The Nation Newspaper

Tag: Bank Verification Number (BVN)

  • Court refuses to order forfeiture of funds in accounts without BVN

    A Federal High Court in Abuja has refused a prayer by the Federal Government (FG) for the permanent forfeiture of funds in accounts without commercials banks without Bank Verification Number (BVN).

    Justice Nnamdi Dimgba, in a judgment on Friday, said the prayer could not be granted because the Federal Government has not laid sufficient foundation for the grant of such prayer.

    The judgment was on a suit marked: FHC/ABJ/CS/911/2017, filed by the FG and the Attorney General of the Federation (AGF) against Access Banks, other commercial banks and Central Bank of Nigeria (CBN).

    Read Also:31.4million customers captured in BVN, says CBN

    The judge said the FG has not met the conditions provided under Section 17 of the Advance Fee Fraud Act, by proving that the funds in the BVN-less accounts are proceeds of crime and that they are unclaimed.

    Justice Dimgba said the interim freezing order on the accounts,  made by the court on October 17, 2017 but modified on November 15, 2017, still subsists.

    The order is: “An interim order of the honourable court stopping all outward payments, operations or outward transactions (including any bill of exchange) in respect of the accounts pending the linking of the accounts to a Bank Verification Number”.

    The judge asked the Federal Government to take the necessary steps to fulfil the conditions under Section 17 of the Advanced Fee Fraud Act and ensure compliance with the October 17, 2017 order

     

  • TSA: Buhari govt saves N24.7bn monthly

    TSA: Buhari govt saves N24.7bn monthly

    The All Progressives Congress (APC)- led federal government has received high performance ratings in the management of the nation’s economy, even as the government has continued to save up to N24.7 billion monthly as a result of Treasury Single Account (TSA) policy.

    A professor of Economics from the Nassarawa State University Uche Uwaleke who gave an in-depth assessment of the achievements of President Muhammadu Buhari within the last two and half years in office, also revealed that about N108 billion has been saved from removal of maintenance fees payable to banks before TSA.

    Speaking Monday in Abuja at the week-long leadership training programme organised under the auspices of the National Committee of Buhari Support Groups (NCBSG) for its coordinators nationwide, prof. Uwaleke said the sudden and unexpected drop in crude oil price from a peak of US$114.6-O/bbl in June 2014 to under US$30] bbl by February 2016 created financial crises for the government.

    “Effective implementation of the Treasury Single Account, entrenching transparency and accountability. N108 billion has been saved from removal of maintenance fees payable to banks before TSA. The nation is being saved N24.7 billion monthly with the full implementation of the TSA and implementation of the Bank Verification Number (BVN), thus tackling corruption by plugging loopholes for siphoning of public fund and tracking of illicit funds through multiple accounts

    According to him, Buhari led administration has expended over N1.2 trillion on capital/infrastructure projects nationwide last year was a milestone in the nation’s history.

    “Improvement in transport infrastructure (rail and road); construction work ongoing on the Lagos-lbadan Expressway, renovation of Abuja international Airport runway, completion of Abuja Kaduna Railway among others.

    “Support to states: Bailout of cash crunch states; about N689 billion to 27 states of the federation to pay salaries in 2015. Complete refund of Paris loan deductions to states (unprecedented) played a part.”

    On Social investment, Uwaleke said N-Power Volunteer Scheme has created jobs for over 200,000 unemployed graduates in all the 36 states and the FCT.

    “Ongoing Government Enterprise and Empowerment (GEEP) Scheme; commenced in November 2016 in collaboration with the Bank of industry, where soft loans ranging from N10, 000 to N100, 000 have been given to over 189,000.

    “Conditional Cash Transfer (CCT) scheme, under which about 25,000 less privileged Nigerians so far are now being funded with the monthly NS,000 stipend in 9 pilot States (Bauchi, Borno, Cross Rivers, Ekiti, Kwara, Kogi, Niger, Osun and Oyo). More beneficiaries are expected to be added in more states.

    “Nigeria successfully issued two Eurobonds (US$4.5bn), a Sukuk Bond (100 billion Naira), a Diaspora Bond (US $300m), and the first Sovereign Climate Bond in Africa, raising billions of dollars for infrastructure spending. This is testimony to investors’ confidence‘

    “The federal government launched a Tax Amnesty scheme (VAIDS) designed to increase tax awareness and compliance, and reduce incidence of tax evasion. The Voluntary Income and Asset Declaration Scheme is expected to ramp up non-oil before it closes in March 2018.”

