In 2023, Nigeria’s electronic payment transactions reached an all-time high of N600 trillion, a 55% increase from 2022’s N387 trillion. This was reported by the Nigeria Inter-Bank Settlement System (NIBSS).
If the country imposes a 0.5% cybersecurity levy on these transactions, the home run will be N3 trillion. If you model that not all these transactions will qualify, you can have N1.5 trillion or $1.5 billion in the coffers of the government.
First, I am not in support of this levy. But if it has to go through, the government must not be tempted to spend additional $1.5 billion on cybersecurity yearly on top of whatever we’re spending now. I think $300m should be fine while the other $1.2 billion should go towards improving digital commerce.
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Fixing Nigeria Postal Service will boost the rural economy significantly. Again, nothing justifies this policy because it is wrong. Another idea is elevating primary and secondary education in Nigeria. Till today, no one has explained why Colleges of Education should have the lowest JAMB scores, well below universities and polytechnics. Does it mean the worst performers should be teachers in Nigeria?
- Federal and state universities: 160
- Private universities: 140
- Federal and state polytechnics: 120
- Private polytechnics: 110
- Colleges of education: 100
Meanwhile, I commend the reversal on the cash deposit tax
In a surprising move, the Central Bank of Nigeria (CBN) has announced a temporary suspension of charges on cash deposits for a three-month period, starting from May 6, 2024. This decision, revealed in a circular signed by the Director of Banking Supervision, Adetona Adedeji, aims to encourage more cash transactions and reduce the cost of banking services for customers. However, the move has sparked mixed reactions among users, with some questioning the irony of the CBN’s decision given the various charges associated with cash transactions. As the banking landscape adapts to this change, only time will tell if this measure will indeed lead to a more cost-effective banking experience for Nigerians.
Naira Is Improving – Twitter
From Twitter: “In a surprising turn of events, the Nigerian Naira has made a significant leap against the US Dollar, appreciating by a notable margin following the Federal Government’s recent measures aimed at stabilizing the currency. This development comes amidst ongoing discussions and reactions from the public, with the Naira’s value fluctuating in both official and parallel markets.
“As of Tuesday, May 7, 2024, the exchange rates stood at 1 USD to ?1384, 1 GBP to ?1734, 1 EUR to ?1491, 1 CAD to ?1009, 1 AUD to ?914, 1 GHS to ?100, 1 ZAR to ?74, and 1 XOF to ?2. This unexpected boost in the Naira’s value has sparked a wave of optimism among Nigerians, with many taking to social media to express their relief and hope for a more stable economy. As the nation continues to navigate the ever-changing landscape of global finance, only time will tell if these new measures will have a lasting impact on the Naira’s value and the overall economic stability of Nigeria.”
In 2023, Nigeria's electronic payment transactions reached an all-time high of N600 trillion, a 55% increase from 2022's N387 trillion. This was reported by the Nigeria Inter-Bank Settlement System (NIBSS). If the country imposes a 0.5% cybersecurity levy on these transactions,… pic.twitter.com/fFtIqHWXJS
— Ndubuisi Ekekwe (@ndekekwe) May 8, 2024
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If the cybersecurity levy is not justifiable, then no point suggesting ideas on how to spend the money. Sprinkling legality on illegality does not make it legal. Prudence is not one of the strong points of the current regime, not when there are plenty boys to settle.
As for JAMB, there is an element of perception to it. If someone scores 320 and says he’s going to a college of education, won’t people question his mental state? That is the thing. We do a lot of classification and status thing, not necessarily based on quality or substance, but rather on the superficial. Why are state universities ranked higher than private universities when we have private universities that are far ahead of any state university here? Then the federal universities are seen as the zenith, even when some are below par. We are too traditional and remain faithful to old dogmas, even when they run contrary to present reality.
When you look for high paying jobs and can’t find, you settle for teaching jobs. Schools are like our sachet economy, so there’s something for everyone. Low price, medium price, high price, that is how you keep things going here; it is our reality, at least for now.
Some didn’t even score up to 100, so nothing for them.