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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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ECOWAS@50: Liberian Students Honoured for Essays on Youth Entrepreneurship and Regional Integration

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ECOWAS@50: Liberian Students Honoured for Essays on Youth Entrepreneurship and Regional Integration

By: Michael Mike

Students in Monrovia, Liberia, have been honoured for their contributions to a regional essay competition organised to commemorate the 50th anniversary of the Economic Community of West African States (ECOWAS).

The awards ceremony, organised by the Office of the ECOWAS Resident Representative in Liberia, celebrated outstanding undergraduate essays examining the role of young people in driving development and strengthening regional cooperation across West Africa.

Launched as part of the ECOWAS@50 anniversary activities, the competition invited university and college students to reflect on the theme, “Youth Entrepreneurship as a Catalyst for National Development and Regional Integration.” Organisers said the initiative was designed to stimulate intellectual engagement among young people and encourage them to think critically about their role in shaping the future of the region.

In total, 40 essays were submitted by students from tertiary institutions across Liberia, offering diverse perspectives on how youth-led enterprise could contribute to economic growth, job creation and deeper integration among West African nations.

At the ceremony, Samuel R. Watkins of the University of Liberia emerged as the overall winner, receiving a $1,000 prize for his submission. The second-place award went to Daniel Isaac-Sie Jr. of African Methodist Episcopal University, who received $700. Organisers announced that the two winning essays will also be published in national newspapers with online platforms to broaden public engagement with the ideas presented.

The event attracted a distinguished audience that included ambassadors of ECOWAS member states accredited to Liberia, university presidents, and representatives from the Ministry of Education of Liberia, the Ministry of Youth and Sports of Liberia, and the National Commission on Higher Education of Liberia.

Speaking at the ceremony, Josephine Nkrumah, ECOWAS Resident Representative in Liberia, commended the students for the depth of thought reflected in their essays and encouraged them to continue using writing as a platform for civic engagement and policy influence.

She emphasised that empowering young people to participate actively in national and regional development remains a key priority for ECOWAS, noting that youth voices are essential in shaping policies that drive economic transformation and social progress.

Nkrumah also urged participants who did not win to remain committed to intellectual pursuits, describing the competition as a learning experience that should inspire greater academic and creative efforts in the future.

The competition forms part of broader activities marking 50 years since the establishment of ECOWAS in 1975, as the regional bloc continues to promote economic cooperation, integration and shared prosperity among its member states. Organisers say initiatives that engage young people are critical to sustaining the vision of a more integrated and economically vibrant West Africa.

ECOWAS@50: Liberian Students Honoured for Essays on Youth Entrepreneurship and Regional Integration

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Russia Hosts Classical Music Concert in Abuja to Revive Cultural Ties with Nigeria

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Russia Hosts Classical Music Concert in Abuja to Revive Cultural Ties with Nigeria

By: Michael Mike

The Embassy of the Russian Federation in Nigeria has hosted a special classical music concert in Abuja, describing the event as a significant step toward strengthening cultural dialogue and people-to-people relations between Nigeria and Russia.

The event, which drew diplomats, cultural enthusiasts, academics and members of the public, featured performances by three talented young Russian musicians from the Tchaikovsky Moscow State Conservatory, one of Russia’s most prestigious music institutions.

Speaking at the event, the Russian Ambassador to Nigeria, Andrey Podelyshev noted that the concert was organized with the support of the Russkiy Mir Foundation and the Department for Multilateral Humanitarian Cooperation and Cultural Relations of the Ministry of Foreign Affairs of the Russian Federation.

According to him, the concert represents the first cultural event of its kind organized by the Russian Embassy in Nigeria in several years and marks an important effort to revive cultural engagement between the two nations.

“This evening is not simply a concert,” the envoy said. “It is an important step toward strengthening cultural dialogue between the Federal Republic of Nigeria and the Russian Federation. We hope it will mark the beginning of a new tradition that brings our peoples closer through the universal language of music.”

He expressed appreciation to several Nigerian institutions for supporting the initiative, including the National Universities Commission for providing the venue, as well as the Federal Ministry of Art, Culture, Tourism and Creative Economy and the Nigeria Immigration Service for their cooperation.

Special recognition was also given to Abba Music School for its role in coordinating the event and facilitating the participation of the visiting musicians.

The envoy said Russia also hopes to deepen cultural exchange by creating opportunities for Nigerian artists and creative groups to perform in Russia in the future, allowing Russian audiences to experience Nigeria’s rich cultural heritage.

“We look forward to the day when Nigerian creative groups will visit Russia, enabling our audiences to appreciate the depth, diversity and richness of Nigeria’s culture,” he said.

Guests at the concert were treated to a carefully curated repertoire of classical masterpieces drawn from Russian and global musical traditions, showcasing the technical brilliance and artistry of the visiting performers.

The evening also provided an opportunity for cultural interaction among diplomats, academics, students and music lovers, reinforcing the role of arts and culture in fostering international understanding.

The Russian envoy concluded his remarks by congratulating Muslims on the occasion of Eid al-Fitr and thanking guests for attending the event.

Observers noted that the concert reflects a renewed effort by Russia to use cultural diplomacy to deepen engagement with Nigeria, particularly in the areas of education, arts and cultural exchange.

Russia Hosts Classical Music Concert in Abuja to Revive Cultural Ties with Nigeria

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Fire destroys 10 shops in Gusau shopping complex

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Fire destroys 10 shops in Gusau shopping complex

By: Zagazola Makama

A fire outbreak has destroyed ten shops at a shopping complex in Garejin Mai Lena area of Gusau Local Government Area, Zamfara State.

Sources said the incident occurred at about 2:00 a.m. on Thursday, causing extensive property losses valued at millions of naira.

The blaze was brought under control through a joint effort by security operatives and local residents who assisted in putting out the fire.

Authorities confirmed that no lives were lost and no injuries were reported during the incident.

The cause of the fire is currently under investigation as efforts continue to assess the full extent of the damage.

Fire destroys 10 shops in Gusau shopping complex

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