    Earlier, the Chairman of the Board of Trustees of the group, Senator Abu Ibrahim who was represented by Zakari Aliu said the aim of the training was to help build effective leadership capacity among the members of the support group ahead of the next general elections.

    He added that the group who receive such training will help in spreading the message of the successes recorded by President Muhammafu Buhari’s administration.

    One of discussants, Dr. Ben Obi of the department of Economics University of Abuja, also gave his assessment of Buhari led government said the APC government has been able to deliver successfully some of the promises made in 2015.

    Read Also: FG saves N24.7bn from TSA, IPPIS/BVN monthly – Buhari

  • BVN is a right – Nigerians in Spain agitate

    BVN is a right – Nigerians in Spain agitate

    The Chairman, APC Spain Chapter and convener, A New Nigeria project, Ambassador Stephen Ade Tella has stressed the need to curb the menace of financial misappropriation and corruption.

    Ambassador Tella said that the need for both financial accountability and monetary identity in the present day Nigeria cannot be overemphasized to curb the cancerous growth of the menace of financial misappropriation and corruption, a battle this government of restoration has been fighting even before the mantle of leadership.

    According to him, this drive for sanity and tranquility in the country’s financial identification system led to the introduction of the Bank Verification Number BVN which mandates all citizens and persons running any Bank account in the country to have a biometric registration, aiding digital banking and better managed and synergistic banking system.

    The APC Spain Chief opined that the development was welcomed by all and sundry with next to no obligation by Nigerians both at home and diaspora with open arms, indeed it is a sign of progress as promised.

    His words: “We must commend the efforts of the government on this and particularly for its understanding of citizens in diaspora. However, the recent circular as was passed and brought to the listening audience spurs much concern, most particularly among citizens in diaspora, amidst which Spain is at the leading front.

    “I wish to bring to the attention of all of us, particularly those living outside Nigeria that the Federal Government instituted an action in court for the forfeiture of any balance in a bank account without a BVN.”

    He recalled that an interim order of forfeiture was granted by the court on the 17th October for the banks to show cause within 14 days why the balances in such accounts should not be forfeited.

    Ambassador Tella argued that the present practice is that banks only permit deposits into such accounts. No withdrawal is allowed. Should the Fed Government succeed, the money is forfeited permanently.

    “Although the banks may challenge the action up to the Supreme Court, my advice is for anyone who has not registered for the BVN to urgently take steps to do so.

    “This information wasn’t met with happy smiles by Nigerians living in Spain whose hopes of homely return would be likely shattered if denied access to their savings, which is the obvious outcome of the government’s action.

    “However, this development got to the ears of the leadership of the All Progressive Congress Spain Chapter early enough and was swiftly attended to. The Chapter under its able leadership was able to reach as many Nigerians within the Spanish hemisphere as possible, quenching the flames that could possibly lead to a disastrous fire before its outburst.

    “Spain records the second highest immigrants of Nigeria among its contemporaries. With this realization, it is rather disheartening than sad to know that while many European countries are provided with BVN Registration units, the country Spain was totally omitted.

    “Nigerians in Spain and some more other countries are not availed the opportunity to register, this error is worth a re-look and immediate intervention as it has raised an outcry excruciating feelings.

    “Forfeiture of accounts without a chance of registering would be injurious on hardworking Nigerians abroad who are not just there to earn a living but also existing daily as an image and ambassador of Nigeria to their respective host countries.

    “The government should take cognizance of these people who are ably representing their fatherland while laying their treasures in their home banks with the aim of returning home to establish an investment, which of course would be from the advanced understanding they have gained from developed nations, an advantage that will generate more employment opportunities, bring developed methods and modern day brands and also close up the widened gap between us and the so-called developed nations.

    “Speaking for every Nigerian in Spain and other affected countries, the Spain Chapter of the All Progressive Congress through this channel want to appeal in good conscience and for the sakes of development, to the government of Nigeria, commissions and ministries involved in the process of BVN registration to quickly revert or better still reconsider all countries not covered by the registration process. To this effect, banks should see such active accounts as unregistered rather than unattended.

    “We recommend that Spain and every other country, as would be affected by this policy, should be provided with registration ports before taking steps on forfeiture of unregistered accounts. This will save our investments at home, ensure our confidence abroad and give us hope of livelihood when back to our dear Nigeria,” he said.

