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MR. PRESIDENT; WITHHOLD ASSENT TO THE AMENDMENT OF THE CENTRAL BANK OF NIGERIA ACT

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MR. PRESIDENT; WITHHOLD ASSENT TO THE AMENDMENT OF THE CENTRAL BANK OF NIGERIA ACT

By: Michael Mike

Centre for Social Justices (CSJ) notes with regret the recent amendment to the Central Bank of Nigeria Act, increasing advances the CBN can grant to the Federal Government of Nigeria from 5 percent to 15 percent. The amendment contradicts best practices in fiscal responsibility and is an authorization of the Executive to create macroeconomic distortions through arbitrary and increased ways and means funding.

We recall that the extant S.38 of the CBN Act grants FGN access to ways and means financing in respect of temporary deficiency of budget revenue at such rate of interest as may be determined by CBN. The total amount of such advances outstanding shall not at any time exceed five per cent of the previous year’s actual revenue of FGN. All Advances made pursuant to this authority shall be repaid – (a) as soon as possible and shall in any event be repayable by the end of the Federal Government financial year in which they are granted and if such advances remain unpaid at the end of the year, the power of CBN to grant such further advances in any subsequent years shall not be exercisable, unless the outstanding advances have been repaid.

According to Senator Gobir said: “The very essence of this bill is to enable the federal government to meet its immediate and future obligation in the approval of the ways and means by the National Assembly and advances to the federal government by the Central Bank of Nigeria. This amendment is very consequential and it needs the support of us all. This is to enable the federal government to embark on very important projects that will inflate and rejig the economy.” However, the amendment is a misconceived route to meeting the needs and obligations of FGN and definitely cannot be the road to rejigging the economy. It will rather create new macroeconomic challenges.

Specifically, the following issues are noteworthy:

v If FGN has not been able to refund previous advances from the CBN at 5 percent of previous year’s revenue, what machinery did the amendment put in place to ensure that FGN will be in a position to repay 15 percent of previous years revenue by the end of its financial year?

v There is evidence that previous advances from the CBN were in excess of the 5 percent rule and instead of reforms to ensure conformity with fit and good practices, a leeway is provided for deepening fiscal mischief.

v Previous high levels of advances led the Executive to incur over N23trillion in ways and means which could not be repaid and had to be converted by the National Assembly to long term indebtedness contrary to the provisions of the CBN Act.

v S. 38 (1) of the CBN Act categorically states that such advance should be in respect to temporary deficiency of budget revenue and not as a means of funding the deficit budget as the Federal Government has resorted to in recent years. Over the years and in accordance with fit and good practices, ways and means has never been listed in the Appropriation Act as a source of funding the deficit.

v The option of resorting to ways and means to fund budgetary deficits further increases the already high inflation rate especially when done by printing money not backed by value. Thus, it erodes the value of the Naira, and real income; it reduces purchasing power of citizens.

v The amendment of the CBN Act did not follow due process; it was arbitrary and lacking in popular particpation. There was no opportunity of a public hearing and publicity, to give room for Nigerians to make inputs on this very crucial matter with potentials to negatively affect overall economic growth and general welfare of the people.

In the light of the foregoing, CSJ strongly appeals to President Bola Ahmed Tinubu to withhold assent to the bill. CSJ acknowledges the revenue challenges facing the nation but the implementation of this particular bill (if it becomes law) will create monumental macroeconomic challenges now and in the future.

Eze Onyekpere Sundayson Chidi
Lead Director Program Manager, Public Finance Management.

MR. PRESIDENT; WITHHOLD ASSENT TO THE AMENDMENT OF THE CENTRAL BANK OF NIGERIA ACT

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NEWMAP-EIB, Great Green Wall Forge Stronger Ties on Watershed Management, Degraded Land Restoration

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NEWMAP-EIB, Great Green Wall Forge Stronger Ties on Watershed Management, Degraded Land Restoration

By: Michael Mike

The National Project Coordinator of the Nigeria Climate Adaptation – Erosion and Watershed Project (NEWMAP-EIB), Engr. Ayuba Yalaks has a courtesy visit to the National Agency for the Great Green Wall (NGGW) to deepen collaboration in watershed management, combat land degradation, and promote environmental sustainability.

During the visit, Engr. Yalaks congratulated the Director General of NGGW, Alhaji Saleh Abubakar, MFR, on the successful hosting of the 10th Anniversary of the Great Green Wall, recently observed in Dutse, Jigawa State. He described the anniversary as “highly impactful and a strong testament to the agency’s leadership role in environmental restoration.”

