The federal government has launched an amnesty initiative that allows individuals to deposit foreign currencies into banks without penalties or taxes — provided the funds are not proceeds of crime.

Announcing the initiative in a statement on Thursday, the ministry of finance said the programme is called the ‘Disclosure Scheme’.

Mohammed Manga, the ministry’s director of information and public relations, said the scheme, starting October, is for nine months.

He said by facilitating the voluntary disclosure, depositing, repatriation, and investment of internationally tradable foreign currency held by Nigerians, both within and outside the country, “the scheme aims to integrate these legitimate foreign currency assets into the formal economy”.

“The federal government of Nigeria is pleased to announce the commencement of the foreign currency voluntary disclosure, depositing, repatriation, and investment scheme, known as the disclosure scheme, in pursuance of Executive Order No. 15 of 2023 titled ‘Disclosure, Depositing, Repatriation, and Investment of Eligible Foreign Exchange Assets and Related Matters Order, 2023’ and the ‘Foreign Currency Disclosure, Deposit, Repatriation, and Investment Scheme Guidelines, 2024’, issued by the Honourable Minister of Finance and Coordinating Minister of the Economy, on October 25th, 2024,” the statement reads.

“Key objectives of the disclosure scheme: enhance financial transparency: Promote transparency in the financial sector by formalising legitimate foreign currency assets held outside the Nigerian banking system by Nigerians within or outside of Nigeria.

“Bolstering AML and CFT capabilities: The scheme specifically targets weaknesses in the existing framework by promoting cashless and legitimate transactions within the formal financial system.

“This strengthens regulatory enforcement while also encouraging financial practices that reduce the likelihood of illicit cash transactions.”

‘FUNDS WILL INCREASE RESERVES’

Speaking on the scheme, Wale Edun, minister of finance and coordinating minister of the economy, said the initiative would enhance financial security and contribute positively to the economy by increasing reserves and stabilising exchange rates.

“The disclosure scheme is a bold initiative aimed at integrating foreign currency outside the formal financial system into the formal economy,” Edun said.

“It strengthens transparency and economic resilience, setting us on a path to rapid economic growth.

“The scheme offers a secure, confidential channel for people to reintegrate their legitimate foreign currency funds, promoting stability and growth for our nation.

“Guided by President Tinubu’s leadership and supported by the Central Bank of Nigeria (CBN) and Ministry of Justice, we are building a transparent and inclusive economy, aligned with best practices in anti-money laundering and countering the financing of terrorism.”

Edun encouraged Nigerians holding legitimately earned foreign currency to participate.

The Nigerian National Petroleum Company (NNPC) Limited has again increased the price of premium motor spirit (PMS), also known as petrol, across its retail outlets.

On Tuesday, TheCable observed the second increase in October.

NNPC increased the pump price from N855 per litre set in September to N998 per litre on October 3.

However, at the NNPC retail outlets located at Ago Palace Way, Okota, Lagos, the price of PMS has been increased to N1,025 per litre.

The increase comes more than one month after the NNPC commenced petrol lifting at the Dangote Petroleum Refinery’s gantry after an extended period of price negotiations.

On September 15, the NNPC said petrol was bought from Dangote refinery at N898 per litre.

The Dangote refinery countered NNPC’s claim, describing it as “both misleading and mischievous”.

A day after, the national oil company announced estimated pump prices based on prices set by the Dangote refinery for its petroleum products, saying petrol will sell for N950 in Lagos and N999 in Abuja.

On October 10, the Independent Petroleum Marketers Association of Nigeria (IPMAN) asked NNPC to refund the oil marketers’ money or to sell petrol to its members at the Dangote refinery rate.

IPMAN said its members’ money has been with NNPC for over three months.

According to the association, NNPC collected PMS from the Dangote refinery below N900 per litre, but NNPC wants oil marketers to buy the same product at the rate of N1,010 in Lagos, N1,045 in Calabar, N1,050 in Port Harcourt, and N1,040 in Warri.

On October 11, the federal government said oil marketers can now buy petroleum products directly from the Dangote refinery and other local producers — one week after directing the Dangote refinery to sell petrol to only the NNPC.

Abba Yusuf, governor of Kano, has approved N71,000 as the new minimum wage for civil servants in the state.

In a statement on his X page on Tuesday, the governor said the new minimum wage will be effective in November.

“In line with our commitment to social justice and enhancement of the standard of living for our workers, we have approved the sum of 71,000 naira as the new minimum wage in Kano state,” the governor wrote.

Yusuf said the new pay package would increase the state’s monthly salary obligations by N6 billion at the state level and N7 billion for the LG councils.

“Additionally, following the promotion of 20,737 teachers by our government, a total increment amounting to the sum of over 340 million naira has now been reflected in their respective salaries,” he added.

The governor lauded the state minimum wage implementation committee for its recommendations for standard pay for workers in the state.

The development comes days after Peter Mbah, governor of Enugu, announced a new minimum wage of N80,000 for civil servants in the state.

On October 16, Babajide Sanwo-Olu, governor of Lagos, announced that the minimum wage for public sector workers in the nation’s commercial capital would be N85,000.

On October 18, Siminalayi Fubara, governor of Rivers, approved N85,000 as the minimum wage for civil servants in the state.

On October 25, Umo Eno, the governor of Akwa Ibom, announced N80,000 as the new minimum wage for civil servants.

In July, President Bola Tinubu signed the minimum wage bill into law, increasing workers’ pay package from N30,000 to N70,000.