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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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Troops rescue 21 kidnapped victims, clear bandits’ camps in forest operation in Plateau

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Troops rescue 21 kidnapped victims, clear bandits’ camps in forest operation in Plateau

By: Zagazola Makama

Troops of the Nigerian Army have rescued 21 kidnapped victims and dismantled several bandits’ camps during a coordinated clearance operation in Daji Madam Forest in Plateau State.

Security sources said the operation was conducted in the early hours of April 9 by troops of 33 Artillery Brigade, led by the Brigade Commander, Brig.-Gen. S.S. Shehu, in collaboration with a team from the Office of the National Security Adviser (ONSA).l

The operation targeted identified bandits’ enclaves in locations including Dogo Ruwa and Bogwas within the forest.

Simultaneously, troops of a Combat Support Infantry Battalion deployed at Mansur, led by Lt.-Col. J.T. Bere, in conjunction with Civilian Joint Task Force (CJTF) elements, mounted blocking positions at key crossing points to prevent the escape of fleeing bandits.

During the operation, troops made contact with the armed elements and successfully cleared multiple camps, including one linked to a notorious bandit leader identified as Auta Kachalla.

In the course of the operation, troops rescued 21 kidnapped victims and destroyed several motorcycles belonging to the bandits,” a source said.

Items recovered from the camps included one G3 rifle, four magazines, three generating sets and a solar panel.

The rescued victims are expected to undergo medical checks and debriefing, while efforts are ongoing to reunite them with their families.pp

Troops said offensive operations continue in the general area to eliminate remaining threats.

The operation is part of ongoing efforts by security forces to dismantle criminal networks and restore stability across forested enclaves in Plateau and adjoining states.

Troops rescue 21 kidnapped victims, clear bandits’ camps in forest operation in Plateau

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FG, Ohanaeze Outlaw ‘Eze Ndigbo’ Titles Abroad Amid Rising Diplomatic Tensions

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FG, Ohanaeze Outlaw ‘Eze Ndigbo’ Titles Abroad Amid Rising Diplomatic Tensions

By: Michael Mike

The Federal Government has moved to curb the controversial installation of “Eze Ndigbo” in foreign countries, backing a sweeping decision by Ohanaeze Ndigbo Worldwide and South East traditional rulers to abolish the practice outside Igboland, following a series of international incidents that have strained Nigeria’s diplomatic relations.

Minister of State for Foreign Affairs, Bianca Odumegwu-Ojukwu, delivered the government’s position at the high-level Imeobi meeting of Ohanaeze in Enugu on Thursday, describing the proliferation of Igbo “kings” in the diaspora as a growing embarrassment to Nigeria and a trigger for avoidable conflicts abroad.

She warned that while diaspora communities are free to promote their culture, attempts to replicate traditional rulership structures in foreign lands have repeatedly sparked tensions with host authorities and local populations.

The latest flashpoint occurred in East London, where the coronation of Solomon Ogbonna Eziko ignited violent protests. The unrest led to the destruction of property, attacks on foreign-owned businesses, and clashes with security forces, after locals interpreted the installation as a challenge to South Africa’s traditional authority system.

South African institutions, including the Eastern Cape House of Traditional and Khoi-San Leaders and the Department of Cooperative Governance and Traditional Affairs, declared the coronation illegal, underscoring the diplomatic sensitivity of such actions.

Nigeria’s foreign missions quickly distanced themselves from the development, with officials clarifying that the event was merely cultural and not a recognized monarchy. The Nigerian Embassy in Pretoria subsequently issued an apology and urged citizens to maintain a low profile.

Odumegwu-Ojukwu revealed that similar tensions had surfaced in Accra in 2025, where protests against Nigerians escalated over the same issue. She led a diplomatic delegation to calm the situation, engaging directly with John Mahama and other key stakeholders.

According to her, the intervention of the Ghanaian president was pivotal in diffusing tensions, as he reaffirmed his country’s commitment to ECOWAS protocols on free movement and rejected calls for xenophobic actions against Nigerians.

The minister stressed that such crises place Nigerian lives, businesses, and diplomatic standing at risk, insisting that urgent measures were necessary to prevent further escalation.

In response, Ohanaeze Ndigbo Worldwide has formally proscribed the conferment and use of “Eze Ndigbo” titles outside Igboland. President-General of the organization, Azuta Mbata, declared that any individual assuming such a title abroad does so without the backing of the Igbo people.

He disclosed that the group would notify state governments and Nigerian missions globally of the decision and is working with traditional rulers to establish sanctions for violators, including community-level enforcement through hometowns and town unions.

The Federal Government has pledged to reinforce the directive through its diplomatic channels, signaling a coordinated effort to prevent further international disputes linked to cultural misrepresentation.

The development marks a decisive shift by both the government and Igbo leadership to separate cultural expression from traditional authority in diaspora settings, amid growing concern over the global implications of local customs.

FG, Ohanaeze Outlaw ‘Eze Ndigbo’ Titles Abroad Amid Rising Diplomatic Tensions

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Africa, France Move to Reset Economic Ties at Nairobi Summit

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Africa, France Move to Reset Economic Ties at Nairobi Summit

By: Michael Mike

African leaders and their French counterparts are set for a critical engagement next month as Kenya and France prepare to host the Africa Forward Summit: Africa–France Partnerships for Innovation and Growth in Nairobi, amid growing calls for a new model of cooperation that delivers real economic impact for the continent.

The summit, scheduled for May 11–12, 2026, will convene top political leaders including Emmanuel Macron and William Ruto, alongside African Heads of State, investors, development partners, civil society groups, and youth representatives.

A Business Forum on May 11 is expected to drive private sector engagement and set the tone for the main summit, where discussions will centre on investment, innovation, and long-term economic collaboration.

Organisers said the summit is designed to move beyond diplomatic symbolism, focusing instead on actionable partnerships in key sectors such as healthcare, agriculture, digital technology, energy, and infrastructure—areas considered vital to Africa’s transformation.

For countries like Nigeria, the outcomes could be significant, offering pathways to attract investment, create jobs, and strengthen economic resilience at a time of global uncertainty.

The summit comes against the backdrop of evolving relations between Africa and France, marked by increasing demands from African nations for more equitable and transparent partnerships.

Historically, France has maintained strong political, economic, and military ties with several African countries, particularly in West and Central Africa. However, in recent years, these relationships have come under scrutiny, with critics calling for an end to perceived imbalances and a shift toward mutual respect and shared benefits.

At the same time, Africa’s global relevance has risen, driven by its growing population, expanding markets, and strategic importance in global supply chains. This has intensified competition among global powers seeking influence on the continent, prompting France to recalibrate its engagement strategy.

The Africa Forward Summit is seen as part of that reset—an attempt to reposition France as a partner in innovation and sustainable development rather than a traditional power broker.

The timing is also significant as it feeds into preparations for the upcoming G7 Summit, where Africa’s economic future, climate challenges, and development financing are expected to dominate discussions.

Analysts said the Nairobi meeting could serve as a testing ground for how Africa and its international partners engage moving forward—shifting from aid-driven relationships to investment-led cooperation.

With unemployment rising and infrastructure gaps widening across many African economies, expectations are high that the summit will produce concrete commitments rather than broad declarations.

Diplomatic missions in Abuja have indicated that further details will be unveiled at a press briefing, but stakeholders are already positioning the summit as a defining moment in reshaping Africa–Europe relations.

If successful, the Africa Forward Summit could mark a turning point—signaling a transition from historic ties to future-focused partnerships built on innovation, shared prosperity, and measurable outcomes.

Africa, France Move to Reset Economic Ties at Nairobi Summit

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