The Managing Director and Chief Executive Officer of Financial Derivatives Company, Mr. Bismarck Rewane, has called on the Federal Government to extend the recently approved salary increase for military personnel to the Nigeria Police Force, Nigeria Security and Civil Defence Corps and other security agencies.
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Rewane warned that excluding other security agencies from the wage review could create distortions within Nigeria’s security architecture and weaken morale among personnel.
The economist made the call in a presentation at the August edition of the Lagos Business School Breakfast Session, where he examined the likely impact of the military salary review on inflation, public finance and wider wage expectations.
The Federal Government recently approved a comprehensive wage review for personnel of the Nigerian Army, providing an 80 per cent increase for lower-ranking personnel, 50 per cent for officers from warrant officers to colonels, and 30 per cent for officers from colonels to generals.
The total cost of the wage adjustment is estimated at ₦924 billion.
While acknowledging the need to improve the welfare of military personnel, Rewane said the salary increase would have wider implications for both the public and private sectors.
According to him, the wage review will affect salary relativity across the public service and may also put pressure on private sector employers to adjust compensation packages.
“The knock-on effects will affect the rest of the public sector and the relativity factor for the private sector,” he said.
Rewane cautioned that higher wages without a corresponding rise in productivity could worsen inflationary pressures, estimating that the adjustment could add between two and three percentage points to inflation.
“This will push wages higher without productivity. Inflation is bound to increase by a minimum of two to three per cent,” he stated.
He insisted that fairness required a similar review for other security agencies and armed forces.
“There must be a compensating review of all other security agencies and armed forces, including the Police and Civil Defence,” Rewane said.
He, however, warned that extending the wage review to other security agencies would significantly raise recurrent expenditure across all tiers of government.
According to him, a broader salary adjustment would lead to “a ballooning of government revenue expenditure at all levels,” thereby tightening fiscal conditions.
Rewane urged policymakers to balance the need to improve the welfare of security personnel with measures that will boost productivity and strengthen government revenue, in order to avoid worsening inflation and fiscal deficits.
Meanwhile, FDC disclosed that the value of electronic payment transactions in Nigeria rose by 5.54 per cent month-on-month to ₦122.98 trillion in July 2026, from ₦116.52 trillion recorded in June.
The firm projected that the figure would increase further to ₦126.70 trillion in August, driven by seasonal spending and the continued adoption of digital payment channels.
According to the report, the Nigeria Instant Payment platform remained the dominant payment channel, accounting for the bulk of transaction values. NIP transactions increased by 4.89 per cent to ₦109.59 trillion in July, from ₦104.48 trillion in June.
The Nigeria Electronic Funds Transfer platform recorded the fastest growth among major payment channels, rising by 18.03 per cent to ₦6.48 trillion from ₦5.49 trillion in June.
Point-of-Sale transaction values also increased by 5.56 per cent to ₦6.65 trillion, while cheque transactions rose by 4.35 per cent to ₦264 billion.
Looking ahead, FDC projected that electronic payment transactions would rise to ₦126.70 trillion in August. It forecast that NIP transactions would increase to ₦112.21 trillion, while PoS transactions would climb sharply to ₦7.97 trillion as consumer spending strengthens during the holiday period.
Although NEFT transactions are expected to moderate slightly to ₦6.29 trillion, the firm said overall electronic payment activity would remain resilient, reflecting Nigeria’s steady transition towards a cashless economy.
The latest monthly performance aligns with the longer-term expansion of digital payments captured in the Central Bank of Nigeria’s 2025 Annual Report and Statement of Accounts.
According to the CBN, the value of electronic payment transactions rose by 26.07 per cent to ₦3,458.77 trillion in 2025, while transaction volume increased by 2.62 per cent to 47.88 billion transactions.
The apex bank attributed the growth to stronger consumer preference for digital payment channels, expanding e-commerce activity and improvements in payment infrastructure.
At the recent launch of the Payments System Vision 2028, CBN Governor, Mr. Olayemi Cardoso, reaffirmed the bank’s commitment to achieving 95 per cent financial inclusion and enabling faster digital transactions through continued reforms in Nigeria’s payment ecosystem.
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