  • Nigeria saves 20 Billion naira monthly on payroll system – Buhari

    Nigeria saves 20 Billion naira monthly on payroll system – Buhari

    President Muhammadu Buhari on Tuesday said about 20 billion naira is being saved on monthly basis from the introduction of the Integrated Payroll and Personnel Information System (IPPIS) as well as the Bank Verification Number (BVN).

    According to the President the initiative has not only led to the elimination of the manace of ghost workers from the nation’s public sector, but helped to entrench transparency and accountability within the system.

    He also said through the policy on Treasury Single Account (TSA), the present administration has “so far consolidated over 20,000 accounts, resulting into about N4.7 billion monthly savings.”

    President Buhari made the remarks while declaring open a three-day eNigeria Conference with the theme “Fostering Digital Economy through Local Content Development and Effective Regulations” organized by the National Information Technology Development Agency, (NITDA) at the International Conference Centre, Abuja.

    Highlighting some of the achievements of his administration since inception with a particular reference to anti-corruption crusade, President Buhari said his administration leveraged on Information and Communications Technology (ICT) platform to institute about 31 reforms within the system, stressing that the reforms would no doubt bring the desired change to the way and manner the business of government is carried out in the country.

    Read Also: Lawyer to Buhari: tackle corruption in high places

    President Buhari who was accompanied by top government officials to the event among whom were the Ministers of Communications and FCT, Adebayo Shittu and Alhaji Musa Bello, the Chairman Senate Committee on ICT, Senator Kabiru Gaya and the Director General of NITDA, Dr Isa Pantami Ibrahim, maintained that ICT remains strategic in driving productivity and efficiency in all sectors of the economy.

    His words: ”   My presence here today is a demonstration of our commitment and strong belief in using ICT as a major driver of our developmental governance and economic reform plans aimed at bringing about the true CHANGE we promised our people.

    “ICT is strategic in driving productivity and efficiency in all sectors of the economy. Currently, almost all sectors of our economy leverage on ICT to increase efficiency, productivity and performance.

    “The sector has recorded huge investments and contributes over 10% of the nation’s Gross Domestic Product (GDP) and we are making conscious efforts to see that this contribution continues to grow in the next few years.

    “About 80% of ICT hardware purchases are imported through local distributors of Original Equipment Manufacturers (OEMs) by MDAs and other government establishments.   This makes it difficult for us to benefit from the dividends of continuous procurement and consumption of ICT infrastructure and limited value retention within the country.

    “As the most populous country in Africa, there are huge opportunities for ICT manufacturing in Nigeria. This, when harnessed, will provide job opportunities for our teaming youths, enhance the quality of  locally produced infrastructure, reduce cost of acquisition and  increase government revenue.

    “There is, therefore, the need for deliberate efforts, both from government as well as the private sector to see to the realisation of this.

    “I urge you to come up with viable recommendations on how we can make the country an export hub for ICT hardware in Africa.   We have done a lot to transform our government especially in the areas of strategy, policies and digital infrastructure investments”.

    The Minister of Communications, Adebayo Shittu in his address said ICT has being a major driver of the nation’s economy since the inception of the present administration, noting that the sector’s contribution to the Gross Domestic Product (GDP) has moved from 5 percent to 12 percent by 2016.

    Shittu maintained that through legislation , the present government wuld ensure that local ICT industries are protected, while lamenting the low patronage of local industries even by government agencies.

    According to Shittu the federal government has issued series of guidelines to protect the ICT industry and prevent Nigeria from becoming a dumping ground for all manner of ICT products and services, but enjoined all stakeholders to partner with the government to ensure sanity in the entire sector.

    The Director General of NITDA,  said the yearly eNigeria Conference was being organized by his agency to take stocks of development in the ICT industry with a view ensure effective regulation, job creation, improvement in services and products of ICT by local companies and ensure the security of the nation’s cyber system.

  • FG saves N24.7bn from TSA, IPPIS/BVN monthly – Buhari

    FG saves N24.7bn from TSA, IPPIS/BVN monthly – Buhari

    President Muhammadu Buhari says Federal Government’s leveraging on Information and Communication Technology ( ICT ) and the enforcement of Bank Verification Number ( BVN ) has saved the nation of N24.7 billion monthly.

