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MR. PRESIDENT; WITHHOLD ASSENT TO THE AMENDMENT OF THE CENTRAL BANK OF NIGERIA ACT
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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Take ownership of NEDC projects, FG urges Gombe communities
Take ownership of NEDC projects, FG urges Gombe communities
By Osagie Peter
The Federal Government has urged residents of Gombe State to take ownership of all North East Development Commission (NEDC)’s projects in their communities by protecting and ensuring their full utilisation.
The Minister of State for Regional Development, Alhaji Uba Maigari Ahmadu, made the call during the inauguration of competed projects as well as inspection of several ongoing ones across Gombe State.
Ahmadu while inaugurating the several projects in different key sectors, ranging from health, education, agriculture, infrastructure, among others, said the projects would improve the wellbeing of the residents.
He said that the Federal Government prioritised improved funding to address critical challenges confronting the North-East, particularly in the area of security, hence expressed satisfactory with how NEDC had used the funds in meeting the needs of the people of the state and region.
He said the government accorded attention to all sectors in the country, in line with the Bola Tinubu’s administration’s commitment to national development.
“I call on the communities where these projects have been executed to take ownership of the projects and keep them in good condition.
“There is need for you all to maintain the structures exactly as they are at the time of inauguration for the benefit of everyone.”
The Minister further stated that the projects, if properly utilised, would strengthen healthcare delivery, expand educational infrastructure, and improve the welfare of citizens in line with the desire of Mr President.
Ahmadu commended President Tinubu and NEDC for its timely intervention and for bringing critical infrastructure and development to the grassroots to improve the socio-economic wellbeing of residents of the state.
He announced additional funding of N2 billion for each of the mega schools in the state.
“I’ve just been informed that in addition to the wonderful work, the Ministry of Regional Development, overseeing the North East Development Commission, has also allocated N2 billion to each of the Mega Schools spread across the state. I think this is very, very commendable,” the Minister said.
On his part, Dr Manassah Jatau, the Deputy Governor of Gombe State, expressed gratitude to President Tinubu, the Ministry of Regional Development and NEDC for providing the projects, noting that they would aid learning and contribute to better health outcomes for residents.
Jatau said that the state government was happy because the NEDC had utilised the plot allocated to them within a short period of time, to complement governance at all levels.
He added that the government was ready to allocate additional plots to the NEDC if needed for any intervention.
The deputy governor assured that whatever had been done would be sustained, while calling on communities where the various projects have been executed to maintain the facilities.
He added that the projects were “excellent”, hence urged the community to take full ownership and maximise the benefits of the projects for the good of humanity.
In his remarks, the Chairman of the NEDC Board, Major General Paul Tarfa (Rtd), expressed satisfaction with the inspected projects, while reiterating the need for beneficiaries to ensure proper maintenance.
Also, the Managing Director and Chief Executive Officer of the NEDC, Mr Mohammed Goni Alkali, appreciated the Gombe State Government for donating the land on which the NEDC office was built and urged strict maintenance to ensure durability and effective service delivery.
Our Correspondent reports that part of the projects inaugurated included a 40-bed capacity maternity Bogo Quarters, Akko Local with delivery room, antenatal and post-natal rooms, theatre, preparation rooms, side rooms and a dispensary, aimed at improving maternal and child healthcare services at the grassroots.
Also inaugurated is the Central Medical Stores equipped with cold rooms, offloading bays, sorting areas and offices to enhance medical supply management and distribution across the state.
At Gombe State University, four newly constructed lecture halls, each with a 150-seat capacity, were inaugurated . The facilities are expected to ease pressure on existing classrooms and improve learning conditions for students.
Rehabilitated Government Secondary School (GSS) Malam Sidi in Kwami LGA, where structures including, 19 blocks of classrooms, an administrative block, a 250-capacity examination hall, student hostels, laboratories, staff quarters, library, dining facilities, perimeter fencing and a gatehouse were rehabilitated.
Other projects inaugurated include a 250-bed student hostel at Government Science Technical College, Kumo; a 40-bed maternity complex in Billiri LGA; mega schools in Kaltungo, Dukku and Dadinkowa/Yolde Deba LGAs; and a 250-bed capacity student hostel at the College of Health Sciences and Technology, Kaltungo.
Also, major projects at the Federal Teaching Hospital (FTH), Gombe, were inspected, including the establishment of an MRI housing facility awaiting equipment installation, construction of a 180-bed student hostel, an ENT complex, and a fully equipped trauma centre featuring theatres, consulting rooms, triage and observation areas, burns unit, diagnostic rooms and offices.
Take ownership of NEDC projects, FG urges Gombe communities
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Nigeria, South Korea Deepen Cooperation in Creative Industry with K-pop-Afrobeat Collaborative Album Underway
Nigeria, South Korea Deepen Cooperation in Creative Industry with K-pop-Afrobeat Collaborative Album Underway
By: Michael Mike
A collaboration between Afrobeat and K-pop is underway as Nigeria and South Korea deepens cooperation in the creative economy, using music as a bridge.
