Senate – Tech | Business | Economy https://techeconomy.ng Tech | Business | Economy Wed, 04 Feb 2026 20:32:00 +0000 en-GB hourly 1 https://wordpress.org/?v=7.0 https://techeconomy.ng/wp-content/uploads/2025/06/cropped-256Px-32x32.png Senate – Tech | Business | Economy https://techeconomy.ng 32 32 Nigeria’s Senate Fails to Make Real-Time Upload of Election Results Mandatory https://techeconomy.ng/nigerias-senate-fails-to-make-real-time-upload-of-election-results-mandatory/ https://techeconomy.ng/nigerias-senate-fails-to-make-real-time-upload-of-election-results-mandatory/#respond Wed, 04 Feb 2026 19:40:12 +0000 https://techeconomy.ng/?p=175595 In a dramatic turn of events that has left many Nigerians holding their breath, the Senate rejected a key provision that would have mandated the real-time electronic transmission of election results, a reform widely viewed by citizens and civil society groups as crucial to ensuring transparency and fairness in the nation’s democratic process.

As the hallowed chambers of the National Assembly buzzed with heated debate, a palpable sense of anticipation had gripped the country.

For months, Nigerians had watched with cautious hope as lawmakers debated amendments to the Electoral Act 2022, reforms intended to strengthen the integrity of elections leading up to the pivotal 2027 polls.

Yet amidst that hope, yesterday brought disappointment and deep frustration.

Senators voted against a proposed amendment to Clause 60, Subsection 3, which would have required presiding officers at each polling unit to transmit results electronically to the Independent National Electoral Commission’s (INEC) IReV portal immediately after results were signed, stamped, and witnessed by party agents.

Instead, the Senate chose to retain outdated wording that leaves the mode of transmission at INEC’s discretion.

For many Nigerians, particularly youth, activists, and groups fighting for electoral credibility, the decision has hit like a blow to the heart.

In communities where past elections have seen late-night wait times, delayed announcements, and deep suspicions of manipulation, the promise of instant transmission was more than a technical detail: it was a symbol of trust restored.

“I stood outside my polling unit for hours in the heat,” said one voter in Lagos who declined to give her name. “We were told the results would be on IReV quickly. But it only came late, and that created doubt in all our minds. To hear our lawmakers have now said no to instant upload, it feels like someone has taken a step backward.”

Civil society groups had repeatedly urged the National Assembly to adopt the real-time transmission clause, arguing it would deter manipulation and give citizens and parties near-instant insight into results as votes were counted.

But despite those calls, the Senate’s decision, coming as it also passed the broader Electoral Act Amendment Bill 2026, has highlighted persistent divisions over how best to secure credible elections.

Lawmakers debated fiercely, weighing concerns about infrastructure readiness and logistical challenges against the democratic demand for greater openness.

For some, the Senate’s choice represents cautious pragmatism. But for many ordinary Nigerians, parents, students, and first-time voters alike, the moment has stirred a sorrow that democracy’s march toward transparency remains fraught.

“This isn’t just about technology,” said a civil rights advocate in Abuja. “It’s about whether the voices of millions of Nigerians are truly seen and heard. Without clear, real-time transmission, we risk repeating the same old patterns of skepticism and distrust.”

As the nation looks ahead to elections that will shape its future, yesterday’s decision will likely reverberate far beyond the corridors of power, in homes, schools, markets, and online forums where ordinary Nigerians continue to debate, hope, and demand a democracy that lives up to its promise.

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Senate Moves To Ban Foreign Currencies In Nigeria https://techeconomy.ng/senate-moves-to-ban-foreign-currencies-in-nigeria/ https://techeconomy.ng/senate-moves-to-ban-foreign-currencies-in-nigeria/#respond Wed, 18 Dec 2024 05:37:52 +0000 https://techeconomy.ng/?p=149765 A new bill aimed at banning the use of foreign currencies, including the US Dollar and British Pound Sterling, for domestic transactions in Nigeria has passed its first reading in the Senate.

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.

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‘N70b “Working Conditions” is for Infrastructure,’ says Benjamin https://techeconomy.ng/n70b-working-conditions-is-for-infrastructure-says-benjamin/ https://techeconomy.ng/n70b-working-conditions-is-for-infrastructure-says-benjamin/#respond Mon, 17 Jul 2023 03:09:33 +0000 https://techeconomy.ng/?p=107435 The allocation of N70 billion in the 2022 supplementary budget by the National Assembly has been criticized for contradicting principles of good governance.

This budget amendment swiftly approved the aforementioned amount to enhance the “working conditions” of newly elected lawmakers, while also allocating N500 billion to assist Nigerians in mitigating the impact of fuel subsidy removal.

Critics argue that this decision by the lawmakers demonstrates a lack of transparency and sincerity, particularly during a critical period of post-Covid recovery and unfavorable macroeconomic conditions.

The rising cost of governance, characterized by high personnel and overhead expenses, is already straining the country’s finances.

However, Benjamin Kalu, the Deputy Speaker of the House of Representatives, has countered these criticisms by stating that the N70 billion allocation is intended for the infrastructure of the parliament, rather than for the lawmakers themselves.

In a conversation with reporters on Thursday, Kalu clarified that the funds are not intended as palliative measures for the members of the National Assembly, but rather for addressing the infrastructure needs of the parliament.

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