News
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
Governor Buni speaks on primary elections where consensus failed
By: Yahaya Wakili
Governor Mai Mala Buni of Yobe State has revealed that the All Progressives Congress (APC) is open to a fair, credible, and transparent primary election if there is no general agreement on the consensus mode.
Governor Buni started this while commenting on the crisis rocking the party over the governor candidate for the 2027 general election. He said the party has not foreclosed direct election to produce its candidates for the contestable offices for the 2027 general election.
According to him, the party is still working on dialogue; “we are talking to each other and reaching out to the stakeholders, including the aspirants, to arrive at an amicable solution.”
“As the governor of Yobe state, I will be the happiest person to see that the state and party are peaceful and united, noting that we remain citizens of Yobe state and members of APC.
“My expectation is to see us more united and collectively working for our candidates to win the 2027 general elections,” Governor Buni said.
Governor Buni further said, “As a founding member, former secretary, and national chairman of the All Progressives Congress (APC), the unity and progress of the party mean so much to me personally; therefore, I will continue to support and protect the ideals of the party to remain Nigeria’s ruling political party.”
He expressed optimism that the aspirations for public offices in the state are driven by the desire to serve the people for a better and improved life.
Governor Buni speaks on primary elections where consensus failed
Troops Arrest Suspected Kidnapper in Kaduna State, Recover Phone and Cash
By: Zagazola Makama
Troops of Sector 7, Operation Enduring Peace (OPEP), in collaboration with the Civilian Joint Task Force (CJTF), have arrested a suspected kidnapper in Kamuru village in Zangon Kataf Local Government Area of Kaduna State.
Security sources said the arrest was made at about 0330 hours on May 12 during a coordinated operation in the area.
The suspect, identified as Mr. Husaini Jibrin, 45, was reportedly apprehended at Kamuru village over alleged involvement in a kidnapping incident that occurred in Angwan Ali community on April 26, 2026, within the same local government area.
According to the sources, the suspect is believed to be linked to the planning and execution of the abduction, which had triggered security concerns in surrounding communities at the time.
Items recovered from the suspect include one mobile phone and the sum of ₦10,000 in cash.
The military said the suspect is currently in custody and undergoing interrogation as part of ongoing investigations aimed at dismantling kidnapping networks operating in the region.
Authorities added that troops have intensified surveillance and patrol operations across vulnerable communities in southern Kaduna to curb criminal activities and improve public safety.
Operation Enduring Peace continues to conduct joint operations with local security outfits and community-based structures as part of efforts to address insecurity in affected areas.
Troops Arrest Suspected Kidnapper in Kaduna State, Recover Phone and Cash
Troops Repel Attack in Plateau State, Two Residents Killed — Military Launches Manhunt
By: Zagazola Makama
Troops of Sector 6, Operation Enduring Peace (OPEP), have repelled an armed attack on an isolated settlement in Vwang Kagot community in Jos South Local Government Area of Plateau State, in an incident that left two civilians dead.
Security sources said the troops responded swiftly at about 0130 hours on May 12 following reports of an attack by suspected armed assailants on the rural community.
The attackers, reportedly described as suspected armed herdsmen, stormed the settlement and engaged in violent activities before the arrival of security forces.
Upon intervention, troops in collaboration with Keystone Kuru Division forced the assailants to withdraw from the area.
However, the attackers had already killed two residents identified as Ngo Shetu Badung, 78, and Mr. Danjuma Badung, 52, before fleeing the scene.
Following the incident, troops launched clearance operations in the general area and are currently trailing the fleeing suspects.
Military authorities said additional patrols and surveillance measures have been intensified to prevent further attacks and reassure residents of their safety.
Operation Enduring Peace noted that it remains committed to stabilising vulnerable communities across Plateau State and ensuring that perpetrators of violent attacks are brought to justice.
Local security stakeholders have also continued engagements with community leaders to strengthen early warning systems and improve response to emerging threats in rural settlements.
Troops Repel Attack in Plateau State, Two Residents Killed — Military Launches Manhunt
Yobe 2027: Consensus, G-Six, and the Crucible of Direct Primaries
NHRC, stakeholders meet to promote human rights in Gombe
2027: The Dynamics of Consensus Candidates and the Crisis of Succession in Nigeria’s Democratic Party Politics
Roger Federer’s Shock as DNA Results Reveal Myla and Charlene Are Not His Biological Children
THE PLIGHT OF FARIDA
FAILED COUP IN BURKINA FASO: HOW TRAORÉ NARROWLY ESCAPED ASSASSINATION PLOT AMID FOREIGN INTERFERENCE CLAIMS
-
News2 years agoRoger Federer’s Shock as DNA Results Reveal Myla and Charlene Are Not His Biological Children
-
Opinions4 years ago
THE PLIGHT OF FARIDA
-
News1 year agoFAILED COUP IN BURKINA FASO: HOW TRAORÉ NARROWLY ESCAPED ASSASSINATION PLOT AMID FOREIGN INTERFERENCE CLAIMS
-
News2 years agoEYN: Rev. Billi, Distortion of History, and The Living Tamarind Tree
-
Opinions4 years agoPOLICE CHARGE ROOMS, A MINTING PRESS
-
ACADEMICS2 years agoA History of Biu” (2015) and The Lingering Bura-Pabir Question (1)
-
Columns2 years agoArmy University Biu: There is certain interest, but certainly not from Borno.
-
Opinions2 years agoTinubu,Shettima: The epidemic of economic, insecurity in Nigeria