    The president disclosed this when he declared open the 2017 eNigeria Conference, organised by National Information Technology Development Agency ( NITDA ) at the International Conference Centre, Abuja, on Tuesday.

    The president also revealed that the implementation of the Integrated Payroll and Personnel Information System ( IPPIS ) and Bank Verification Number (BVN) had eliminated ghost workers and reduced waste, thereby saving the nation N20 billion monthly.

    He said that the consolidation of 20,000 accounts had saved the nation N4.7 billion.

    According to him, the TSA policy has also facilitated transparency, accountability and ease of transactions and payments between government and businesses as well as government and citizens.

    “We have done a lot to transform our government, especially in the areas of strategy, policies and digital infrastructure investments.

    “You may recall that on assumption of office, we enforced the policy on Treasury Single Account (TSA). Today, we are all witnesses to the impact it has made on our financial management.

    “We have so far consolidated over 20,000 accounts, resulting into about N4.7 billion monthly savings.

    “In addition, the policy facilitated transparency, accountability and ease of transactions and payments between government and businesses as well as government and citizens.

    “Another initiative leveraging on ICT and making huge impact on the economy is the introduction of the Integrated Payroll and Personnel Information System (IPPIS) and Bank Verification Number (BVN).

    “Its implementation has helped to eliminate the menace of ghost workers, thereby reducing waste in the system by saving government over N20 billion monthly.

    President Buhari described his presence at the event as a demonstration of his commitment and strong belief in using ICT as a major driver of developmental governance and economic reform plans aimed at bringing about the true CHANGE his administration promised Nigerians.

    According to him, ICT is strategic in driving productivity and efficiency in all sectors of the economy.

    He noted that currently, almost all sectors of the nation’s economy leverage on ICT to increase efficiency, productivity and performance.

    President Buhari commended NITDA’s efforts on fostering the patronage of indigenous IT products and services through continuous engagement with indigenous OEMs, relevant stakeholders and other laudable initiatives.

    He observed that ICT played a pivotal role with agencies of government such as the Corporate Affairs Commission ( CAC ), Federal Inland Revenue Service ( FIRS ) and the Nigeria Immigration Service ( NIS ).

    He stated that the affected agencies had leaned on ICT in improving public service delivery in an efficient and transparent manner.

    “So far, 31 reforms have been completed by the council and these reforms are already making noticeable impact on our economic diversification efforts.

    “The Agency’s efforts at enforcing Federal Government’s directive on ensuring that all ICT projects in the country are cleared by it before implementation are highly commendable.

    “These efforts will ensure that government’s ICT procurement is transparent.

    “It is aligned with government’s IT-shared vision and policy, save costs through promotion of shared services, avoid duplication, ensure compatibility of IT systems, thereby improving efficiency across government and enforce the patronage of indigenous companies.’’

    The president expressed the hope that the conference would come up with practical, viable solutions and recommendations to further develop local content in ICT as well as how it could best regulate the deployment and use of ICT systems to foster a digital economy in Nigeria.

    The president used the opportunity of the conference to express displeasure over refusal of some heads of government’s ministries, agencies and departments to wear the Armed Forces Remembrance Emblem.

    He noted that very few of dignitaries at the conference wore the 2018 Armed Forces Remembrance Day emblem, which he inaugurated on Wednesday.

    He urged all heads of ministries, departments and agencies to wear the emblem with pride, to encourage the legionnaires as well as families of those who paid the supreme price for the unity of the nation.

    Buhari said the emblem launch was a worthy tradition of recognizing and appreciating the sacrifices of the veterans in the First and Second World Wars, Nigerian Civil War and Peace Support Operations around the world.

    The three-day conference has as theme: “Fostering Digital Economy through Local Content Development and Effective Regulations.”

    NAN

  • ‘Why those without BVN may forfeit money’

    ‘Why those without BVN may forfeit money’

    A presidential aide has defended the government’s decision to enforce the Bank Verification Number (BVN) policy.

    Senior Special Assistant on Prosecution Okoi Obono-Obla said 46 million accounts in various banks were not linked to BVN. This, in his view, is an act of corruption, which the Central Bank of Nigeria (CBN) has been directed to stop.

    He said: “These accounts have not been operated for a long time. Some of these accounts belong to state agencies, some of them of the board of parastatals of the federal government of Nigeria. These accounts contain billions of naira.

