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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
News
FG Pushes Deeper Reforms in Prisons, Border Security, and Financial Systems
FG Pushes Deeper Reforms in Prisons, Border Security, and Financial Systems
By: Michael Mike
The Federal Government has reaffirmed its commitment to comprehensive reforms in Nigeria’s correctional system, the deployment of technology to strengthen border security, and the entrenchment of financial integrity across public institutions.
The Minister of Interior, Olubunmi Tunji-Ojo, made this known on Wednesday in Abuja while receiving the President and Chairman of Council of the Institute of Chartered Accountants of Nigeria (ICAN), Mallam Haruna Yahaya, who led a delegation on a courtesy visit.

Tunji-Ojo emphasized that reforming the nation’s correctional system remains a top priority, stressing that the focus must extend beyond incarceration to rehabilitation and reintegration of inmates into society.
“Government has a duty of care to its citizens. Even where freedom is restricted by law, those in custody must be treated with dignity and given opportunities to return to society better than they came,” he said.
He noted that the shift from the Prisons Act to the Nigerian Correctional Service Act marked a deliberate transition toward a system that prioritizes reformation over mere detention.
On border management and internal security, the Minister disclosed that the Correctional Information Management System (CIMS) now contains over 50 million records compiled from operations at seaports and airports, with ongoing integration of land border data.
According to him, the system enhances the government’s ability to detect irregularities and prevent unauthorized entry, aligning with modern security strategies that prioritize proactive measures over reactive responses.
“We are building systems that can stop problems before they happen, not just respond after the damage is done,” he added.
Addressing financial governance, Tunji-Ojo stressed the importance of strengthening internal controls across government institutions, noting that preventive mechanisms are more effective than post-incident audits.
“It is not enough to detect issues after they occur. The goal is to build systems that make such issues difficult to happen in the first place,” he said.
He called on professional bodies such as ICAN to deepen their collaboration with government, particularly in areas of revenue assurance, transparency, and institutional accountability, while also encouraging stronger public-private partnerships to enhance efficiency and boost investor confidence.
On infrastructure, the Minister highlighted the need to expand fire and rescue services nationwide, pointing out that innovative funding models, including private sector participation, would be crucial to achieving this goal.
Tunji-Ojo also congratulated ICAN on its leadership and its upcoming West Africa Accountants Conference 2026 scheduled for December 2026, assuring the institute of government support. He further commended the increasing representation of women in professional leadership, describing it as a positive sign for the future.
Earlier, ICAN President Haruna Yahaya applauded the Ministry’s ongoing reforms and proposed the creation of a Joint ICAN–Ministry Financial Integrity and Revenue Assurance Task Force.
He explained that the initiative would target key areas including revenue assessment within the Nigeria Immigration Service, payroll analysis across uniformed services, and procurement risk review, with the aim of reducing leakages and strengthening accountability across government operations.
FG Pushes Deeper Reforms in Prisons, Border Security, and Financial Systems
News
Security forces foil rustling, recover 22 animals in Katsina
Security forces foil rustling, recover 22 animals in Katsina
By: Zagazola Makama
Security operatives in Katsina State have foiled a livestock rustling attempt and recovered 22 stolen animals in Jibia Local Government Area.
Police sources said the incident occurred in the early hours of April 12 following a distress call received at about 12:45 a.m. that suspected armed bandits had rustled livestock from neighbouring Niger Republic.
According to the sources, the Divisional Police Officer (DPO) of Jibia swiftly mobilised a joint team comprising police, military and community watch personnel to the area.
They added that the operatives strategically blocked the escape routes of the suspects and engaged them in a gun duel.
“The superior firepower of the security team forced the bandits to abandon the rustled animals and flee into the bush,” the sources said.
The sources disclosed that all 22 sheep and goats were recovered intact during the operation.
They noted that the area has been cordoned off, while aggressive clearance operations are ongoing to apprehend the fleeing suspects.
Further developments will be communicated as investigations continue, the sources added.
Security forces foil rustling, recover 22 animals in Katsina
News
Troops neutralise several terrorists in ambush operation in Borno
Troops neutralise several terrorists in ambush operation in Borno
By: Zagazola Makama
Troops of the Joint Task Force, North-East, Operation Hadin Kai, have neutralised several Boko Haram terrorists during an ambush operation in Bama Local Government Area of Borno State.
Security sources said the incident occurred at about 2:33 a.m. on April 13 when an ambush team of 202 Battalion deployed at Bravo Kilo sighted a terrorist crossing the parapet at a defensive company location.
According to the sources, the troops engaged and neutralised five of the suspect on sight.
The sources added that the operation is part of ongoing clearance and ambush missions aimed at denying terrorists freedom of movement in the North-East theatre.
Troops neutralise several terrorists in ambush operation in Borno
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