FG approves National Blockchain Policy for Nigeria
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FG approves National Blockchain Policy for Nigeria

From Our Correspondent in Abuja

The Federal Government, on Wednesday in Abuja, approved the implementation of the National Blockchain Policy for Nigeria.

Prof. Isa Pantami, Communications and Digital Economy Minister, announced the approval after Federal Executive Council meeting on Wednesday in Abuja.

Pantami said his ministry developed the policy in consultations with stakeholders involving more than 50 institutions and personalities.

The NewsZenith reports that blockchain is a decentralised, distributed and public digital ledger used to record transactions across computers.

No one can alter such records retroactively without the alteration of subsequent blocks and the consensus of the network.

“With the approval, the government has institutionalise blockchain technology, with all components and types, in Nigeria.

“The Federal Government earlier approved the National Digital Economy policy and strategy for a digital Nigeria,’’ he said.

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The minister added that the government launched the policy on Nov. 28, 2019.

Meanwhile, the FEC also approved a refund of N16.8 billion to Borno State Government for road projects it executed on behalf of the Federal Government.

Also briefing the media, Laolu Akande, spokesman for Vice-President Yemi Osinbajo, said the Debt Management Office (DMO) would carry out a debt sustainability analysis on the Borno debt.

He said the Executive would obtain approval from the National Assembly before effecting the reimbursement.

“Council approved the President’s memo for the reimbursement of funds spent by Borno on federal road projects in the sum of N16.8 billion.

“This will be processed after a debt sustainability analysis has been conducted by DMO, leading to the issuance of debt instrument and promissory notes to be approved by the National Assembly,’’ Akande said.


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