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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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Gov. Uba Sani visits scene of Kurmin Wali attack,vows to free captives

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Gov. Uba Sani visits scene of Kurmin Wali attack,vows to free captives

By: Zagazola Makama

Gov. Uba Sani of Kaduna State on Wednesday visited Kurmin Wali village in Kajuru Local Government Area, scene of a recent bandit attack, where he admitted the incident and pledged decisive action to secure the release of those abducted.

The governor, who commiserated with the victims and their families, described the Jan. 18 attack on three churches in the community as painful and unacceptable, assuring residents that his administration would intensify efforts to restore lasting peace in the area.

Sani said the state government would work closely with the military and other security stakeholders to ensure the safe return of all captives and prevent a recurrence of such attacks.

He appealed to the Minister of Defence, Gen. Christopher Musa (rtd), a native of Kaduna State, to support the establishment of a military base in the area to enhance security and deter criminal elements.

The governor also announced plans to construct an access road to Kurmin Wali, establish a Primary Health Care centre, and provide other social amenities to improve living conditions and strengthen government presence in the community.

Addressing international and local journalists who accompanied him to the village, Sani said his administration remained committed to protecting lives and property across Kaduna State.

Residents of Kurmin Wali thanked the governor for the visit and pledged their cooperation with the government to help secure the release of the abducted persons and sustain peace in the area.

Gov. Uba Sani visits scene of Kurmin Wali attack,vows to free captives

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The Emir of Tikau urges the new Emir of Gamawa to carry his people along for the development of the emirate

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The Emir of Tikau urges the new Emir of Gamawa to carry his people along for the development of the emirate

By: Yahaya Wakili

His Royal Highness the Emir of Tikau in Yobe State, Alhaji Abubakar Muhammadu Ibn Grema II, has called on the new emir of Gamawa in Bauchi State, Alhaji Adamu Abdulkadir Adamu, to carry everybody along in the emirate for the development of the nation.

The royal father made the appeal today at his place in Sabon Garin Nangere while receiving the new emir of Gamawa in Bauchi state, His Royal Highness, Alhaji Adamu Abdulkadir Adamu. He said the creation of emirates is a great development for the nation.

“As we know, there was a very strong relationship between the Gamawa and Tikau emirates, and these will continue existing, and we share a boundary with them, and there was something that was raised between us and them, and anything that affected them affected us directly.” The Royal Father said.

According to Mai Tikau, the most cases we have are the conflicts between the farmers and the herders from time to time. Sometimes they will enter our territory, and sometimes we will enter their own, adding that, for the issue of the border, we hope with your coming as the new emir of Gamawa, this problem will be solved.

Speaking earlier, the emir of Gamawa, Alhaji Adamu Abdulkadir Adamu, said they were at Tikau Place to express their appreciation to the royal father, the emir of Tikau, for his support given to us since we emerged as the new emir of Gamawa.

He said, “Immediately His Excellency, the Executive Governor of Bauchi State, Hon. Bala Abdulkadir Muhammad Kaura, created this emirate. Mai Tikau is the first person who sent a delegation to Gamawa to congratulate us.”

The Emir of Tikau urges the new Emir of Gamawa to carry his people along for the development of the emirate

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Former Minister visits Gimba Memorial School in Potiskum

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Former Minister visits Gimba Memorial School in Potiskum

By: Yahaya Wakili

The former Minister of Police Affairs and Leader of the African Democratic Congress (ADC) in Yobe State, Alhaji Adamu Maina Waziri, has paid a surprise visit to Hafsatu Gimba Ahmed Memorial School in Potiskum, where he was warmly received by the students and the school management.

During the visit, the former minister distributed educational materials and foodstuff to the pupils and commended the school’s leadership for its commitment to quality education.

Adamu Waziri moved from classroom to classroom, where he engaged directly with students in a cheerful and fatherly manner and charged them to take their studies seriously, noting the importance of reading as a key to personal and national development.

He commended the proprietor of the school, Dr. Hassan Gimba Ahmed, the publisher/editor-in-chief of NEPTUNE PRIME, for his dedication to education and community service as a whole, adding that what Dr. Hassan Gimba has done here is not just building a school but building a legacy.

Earlier, the proprietor of the school, Dr. Hassan Gimba Ahmed, ably represented by the school’s management, thanked Alhaji Adamu Maina Waziri for his generosity and continued interest in youth development and described the visit as a major encouragement to the school and the community hosting it.

“This gesture underscores Adamu Maina Waziri’s ongoing commitment to supporting education and nurturing the next generation of Nigerian leaders even beyond his years of public service.

The highlight of the visit concluded with a group photograph and heartfelt appreciation from students, many of whom said they were inspired by the former minister’s humility and kindness.

The former minister of police affairs was accompanied by Dr. Zainab Boni Haruna, Engr. Abubakar Adamu Waziri (alias Cargo), Hon. Umar Khali, ADC state party chairman, Hon. Lawan Mammadu Kori, and Dr. Mamu Muhammad, among others.

Former Minister visits Gimba Memorial School in Potiskum.

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