News
TSA: FG saves N45bn monthly, says finance minister
The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, says the Federal Government is currently saving an average of N45bn monthly in interest payments following the implementation of the TSA (Treasury Single Account).
Ahmed, who spoke during the signing of a Memorandum of Understanding (MOU) on TSA between Nigeria and the Republic of The Gambia, said among other verifiable benefits, Nigeria could easily determine its aggregate cash balance, critical for managing public finances at a time of acute fiscal constraints.
“On the monetary policy side, we have better control over money supply and, therefore, able to rein in inflation and undue pressure on the naira. Our foreign reserves position has also recorded appreciable improvement through the consolidation of the federal government foreign currency earnings under the TSA,” she said.
Ahmed recalled the last visit by officials of The Gambia in May 2019 for a week-long study tour of the TSA implementation.
The minister said following the successful conclusion of the tour, The Gambia requested technical cooperation with Nigeria to support its own transition to the TSA.
She said in order to achieve that aim, representatives of both countries worked on an MoU detailing the terms and scope of the cooperation.
Ahmed said, “In a nutshell, the cooperation seeks to avail the Ministry of Finance and Economic Affairs of The Gambia of the vast knowledge, experience and technical expertise that Nigeria has gained in the past 15 years of implementing TSA in particular and other public financial management (PFM) reforms in general.
“By so doing, The Gambia is properly guided as it implements its own TSA. The cooperation will enable The Gambia to leverage the experience of Nigeria to build on our strengths while avoiding our mistakes.
“We are happy to support The Gambia in their bid to implement TSA and other PFM reforms. We are also open to supporting other African countries which may want to build on our experience and significant progress in TSA implementation.
“It is our belief that African countries are better off learning from each other and supporting each other because of our shared culture and history.”
The minister urged The Gambia to muster the necessary political will before forging ahead with adopting the TSA.
She warned that it was better to secure the buy-in of topmost political actors in the country.
She stressed the importance of the synergy between the fiscal and monetary authorities.
She noted that the cooperation of other stakeholders such as the parliament; ministries, departments and agencies of government, banks and service providers was also important.
Ahmed urged those to drive the reforms to secure the support of the general public.
“As is the case in Nigeria, when you have their support, they will take it upon themselves to be against forces of resistance and any attempt at derailing the reforms,” Ahmed said.
In her remarks, the leader of the Gambian delegation to the MoU signing ceremony, the country’s Permanent Secretary, Ministry of Finance and Economy, Ms. Ada Gaye, explained that cooperation has helped them to understand the workings of the TSA.
“The Gambia wants to efficiently manage its funds; the fragmentation of accounting systems in The Gambia is huge. It is, therefore, noteworthy for The Gambia to adopt TSA,” she said.
She added that the government of The Gambia will create the needed sensitisation to help the people understand the process.
“Nigeria is the big brother while The Gambia is the small brother. We are happy to cement this brotherly love,” she said.
The Gambian High Commissioner to Nigeria, Mr Amadou Sheikh Oman Taal, also described Nigeria as a big example within the Economic Community of West African States (ECOWAS) region.
“We are trying to make reforms in our financial management. Therefore, this collaboration with Nigeria is very important to us. So, The Gambia Central Bank will get closer to the Central Bank of Nigeria (CBN) so as to learn and get the necessary experience,” he stated.
Governor of CBN, Godwin Emefiele, said the role of the apex bank was critical to the success of the TSA.
Represented by the CBN Deputy Governor, Operations, Adebisi Shonubi, Emefiele said Nigeria was currently realising additional benefits, which were never imagined prior to the commencement of the TSA.
According to him, it is important that the Central Bank of Gambia realises that its primary mandate of price stability will change as it assumes the back stock and corresponding bank for the country as a result of the TSA.
Emefiele said, “Nigeria remains a brother in the house and we are always willing to share our experiences, our gains and sometimes our pains. I know we will be a worthy ambassador of what the TSA has done in Nigeria, The Gambia and other countries in Africa.”
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News
Yamal Fires Back at Mbappé: “I’m Not Going to Beg” for Ballon d’Or
Yamal Fires Back at Mbappé: “I’m Not Going to Beg” for Ballon d’Or
The 19-year-old Spain international insists his World Cup and La Liga triumphs speak for themselves, while also being named one of Barcelona’s vice-captains ahead of the October 26 ceremony.
Barcelona forward Lamine Yamal has made it clear that he will not campaign or “beg” for the 2026 Ballon d’Or, stating that his achievements on the pitch for club and country should speak for themselves. Speaking ahead of Barcelona’s Champions League opener against Feyenoord, the 19-year-old responded to comments from rival Kylian Mbappé, who had previously made his case for the award by highlighting his World Cup Golden Boot win, which also saw him become the competition’s all-time top goalscorer.
