FG Orders Banks, Telcos to Clear N250bn USSD Debt by June

Nigeria's government has given banks and telcos a six-month deadline to pay a debt of N250 billion related to unstructured short-code services, with the central bank and communications commission issuing a final directive on the matter.

The Federal Government has given banks and telecommunications companies a six-month deadline to settle an outstanding debt of approximately $1.2 billion (N250 billion) related to the use of Unstructured Supplementary Service Data (USSD). The Central Bank of Nigeria and Nigerian Communications Commission have issued a final directive to Deposit Money Banks and Mobile Network Operators to resolve the protracted debt, which has been piling up since 2019. The government is seeking immediate action from the affected companies, with the deadline set to be reached on March 31st, 2024. Failure to meet this deadline could result in further penalties and regulatory action being taken against those who default.