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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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Police exhume seven bodies over Yelwata killings, as part of the Presidential Medical Delegation Investigation in Benue
Police exhume seven bodies over Yelwata killings, as part of the Presidential Medical Delegation Investigation in Benue
By: Zagazola Makama
The Police in Benue have exhumed seven in connection with the 2025 Yelwata killings as part of ongoing investigations by the Presidential Medical Delegation as part of efforts to ensure justice for victims of what he described as a brutal assault.
Zagazola learnt that the exhumation was carried out on Feb. 24 by federal investigators led by the Intelligence Response Team (IRT) following an earlier situation report on the exercise.
According to the sources, the bodies were exhumed for inquest, adding that the exercise would continue at a later date.
“Seven corpses have been exhumed by the IRT-led federal investigators for inquest. The exercise will continue, and further development will be communicated,” police sources said.
Forensic pathologists from the Federal Ministry of Justice have arrived in Benue State to investigate the June 13, 2025, attack on Yelwata, a community in the Guma Local Government Area of the state.
The Presidential Medical Delegation on Monday visited Yelwata in Guma Local Government Area to inspect graves of victims of the June 2025 attack on the community.
Security sources said the delegation visited the burial site where victims of the attack were interred, and the graves were identified as part of ongoing investigative and medical review processes.
The deployment follows proceedings at the Federal High Court in Abuja, where nine suspects were arraigned on 2 February 2026 before Justice Joyce Abdulmalik in connection with the Yelwata attack.
The court stressed the importance of forensic evidence to ensure a fair trial and proper determination of culpability.
The sources added that adequate security measures were put in place to ensure a peaceful and hitch-free exercise.
The Guma Local government Yelwata attack of June 13, 2025, resulted in the deaths of several residents and forced many others to flee their homes.
Police exhume seven bodies over Yelwata killings, as part of the Presidential Medical Delegation Investigation in Benue
News
Farmer Killed in Yobe Over Land Dispute, Pastoralists Injured
Farmer Killed in Yobe Over Land Dispute, Pastoralists Injured
By: Zagazola Makama
A farmer, Moh’d Abdullahi, 50, of Garin Mallam Village, Karasuwa LGA, has been killed after being shot with arrows during an altercation with pastoralists on his farmland on Monday.
Sources said the suspects, identified as Usmanu Alh. Musa, Buba Alh. Manu, and Ahmadu Inusa, all from Tarja Fulani Settlement in Jakusko LGA, allegedly trespassed onto Abdullahi’s farmland. When the farmer cautioned them, the suspects attacked him, leaving him with fatal injuries.
In the ensuing retaliation, some villagers assaulted Ahmadu Inusa, who sustained injuries to various parts of his body. Both victims were rushed to Specialist Hospital Gashua in Bade LGA, where Abdullahi was certified dead, while Inusa received medical attention and remains hospitalized.
The body of Abdullahi was released to his family for burial according to Islamic rites. Investigations into the incident and the circumstances surrounding the dispute are ongoing.
Farmer Killed in Yobe Over Land Dispute, Pastoralists Injured
News
Nigeria’s Support Against US Blockade Vital, Says Cuban Ambassador
Nigeria’s Support Against US Blockade Vital, Says Cuban Ambassador
By: Michael Mike
The Cuban Ambassador to Nigeria, Miriam Morales Palmero, has commended Nigeria and the African Union for their consistent opposition to the decades-long United States economic blockade against Cuba, describing the sanctions regime as an “unjust system of coercion” that has inflicted prolonged hardship on the Cuban people.
Speaking at the Conference of the Solidarity Movement with Cuba in Nigeria, Palmero expressed gratitude for Nigeria’s repeated votes at the United Nations General Assembly in favour of resolutions calling for an end to the US embargo.

“Nigeria is one of the countries which has voted at the United Nations General Assembly in favour of the resolution against the economic, commercial and financial blockade,” she said. “We highly value Nigeria’s support.”
She also acknowledged what she described as the historic stance of the African Union, particularly its recent resolution condemning the US blockade policy and Cuba’s inclusion on the list of state sponsors of terrorism.
The ambassador characterised the US embargo as more than a bilateral dispute, calling it “a deliberate policy of asphyxiation” designed to force political surrender through economic deprivation.

“For more than six decades, Cuba has faced one of the most prolonged and unjust systems of economic, commercial and financial coercion in contemporary history,” she said.
Palmero criticised a recent executive order signed by US President Donald Trump which, she said, threatens sanctions against countries that supply fuel to Cuba. She described the move as extraterritorial and a violation of international law.
According to her, the measures are intended to worsen shortages in energy, nutrition, healthcare, education and transportation, while exerting pressure on other nations to limit cooperation with Cuba.
“We do not accept threats. We do not accept blackmail. We do not accept interference,” she declared.
Despite economic difficulties, the ambassador maintained that Cuba has consistently extended assistance to other nations, particularly in healthcare and education.
She highlighted Cuba’s long-standing medical diplomacy, noting that Cuban doctors, teachers and technical experts have served in dozens of countries, including Nigeria.
“Cuba represents no threat whatsoever to any country,” Palmero said. “Our foreign policy is one of solidarity, peace, friendship and cooperation, fully committed to international law and the United Nations Charter.”
She described it as “inconceivable” that the world’s largest economic and military power would consider Cuba a threat.
Beyond condemning the blockade, the ambassador used the conference to call for a stronger and more structured Solidarity Movement with Cuba in Nigeria.
She urged trade unions, academic institutions, youth groups, community organisations and media platforms to amplify advocacy efforts in support of Cuba, especially as sanctions intensify.
“This meeting is not only an expression of political and moral support,” she said. “It is a strategic moment to strengthen the structure of the Solidarity Movement with Cuba in Nigeria.”
Palmero encouraged participants to develop a coordinated action plan that would increase mobilisation, communication and public engagement throughout the year.
The ambassador reaffirmed Cuba’s commitment to sovereignty and its chosen social model, insisting that the country would not bow to external pressure.
“We know that the Cuban people are not alone,” she said. “Cuba will never renounce its independence.”

She declared that: “Because justice cannot be blockaded. Because dignity cannot be sentenced. Because solidarity is stronger than any coercive measure.”
The conference brought together members of Nigeria’s solidarity movement, trade union representatives, Cuban-trained graduates and supporters of Cuba–Nigeria relations, underscoring the longstanding diplomatic ties between both nations.
Nigeria’s Support Against US Blockade Vital, Says Cuban Ambassador
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