“I don’t think I need to campaign for the Ballon d’Or. I’m not thinking about what I deserve, everyone can think what they like,” Yamal told reporters. “I’m proud of everything I’ve done this year with my club and with the national team. We’ve become world champions, we’ve won the league again. I can’t ask for anything more. I think I’ve shown an incredible level, it’s your job and I will not beg for anything.”
The Spanish international, who finished second in last year’s voting behind PSG’s Ousmane Dembélé, is among the leading contenders for the prize alongside Mbappé, Harry Kane, Dembélé, and Khvicha Kvaratskhelia. The ceremony is scheduled for October 26 in London. Yamal was officially named among the 30 nominees for the 2026 men’s Ballon d’Or when France Football unveiled the list on Tuesday, marking his third nomination.
When asked about Dembélé’s recent comments naming Kvaratskhelia, Kane, and Mbappé as his top three, Yamal joked: “He’s a friend of Kylian, right? Honestly, I don’t care. I’m very happy with the year I had. Whenever I’ve faced both of them, I’ve won. They must have taken a dislike to me for some reason.” Spain knocked France out of the World Cup semi-finals with a convincing 2-0 victory.
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Yamal, who suffered a hamstring injury in April, has returned to form with two goals in his last two outings against Rayo Vallecano and Valencia, and appeared far more cheerful after a difficult start to the season. “In the end, I’m 19, coming off winning a World Cup, having had the best holidays of my life. I’ve never been happier at any point in my life than I am now,” he said.
Beyond individual honours, Yamal emphasised that Barcelona’s primary target this season is the Champions League trophy, a title that has eluded the Catalan giants since 2015. “There’s no greater motivation than the Champions League, which is the one I still have to win. We will give our all to win it,” Yamal said ahead of Wednesday’s opener against Feyenoord. “Good players have arrived, like Anthony Gordon, Karim Adeyemi, Rodri.”
Barcelona coach Hansi Flick praised the young star, saying: “Lamine is a player who can decide games on his own, fantastic quality. It’s great, you can see it every day how he is enjoying playing football. For me the best thing is that he enjoys this game and then he’s on a top level.”
Yamal is also the favourite to win a third consecutive best young player award at the Ballon d’Or ceremony, having been one of 10 players nominated on Tuesday, including Johan Manzambi, Yan Diomande, and Ayyoub Bouaddi, who all impressed at the World Cup and were then the subject of big-money summer transfers.
Interestingly, during the press conference, neither Yamal nor Flick mentioned Feyenoord by name, instead focusing entirely on Barcelona’s mission to win the Champions League. Yamal was recently elected one of three vice-captains by his teammates, alongside Eric Garcia and Frenkie de Jong, with coach Hansi Flick selecting Raphinha and Pedri as the other members of the five-man captaincy group. “It’s something to be proud of at 19 years old. I’m very grateful to my teammates. It’s a position that comes with responsibilities, even if I’m only 19, but I’m very happy,” he said.
Yamal Fires Back at Mbappé: “I’m Not Going to Beg” for Ballon d’Or
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News
Lagos Moves to Slash Agency Fees, Curb Rent Hikes With New Tenancy Bill
Lagos Moves to Slash Agency Fees, Curb Rent Hikes With New Tenancy Bill
The Lagos State Government has unveiled a proposed tenancy law aimed at overhauling the relationship between landlords, tenants and estate agents, with measures designed to curb arbitrary rent increases, excessive agency charges, fraudulent property transactions and prolonged tenancy disputes.
The proposed Lagos State Tenancy and Recovery of Premises Bill, 2025, currently before the Lagos State House of Assembly, seeks to replace the existing tenancy framework with a more comprehensive regime covering rent payments, advance rent, agency fees, eviction, dispute resolution and the conduct of landlords and property agents.
The bill, however, has not yet become law and remains subject to legislative consideration and possible amendments.
One of the most significant provisions in the proposed legislation is the plan to reduce estate agency fees to five per cent of annual rent.
The proposal has attracted considerable attention because tenants in Lagos routinely complain about the financial burden of agency, agreement and other charges demanded when securing accommodation.
The Lagos State House of Assembly had previously stated during deliberations on the bill that the agency commission would be reduced from the existing 10 per cent benchmark to five per cent. An agent who charges above the prescribed rate under the proposed law could face sanctions, including refund of the excess, a fine of up to N1 million or imprisonment for up to two years, or both.
The bill also proposes compulsory registration of estate agents with the Lagos State Real Estate Regulatory Authority, LASRERA.
Under the proposal, operating as an estate agent without the required registration would become an offence. The government says the measure is intended to check the activities of fraudulent and unregistered operators accused of collecting money from unsuspecting members of the public, engaging in multiple transactions on the same property and imposing questionable charges on prospective tenants.
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The proposed legislation further requires agents handling rent or other funds on behalf of property owners to account for such money and remit it within a stipulated period. Legal reviews of the draft bill put the remittance period at seven working days and require agents to issue receipts for transactions.
One-year limit on advance rent
Another major proposal is the restriction on advance rent.
