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Zamfara Governor Dauda Lawal Outlaws Cash Revenue Collection, Sets ₦42 Billion IGR Target

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In a landmark move to sanitise public finance and plug revenue leakages, Governor Dauda Lawal has ordered the immediate and total abolition of cash collections for all government revenues across Zamfara State. The directive marks a significant shift toward a fully digitised financial architecture, aimed at ensuring transparency and accountability in the state’s fiscal operations.

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The Governor announced the ban during a high-level town hall meeting convened in Gusau by the Zamfara State Internal Revenue Service (ZSIRS). The gathering was primarily organised to sensitise key stakeholders on the implications and opportunities presented by the Nigeria Tax Reform Acts 2025, which seek to modernise tax administration and delineate fiscal responsibilities among the federal, state, and local governments.

Speaking at the event, Governor Lawal underscored that revenue generation is a collective obligation shared by all Ministries, Departments, and Agencies (MDAs). He issued a stern warning against the persistence of revenue leakages, duplication of charges, and the illegal practice of collecting funds outside officially approved channels.

“The era of cash transactions for government revenue is over in Zamfara State,” the Governor asserted. “We are building a system where every kobo due to the state is accounted for digitally, leaving no room for manipulation or misappropriation.”

The Governor’s executive order is backed by the recently re-enacted Zamfara State Consolidated Revenue Law, which provides a fortified legal framework for revenue administration. The new law consolidates the authority of the state revenue service, harmonizing the collection of both tax and non-tax revenues under a single, unified, and digital-first system.

In line with these aggressive reforms, the Zamfara State Government has set a bold Internally Generated Revenue (IGR) target for the 2025 fiscal year, aiming to generate between ₦38 billion and ₦42 billion. Officials stated that the target is achievable through the ongoing reforms, which are focused on expanding the tax net, improving collection efficiency, and embedding robust accountability mechanisms across all revenue-generating entities.

The town hall meeting served as a platform to engage with stakeholders on how to navigate the new tax laws and leverage technology to boost state revenue without overburdening citizens. The event concluded on a high note with the presentation of awards of excellence to various MDAs and individuals who demonstrated outstanding performance and diligence in revenue remittance, setting a precedent for others to follow under the new dispensation.

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Economy

Cash Outside Nigerian Banks Rises to N4.92tn

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Cash outside Nigerian banks rose to N4.92tn in September 2026 as Nigeria’s broad money supply increased to N146.6tn, CBN data show

Cash outside Nigerian banks rose to N4.92tn in September 2026, an increase of N48.73bn from the N4.87tn recorded in August, according to monetary data published by the Central Bank of Nigeria.

Also read: UCL: Nico Paz Scores Twice as Como Crush Man United

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The latest figures also showed an expansion in Nigeria’s broad money supply, which increased to N146.6tn in September from N139.09tn in the previous month.

The growth represents an increase of N7.51tn within one month, reflecting a broader expansion in the amount of money circulating across the economy.

The CBN data further showed that narrow money, which consists of currency in circulation and highly liquid deposits, rose to N44.05tn in September from N43.11tn in August.

Cash held outside banks refers to physical currency kept by individuals and businesses rather than within the banking system.

Broad money, by contrast, covers a wider range of monetary assets, including cash, demand deposits, savings and time deposits, as well as foreign currency deposits.

Nigeria’s broad money supply increased by 18.3 per cent between January and September, rising from N123.95tn to N146.6tn, the data indicated.

The latest increase followed the CBN’s decision in September to reduce its benchmark interest rate by 350 basis points, bringing it down from 26.5 per cent to 23 per cent.

The reduction was reported as the largest cut in the benchmark rate since December 2006.

Despite the rate cut, the Monetary Policy Committee retained the Cash Reserve Requirement for commercial banks at 45 per cent and merchant banks at 16 per cent.

The committee also maintained the 75 per cent reserve requirement on non-Treasury Single Account public-sector deposits.

The Cash Reserve Requirement determines the proportion of eligible deposits that banks must hold as reserves with the central bank.

It is one of the monetary policy tools used to influence banking-sector liquidity and credit conditions.

The rise in cash outside Nigerian banks formed part of the broader increase in money supply.

Also read: UCL: Nico Paz Scores Twice as Como Crush Man United

However, the figures alone do not establish why households and businesses held more physical cash or how much of the increase was driven by spending, savings behaviour or other economic factors.

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Obasanjo: Policy is meaningless without entrepreneurs like Wale Tinubu

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Obasanjo

Olusegun Obasanjo says government policies require entrepreneurs like Wale Tinubu to translate economic plans into investment, industrial growth and jobs (more…)

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Wale Tinubu Says Nigeria’s Creativity Can Drive Exports

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Wale Tinubu

Wale Tinubu says Nigeria’s creativity can become a major export industry, creating jobs, attracting foreign exchange and building sustainable businesses (more…)

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