    “That is what informed the decision of the Accountant General of Nigeria to go to court to obtain an interim order of forfeiture and then put the parties concerned on notice, so that if they own these accounts they can go to court to explain why they have not linked these accounts with BVN.

    ”Under the money laundering Act, if a bank refuses to make a report to the CBN, National Drug Law Enforcement Agency, the EFCC or other regulatory authorities or judicial authorities on those who have accounts that have remained dormant for years, they are guilty as well.

    “If the money laundering Act is followed, the banks are guilty and should be questioned for not reporting the operators of such account.”

    Reacting on the forfeiture of accounts not linked to BVN, Lagos lawyer Ebun-Olu Adegboruwa said it is mind boggling that these accounts would have to be forfeited.

    “It is mind boggling and constitute a serious setback for the fight against corruption. This government cannot be speaking from both sides of the mouth. A policy that provide for the goose, should embrace the gander. “

  • Adeosun urges CBN to extend BVN to micro finance banks

    Adeosun urges CBN to extend BVN to micro finance banks

    The Minister of Finance, Mrs. Kemi Adeosun, has urged the Central Bank of Nigeria (CBN) to extend Bank Verification Number (BVN) requirement to account holders in Microfinance Banks (MFBs).

    She said this would facilitate the detection of bank accounts which might have been opened and operated in such banks by ghost workers and other syndicates.

    A statement by the ministry’s Director of Information, Mr. Salisu Dambatta in Abuja on Monday, said Adeosun had written to the CBN Governor, Mr. Godwin Emefiele, to make her case.

    The minister said that the introduction of BVN by the CBN had contributed immensely in improving the integrity of the Federal Government payroll on which more than 50,000 ghost workers were detected and removed.

    She said that operating bank accounts in Microfinance Banks without requirement for BVN had left a huge loophole which individuals with intent on financial crimes could use to hide and launder proceeds of crime and successfully escape detection by law enforcement agencies.

    Adeosun referred the CBN governor to the discovery that prior to the deadline for obtaining the BVN, there had been movement of a large number of salary accounts of federal employees from commercial banks to microfinance banks.

    “This is a suspicious activity and we have already commenced a review of such cases to identify and investigate any cases of fraud.

    “We know that extending the requirement for BVN to Microfinance Banks may put a huge financial strain on the smaller Microfinance Banks; however, some MFBs such as National Police Force Microfinance (NPF), have over 27,000 salary accounts.

    “Our inability to perform checks on such a large number of salary earners is a key risk.

    “I am therefore seeking your cooperation to enforce compliance with BVN on any MFB with over 200 active salary accounts or those above a certain size.

    “This will support the Federal Government’s efforts at reducing leakages to create headroom for the capital projects that will support the growth of the economy,” she said.

    The CBN had, in September 2016, announced its intention to extend the requirement for the extension of the BVN to MFBs in the country, but the exercise had not taken off. 

     

  • National ID to authenticate voters for 2019 elections – FG

    National ID to authenticate voters for 2019 elections – FG

    …Says N5 billion needed for harmonization

    ‎The Federal Government on Thursday tasked the National Identity Management Commission (NIMC) ‎to leave no stone unturned to ensure that National Identification Number is used to authenticate eligible voters during elections in the nearest future.

    Nigeria, presently has multiple identity ‎management system including banks issuing Bank Verification Number ‎(BVN)‎, Sim card registration by NCC, ‎Voters registration by INEC, ‎School registration done at various Local Government Areas (LGAs), birth registration by National Population Commission (‎NPC), In‎ternational Passport by Nigeria Immigriation Service and ‎drivers license jointly issued by the Vehicles Inspection Officers‎ (VIO) and Federal Road Safety Corps.

    Vice President Yemi Osinbajo gave the latest directive during Policy Roundtable Meeting on Identity Management organised by NIMC in collaboration with the World Bank at the old Banquet Hall of the State House, Abuja.

    The Vice President, who was represented by the Deputy Chief of Staff (DCOS) to the President, Ade Ipaye, noted that the government can no longer maintain the cost of duplication of biometrics collection in the country.

    He said: “The fiscal cost of implementing disparate and unconnected biometrics linked data bases is increasingly becoming a huge burden and needs to be streamlined going forward, as government cannot continue to fund the unnecessary duplication of efforts and overlapping identity functions that further deplete its scarce resources.

    “Clearly, there are potentially large benefits from integration of the ID programmes of our government institutions. And we must take this advantage to get it right once and for all.

