The Minister of Communications, Innovation, and Digital Economy, Bosun Tijani, has assured Nigerians that the Federal Government will not allow a 100% hike in telecom tariffs, despite persistent demands from telecom operators.

Telecom companies have been requesting tariff increases for years, citing escalating operational costs, inflation, and naira devaluation. Speaking on Wednesday, Tijani acknowledged the need for a tariff review but emphasized that the government would not approve the 100% increase proposed by the operators.

When asked about a potential threshold for the tariff adjustment, Tijani stated, “I think it should not be more than anywhere between 30 and 60%.”

He explained that while telecom companies argue a 100% increase is necessary to stabilize the sector, the government is prioritizing consumer protection and economic balance.

“We have already made it clear that we are not going to approve 100%. These companies are asking for 100%, stating clearly that this is what they believe they need to get. But allowing such an increase would harm our people, given that this sector drives growth in our country,” Tijani said.

The Nigerian Communications Commission (NCC) is still evaluating the proposed tariff increase to determine an appropriate figure. Tijani noted that the government is carefully considering the implications for consumers and the sector’s sustainability.

Telecom operators argue that tariff adjustments are essential for improving services and maintaining infrastructure. During an interview on January 3, MTN Nigeria CEO Karl Toriola reiterated the industry's consensus on the need for a 100% increase.

“We at MTN believe we need an adjustment of about 100%. The industry is pretty much aligned because we are all facing the same challenges. The government is sensitive to the financial pressures on consumers, so they may not approve 100%, but we hope for a substantial increase, possibly phased over time,” Toriola stated.

He further pointed out that other sectors, such as aviation and power, have already implemented tariff hikes, leaving the telecom industry lagging behind in cost adjustments.

The government’s decision will seek to balance the operators’ need for sustainability with the public's financial constraints, ensuring that the sector continues to drive economic growth without overburdening consumers.

READ ALSO: Minister Clarifies: Telecom Tariffs Set to Rise, But Not by 100%

On Wednesday, January 15, 2025, the atmosphere at the iconic Eagle Square in Abuja was solemn and reflective as Nigeria paused to honor the unparalleled patriotism and sacrifices of its fallen heroes during the 2025 Armed Forces Remembrance Day.

At 64 years post-independence, Nigeria's continued existence owes much to the bravery of countless gallant troops who laid down their lives to defend the nation’s territorial integrity and sovereignty.

Vice President Kashim Shettima stood in for President Bola Tinubu, who was attending the Abu Dhabi Sustainability Week in the UAE. Alongside Shettima, other high-ranking government officials and dignitaries participated in the solemn event, which included the laying of wreaths, gun salutes, and other military rituals.

The ceremony witnessed the presence of Senate and House of Representatives leaders, service chiefs, the Inspector General of Police, and the Chief Justice of Nigeria, among others. Ministers, senior government officials, top military officers, members of the diplomatic corps, and family members of the fallen heroes—such as widows and wives of military officers—also joined to pay tribute to the nation’s defenders.

In a prior statement, the Senate praised the selfless sacrifices of Nigeria’s armed forces, extending commendation to active-duty officers and soldiers who continue to safeguard the nation from internal and external threats.

The annual Armed Forces Remembrance Day stands as a poignant reminder of the debt of gratitude owed to the courageous men and women who have served—and continue to serve—to uphold Nigeria's peace and sovereignty.

In a decisive move to uphold cash flow stability, the Central Bank of Nigeria (CBN) has imposed penalties on nine Deposit Money Banks (DMBs) for failing to provide adequate Naira notes through automated teller machines (ATMs) during the Yuletide season.

Each of the affected banks has been fined ₦150 million for breaching the CBN’s cash distribution guidelines. This enforcement action came after spot checks conducted on their branches revealed non-compliance.

The CBN’s stringent action underscores its repeated warnings to financial institutions about the need to ensure seamless cash availability, especially during periods of high demand. The banks penalized include Fidelity Bank Plc, First Bank Plc, Keystone Bank Plc, Union Bank Plc, Globus Bank Plc, Providus Bank Plc, Zenith Bank Plc, United Bank for Africa Plc, and Sterling Bank Plc.

In an official communication, the CBN confirmed that the fines would be debited directly from the respective banks' accounts with the apex bank. Acting Director of Corporate Communications, Hakama Sidi Ali, emphasized the importance of maintaining cash flow to foster public trust and economic stability.

“Ensuring seamless cash flow is paramount to maintaining public trust and economic stability. The CBN will not hesitate to impose further sanctions on any institution found violating its cash circulation guidelines,” she stated.

The apex bank’s investigations and monitoring efforts remain ongoing, with a focus on identifying instances of cash hoarding and rationing at bank branches and among Point-of-Sale (POS) operators. To combat illegal cash sales and operational violations, including exceeding POS operators’ daily cumulative withdrawal limit of ₦1.2 million, the CBN is collaborating with security agencies.

Governor Olayemi Cardoso reiterated the bank’s commitment to ensuring efficient cash distribution during his address at the Annual Bankers’ Dinner of the Chartered Institute of Bankers of Nigeria (CIBN) in November 2024. He warned financial institutions to strictly adhere to the CBN’s cash distribution policies or face severe penalties.

“Our focus remains on fostering trust, ensuring stability, and guaranteeing seamless cash circulation across the financial system,” Cardoso stated, emphasizing the CBN’s resolve to maintain a robust cash buffer to meet Nigerians’ needs.

The CBN has called on all financial institutions to strictly comply with its guidelines, warning that further violations would prompt swift and decisive actions to protect economic stability and public confidence.