He commended the DG and the agency for initiating a five-year strategic plan to plant date palm (dabino) trees across the NGGW’s shelter belt corridor of the sahel — a project designed to enhance livelihoods, strengthen food security, biodiversity, ecosystem restoration, green jobs, food security and ensure a long-term sustainability and developing resilience of the impacted communities along the belt.

He further eluded to the fact that the “Great Green Wall is not just a Wall of Trees across the Sahel but a Wall of Hope, Security, Green jobs opportunities, Economic growth, and peace”.

Highlighting NEWMAP-EIB’s mandate, Engr. Yalaks noted that the project — funded by the European Investment Bank with a five-year lifespan — is dedicated to climate change adaptation, erosion control and flood management, and watershed management. He stressed that the NGGW remains a key partner in advancing Nigeria’s vision for a green environment, green jobs, and a green economy in line with Mr. President Renewed Hope Initiatives for an improved and better green environment for the betterment of the Nigerian people.

“ As a green project, We provide bioengineering solutions to protect and sustain the civil engineering infrastructures we have put in place. Much of the erosion and flooding we battle today is manmade, caused by human quest for livelihood, and that of poor urban town planning and deficit in urban drainage infrastructural investment. With the increase in the rate to which our forest cover is being degraded and ever rising temperature, the depletion of the ozone layers our rainfall pattern becomes disrupted. Therefore, reversing this trend is critical and called for collective action” he said, which the current government regime is tackling head-on today with the NEWMAP=EIB intervention project.

Engr. Yalaks also encouraged the NAGGW to invest more in research and development, focusing on how planted trees — such as Neem, date palm etc — can generate value chain, including solutions for managing post-harvest losses, herbicides and pesticides, soil fertilizer, pharmaceuticals etc. This will provide ownership and sustainability of the NGGW across the Sahel Region of the Nigerian corridor.

In his response, the Director General, NGGW, Alhaji Saleh Abubakar, MFR appreciated the visit and pledged continued collaboration with NEWMAP-EIB. Both parties reaffirmed their shared vision and commitment to tackling watershed challenges, restoring degraded lands, and building a sustainable and resilient environment for the benefit of Nigerians across the Sahel.

The NPC was accompanied on the visit by all FPMU Specialist Staff, and in attendance with the DG, NGGW was some top management staff of the agency.

NEWMAP-EIB, Great Green Wall Forge Stronger Ties on Watershed Management, Degraded Land Restoration

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Policeman earlier presumed killed in Zamfara bandit attack found alive

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Policeman earlier presumed killed in Zamfara bandit attack found alive

By: Zagazola Makama

The Zamfara Police Command says a police inspector earlier presumed killed in a bandit attack on Adabka village in Bukkuyum Local Government Area has been found alive.

Sources told Zagazola Makama that AP/No 287155 Insp. Utanga Micheal, reported missing during the Aug. 8 incident in which a Police Mobile Force personnel and a Civilian Joint Task Force member were killed, was rescued after spending five days hiding in the bush.

According to sources, a joint rescue team comprising police operatives, local vigilantes and residents of Adabka traced the officer to the fringes of the surrounding bushes, where he had evaded the attackers.

“He was handed over to the village head, who took him to Adabka Primary Health Care Centre for initial treatment before arrangements were made to refer him to the Federal Medical Centre, Gusau,” the sources said.

Sources said efforts were ongoing to recover missing arms, including riot gunners, taken during the attack.

Policeman earlier presumed killed in Zamfara bandit attack found alive

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Two killed, two abducted in bandit attack in Zamfara

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Two killed, two abducted in bandit attack in Zamfara

By: Zagazola Makama

Armed bandits have killed two persons and abducted two others in an attack on Ruwan Bore village, Talata Mafara Local Government Area of Zamfara State.

Sources told Zagazola Makama that the attack occurred at about 1:30 a.m. on Monday when a group of armed men invaded the village, shooting sporadically.

“Two persons were shot dead while two others were abducted to an unknown destination,”said the sources.

The sources added that upon receipt of the report, troops of Operation FANSAN YANMA were mobilised to the area in search of the perpetrators and to rescue the abducted victims.

The sources said assured pf efforts track the attackers.

Two killed, two abducted in bandit attack in Zamfara

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