The bill, titled “A Bill for an Act to Alter the Central Bank of Nigeria Act, 2007, No. 7, to Prohibit the Use of Foreign Currencies for Remuneration and Other Related Matters,” was introduced by Senator Ned Nwoko, Chairman of the Senate Committee on Reparations and Repatriation.

The proposed legislation seeks to make the Naira the sole legal tender for all payments, salaries, and financial transactions conducted within Nigeria.

In presenting the bill, Senator Nwoko expressed concern over the widespread use of foreign currencies in the country’s financial system, which he described as a “colonial relic.”

He argued that such practices undermine the value of the Naira, perpetuating economic challenges and weakening Nigeria’s monetary independence.

“The extensive use of foreign currencies in our financial transactions continues to erode the value of the Naira and fosters a dependency that hinders Nigeria’s economic sovereignty.

“This legislation is a step toward restoring confidence in our local currency and reducing unnecessary pressures on our economy,” Nwoko stated.

If enacted, the bill will prohibit the use of foreign currencies for salaries, bonuses, and other forms of remuneration, as well as for local transactions. It aims to promote the adoption of the Naira, strengthen the economy, and encourage the use of the country’s own resources.

While the proposed law has garnered support for its potential to boost the Naira’s value and promote economic stability, it is also expected to face scrutiny.

Critics may raise concerns about the bill’s feasibility, particularly given Nigeria’s heavy reliance on foreign currencies in international trade, remittances, and private sector operations.

Led by President Bola Tinubu, the Nigerian Education Loan Fund (NELFUND) is ensuring economically disadvantaged students get access to quality education.

During an address at the Nigeria Institute of Legislative and Democratic Studies in Abuja, Akpabio described the Student Loan Scheme as one of the most important pieces of legislation passed by the tenth Assembly.

He highlighted that the bill is designed to help underprivileged children pursue higher education without the burden of financial constraints.

“One of the most important bills for the tenth Assembly was the bill sent to us by President Bola Tinubu. The Student Loan Bill enables vulnerable Nigerian students, the less privileged, to obtain higher education. And as I speak to you now, over 30,000 Nigerian students have already been selected to benefit from that scheme. That is one of the bills I will say appeal to me the most,” Akpabio said.

In addition to discussing the student loan scheme, Akpabio spoke on Nigeria’s old national anthem, “Nigeria, We Hail Thee,” which was abolished in 1978. He pointed out that retaining the old anthem could have helped prevent issues such as banditry and insecurity.

“The other impactful bill signed by the National Assembly is the reverting to our old national anthem. A lot of people are not aware that there was a panel set up and made up of Nigerians to receive input from all over the world in 1959.

“So when people are saying we’re bringing in colonial anthem, they need to look into the history of ‘Nigeria, we hail thee.’ If we had kept to that anthem, we probably would not have banditry today in Nigeria because if you take your neighbour as your brother, you will not want to kill him,” Akpabio added.

The revised Student Loan Act 2024 aims to remove financial barriers and make education more accessible to all Nigerian students, regardless of their economic background.

Funded through an innovative amalgamation of government revenues, including taxes and natural resource profits, NELFUND is set to provide comprehensive financial support covering tuition, fees, and living expenses.

With a repayment grace period extending two years post-NYSC program completion, the scheme comes with a good approach to financial aid, ensuring that today’s scholars can become tomorrow’s leaders without the issue of debt.