    “As we endeavour to resolve the identity management system challenges, we will also ensure that other forms of identification such as Driver’s licence, international passports and so on are aligned and in sinc.

    “The President has already taken the initiative in recognising the importance of identity and a harmonized system. That is why there was a directive from my office in December of 2015 for all stakeholders to have built independent identity management systems.

    “Stakeholders could have built independent identity management system to consolidate, aggregate and integrate their data bases as a way to accelerate and scale up the national identity system so as to offer every Nigerian a unique identifier.

    “I am aware that a lot of work has been done in this regard by all the stakeholders’ ‎represented here. However, it is his Excellency the president’s charge that the national identification number is used to authenticate eligible voters in the nearest future as well as in the areas of access to health, insurance, registration of sim cards, access to the social welfare programmes of this administration and for all financial transactions.

    “The development of identity programmes in Nigeria will greatly help the nation leverage on its potentials to improve security of lives and properties, advance service delivery and fight poverty and corruption. Achieving full-scale national identity management will therfore boost our efforts at better tracking the movement of people while minimizing issues with external border controls and terrorism”, he stated

    The Director General of NIMC, Aliyu Aziz said that the commission can meet the President’s directives in 24 months if it gets the N5 billion needed to harmonise data from collecting agencies like the Independent National Electoral Commission (INEC), Nigerian Communications Commission (NCC), Bank Verification Number (BVN) and Nigeria Immigration Service (NIS).

    ‎Noting that the multiple identification in the country is punishment, the Comptroller General of the Nigeria Immigration Service (NIS), ‎‎Mohammed Babandede‎, said that several workshops being organised will be in vain if there is no budget to do the harmonization.

    ‎The World Bank Country Director in Nigeria, Rachid Benmessaoud, represented by Indira Konjhodzic, said that the collaboration was ‎in recognition of the importance of identity management as one of the platform for development.

    According to him, ‎about 1.5 billion people (most of whom were internally displaced, refugees, entrepreneurs etc) worldwide were with no formal prove of identity at the moment, and was a challenge for them to get loan nor participate in democratic and political development.

    Describing Nigeria as a power house in Africa whose action would attract the interest of her neighbours and countries on the continent, he said the ID management will help the social safety net system of government and ‎enable them reach the poor and the marginalised.

    Identity management, he said, would also bridge the gap of close to 50 percent Nigerians that are not banked.

    ‎The Minister of Communications, Adebayo Shittu noted that Nigeria has not gone too far with population, exposure and level of civilization.

    He urged NIMC to set timeline to harmonise identity management in the country and should be at the forefront of advocates for ID management legislation in the country.

    The Minister also suggested that the government should encourage compliance by citizens by giving certain social benefits to the national I’d holders.

    Chairman of the Federal Inland Revenue Service, Babatunde Fowler, said harmonisation of identity management would capture about 40 million Nigerian workers not registered as tax payers, which will in turn generate more funds for the government.

  • Rivers Govt, CBN partner to promote commercial agriculture

    Rivers Govt, CBN partner to promote commercial agriculture

    Gov. Nyesom Wike of Rivers has said that his administration will promote commercial agriculture to create employment opportunities for youths.

    Wike said this while receiving the Port Harcourt Branch Controller of the Central Bank of Nigeria (CBN), Mr Kazeem Adekunle-Alaka, in Port-Harcourt on Tuesday.

    The governor added that the government focused on oil palm and cassava production as the areas of investment.

    He said that massive investment in agriculture would further develop the state’s economy and enhance food security.

    Wike used the occasion to commend the CBN for its firmness and consistency in the application of the nation’s monetary policies.

    “The current attitude of the CBN toward monetary policy issues has put to rest the policy somersaults’ witnessed in the past.

    “I commend the CBN governor and the bank’s management for being firm in the application of economic policies, this to me is a good omen for the country,’’ he said.

    Wike identified the Bank Verification Number (BVN) policy as one that had resulted in huge positive gains to all facets of the economy.

    “The BVN policy has led to tremendous reduction in the wage bill of our state; today only verified staffs are paid salaries.

    “With the good policy initiatives springing up from the CBN, I want to assure you that we will always collaborate with you in our programmes,’’ he said.

    Earlier, Adekunle-Alaka said that the apex bank would collaborate with the state government in order to ensure the development of agriculture.