Economy
FG Prohibits Cash Transactions at MDAs, Adopts Electronic Payments
By Adedapo Adesanya
The federal government has banned the use of physical cash for revenue payments and directed all Ministries, Departments, and Agencies (MDAs) to deploy Point of Sale (PoS) terminals within 45 days, as part of a sweeping shift toward full electronic revenue collection.
The directive was contained in four separate treasury circulars issued by the Office of the Accountant-General of the Federation (OAGF) late last month.
In the documents, the Accountant-General, Mr Shamseldeen Ogunjimi, ordered that all payments to the federal government must now be made electronically and routed through platforms approved by the treasury.
According to the first circular, dated November 24, 2025, the government expressed concern over the persistent acceptance of physical cash at MDA revenue points, noting that it contradicts existing policies on e-payment and the Treasury Single Account (TSA). It warned that continued cash collection undermines the integrity of federal electronic payment systems.
The OAGF therefore prohibited the receipt of cash “in Naira or any other currency” for government revenues and mandated MDAs to immediately sensitise staff and the public. Revenue points are to display notices such as “NO PHYSICAL CASH RECEIPT” and “NO CASH PAYMENT.”
It added that MDAs still collecting cash must install functional POS machines or other approved electronic tools within 45 days, with accounting officers held accountable for breaches.
A second circular, dated November 25, 2025, addressed the Treasury’s concern over widespread unauthorised deductions carried out through customised MDA payment platforms. It noted that some MDAs were using front-end applications linked to Payment Solution Service Providers (PSSPs) that deducted charges before remitting balances to the TSA. The OAGF said this has resulted in significant revenue leakages.
The circular ordered MDAs to stop all direct deductions at source and remit revenues in full to designated TSA or Sub-TSA accounts. Any service-related fees must be paid directly by the Treasury rather than through automated deductions.
It also directed that all MDA portals and PSSPs be regularised with the OAGF by December 31, 2025, warning that non-compliance could lead to suspension from GIFMIS and TSA access.
A third circular, issued on November 26, 2025, announced the introduction of a unified Federal Treasury e-Receipt (FTe-R), which will serve as the only valid proof of payment for federal transactions from January 1, 2026. The receipt will be issued via the Revenue Optimisation platform and delivered electronically through channels selected by each MDA.
The fourth circular, dated November 27, 2025, outlined guidelines for the rollout of the new Revenue Optimisation (RevOP) platform, which the government has adopted as the central system for automating billing, reconciliation, and monitoring of MDA accounts.
The platform will integrate with TSA, GIFMIS, the Central Bank of Nigeria, NIBSS, FIRS, and collecting banks, ensuring real-time visibility over government revenues.
MDAs are required to nominate three officers as RevOP focal persons within seven working days, integrate their existing financial systems, and ensure that only CBN-licensed and NITDA-recommended PSSPs approved by the OAGF are used. All PSSPs currently engaged by MDAs must connect to RevOP for immediate harmonisation of federal collections. The Treasury also directed MDAs to submit details of all local and foreign currency accounts within 60 days.
These reforms represent some of the most significant changes to federal revenue administration since the introduction of the TSA. Earlier in March 2025, The PUNCH reported the launch of the Treasury Management & Revenue Assurance System, aimed at streamlining federal revenue and payment processes. The system’s first phase covers naira-denominated transactions, while the second phase—scheduled for June 1, 2025—will expand to foreign currency transactions and integration with MDA enterprise resource platforms.
The Treasury maintained that the new measures are designed to strengthen transparency, curb leakages, and modernise Nigeria’s public financial management framework.
By Modupe Gbadeyanka
The deadline for filing individual annual income tax returns for residents of Lagos State has again been extended to April 21, 2026.
This information was revealed via a statement signed by the Head of Corporate Communications of the Lagos State Internal Revenue Service (LIRS), Mrs Monsurat Amasa-Oyelude, on Saturday.
The agency thanked some taxpayers for their continued compliance and commitment to the filing of their individual annual income tax returns, but charged those who have yet to file theirs to do so before the new deadline.
LIRS had earlier moved the deadline from its statutory period of March 31, 2026, to April 14, 2026, but due to “the overwhelming response and to enhance taxpayer convenience, while maintaining the integrity and accuracy of submissions,” the date was moved forward to April 26.
The tax-collecting organisation said it “observed a significant increase in traffic on its eTax platform as more taxpayers endeavour to meet the filing deadline.”
