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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
Nigerian Embassy in Kuwait Issues Safety Advisory to Citizens Amid Regional Tensions
By: Michael Mike
The Embassy of the Federal Republic of Nigeria in the State of Kuwait has urged Nigerian nationals in Kuwait and Bahrain to remain calm, vigilant, and compliant with host government ldirectives in light of prevailing regional developments.
In a circular dated March 1, 2026, and referenced NKT/GA/C/004/Vol. I, the Embassy — which holds concurrent accreditation to the Kingdom of Bahrain — advised citizens to strictly observe safety guidelines and official advisories issued by authorities in both countries.
The mission encouraged Nigerians to stay informed by monitoring credible local news outlets and official government announcements in Kuwait and Bahrain. It assured the community that it is closely tracking the situation and maintaining communication with leaders of Nigerian groups and associations in both countries.
To enhance real-time communication, the Embassy announced the creation of a dedicated mobile and WhatsApp line to ensure active engagement with nationals.
For further inquiries or assistance, Nigerians were advised to contact the Embassy via email at nigeriakuwait@yahoo.com or through the designated telephone and WhatsApp numbers provided by the mission.
The Embassy reaffirmed its commitment to the safety and welfare of all Nigerian citizens in its jurisdiction and pledged to continue providing timely updates as the situation evolves.
Nigerian Embassy in Kuwait Issues Safety Advisory to Citizens Amid Regional Tensions
Gov. Fintiri’s defection will boost APC’s chances of winning in 2027 – Dr Girei
Dr Salihu Bakari Girei, Gubernatorial aspirant under the platform All Progressives Congress (APC) in 2027 described the defection of Governor Ahmadu Fintiri to the ruling party as a welcome development for the APC in the state.
Girei said that his defection is coming at the right time to galvanise the party’s victory in 2027 General Elections at the national and sub national level.
Dr Girei who is one of the founding fathers of the APC in the state disclosed this in an interview with newsmen in Yola.
He said, Fintiri joined APC at the right time considering his outstanding performance in the state which he said was in line with President Tinubu’s transformation agenda.
He added that the defection would add value to the APC family and also help deliver dividends of democracy to the ordinary people that are yearning for good governance as well as to fast-track development.
He said Fintiri has performed credibly well, in line with his 10-point agenda for the state to justify the people’s trust in his leadership and administration.
Dr Girei further lauded President Bola Tinubu for his effort and strategy in addressing Nigeria’s challenges for and ensuring rapid development.
He said, “President Tinubu is very strategic in addressing Nigeria’s challenges and many now understood that Mr President meant well for this country and has turned the fortune of the country around for good.”
According to him, records have shown that the dollar has crashed, the economy stabilized, security improved, food is affordable and issues of strikes are no more among others.
Bakari-Girei said, all these are factors that naturally attract people joining the APC across the country for more development in the country.
He queried those saying that President Tinubu is turning the country into a one-party system, recalling that the PDP once had 30 governors and no one complained.
“Today people have decided to join APC because of many factors initiated by the President Tinubu administration that naturally attracted people to join APC and support Mr President.”
He pointed to President Tinubu’s history as governor of Lagos, where opposition platforms continued to function, as evidence of his commitment to multi-party democracy.
He also appreciated the foresight of the President for appointing Malam Nuhu Ribadu, National Security Adviser who has invested much in APC in the state.
He further urged unity and understanding of all APC stakeholders in the state for the progress and success of the party at all levels.
Gov. Fintiri’s defection will boost APC’s chances of winning in 2027 – Dr Girei
News
Community Court of Justice, ECOWAS Moves to Boost Enforcement of Judgments with High-Level Talks in Republic of Guinea
Community Court of Justice, ECOWAS Moves to Boost Enforcement of Judgments with High-Level Talks in Republic of Guinea
By: Michael Mike
The Community Court of Justice, ECOWAS will hold a high-level bilateral meeting in the Republic of Guinea from March 2 to 4, 2026, as part of efforts to strengthen the enforcement of its judgments across Member States.
The three-day engagement, organised in commemoration of the 50th anniversary of the Economic Community of West African States, is expected to bring together the Court’s delegation, Guinea’s Competent National Authority (CNA), senior government officials, and representatives of civil society to address persistent challenges in implementing the Court’s rulings.
At the heart of the meeting is the push to close the gap between judicial decisions and their execution at the national level. While the ECOWAS Court continues to deliver landmark judgments on human rights, governance, and community law, enforcement remains a critical concern in several jurisdictions. The Guinea dialogue is aimed at building a more effective, coordinated, and transparent enforcement framework.
Discussions will focus on practical strategies to improve compliance rates, streamline procedures, and strengthen collaboration between national institutions and the regional court. Participants are expected to review existing bottlenecks, share best practices, and identify sustainable solutions that can enhance uniformity in enforcement mechanisms across the sub-region.
The programme will include a dedicated forum examining the current status of enforcement of the Court’s judgments in Guinea, alongside presentations on the Court’s enforcement processes and the national legal landscape. Civil society organisations will also engage directly with the Court in a bilateral dialogue designed to promote accountability and inclusive participation.
Beyond the technical sessions, the Court’s delegation will pay courtesy visits to key government figures, including the Minister in charge of ECOWAS Affairs, the Minister of Justice, the Minister of Finance, the President of the Supreme Court, and the Speaker of Parliament. Meetings are also scheduled with the Chairperson of the Human Rights Commission and the President of the Bar Association.
The delegation will be led by the President of the Court, Ricardo Cláudio Monteiro Gonçalves, and will include Vice-President Sengu Mohamed Koroma, Honourable Justice Gberi-Bè Ouattara, as well as directors and other officials.
Similar bilateral meetings have previously taken place in the Republic of Sierra Leone and the Federal Republic of Nigeria, reflecting the Court’s broader strategy to institutionalise cooperation and reinforce the authority of its judgments throughout West Africa.
As ECOWAS marks five decades of regional integration, the Guinea engagement signals a renewed determination to ensure that the decisions of its judicial arm are not only pronounced but fully implemented—strengthening the rule of law and deepening trust in regional justice systems.
Community Court of Justice, ECOWAS Moves to Boost Enforcement of Judgments with High-Level Talks in Republic of Guinea
Nigerian Embassy in Kuwait Issues Safety Advisory to Citizens Amid Regional Tensions
Gov. Fintiri’s defection will boost APC’s chances of winning in 2027 – Dr Girei
Community Court of Justice, ECOWAS Moves to Boost Enforcement of Judgments with High-Level Talks in Republic of Guinea
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