General
NICA Advocates Wider Acceptance of Buy Now, Pay Later
By Adedapo Adesanya
The National Institute of Credit Administration (NICA) has urged Nigerians to support the Buy Now, Pay Later (BNPL) model.
BNPL is a short-term financing option, common in e-commerce and retail, that allows consumers to make purchases and pay for them in installments, usually without interest if paid on time.
According to the Registrar and chief executive of NICA, Mr Chris Onalo, in a statement, the ‘cash and carry’ approach slows economic growth, adding that in contrast, buy now, pay later creates opportunities for small businesses to thrive and expand.
He also explained that the government’s ongoing loan schemes, saying the initiatives would bring prosperity to small businesses and citizens
He highlighted that President Bola Tinubu’s credit policy addresses micro, small and medium enterprises (MSMEs) key challenges, adding that establishing a guarantee system helps absorb bankable risks and enhances financial inclusion.
Mr Onalo emphasised that the National Credit Guarantee Company (NCGC) will resolve the long-standing issue of collateral.
“Lack of security has historically hindered MSMEs’ access to bank financing.
“Tinubu is quietly and carefully laying a cornerstone for economic stability. A credit economy is essential for sustainable growth and development,” he said.
He explained that no developed economy thrives without credit, stressing that access to credit is crucial for resilience and long-term economic sustainability.
Mr Onalo noted that the consumer credit initiative led by the Nigerian Consumer Credit Corporation (CREDICORP) will boost the economy. It will also improve Nigerians’ living standards.
According to him, NICA is committed to educating Nigerians on the benefits of credit. Credit access is vital for citizens’ well-being and overall economic growth.
“This government is restructuring Nigeria’s economy. It aims to create a well-shaped, sustainable system that supports hardworking and creative Nigerian entrepreneurs.
“When fully implemented, Nigeria will become a thriving economy. It will attract Nigerians in the diaspora and black people worldwide,” he said.
He stressed the importance of an economic stabilisation system, adding that wealth should be concentrated in citizens’ hands to enhance economic resilience.
He noted that Tinubu identified “consumer credit culture” as a key pillar of his economic growth strategy upon assuming office.
He attributed current economic hardships to past governments’ failures.
“A lack of people-centred policies hindered productivity, entrepreneurship, job creation, and industrialisation.
“NICA, as an independent professional entity, recognises Tinubu’s economic reforms. Though slow, they are laying the foundation for a resilient economy.
“A nation with strong credit access, particularly for MSMEs, will experience exponential economic growth,” Mr Onalo stated.
He said prioritising people’s empowerment would drive industrialisation.
According to him, this will create jobs, improve living standards, and increase government revenue streams.
Mr Onalo also emphasised that MSMEs drive national prosperity, as indigenous business owners would evolve into conglomerates, blue-chip companies, and multinational corporations.
General
Senate Passes Electoral Act Amendment Bill, Blocks Electronic Transmission of Results
By Modupe Gbadeyanka
The Senate on Wednesday passed the bill to amend the Electoral Act of 2022 after delays, which almost pitched the institution against several Nigerians.
Last week, the upper chamber of the National Assembly headed by the Senate President, Mr Godswill Akpabio, set up a panel to look into the matter, with the directive to submit its report yesterday, Tuesday, February 3, 2026.
However, after the report was submitted yesterday, the red chamber of the parliament said it was going to take an action on it on Wednesday.
At the midweek plenary, the Senate eventually passed the Bill for an Act to Repeal the Electoral Act No. 13, 2022 and Enact the Electoral Act, 2025.
However, some critical clauses were rejected, including the proposed amendment to make is mandatory for the Independent National Electoral Commission (INEC) to transmission election results electronically from polling units to the INEC Result Viewing (IReV) portal.
The clause was to strengthen transparency and reduce electoral malpractice through technology-driven result management.
It also rejected a proposed amendment under Clause 47 that would have allowed voters to present electronically-generated voter identification, including a downloadable voter card with a unique QR code, as a valid means of accreditation.
