to embrace such hatred raises serious concerns that must not be ignored,” he said.

The association called on investigators to determine where and when the video was recorded, identify the individuals featured in it and establish whether any persons or groups organised, sponsored or facilitated the activity.

It also urged security agencies to assess the potential threats arising from the incident and ensure adequate protection for Christian communities and places of worship in Enugu, Jos and other parts of the country.

Although CAN acknowledged reports that the leadership of Jama’atu Izalatil Bid’ah Wa Iqamatis Sunnah (JIBWIS) had disowned the video, it maintained that the denial should not prevent an independent investigation.

“The denial of responsibility by any organisation cannot replace an independent investigation into the identities of those involved, the origin of the video and the circumstances surrounding the chants,” the association said.

CAN insisted that anyone found responsible for the alleged threats must be held accountable under the law, without favour or discrimination.

The association also appealed to religious leaders to reject teachings and activities that encourage hatred or violence against people of other faiths. It warned against exposing young Nigerians to messages that portray fellow citizens as enemies because of their religious beliefs.

According to CAN, failure to investigate the incident could embolden further religiously motivated threats and worsen existing tensions.

“Allowing such conduct to go unchallenged would send a dangerous message that threats against citizens on religious grounds can be made without consequence,” it said.

The association urged Christians to remain calm, vigilant and law-abiding while investigations are ongoing. It also cautioned against retaliatory actions that could put lives at risk and deepen religious divisions.

Reaffirming its commitment to religious freedom, justice and peaceful coexistence, CAN stressed that every Nigerian deserves equal protection under the law, irrespective of religious affiliation.

The association further called on the government to move beyond condemning the alleged incident and establish the facts, insisting that citizens’ safety and their freedom to worship must be protected.

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