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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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Nigeria Reaffirms Commitment to Global Anti-Drug War as NDLEA Officers Graduate from U.S. DEA Academy
Nigeria Reaffirms Commitment to Global Anti-Drug War as NDLEA Officers Graduate from U.S. DEA Academy
By: Michael Mike
Nigeria has reaffirmed its commitment to strengthening global collaboration in the fight against illicit drug trafficking and transnational organised crime as officers of the National Drug Law Enforcement Agency (NDLEA) completed advanced training at the United States Drug Enforcement Administration (DEA) Training Academy in Quantico, Virginia.
Speaking at the graduation ceremony on Friday, NDLEA Chairman and Chief Executive Officer, Brig. Gen. Buba Marwa (Rtd), said the increasing sophistication of criminal networks across borders requires deeper international cooperation and a coordinated global offensive.
Marwa stressed that criminal syndicates no longer operate within isolated territories, making intelligence sharing, joint operations and capacity building among nations indispensable in dismantling drug cartels and organised crime groups.
The ceremony, held at the elite DEA Training Academy, brought together officers from Nigeria, Ghana and Kenya for an intensive programme designed to sharpen investigative, operational and strategic enforcement capabilities. Participants were equipped with advanced skills to combat complex drug trafficking networks and related transnational crimes.
Describing the event as deeply significant, Marwa noted that the course was dedicated to members of the Special Investigative Unit (SIU) who paid the ultimate price in the line of duty. He paid tribute to the fallen officers, describing them as heroes whose courage and sacrifice continue to inspire law enforcement agencies worldwide.
Referencing the course motto, “Different nations, shared duty, one fight,” Marwa said it captured the collective resolve of partner countries against the global drug menace. He emphasised that only a unified, intelligence-driven response can effectively confront criminal enterprises that thrive on cross-border operations.
The NDLEA boss expressed confidence that the knowledge and competencies acquired by the graduating officers would significantly enhance the operational effectiveness of their respective agencies. He charged them to apply the training with integrity, professionalism and courage upon returning home, while upholding the highest standards of service.
Marwa also conveyed Nigeria’s appreciation to the United States Department of Justice, the DEA leadership and instructors for their continued mentorship and investment in capacity development.
He said the graduation marked not the end of training but the beginning of renewed responsibility, urging the officers to protect vulnerable communities and confront criminality wherever it threatens societal stability.
Marwa expressed optimism that the partnership between the NDLEA and the DEA would continue to deepen, yielding sustained success in the shared fight against illicit drugs and organised crime.
Nigeria Reaffirms Commitment to Global Anti-Drug War as NDLEA Officers Graduate from U.S. DEA Academy
VP Shettima Attends High-Level Meeting On Africa’s Health Security Sovereignty
By: Our Reporter
Shortly after his bilateral discussions with United Nations Secretary-General António Guterres, Vice President Kashim Shettima moved on to a high-level meeting on Building Africa’s Health Security Sovereignty on the sidelines of the African Union Summit in Addis Ababa, Ethiopia.
The session, organized by Africa CDC and fully supported by the Nigerian government, convenes African leaders and health policymakers to chart the path toward strengthening the continent’s health emergency preparedness, response systems, and pharmaceutical independence.
Joining the Vice President at the meeting are key Nigerian officials including the Coordinating Minister of Health and Social Welfare, Prof. Muhammad Ali Pate, and Minister of Foreign Affairs, Amb. Yussuf Tuggar.
Other African health ministers in attendance include Dr. Ibrahim Sy of Senegal, Madalisto Baloyi of Malawi, and Dr. Mekdes Daba of Ethiopia.
VP Shettima Attends High-Level Meeting On Africa’s Health Security Sovereignty
ISWAP suspected in Baga abduction of five civilians
By: Zagazola Makama
Five civilians were abducted on Feb. 12, 2026, by suspected Boko Haram/ISWAP terrorists in Doro Baga, Kukawa Local Government Area, Borno State, the Police Command reported.
Sources disclosed that the victims, Alhaji Sani Boyi, Bullama Dan Umaru, Baba Inusa, Abubakar Jan Boris, and Mallam Shaibu, were taken while purchasing fresh fish at a local market around 7:00 a.m.
The troops of Sector 3 Operation HADIN KAI, Civilian Joint Task Force (CJTF)/hunters immediately responded to the incident.
Relevant intelligence has been gathered, and search and rescue operations are ongoing to secure the release of the victims.
ISWAP suspected in Baga abduction of five civilians
Nigeria Reaffirms Commitment to Global Anti-Drug War as NDLEA Officers Graduate from U.S. DEA Academy
VP Shettima Attends High-Level Meeting On Africa’s Health Security Sovereignty
ISWAP suspected in Baga abduction of five civilians
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