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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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Nigeria, Aid Partners Seek $516m to Support 2.5 Million Vulnerable People in North-East in 2026

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Nigeria, Aid Partners Seek $516m to Support 2.5 Million Vulnerable People in North-East in 2026

By: Michael Mike

The Federal Government, in collaboration with humanitarian partners, has launched an urgent appeal for US$516 million to deliver life-saving assistance to 2.5 million people affected by conflict and deprivation in Borno, Adamawa and Yobe (BAY) States in 2026.

The appeal is contained in Nigeria’s 2026 Humanitarian Needs and Response Plan (HNRP) and targets the most severe humanitarian cases in the conflict-affected north-east, where women and children account for nearly 80 per cent of those in critical need.

The humanitarian crisis in the BAY states has been worsened by a prolonged 16-year insurgency, widespread displacement, limited access to essential services, climate-related shocks, economic hardship, and shrinking livelihood opportunities.

Speaking at the launch in Abuja, UN Resident and Humanitarian Coordinator in Nigeria, Mohamed Malick Fall, warned that humanitarian needs are escalating at a time of declining global funding. He noted that delays in closing funding gaps could have fatal consequences, especially for malnourished children.

According to projections, about 3 million Nigerian children under the age of five are expected to suffer from severe acute malnutrition in 2026, with one million of them living in the BAY states. In addition, nearly 35 million Nigerians may face acute food insecurity during the 2026 lean season, including 5.8 million people in the north-east.

The 2026 HNRP places strong emphasis on a transition to nationally-led humanitarian action, as international funding continues to decline globally. The plan highlights the need for closer collaboration between government institutions and humanitarian actors to sustain assistance during this transition.

In his remarks, the Minister of Humanitarian Affairs and Poverty Reduction, Dr. Bernard Doro, reaffirmed the Federal Government’s commitment to leading and coordinating humanitarian responses. He said government efforts would focus on aligning humanitarian action with national reforms aimed at poverty reduction, human capital development, and community resilience.

Governors of the BAY states — Professor Babagana Zulum of Borno, Ahmadu Umaru Fintiri of Adamawa, and Mai Mala Buni of Yobe — also pledged stronger cooperation with humanitarian partners to deliver urgent aid while pursuing long-term solutions for displaced and conflict-affected populations.

Funding for the **2025 HNRP stood at $282

Nigeria, Aid Partners Seek $516m to Support 2.5 Million Vulnerable People in North-East in 2026

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Troops clear multiple settlements in Shiroro LGA, neutralize IEDs during clearance operation

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Troops clear multiple settlements in Shiroro LGA, neutralize IEDs during clearance operation

By: Zagazola Makama

Troops of 1 Division Nigerian Army have successfully cleared multiple settlements in Shiroro Local Government Area of Niger State, neutralizing improvised explosive devices (IEDs) and sustaining pressure on insurgents in the area, a development that marks a significant milestone in ongoing efforts to secure the North Central region.

Sources told Zagazola Makama that the clearance operation, which commenced on Jan. 20, faced challenges from difficult terrain and vehicle breakdowns, including MRAP and Armoured Fighting Vehicle faults.

Despite these setbacks, troops advanced to clear settlements including Galadima Kogo, Danpkala, Angwan Shawo, Kaure, Onagbi, Iburo, Kudogo, Kori, Kampani Kpakari, Chigwamya, Chikuba, and Nabwi.

At Nabwi, troops encountered a roadside IED followed by enemy fire, which was neutralized through superior firepower.

The sources added that Nigerian Air Force assets provided close air support throughout the operation, while unmanned aerial vehicles from the Niger State Government assisted in monitoring and reconnaissance.

Zagazola note that the operation has broader strategic implications. Shiroro LGA has served as a key operational hub for Boko Haram splinter groups, particularly JAS and ANSARU elements.

These groups, led in the Northwest and North Central zones by top lieutenants including Saddiku, Umar Taraba, Kabiru Doctor, and Mamman Kabir, have exported IED-making expertise to expand attacks into Niger, Zamfara, Kaduna, and Kogi States. Their presence in Allawa–Madawaki and other settlements allowed them to establish clandestine cells, smuggle weapons, and enforce informal taxation on local communities.

Military sources stress that sustained clearance operations, coupled with intelligence-led surveillance and cooperation with air component, remain critical to denying freedom of action to insurgents.

The ongoing operations in Shiroro will not only restore civilian confidence but will also prevent JAS and Boko Haram splinter cells from consolidating influence in key strategic corridors linking the Northeast to the Northwest and North Central regions,” a source said.

Troops clear multiple settlements in Shiroro LGA, neutralize IEDs during clearance operation

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Troops recover AK-47 rifle in Taraba during cordon-and-search operation

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Troops recover AK-47 rifle in Taraba during cordon-and-search operation

By: Zagazola Makama

Troops of the 114 Battalion, in conjunction with Department of Intelligence and Analysis (DIA) operatives, have recovered an AK-47 rifle and ammunition during a cordon-and-search operation in Murubai Village, Ardo Kola Local Government Area of Taraba State.

Sources told Zagazola Makama that the operation, conducted on Jan. 22, followed credible intelligence regarding the presence of arms in the village.

The source said the search was carried out at the residence of one Bazoe John, who was not found during the operation. Authorities recovered one AK-47 rifle, one magazine and four rounds of 7.62mm special ammunition, which are now in the custody of the troops.

The source added that the operation comes after the earlier arrest of two suspected gunrunners, identified as Christopher Adamu and James Yangyang, at Sebos Joint in Mayo Dassa, Jalingo LGA and Tautre Village in Ardo Kola LGA on Jan. 11 and 12 respectively.

Troops recover AK-47 rifle in Taraba during cordon-and-search operation

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