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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
Troops rescue 13 abducted Benue Links passengers, including students en route to sit for JAMB
Troops rescue 13 abducted Benue Links passengers, including students en route to sit for JAMB
By: Zagazola Makama
Troops of Operation Whirl Stroke (OPWS) have rescued 13 passengers abducted from a Benue Links commercial bus along the Makurdi–Otukpo road.
Zagazola report that the victims were among 17 passengers kidnapped on April 15 while travelling from Makurdi to Otukpo in Benue State. Three of the victims had earlier escaped from captivity, bringing the total number of those now safe to 16.
According to security sources, the rescue was achieved at about 190320A April 19 during a sustained search-and-rescue operation conducted by troops of Sub-Sector 1B, OPWS, in Ohimini Local Government Area.
The victims were located and rescued in a forested area around Okete Ward, behind the Idoma Doctors Forum building, following intensive tracking and exploitation of intelligence on the kidnappers’ movement.

Security sources further clarified that the perpetrators were local criminal elements in Benue and not Fulani bandits as initially speculated in some quarters. The attack was however, hastily attributed to external groups without proper verification.
“The operation was carried out professionally, leading to the safe recovery of 13 victims. Preliminary findings indicate that the perpetrators are criminal elements from within the state and not external armed groups as widely speculated,” the source said.
Those rescued include Hycent Oko (56), Elaiguli Joshua (25), Orili Raphael (29), Sunday Augustine (18), Emmanuel Elaicha (21), Gbile Nguyor Daniel (18), Ukacha Tersoo (18), Nyikwagh Aoridakator (22), Iornav Ngukuhan (18), Nyikwagh Benjamin (18), Buker Agatha (19), Paul Wende (29) and Akor Jessica (19).
The victims were immediately evacuated to the General Hospital in Otukpo, where they are currently receiving medical attention. Some of them sustained varying degrees of injuries during their captivity.
Further checks revealed that eight of the rescued passengers were students en route to sit for the Joint Admissions and Matriculation Board (JAMB) examinations at the time they were abducted, a development that underscores the disruptive impact of criminal activities on education and civil life.
The incident illustrated a growing trend of internally driven criminality, where local elements exploit familiar terrain and community networks to carry out abductions.
“This case clearly shows that not all security incidents should be viewed through ethnic or external lenses. Addressing insecurity requires acknowledging the role of local criminal networks and strengthening community cooperation with security agencies,” the source added.
Troops have since intensified operations in the general area to track down the perpetrators and rescue the remaining victim still in captivity.
Military high command reiterated their commitment to sustaining pressure on criminal elements across Benue and adjoining states, while urging residents to provide credible information that could aid ongoing operations.
They also reassured commuters and residents of continued efforts to secure major routes and restore confidence in public transportation across the state.
Troops rescue 13 abducted Benue Links passengers, including students en route to sit for JAMB
News
Hamza Suleiman NAN: Troops recover ammunition during patrol in Borno
Hamza Suleiman NAN: Troops recover ammunition during patrol in Borno
By: Zagazola Makama
Troops of Operation Hadin Kai have recovered a cache of ammunition during a fighting patrol in Mallam Fatori, Abadam Local Government Area of Borno State.
Security sources said the operation was conducted at about 7:30 a.m. on April 18 by troops of 68 Battalion deployed in the area.

The patrol was carried out ahead of the troops’ defensive location toward a suspected withdrawal route used by insurgents following an earlier attack on March 18.
During the operation, troops recovered 166 rounds of PKT linked ammunition and one bandolier.
No contact was made with any terrorist elements during the patrol.
They added that the general security situation across the theatre remains calm but unpredictable, while troops continue to maintain high morale and operational effectiveness.
Hamza Suleiman NAN: Troops recover ammunition during patrol in Borno
News
NDLEA Busts Drug Rings, Intercepts Cocaine Hidden in Food Flasks, Arrests Fashion Designer, Others
NDLEA Busts Drug Rings, Intercepts Cocaine Hidden in Food Flasks, Arrests Fashion Designer, Others
By: Michael Mike
Operatives of the National Drug Law Enforcement Agency (NDLEA) have intensified their crackdown on drug trafficking networks, intercepting cocaine ingeniously concealed in food flasks and cannabis hidden in snack packs, while arresting multiple suspects including a Lagos-based fashion designer.
The agency in a statement on Sunday by its spokesman, Femi Babafemi, said 12 large parcels of cocaine weighing 2.8 kilogrammes were uncovered at the export shed of the Murtala Muhammed International Airport (MMIA), Lagos.
Babafemi said the illicit consignment, bound for the United Kingdom via a Virgin Atlantic flight, was discovered in the false bottoms of food flasks on April 9.

He disclosed that two cargo agents—Ama Ufeim, 33, and Ogabi Akorede, 39—were arrested at the point of interception, with subsequent investigations leading to the arrest of the alleged sender, 52-year-old freight forwarder Agoro Moninuola.
In a related operation a day earlier, NDLEA operatives at the airport’s import shed intercepted 2.9 kilogrammes of “Loud,” a potent strain of cannabis, concealed in snack packs arriving from the United States aboard a Delta Air Lines flight.
He noted that initial arrests of cargo clearing agents Animashaun Adetunji and Mercy Oluwasegun paved the way for the apprehension of the consignee, Saheed Adegoke, a 29-year-old fashion designer, who was later tracked and arrested in Ogba, Lagos.
Beyond the airports, NDLEA operations extended across several states with significant seizures recorded. Along the Kaduna-Zaria highway, operatives intercepted a cement-laden trailer transporting 847 kilogrammes of skunk. The driver, Umar Garba Haruna, was taken into custody.
In Cross River State, a joint operation involving NDLEA officers and security personnel led to the destruction of 15,000 kilogrammes of cannabis cultivated on six hectares of farmland in Uwet community, Akamkpa Local Government Area. A suspect, Alice Udoh, 53, was arrested, while 119 kilogrammes of the substance was recovered.
Similarly, in Edo State, operatives raided a cannabis camp in Ovia North East Local Government Area, destroying over 2,281 kilogrammes of the drug and arresting three suspects. Additional arrests were made in Delta State, where over 87 kilogrammes of skunk and cannabis seeds were seized.
In Lagos, NDLEA officers intercepted a shipment of 11,900 tramadol capsules and 400 ampoules of phenobarbital injections along the Mile 2–Badagry expressway, with the consignment reportedly destined for Ghana. A separate raid on a two-storey building in Lagos Island yielded 95.8 kilogrammes of skunk.

Meanwhile, the agency sustained its War Against Drug Abuse (WADA) campaign nationwide, conducting sensitization programmes in schools, religious centres, and communities across states including Niger, Cross River, Kogi, Katsina, Kano, and Lagos.
Commending the operatives, NDLEA Chairman, Brig. Gen. Buba Marwa (Rtd), praised the balance between aggressive enforcement and preventive education, urging officers to maintain the current momentum in the fight against drug trafficking and abuse.
NDLEA Busts Drug Rings, Intercepts Cocaine Hidden in Food Flasks, Arrests Fashion Designer, Others
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