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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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Troops Raid Terrorist Enclaves in Katsina, Criminals Flee Before Contact
Troops Raid Terrorist Enclaves in Katsina, Criminals Flee Before Contact
By: Zagazola Makama
Troops of 17 Brigade, in collaboration with local vigilantes, have conducted coordinated offensive operations on suspected terrorist enclaves across parts of Katsina State, forcing criminals to flee before troops’ arrival.
Security sources told Zagazola that the operation took place at about 0800 hours on May 10, 2026, targeting Kafin-Soli, Karaduwa, Maraban Musawa and Jikamshi villages in Kankia, Musawa and Matazu Local Government Areas of the state.
The sources said the clearance operation was part of ongoing efforts to dislodge criminal elements and deny them freedom of action within rural communities.
According to the sources, troops and vigilantes moved simultaneously into the identified locations but met no resistance as the suspected terrorists had fled prior to their arrival.
Military authorities said follow-up exploitation of the general area was ongoing to ensure the criminals do not regroup or return to the affected communities.
They added that troops will continue intelligence-led patrols and offensive operations across vulnerable areas in Katsina State to sustain pressure on criminal networks and restore normalcy.
Troops Raid Terrorist Enclaves in Katsina, Criminals Flee Before Contact
News
Troops Ambush Terrorists in Kogi State, Neutralise One, Recover Arms and Cash
Troops Ambush Terrorists in Kogi State, Neutralise One, Recover Arms and Cash
By: Zagazola Makama
Troops of 12 Brigade have successfully ambushed suspected terrorists along the Old Obajana–Jakura–Tajimi axis in Lokoja Local Government Area of Kogi State, neutralising one insurgent and recovering weapons, ammunition and other items.
Security sources said that the operation occurred at about 0450 hours on May 10, 2026, west of Meyanga and north of Adankolo Forest during a planned ambush operation.
The sources said troops made contact with the terrorists in the early hours of the day, leading to a brief exchange of fire.
According to the sources, one terrorist was neutralised during the engagement, while others fled the scene, abandoning their weapons and equipment.
Items recovered at the scene included two AK-47 rifles, six magazines loaded with 145 rounds of 7.62mm special ammunition, one locally fabricated pistol, one Motorola handheld radio, one motorcycle, and a sum of ₦62,900.
Other recovered items included a camouflaged bandolier, three mobile phones and additional sundry materials.
Military authorities said troops have continued exploitation of the general area to track fleeing suspects and prevent regrouping of criminal elements.
They added that operations in the axis remain ongoing as part of sustained efforts to dominate the environment and deny terrorists freedom of action.
Troops Ambush Terrorists in Kogi State, Neutralise One, Recover Arms and Cash
News
Funding of Politics with State Funds: ActionAid Demands Impeachment of Governors Found Culpable
Funding of Politics with State Funds: ActionAid Demands Impeachment of Governors Found Culpable
By: Michael Mike
Human rights and anti-poverty organisation, ActionAid Nigeria, has called for the immediate impeachment of any governor found guilty of using state resources to fund political campaigns ahead of the 2027 general elections.
The organisation made the demand in a statement issued on Tuesday in Abuja by its Country Director, Andrew Mamedu, following growing public concerns over alleged movement of huge sums of money by some political actors for campaign-related activities.
ActionAid Nigeria said the allegations have raised serious questions about the source of the funds allegedly being deployed for political mobilisation and consolidation of power ahead of the next election cycle.
Mamedu described the reports as disturbing and unacceptable, especially at a period when millions of Nigerians are grappling with economic hardship, rising inflation, insecurity, unemployment and worsening living conditions.
According to him, it would amount to a grave abuse of public trust if state resources meant for governance and development were diverted for partisan political purposes.
“It is appalling that at a time when Nigeria is drowning in debt, workers are struggling with the rising cost of living, public hospitals are underfunded, schools are collapsing, insecurity is spreading, and millions of Nigerians are battling hunger and extreme economic hardship, that any suggestion of public resources are being diverted or deployed for political campaigns,” he stated.
The organisation stressed that governors were elected to serve the people and not to convert state resources into what it described as “political war chests.”
ActionAid Nigeria challenged governors and political actors allegedly linked to the claims to publicly explain the source of the funds being used for political activities, insisting that Nigerians deserve transparency and accountability.
The group further urged anti-corruption agencies, including the Economic and Financial Crimes Commission and the Independent Corrupt Practices and Other Related Offences Commission, as well as State Houses of Assembly, to commence immediate investigations into the allegations.
According to the organisation, any governor found culpable should face impeachment, prosecution and recovery of diverted public funds.
“Any governor who diverts public resources for political campaigns has violated public trust and abused the mandate given to them by citizens. Such individuals should not remain in office,” Mamedu said.
He warned that unchecked misuse of public resources could weaken democratic institutions and create an unfair political environment where incumbents enjoy undue advantage over other contestants.
The organisation also noted that while political parties have the right to organise campaigns and raise lawful support, such activities must not involve public funds, government assets or state institutions.
ActionAid Nigeria cited countries such as the United Kingdom, United States, Canada, Germany and South Africa as examples where strict accountability measures exist to prevent incumbents from using state resources for partisan political activities.
The organisation called on citizens, civil society groups, journalists, whistleblowers and anti-corruption advocates to remain vigilant and expose any suspicious use of public resources for political purposes ahead of the 2027 elections.
ActionAid Nigeria maintained that safeguarding democracy and protecting public resources must remain a collective responsibility of both institutions and citizens.
Funding of Politics with State Funds: ActionAid Demands Impeachment of Governors Found Culpable
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