BOFIA amendment: Sen Natasha raises concern over digital earnings disparities
Omeiza Bilal
The Nigerian Senate on Thursday moved to the second reading of the Bill for an Act to Amend the Banks and Other Financial Institutions Act (BOFIA) to Provide for the Designation, Registration and Enhanced Supervision of Systematically Important Institutions; and for Related Matters, 2025 (SB. 959), sponsored by Senator Abiru Mukhail Adetokunbo (Lagos East).
The proposed amendment seeks to strengthen the legal and regulatory framework guiding Nigeria’s financial sector, ensuring stronger oversight over institutions deemed critical to financial system stability.
During the debate, Senator Natasha Akpoti-Uduaghan, representing Kogi Central Senatorial District, lent her voice to the discussion, drawing attention to two key issues, particularly the need to protect Nigeria’s growing digital economy and its young content creators.
Speaking on the Senate floor, Senator Natasha highlighted the emerging importance of social media as a source of employment for millions of Nigerian youths. She expressed concern over what she described as “a huge discrepancy” in payments received by Nigerian content creators compared to their counterparts abroad particularly on platforms such as Facebook.
According to her: “Today, many of our youths have found careers and jobs on social media. One particular trend that is worthy of mention is the huge discrepancy in payments for transactions carried out on Facebook in Nigeria compared to the United States.”
She emphasized that social media has evolved into a major economic platform, and the financial sector must recognize and support this rapidly expanding digital workforce.
“I’m speaking for the content creators because, trust me, social media has become a very critical source of income for our youths.”
Senator Natasha went further to illustrate the disparity:“For example, a youth airing a promotional video in America is paid between $10 and $30 for 1,000 views. Meanwhile, in Nigeria, the same video posted on the same platform earns only 50 cents per 1,000 views.”
She argued that such discrepancies have broader implications for Nigeria’s digital economy and financial inclusion, stressing that policy reforms must account for evolving economic realities, especially as more young Nigerians turn to digital platforms for sustainable livelihoods.
The Senator called for stronger regulatory engagement with global technology companies and financial service providers, noting that Nigeria must ensure fairness, transparency and equitable earning structures for its citizens participating in the global content economy.
Her intervention added a new dimension to the ongoing legislative review, spotlighting the intersection between digital entrepreneurship and financial regulation, a conversation many observers say is long overdue.
The bill was thereafter referred to the relevant Senate committee for further legislative action.