Artistes and producers from both countries staged a landmark Afrobeats–K-pop collaboration in Abuja with the plan to roll out a musical experiment of fusion of both afrobeat and K-pop.
The live production concert, tagged “K Music Production x Afrobeats,” was hosted by the Korean Cultural Center in Nigeria (KCCN) and brought together Korean vocal coach Seo Yena, music producer and composer Lee Haneung, and Nigerian Afrobeats artiste FirstKlaz for a joint recording and live performance.
The event underscored growing cultural diplomacy between both countries and highlighted the expanding global influence of Afrobeats, which has increasingly shaped contemporary pop sounds across Asia, Europe and North America.
Seo Yena said her journey into Afrobeats began in 2024 when she visited Nigeria as a vocal instructor under a KCCN programme, an experience she described as transformative.
“That was my first real contact with Nigerian music,” she said. “Working with Nigerian singers made me curious about Afrobeats, so I started researching it and thinking about how to connect it authentically with Korean music.”
She explained that the collaboration deliberately blended the relaxed groove and rhythmic flow of Afrobeats with the structured vocal delivery and powerful climaxes typical of K-pop.
“Afrobeats has a calm, flowing feel, while Korean pop focuses on clarity and emotional intensity. The idea was not to overpower one with the other, but to allow both identities to shine,” she said.
Producer Lee Haneung described the partnership as a significant creative challenge and a step toward building a more balanced global music ecosystem.
“Afrobeats is now a major force in world music, and its influence is already present in K-pop,” he said. “But too often it feels like borrowing. I wanted to understand Afrobeats from its source and create something sincere that respects both cultures.”
Nigerian artiste FirstKlaz said he welcomed the collaboration because of his long-standing interest in Korean music, adding that the creative process was seamless.
“I love K-pop, so when I got the invitation, I was excited,” he said. “The studio sessions were full of pure energy. I wrote and sang my parts, and the collaboration felt natural.”
Although a release date has not yet been announced, KCCN confirmed that the collaborative track is being prepared for commercial release and forms part of a broader plan to deepen partnerships between Korean producers and Nigerian artistes.
The Centre said the initiative aligns with efforts by both countries to grow their creative industries, promote cultural exchange and position music as a viable driver of youth employment, innovation and global engagement.
As Afrobeats continues to gain traction worldwide and K-pop expands its global reach, the Abuja collaboration signals a new chapter of cross-continental creativity—one rooted not in imitation, but in mutual respect and shared artistic growth.
Nigeria, South Korea Deepen Cooperation in Creative Industry with K-pop-Afrobeat Collaborative Album Underway
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FG to Enforce Governance Standards as MOFI Introduces Excellence Awards for Public Enterprises
FG to Enforce Governance Standards as MOFI Introduces Excellence Awards for Public Enterprises
By: Michael Mike
The Federal Government is set to tighten oversight and raise performance standards across its portfolio of state-owned enterprises with the launch of the MOFI Excellence Awards, a new accountability-driven initiative scheduled for the second quarter of 2026.
The awards, to be introduced by the Ministry of Finance Incorporated (MOFI), are aimed at institutionalising transparency, discipline and measurable performance in Federal Government-owned enterprises, marking a shift from discretionary oversight to structured, benchmarked governance.
MOFI said the initiative is part of broader reforms aligned with President Bola Ahmed Tinubu’s economic agenda, which seeks to improve fiscal discipline, unlock value from public assets and reduce the burden of inefficient enterprises on the national treasury.
At the core of the process is the MOFI Corporate Governance Scorecard, launched in April 2025, which now serves as a standardised tool for assessing Boards and management teams against international best practices in transparency, risk management and compliance.
An independent technical panel, inaugurated in December 2025 by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, will conduct the assessments. Portfolio companies will be evaluated using strict criteria, including regulatory compliance, Board effectiveness, financial controls and sectoral impact.
According to MOFI, the awards are not intended as ceremonial recognition but as a mechanism to drive behavioural change across public enterprises by linking governance quality to reputational standing and future oversight.
“The MOFI Excellence Awards represent a structural reset in the way public enterprises are managed,” the Ministry said in a statement. “Transparency is no longer optional, compliance is measurable, and performance outcomes are central to fiscal responsibility.”
Institutions that emerge as top performers will be recognised for demonstrating strong governance culture, operational discipline and accountability, while underperforming entities are expected to face closer scrutiny and corrective interventions.
MOFI said the initiative will also provide policymakers with clearer data on enterprise performance, enabling more informed decisions on restructuring, capital allocation and potential private-sector participation.
Analysts say the move could signal a turning point in public enterprise management, particularly if the scorecard and awards framework is consistently applied and tied to consequences.
Further details on the awards and governance framework are available on MOFI’s official website, www.mofi.com.ng.
FG to Enforce Governance Standards as MOFI Introduces Excellence Awards for Public Enterprises
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