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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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West African Leaders Move to Deepen Regional Security Cooperation at Accra Conference
West African Leaders Move to Deepen Regional Security Cooperation at Accra Conference
By: Michael Mike
Leaders from several West African countries have agreed to pursue a new, structured approach to regional cooperation aimed at tackling terrorism, cross-border crime, and deepening insecurity across the sub-region.
The commitment was reached at the end of a two-day High-Level Consultative Conference on Regional Cooperation and Security held in Accra from January 29 to 30, 2026.
The meeting was chaired by Ghana’s President, John Dramani Mahama, with Presidents Julius Maada Bio of Sierra Leone and Joseph Boakai of Liberia leading their respective delegations.
Representatives from Burkina Faso, Mali, Mauritania, Nigeria, Senegal, and Togo also participated.

Discussions at the conference focused on the worsening security situation in West Africa, which leaders described as facing an alarming rise in terrorism and violent extremism. Participants noted that the frequency of attacks and loss of civilian lives now pose a serious threat to regional stability, economic activity, and social cohesion, making coordinated action unavoidable.
The conference followed earlier technical sessions involving Ministers of Foreign Affairs, Defence, and Security, as well as intelligence chiefs from participating states. Development partners, including the African Union Commission and the United Nations Development Programme (UNDP), alongside civil society organisations, contributed to the deliberations.
Leaders agreed that existing responses to insecurity have been too fragmented and largely reactive. As a result, the conference resolved to work toward a permanent framework for cooperation that would strengthen collective responses, improve information sharing, and address the structural drivers of insecurity across borders.
A key outcome of the meeting was a renewed emphasis on a human security approach, recognising that military measures alone cannot deliver lasting peace.
The leaders pledged to prioritise governance reforms, job creation, access to education and healthcare, and community-based peacebuilding as part of national and regional security strategies.
On counterterrorism, the conference agreed to enhance intelligence and information sharing, harmonise legal frameworks to support cross-border prosecution of terrorism-related crimes, and expand deradicalisation programmes while upholding human rights standards. Measures to combat trafficking in arms, narcotics, and persons were also highlighted.
To strengthen border security, participants committed to exploring joint operational measures, including possible “hot-pursuit” arrangements through bilateral or multilateral agreements. They further agreed to develop a foundational Memorandum of Understanding (MoU) on cooperation and security within six months, with Ghana’s Minister of Foreign Affairs tasked with leading the drafting process.
The conference also addressed humanitarian and climate-related challenges, recognising climate change as a factor that intensifies conflict and displacement. Leaders agreed to integrate climate and food security into regional peace planning and to work toward a shared disaster preparedness and humanitarian response framework.
At the close of the meeting, participants agreed to institutionalise the consultative conference as a bi-annual platform and to establish a mechanism for tracking and monitoring the implementation of agreed decisions.
The conference ended with a renewed pledge by regional leaders to translate commitments into concrete actions that safeguard lives, protect livelihoods, and strengthen stability across West Africa.
Nigeria’s Minister of State for Foreign Affairs, Ambassador Bianca Odumegwu-Ojukwu led the country’s delegation to the meeting.
West African Leaders Move to Deepen Regional Security Cooperation at Accra Conference
News
Troops storm bandit leader’s camp in Zamfara, neutralise 20, destroy stronghold
Troops storm bandit leader’s camp in Zamfara, neutralise 20, destroy stronghold
By: Zagazola Makama
Troops of the 8 Division, Nigerian Army, operating under Sector 2 of Operation FANSAN YAMMA, have stormed the camp of a notorious bandit leader, Gwaska Dan Karmi, in Maru Local Government Area of Zamfara State, neutralising 20 terrorists and destroying the stronghold.
A military source told Zagazola Makama that the decisive, well-coordinated offensive followed credible intelligence that over 100 bandits had converged at the camp to plan coordinated attacks on communities and logistics movements.

According to the source, the troops, supported by the Nigerian Air Force, the Civilian Joint Task Force (CJTF) and local vigilantes, conducted week-long surveillance before moving to intercept the terrorists.
“Contact was established on Jan. 31, 2026, as the terrorists advanced. They engaged the troops in a fierce firefight and attempted a flanking manoeuvre, but this was repelled by superior firepower,” the source said.
He said 20 terrorists were neutralised in the encounter, while several others fled with gunshot wounds. Follow-up operations, the source added, were ongoing to assess further casualties and recover additional items.

The raid yielded significant recoveries, including assorted weapons and ammunition, bicycles, food supplies, medical drugs, clothing, detergents and other logistics materials.
“The Gwaska Dan Karmi camp was completely destroyed,” the source said.
He noted that troops remained highly motivated, with combat efficiency assessed as strong and unwavering.
Troops storm bandit leader’s camp in Zamfara, neutralise 20, destroy stronghold
News
Army troops, police rescue abducted victim in Zamfara
Army troops, police rescue abducted victim in Zamfara
By: Zagazola Makama
Army troops of Operation FANSAN YAMMA, in collaboration with the Zamfara State Police Command, have rescued an abducted man in Tsafe Local Government Area of the state.
Sources said that the incident occurred on Jan. 29, when armed bandits invaded the residence of Abdullahi Isah Nagari on the outskirts of Tsafe town and abducted him to an unknown destination.

According to the source, troops under Operation FANSAN YAMMA, in collaboration with the Divisional Police Officer (DPO) of Tsafe Division promptly mobilised to launch a coordinated rescue operation.
“During a thorough search of the surrounding bushes, the victim was successfully located and rescued. He was found tied to a tree with a machete cut injury on his hand,” the source said.
The sources added that the victim was immediately taken to the General Hospital, Tsafe, where he was receiving medical attention.
The source said efforts were ongoing to track down and arrest the perpetrators, while security patrols had been intensified in the area to prevent further occurrences.
Army troops, police rescue abducted victim in Zamfara
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