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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 arrest suspected gun-runner in Taraba, recover weapons and ammunition
By: Zagazola Makama
Troops deployed at Ibi and the Forward Operating Base (FOB) Wukari have arrested a suspected gun-runner and recovered weapons, ammunition, and other items during an intelligence-led operation in Taraba State.
Security sources disclosed that the troops acted on credible intelligence about a suspicious Peugeot vehicle heading toward the Ibi waterside area. The troops swiftly mobilised to intercept the vehicle and apprehended the suspect.
The suspect, identified as Abubakar Ibrahim, 48, from Barkin-Ladi Local Government Area of Plateau State, was arrested during the operation.
Items recovered from him include six locally fabricated weapons bearing various registration numbers, two rounds of 7.62mm special ammunition, one Peugeot 504 vehicle, a Q Seven mobile phone, seven bottles of perfume with rubbers, seven charms, one mentholatum rub, two small containers of Vaseline, and the sum of N1,400 in cash.
Military sources said the suspect and the recovered items are currently in custody and will be transferred to the Brigade Headquarters for further investigation.
The sources added that the general security situation within the Area of Responsibility remains calm but highly unpredictable, noting that troops’ morale and fighting efficiency remain satisfactory.
The arrest is part of ongoing efforts by security forces to curb the proliferation of illegal arms and criminal activities in Taraba and adjoining areas.
Troops arrest suspected gun-runner in Taraba, recover weapons and ammunition
ISWAP kills professor in targeted abduction on Maiduguri-Damboa highway
By: Zagazola Makama
ISWAP terrorists have reportedly killed Professor Abubakar Mohammed el-Jumma of the Nigerian Army University Biu following a targeted abduction along the Maiduguri-Damboa highway on March 25, 2025.
Sources told Zagazola Makama that the attackers, described as light-skinned foreigners, specifically targeted Professor el-Jumma, suggesting the abduction was premeditated. The perpetrators were reportedly in possession of his photograph before carrying out the attack, confirming that the operation was deliberate and planned.
Authorities have confirmed that no ransom demands were made and attempts to negotiate his release were unsuccessful. ISWAP later informed the family of Professor el-Jumma’s death and that his burial had been carried out within their enclave.
The incident demonstrates ISWAP’s growing capability to exploit local vulnerabilities with the support of spies and sympathizers.
The group’s targeting of high-profile individuals, including academics and community leaders, reflects a shift towards calculated kidnappings designed to spread fear and disrupt governance and education in the North East.
No official statement has yet been issued by Nigerian Army University Biu authorities regarding the incident.
ISWAP kills professor in targeted abduction on Maiduguri-Damboa highway
News
Bayelsa East Leaders, Elders, Women, Youths To Protest Over Marginalization In Sen Douye Diri Administration
Bayelsa East Leaders, Elders, Women, Youths To Protest Over Marginalization In Sen Douye Diri Administration
Leaders, stakeholders, women and youths in Bayelsa East Senatorial District has perfected preparations to stage a peaceful protest against Bayelsa State Governor, Senator Douye Diri over marginalization and neglect in political appointments in the government since inception.
The people of the east also deserves sensitive offices in the government for their resolute support for the government since inception, but they have been marginalized. The office of the deputy governor from the east will balance the political structure.
Marginalization of the east people in sensitive government appointments is an outright disrespect to the former President, Dr. Goodluck Ebele Jonathan, King Alfred Diette-Spiff, Gen. Melford Okilo, and other leaders from the east senatorial district.
Even though the speaker of the state house of assembly is not considered, there are other competent individuals eminently qualified to handle the office of the deputy governor for the remaining years of the government.
The governor should consult former president, and other leaders from the east to chose a deputy governor from either Ogbia, Nembe or Brass.
The eastern region planned peaceful protest is a furtherance expression of dissatisfaction in accordance and solidarity with the group, the Bayelsa State Chapter of the All Progressives Congress Grassroot Movement (BSAGM) condemnation of Governor Diri administration over marginalization of appointments.
According to the eastern people, the governor has consciously and deliberately marginalized the east in sensitive political appointments in the government, pointing out that all the top offices in the government are handled by his relatives from Kolokuma-Opokuma and Sagbama.
For instance; all government house appointments are handled by his relatives, the chief of staff, deputy chief of staff, Director of Domestic, Director of Transport, including S.A Political, and other sensitive appointments in the government.
Governor Douye Diri has deliberately neglected and marginalized the east, we will exercise our constitutional right of a peaceful protest to express our dissatisfaction to the world.
Since the creation of Bayelsa State, successive administrations had maintained political conglomeration across the three senatorial district in the state, but Diri administration had neglected the east from inception.
The east is only been marginalized, and neglected in Diri administration. Alamieyeseigha, Jonathan, Sylva, and Dickson carried out fair, equal appointments, infrastructure across the state, in their administrations.
Successive governments since 1999, had fairly and transparently distributed political appointments across the senatorial district, but the contrary is Diri’s administration.
It is absolutely unfortunate that the east had been undermined by Diri, running a one-sided government of Kolokuma-Opokuma, and the whole state is watching the government.
In exercise of constitutional right of a peaceful protest, the east will carry out a peaceful protest to government house next week to publicly express their dissatisfaction to the world over the undemocratic marginalization of appointments in Diri administration.
Signed:
Chief Samuel Azibator – Ogbia
High Chief Nengi Sylvanus -Nembe
Chief Williams Naworio – Brass
Bayelsa East Leaders, Elders, Women, Youths To Protest Over Marginalization In Sen Douye Diri Administration
Wife of the Vice President of Nigeria in Ethiopia
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Troops arrest suspected gun-runner in Taraba, recover weapons and ammunition
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