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MR. PRESIDENT; WITHHOLD ASSENT TO THE AMENDMENT OF THE CENTRAL BANK OF NIGERIA ACT

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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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No Badge Should Become a License to Kill — NHRC Condemns Alleged Extrajudicial Killing in Delta

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No Badge Should Become a License to Kill — NHRC Condemns Alleged Extrajudicial Killing in Delta

By: Michael Mike

The National Human Rights Commission (NHRC) has issued a strong condemnation of the alleged extrajudicial killing of a 28-year-old Nigerian, Mene Ogidi, reportedly shot by a police officer in Effurun, warning that the authority of law enforcement must never be abused to take lives unlawfully.

In a statement released in Abuja, the Executive Secretary of the Commission, Tony Ojukwu, described the April 26 incident as “deeply disturbing” and a direct violation of constitutional guarantees and the rule of law.

He stressed that no citizen should lose their life at the hands of those entrusted with their protection, noting that the reported conduct of the officer involved was “condemnable, unacceptable, and completely inconsistent with the principles of justice and a civilized society.”

The NHRC boss raised alarm over what he termed a troubling pattern of excessive force by security personnel, urging the Nigeria Police to take immediate and decisive action to curb the trend.

He called for systemic reforms, including mandatory periodic psychological and mental fitness evaluations for officers, particularly those deployed on special assignments, to ensure they are capable of handling firearms responsibly and engaging civilians within the bounds of the law.

Ojukwu further demanded swift disciplinary measures against the officer implicated in the incident, insisting that accountability must be pursued in line with existing laws and police regulations. He also pressed for the full implementation of recommendations from past panels on police brutality, arguing that meaningful reform remains critical to preventing future abuses.

“The Commission demands immediate arrest and a transparent investigation into the incident, dismissal of the officer involved, and swift prosecution in accordance with the law,” he said, adding that justice must also include adequate compensation for the victim’s family.

He warned that delays in justice risk eroding public trust in state institutions and weakening confidence in law enforcement agencies.

Reaffirming the Commission’s commitment to human rights protection, Ojukwu said the NHRC would closely monitor the case while continuing its advocacy for accountability and justice.

“Nigeria must never normalize brutality,” he said. “Justice must speak louder than silence.”

No Badge Should Become a License to Kill — NHRC Condemns Alleged Extrajudicial Killing in Delta

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Bangladesh Seeks Deeper Strategic Ties with Nigeria

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Bangladesh Seeks Deeper Strategic Ties with Nigeria

By: Michael Mike

The High Commissioner of Bangladesh to Nigeria has reaffirmed the commitment of both countries to deepen bilateral relations, describing Bangladesh and Nigeria as natural partners bound by shared aspirations for development, cultural understanding, and global cooperation.

Speaking at the Bangla New Year 1433 celebration in Abuja, the High Commissioner, Miah Md. Mainul Kabir, emphasized that although geographically distant, Bangladesh and Nigeria share strong historical and developmental parallels as populous, dynamic, and rapidly evolving economies in their respective regions.

He noted that the relationship between both countries has continued to expand steadily in recent years, particularly in areas of trade, education, capacity building, and cultural exchange.

According to him, there remains significant untapped potential for collaboration in sectors such as agriculture, pharmaceuticals, energy, ICT, and human capital development.

The High Commissioner stressed that cultural diplomacy remains a vital bridge in strengthening bilateral relations, adding that events such as the Bangla New Year celebration in Abuja provide an important platform for fostering mutual understanding between the peoples of both nations. He described such engagements as essential tools for building trust and expanding cooperation beyond formal diplomatic channels.

He further underscored the importance of people-to-people connections, noting that the Bangladeshi community in Nigeria plays a key role in reinforcing goodwill and serving as informal ambassadors of their country. He commended their contribution to Nigeria’s socio-economic environment while also preserving cultural identity abroad.

Reiterating Bangladesh’s interest in stronger engagement with Nigeria, the High Commissioner said both countries stand to benefit from enhanced cooperation in trade diversification, knowledge exchange, and investment partnerships. He expressed optimism that continued dialogue and cultural interaction would translate into more structured bilateral initiatives in the near future.

He described the celebration of the Bangla New Year in Abuja as a reflection of the growing warmth in bilateral relations and a symbol of shared commitment to friendship and mutual progress between Bangladesh and Nigeria.

The event was arranged by the High Commission of Bangladesh in Abuja. And present were Ambassadors, members of diplomatic corps, senior officials of the Ministry of Foreign Affairs, representatives of think tanks, media, business community of Nigeria and expatriate Bangladeshis. The venue was colourfully decorated with traditional Bangladeshi artifacts, symbols of cultural heritage. Diversity of Bangladesh’s landscape in different seasons were put on display. A spectacular cultural performance by Bangladeshi and Nigerian artists displaying different aspects of the six seasons of Bangladesh charmed the audience. Traditional Bangladeshi food items including various pithas were served among the guests.

Bangladesh Seeks Deeper Strategic Ties with Nigeria

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Troops Foil Motorcycle Snatching Attempt in Plateau by Berom Militia, Victim Later Dies

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Troops Foil Motorcycle Snatching Attempt in Plateau by Berom Militia, Victim Later Dies

By: Zagazola Makama

Troops of Sector 5 Operation Peace Enforcement (OPEP) have foiled an attempted motorcycle snatching incident in Bokkos Local Government Area of Plateau State by Berom Militia.

Security sources said that the incident occurred at about 7:20 p.m. on April 28 in Maiduna village, Dafof district, when armed individuals attacked a civilian and attempted to seize his motorcycle.

The sources said troops deployed at Maiduna general location responded swiftly to distress calls, forcing the attackers to abandon their mission and flee the scene.

According to the sources, the victim was rescued with injuries and his motorcycle recovered by troops during the operation.

They added that the victim was later evacuated to a clinic in Dafof, where he was confirmed dead despite medical attention.

The recovered motorcycle is currently in military custody, while efforts are ongoing to track and apprehend the fleeing suspects.

Troops Foil Motorcycle Snatching Attempt in Plateau by Berom Militia, Victim Later Dies

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