The Senate voted to retain the existing 2022 provisions requiring voters to present their Permanent Voter’s Card (PVC) for accreditation at polling units, and upheld the provision mandating the use of the Bimodal Voter Accreditation System (BVAS) or any other technological device prescribed by the electoral umpire for voter verification and authentication, rather than allowing alternative digital identification methods as proposed in the new bill.
The Senate also reduced the notice of election from 360 days to 180 days, with the timeline for publishing list of candidates by INEC dropped from 150 days to 60 days.
General
Amupitan Says 2027 Elections Timetable Ready Despite Electoral Act Delay
By Adedapo Adesanya
The Independent National Electoral Commission (INEC) has completed its timetable and schedule of activities for the 2027 general election, despite pending amendments to the Electoral Act by the National Assembly.
INEC Chairman, Mr Joash Amupitan, disclosed this on Wednesday in Abuja during a consultative meeting with civil society organisations.
Mr Amupitan said the commission had already submitted its recommendations and proposed changes to lawmakers, noting that aspects of the election calendar might still be adjusted depending on when the amended Electoral Act is passed.
He, however, stressed that the electoral umpire must continue preparations using the existing legal framework pending the conclusion of the legislative process and presidential assent to the revised law.
According to him, the commission cannot delay critical preparatory activities given the scale and complexity involved in conducting nationwide elections.
The development highlights INEC’s commitment to early planning for the 2027 polls, even as stakeholders await legislative clarity that could shape parts of the electoral process.
Yesterday, the Senate again failed to conclude deliberations on the proposed amendment to the Electoral Act after several hours in a closed-door executive session. The closed session lasted about five hours.
Lawmakers dissolved into the executive session shortly after plenary commenced, to consider the report of an ad hoc committee set up to harmonise senators’ inputs on the Electoral Act Amendment Bill.
When plenary resumed, the Senate President, Mr Godswill Akpabio, did not disclose details of the discussions on the bill.
Despite repeated executive sessions, the upper chamber has yet to pass the bill, marking the third unsuccessful attempt in two weeks.
The Senate, however, said it will not rush the bill, citing the volume of post-election litigation after the 2023 polls and the need for careful legislative scrutiny.
Last week, the red chamber of the federal parliament constituted a seven-member ad hoc committee after an earlier three-hour executive session to further scrutinise the proposed amendments.
General
REA Expects Further $1.1bn Investment for New Mini Power Grids
By Adedapo Adesanya
The Managing Director of the Rural Electrification Agency, (REA), Mr Abba Aliyu, is poised to attract an estimated $1.1 billion in additional private-sector investment to further achieve the agency’s targets.
He said that the organisation has received a $750 million funding in 2024 through the World Bank funded Distributed Access through Renewable Energy Scale-up (DARES) project.
He added that this capital is specifically intended to act as a springboard to attract an estimated $1.1 billion in additional private-sector investment, with the ultimate goal of providing electricity access to roughly 17.5 million Nigerians through 1,350 new mini grids.
Mr Aliyu also said that the Nigeria Electrification Project (NEP) has already led to the electrification of 1.1 million households across more than 200 mini grids and the delivery of hybrid power solutions to 15 federal institutions.
According to a statement, this followed Mr Aliyu’s high-level inspection of Vsolaris facilities in Lagos, adding that the visit also served as a platform for the REA to highlight its decentralized electrification strategy, which relies on partnering with firms capable of managing local assembly and highefficiency project execution.
The federal government, through the REA, underscored the critical role the partnership with the private sector plays in achieving Nigeria’s ambitious off-grid energy targets and ending energy poverty.
Mr Aliyu emphasized that while public funds serve as a catalyst, the long-term sustainability of Nigeria’s power sector rests on credible private developers who are willing to invest their own resources.
He noted that public funds are intentionally deployed as catalytic grants to ensure that the private sector maintains skin in the game which he believes is the only way to guarantee true accountability and the survival of these projects over time.
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