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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
Troops ambush terrorist group, recover bicycles in Marte–Dikwa axis
By: Zagazola Makama
Troops of the Nigerian Army under the Joint Task Force North East, Operation Hadin Kai, have repelled suspected terrorists during an ambush operation along the Marte–Dikwa axis of Borno.
Security sources said the encounter occurred late on March 13 when troops of the 50 Task Force Battalion under the 24 Task Force Brigade, in conjunction with personnel of the 134 Special Forces Battalion and members of the Civilian Joint Task Force, laid an ambush along the main supply route between Marte and Dikwa in Borno State.
According to the sources, the troops made contact with a group of terrorists moving on bicycles at about 10:15 p.m.
The troops immediately engaged the insurgents forcing them to withdraw into nearby bushes.
During exploitation of the area, the troops recovered the corpse of one suspected terrorist, four bicycles and other sundry items believed to have been abandoned by the fleeing insurgents.
Troops ambush terrorist group, recover bicycles in Marte–Dikwa axis
Oshodi will represent Africa’s interest at WTT, says Mailantarki
The Vice President of the Nigeria Table Tennis Federation (NTTF), Hon. Khamisu Ahmed Mailantarki, has hailed the appointment of Nigeria’s foremost table tennis administrator, Wahid Oshodi to the Board of World Table Tennis (WTT).
Hon. Mailantarki described the appointment as a “round peg in a round hole,” noting that Oshodi’s elevation to the game’s apex commercial body is a testament to his track record of excellence.
Oshodi, who is the current President of the African Table Tennis Federation (ATTF) and Executive Vice President of the International Table Tennis Federation (ITTF), was appointed as a Director to represent the ITTF on the WTT Board alongside ITTF President Petra Sörling.
“This is a proud moment for Nigeria and a victory for the African continent,” Mailantarki stated.
“Barrister Oshodi has risen through the ranks from the national level to the continental stage with a vision that has transformed the sport.
“Having him as a decision-maker at the highest level of World Table Tennis ensures that African interests are well-represented.”
The NTTF Vice President further congratulated the Nigerian sports community, emphasizing that Oshodi’s presence in the WTT inner circle will serve as a catalyst for the continued growth and commercialization of the game globally.
Oshodi will represent Africa’s interest at WTT, says Mailantarki
Troops rescue six kidnapped victims after gun battle with terrorists in Kaduna
By: Zagazola Makama
Troops of the 1 Division Nigerian Army under Operation FANSAN YANMA have rescued six kidnapped victims after engaging suspected terrorists in a gun battle in Kachia Local Government Area of Kaduna State.
Sources told Zagazola Makama that the rescue operation followed credible intelligence on the movement of armed terrorists suspected to be transporting abducted victims through forest routes in the area.
According to the sources, troops deployed at the Forward Operating Base (FOB) Gurara, under Sub-Sector 4 of Operation FANSAN YANMA, responded swiftly to the intelligence at about 7 a.m. on March 14.
The troops subsequently laid an ambush at a suspected crossing point used by the terrorists around Sabon Kurutu Village in Kachia LGA.
“During the operation, troops made contact with the terrorists and engaged them in a fierce gun battle. The criminals, overwhelmed by the superior firepower of the troops, fled into the surrounding bush, abandoning some items,” the source said.
Following the engagement, troops combed the general area and successfully rescued six kidnapped victims. However, a seventh victim, a minor, was reported to have died during the crossfire between the troops and the fleeing terrorists.
Troops also recovered three motorcycles believed to have been used by the terrorists during the movement of the abducted victims.
Preliminary interrogation of the rescued victims revealed that they were abducted earlier on March 14 from Janjala Village in Kagarko Local Government Area of Kaduna State. The victims said they had been moved through forest routes by the terrorists before the troops intercepted them.
The rescued victims and the body of the deceased minor were evacuated to Katari Hospital for medical attention and other necessary procedures.
Military sources said families of the rescued victims had been contacted.
The Military said the troops 1 Division Operation FANSAN YANMA and other task force has continued sustained offensives and intelligence-driven operations aimed at dismantling terrorist and bandit networks across the North-West region.
Troops rescue six kidnapped victims after gun battle with terrorists in Kaduna
Troops ambush terrorist group, recover bicycles in Marte–Dikwa axis
Oshodi will represent Africa’s interest at WTT, says Mailantarki
Troops rescue six kidnapped victims after gun battle with terrorists in Kaduna
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