The draft legislation seeks to prevent landlords from demanding excessive periods of rent upfront. Under the proposed framework, a new tenant would generally not be required to pay more than one year’s rent in advance, while sitting tenants who ordinarily pay monthly would not be compelled to make excessive advance payments.
The measure is expected to address one of the biggest challenges facing accommodation seekers in Lagos, where prospective tenants often complain of demands for one, two or even more years’ rent before they are allowed to occupy a property.
Landlords may face scrutiny over rent increases
The proposed law also seeks to tackle what it describes as unreasonable increases in rent.
Under the bill, a tenant who considers a rent increase excessive could challenge it, with the court empowered to consider factors including rents charged for comparable properties and evidence presented by both the landlord and tenant.
The proposal is significant in a city where rapid increases in rental values have become a major concern for residents, particularly low- and middle-income earners.
The bill also provides protection for tenants who challenge an allegedly unreasonable increase, including restrictions on eviction while the matter is before the court.
Faster resolution of landlord-tenant disputes
Perhaps one of the most ambitious aspects of the proposed legislation is its attempt to speed up tenancy-related litigation.
The bill provides for tenancy proceedings through originating summons and proposes mechanisms designed to shorten the time between filing a case and hearing it.
It also empowers courts to sit on weekends and public holidays for tenancy matters and provides for virtual hearings.
The proposed framework further provides for mediation as an alternative to prolonged litigation, with the aim of resolving disputes more quickly and reducing the backlog of landlord-tenant cases.
The government has argued that faster dispute resolution would benefit both landlords and tenants by reducing the cost and uncertainty associated with lengthy court proceedings.
Tenants to provide evidence
The Lagos State Commissioner for Housing, Moruf Akinderu-Fatai, said tenants seeking legal action would be required to provide evidence including proof of rent payments and updated utility bills.
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According to the government, the requirement is intended to ensure that tenancy disputes are supported by verifiable documentation rather than mere allegations.
Protection against self-help eviction
The proposed framework also strengthens legal protection against arbitrary eviction and other forms of self-help.
The draft bill provides for lawful procedures that landlords must follow when seeking possession of their properties. It seeks to discourage practices such as forcibly ejecting tenants, interfering with access to premises or taking other unilateral measures without following due process.
It also contains provisions relating to abandoned premises, recovery of possession and enforcement of court orders.
Service charges, deposits and professional fees
The bill goes beyond rent and agency commissions to address other financial issues associated with tenancy.
Among the proposed provisions are rules concerning service charges, facility and security deposits, as well as professional fees.
The draft framework seeks greater transparency in the handling of tenants’ money and provides for accountability concerning service charges and refundable deposits. Legal reviews of the bill indicate that security deposits would generally be refundable, subject to documented deductions for damage or other legitimate claims.
LASRERA intensifies enforcement
The proposed reforms come against the backdrop of increased enforcement by LASRERA against fraudulent operators in Lagos’ property market.
The Commissioner for Housing disclosed that the regulatory agency recovered more than N270 million from fraudulent estate agents between 2025 and 2026.
The government says the enforcement campaign, combined with the proposed legislation, is intended to restore confidence in the state’s real estate sector and protect residents from exploitation.
Stakeholders raise concerns
While the proposed reduction in agency fees has been welcomed by tenant advocates, housing stakeholders have also raised concerns about possible loopholes.
Spaces for Change, which participated in the 2025 public hearing on the bill, warned that agents could attempt to circumvent a five per cent cap by introducing additional charges under different descriptions.
The organisation recommended that the prescribed five per cent ceiling should cover other related charges in order to prevent agents from simply shifting costs from “agency fee” to documentation, inspection or other charges.
There have also been calls for the bill to provide clearer safeguards around the collection, storage and use of tenants’ personal information, given the large amount of sensitive data prospective tenants routinely submit to landlords and estate agents.
Bill still awaiting passage
Despite the publicity surrounding the proposed reforms, tenants and landlords have been urged not to assume that the new provisions are already enforceable.
The Lagos State Tenancy and Recovery of Premises Bill remains a proposal before the Lagos State House of Assembly. Until it is passed by the Assembly and receives the necessary assent, the existing tenancy law remains the applicable legal framework.
If eventually enacted, however, the proposed law could represent one of the most far-reaching changes to landlord-tenant relations in Lagos in years, particularly through its proposed five per cent agency-fee cap, restrictions on advance rent, compulsory registration of agents, stronger protections against arbitrary rent increases and faster mechanisms for resolving tenancy disputes.
For millions of Lagos residents struggling with rising accommodation costs, the central question will now be whether the proposed reforms can move from the pages of the bill to effective enforcement across the state’s notoriously expensive and complex rental market.
Lagos Moves to Slash Agency Fees, Curb Rent Hikes With New Tenancy Bill
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Business
Dangote Refinery Sets ₦525 Per Share for Landmark IPO
For ₦5,250, Nigerians could soon own a piece of the refinery that has reshaped the country’s fuel market.
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