“In view of this development, and to ensure that all taxpayers are provided with adequate opportunity to successfully complete their filings, LIRS hereby announces a further extension of the deadline, now set for April 21, 2026,” it stated.
The agency reiterated that all filings must be completed electronically via the LIRS eTax platform: https://etax.lirs.net, which remains the only approved channel for submission.
Taxpayers were reminded that the filing of annual income tax returns remains a statutory obligation and were encouraged to take advantage of this final extension to fulfil their civic responsibility.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited was in green on Friday after it closed higher by 0.30 per cent as a result of sustained bargain hunting.
Customs Street was up yesterday after three of the five major sectors came under buying pressure, with the consumer goods index up by 1.64 per cent, the industrial goods space up by 1.12 per cent, and the banking counter up by 0.64 per cent.
Business Post observed that profit-taking brought down the insurance by 2.61 per cent, and weakened the energy sector by 0.01 per cent.
At the close of business, the market capitalisation increased by N707 billion to N131.166 trillion from N130.459 trillion, and the All-Share Index (ASI) expanded by 1,097.86 points to 203,770.42 from 202,672.56 points.
Transactions by Nigerian stock investors shrank during the session, as 548.6 million shares worth N31.5 billion exchanged hands in 48,538 deals compared with the 652.9 million shares valued at N39.8 billion transacted in 51,101 deals a day earlier.
This implied that the trading volume went down by 15.98 per cent, the trading value depreciated by 20.85 per cent, and the number of deals crashed by 5.02 per cent.
Access Holdings finished the day as the busiest equity after selling 52.7 million units valued at N1.4 billion, Zenith Bank exchanged 47.8 million units worth N5.4 billion, UBA traded 38.9 million units for N1.8 billion, Secure Electronic Technology transacted 36.7 million units worth N35.5 million, and GTCO sold 34.9 million units valued at N4.6 billion.
The market breadth index was negative during the session with 20 price gainers and 38 price losers, indicating weak investor sentiment.
Trans Nationwide Express appreciated by 9.91 per cent to N3.77, International Breweries grew by 9.88 per cent to N13.35, Chams rose by 9.84 per cent to N3.35, Guinea Insurance improved by 9.38 per cent to N462.90, and Lafarge Africa gained 8.52 per cent to close at N233.20.
On the flip side, Omatek lost 10.00 per cent to trade at N2.07, Austin Laz declined by 9.93 per cent to N3.99, Coronation Insurance dipped by 9.88 per cent to N2.92, Zichis crashed by 9.58 per cent to N12.55, and Cornerstone Insurance retreated by 8.77 per cent to N5.20.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange closed the last trading session of the week in the southern territory after further losing 0.59 per cent on Friday, April 10.
This happened as three price decliners weakened the NASD market due to continued sell-offs. The bourse did not finish in green this week.
11 Plc lost N24.70 to close at N222.30 per share compared with the previous day’s N247.00 per share, MRS Oil dropped N1 to settle at N164.00 per unit versus Thursday’s N165.00 per unit, and Geo-Fluids decreased by 25 Kobo to N3.00 per share from N3.25 per share.
As a result, the market capitalisation shrank by N13.79 billion to N2.315 trillion from N2.329 trillion, and the NASD Unlisted Security Index (NSI) declined by 23.05 points to 3,870.45 points from 3,893.50 points.
Yesterday, there were two price gainers led by Central Securities Clearing System (CSCS) Plc, which chalked up N1.07 to sell at N64.21 per unit versus N63.50 per share, and Impresit Bakalori Plc appreciated by 22 Kobo to N2.42 per share from N2.20 per share.
The volume of securities fell by 81.9 per cent to 188,593 units from 1.04 million units, the value of securities decreased by 36.3 per cent to N25.7 million from N40.4 million, and the number of deals remained unchanged at 26 deals.
Great Nigeria Insurance (GNI) Plc was the most traded stock by value on a year-to-date basis with 3.4 billion units valued at N8.4 billion, followed by CSCS Plc with 57.6 million units exchanged for N3.9 billion, and Okitipupa Plc with 27.6 million units worth N1.8 billion.
GNI Plc was also the most traded stock by volume on a year-to-date basis with 3.4 billion units transacted for N8.4 billion, followed by Resourcery Plc with 1.1 billion units s0ld for N415.7 million and Infrastructure Guarantee Credit Plc with 400 million units traded at N1.2 billion.
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