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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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NIMC Pushes Digital Identity Reforms to Boost Service Delivery, Security
NIMC Pushes Digital Identity Reforms to Boost Service Delivery, Security
By: Michael Mike
The National Identity Management Commission (NIMC) has reaffirmed its commitment to strengthening Nigeria’s Digital Public Infrastructure (DPI) through the deployment of secure digital identity systems aimed at improving governance, enhancing national security, and expanding access to public services.
Speaking at a digital conference in Abuja themed “Building Africa’s Digital Foundations Together,” the Director-General and Chief Executive Officer of NIMC, Abisoye Coker-Odusote, represented by the Head of Infrastructure Technology and Identity Databases, Mr. Sulaiman Falade, said the commission is driving reforms and institutional partnerships to build an inclusive and interoperable digital identity ecosystem.
According to her, the National Identification Number (NIN) has become central to Nigeria’s digital transformation agenda, serving as a key tool for identity verification, biometric authentication, and access to both government and private sector services.
She noted that following the Presidential Directive issued on April 5, 2024, Ministries, Departments and Agencies (MDAs) were mandated to integrate the NIN into digital services, particularly in areas involving data capture, identity verification, and authentication processes.
Coker-Odusote stated that NIMC has already established implementation structures to ensure compliance with the directive and to deepen the adoption of digital identity solutions across the country.
She further stressed that the Federal Government’s vision is to establish a unified, secure, and transparent digital identity framework capable of supporting efficient service delivery and accountability in governance.
The NIMC boss added that the commission is also advancing Nigeria’s broader digital governance goals through the deployment of the National Public Key Infrastructure (nPKI), a system designed to strengthen trust in digital transactions, safeguard citizens’ data, and promote secure online interactions.
She called on stakeholders in both the public and private sectors to continue supporting the implementation of Nigeria’s digital identity ecosystem, noting that the initiative is critical to national development and economic growth.
According to her, NIMC remains committed to leveraging technology and innovation to build a more connected, efficient, and resilient nation.
NIMC Pushes Digital Identity Reforms to Boost Service Delivery, Security
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Tinubu Sweeps Zulum’s Ward with 100% Votes in APC Presidential Primary
Tinubu Sweeps Zulum’s Ward with 100% Votes in APC Presidential Primary
By: Michael Mike
President Bola Ahmed Tinubu recorded a landslide victory in the All Progressives Congress (APC) presidential primary election in Mafa Ward of Borno State, securing all valid votes cast in the exercise held in the home ward of Governor Babagana Umara Zulum.
The direct primary election took place at Mafa Central Primary School under the supervision of the Chairperson of the Presidential Primary Election Committee, Hajiya Inna Alkali Imam.
According to the results announced at the ward level, Tinubu polled 2,175 votes, representing 100 per cent of the valid votes cast during the exercise. Out of the 2,277 registered APC members in the ward, 2,175 were accredited and participated in the voting process.
Tinubu’s challenger, Stanley Osifo, an APC chieftain and businessman from Edo State, failed to secure any vote in the ward.
Governor Zulum, who served as the Coordinator and Collation Officer for the presidential primary in the state, said he participated in the exercise as an indigene of Mafa Ward.
“I am from Mafa Ward, and that is why I am here to witness and participate in the exercise. We have two candidates, President Bola Ahmed Tinubu and Mr Stanley Osifo,” Zulum stated.
The governor also commended the peaceful conduct of the exercise and the turnout of party members.
“So far so good, we have conducted the presidential primary election for Mafa Ward, and I am very impressed with the turnout. We have a total of about 2,277 registered party members in Mafa Ward, out of which 2,175 were accredited for the voting, and all of them voted for President Bola Ahmed Tinubu, while the other candidate scored zero,” he said.
The APC presidential primary is ongoing in several states across the country, with the party expected to collate and announce final nationwide results at a later date.
Tinubu Sweeps Zulum’s Ward with 100% Votes in APC Presidential Primary
News
I Remember At Age Of 8,General Gowon Would Send Hand Written Letter To Yusuf Signed Uncle Joe-Sanusi
I Remember At Age Of 8,General Gowon Would Send Hand Written Letter To Yusuf Signed Uncle Joe-Sanusi
By: Our Reporter
The 16th Emir of Kano, Muhammadu Sanusi II, has recounted a touching childhood memory about former Nigerian Head of State Yakubu Gowon, portraying him as a compassionate leader who extended personal support to the family of a military officer killed during the 1966 coup.
Speaking during an interview on Signature TV, Sanusi reflected on his early years at St Anne’s Secondary School in Kaduna, where he attended school alongside Yusuf Pam, the son of the late Colonel Joseph Pam, one of the victims of the January 1966 Nigerian coup.
The former governor of the Central Bank of Nigeria recalled that despite the demands of national leadership, Gowon took a personal interest in the wellbeing of Yusuf following the loss of his father. According to Sanusi, the former Head of State frequently sent handwritten letters to the young boy, signing them “Uncle Joe.”
“What I remember at the age of eight was that General Gowon, as Head of State, would send a handwritten letter to Yusuf signed ‘Uncle Joe.’ That is a window into the person you are dealing with,” Sanusi said.
The Emir noted that the gesture has remained vivid in his memory over the years because it revealed a caring and humane side of leadership during one of the most turbulent periods in Nigeria’s history. He suggested that Gowon’s actions reflected empathy and a sense of responsibility toward families affected by the political upheaval of the time.
Colonel Pam was among several prominent figures who lost their lives during the 1966 coup, a pivotal event that reshaped Nigeria’s political landscape and contributed to years of instability and conflict that followed.
I Remember At Age Of 8,General Gowon Would Send Hand Written Letter To Yusuf Signed Uncle Joe-Sanusi
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