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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
News
Troops recover AK-47 rifle in Taraba during cordon-and-search operation
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
News
Vice chairman, 64 others released by bandits in Tsafe in Zamfara
Vice chairman, 64 others released by bandits in Tsafe in Zamfara
By: Zagazola Makama
The vice chairman of Tsafe Local Government Area of Zamfara State and 64 other abducted persons have regained their freedom after a deadly ambush by bandits in the area.
The victims arrived safely in Tsafe on Tuesday, following intense efforts by security operatives and local stakeholders to secure their release.
The ambush, which occurred on Jan. 20, left a trail of destruction in Danjibga village, where a fierce gun battle broke out between the attackers and community protection forces.
During the encounter, one operative of the Community Protection Guard (CPG) and two residents were killed, while two others sustained bullet wounds.
Sources said the bandits also set ablaze four vehicles two Golf cars and two Mitsubishi Canter trucks during the attack.
Although the released victims have reunited with their families, an unspecified number of women and children are still feared to be in captivity.
The freed victims and the injured were taken to the Ahmed Sani Yariman Bakura Specialist Hospital in Gusau, where they are receiving medical care.
The return of the abductees was described as a moment of relief and gratitude, even as the community mourned those who lost their lives in the violence.
Meanwhile, in a related development, another attack in Bakura Local Government Area claimed the life of a 22-year-old farmer, Burhama Sani.
He was reportedly shot dead on his farm along the Bakura–Rabah road after bandits blocked the Fadamma axis and set two vehicles conveying food items ablaze.
Vice chairman, 64 others released by bandits in Tsafe in Zamfara
News
U.S. Under Secretary of State Allison Hooker Begins Strategic Foreign Visit Including Nigeria, Middle East, and Rome
U.S. Under Secretary of State Allison Hooker Begins Strategic Foreign Visit Including Nigeria, Middle East, and Rome
By: Michael Mike
Under Secretary of State for Political Affairs Allison Hooker has embarked on a week-long diplomatic mission that includes stops in Abuja, Nigeria; Muscat, Oman; Manama, Bahrain; and Rome, Italy from January 21–29, 2026, the U.S. State Department confirmed in a statement this week. 
In Nigeria, Hooker is leading the American delegation and serving as head of the U.S.–Nigeria Joint Working Group—a recently established platform aimed at strengthening bilateral cooperation on security and economic issues. During talks in Abuja, the delegation is expected to discuss strategies for protecting vulnerable communities, enhancing cooperation against terrorism, and expanding U.S. investment opportunities in the West African nation. 
The visit comes at a time of heightened focus on Nigeria’s internal security challenges and international efforts to support peace and stability across the region. Local and international observers have noted ongoing discussions between U.S. and Nigerian authorities on religious violence and security cooperation as part of broader diplomatic engagement. 
After concluding discussions in Nigeria, Hooker’s itinerary moves to the Gulf region, where she will lead strategic dialogues with officials in Oman and Bahrain. These talks are expected to advance cooperation on regional security, economic ties, and cultural exchange, reflecting shared interests between the United States and its partners in the Middle East. 
The final leg of the trip will take Hooker to Rome, where she will meet with counterparts from European governments and international organisations. In Italy, engagements will cover major global priorities including the ongoing Russia-Ukraine conflict, diplomatic efforts toward peace in the Middle East, and developments in Venezuela. She is also scheduled to hold meetings with senior officials from United Nations agencies based in the city—such as the World Food Programme (WFP) and the Food and Agriculture Organization (FAO)—to discuss accountability and oversight of U.S.-funded assistance programs and to explore potential new agricultural trade opportunities for American producers. 
Hooker, who was appointed Under Secretary of State for Political Affairs in mid-2025, oversees key regional and bilateral policy issues and plays a central role in shaping U.S. foreign policy across multiple regions. 
Her current tour underscores Washington’s intent to reinforce diplomatic engagement across Africa, the Middle East, and Europe at a time of evolving geopolitical challenges
End
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