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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
News
Zulum Pays Sympathy Visit to Victims of Ngoshe Attack, Assures Rescue of Abducted Residents
Zulum Pays Sympathy Visit to Victims of Ngoshe Attack, Assures Rescue of Abducted Residents
By: Our Reporter
Borno State Governor, Professor Babagana Umara Zulum, has commiserated with the people of Ngoshe affected by the recent Boko Haram attack, describing the incident as tragic.
Ngoshe, a community in Gwoza local government, was attacked on Tuesday evening, scores were killed, while others were abducted.

Addressing members of the community on Friday in Pulka, Governor Zulum said he personally came to sympathize with the affected people and families of those that lost their loved ones.
He assured that efforts are underway to rescue all those abducted, restore security, and provide humanitarian support to victims.

“We are here today to commiserate with the people of Ngoshe that have lost their loved ones following the unfortunate incident that occurred on Tuesday. The situation is very sad and our hearts go out to all those affected by this tragedy,” Zulum said.
“I want to assure you that we will do everything possible to address the unfortunate situation that has befallen this community, and for those who have been abducted, the Nigerian military will do everything within its capacity to rescue them,” Zulum assured.

Governor Zulum explained that military operations are currently ongoing in Ngoshe and the Sambisa Forest to rid the area of criminal elements.
“There are ongoing military operations within the Sambisa Game Reserve. What we witnessed yesterday was largely a result of insurgents being pushed out from their strongholds, which led them to launch coordinated attacks on nearby communities,” he explained.
He called on the Nigerian Army to intensify operations to clear insurgents from the Mandara Hills which he described as a major security threat.
“The Mandara Hills remain a major security concern. The insurgents descended from the hills to attack this town. Therefore, I call on the Nigerian Army and the Federal Government to intensify efforts to clear Mandara Hills of insurgents,” Zulum said.

The governor noted that the exact number of casualties is yet to be confirmed as assessments are still ongoing, but acknowledged that several lives were lost while others were abducted.
As part of immediate humanitarian intervention, the governor said the state government had begun distributing relief materials and establishing cooking points to provide food for displaced residents.
“For now, we will distribute food items to those affected and I have directed that cooking points be established so that everyone in this community can receive meals from a central kitchen,” he said.
The governor appealed to residents to remain calm and law-abiding, noting that Borno State government will double its efforts to end this madness. “We shall not relent in our commitment to restoring lasting peace and stability in the state,” he said.
“I strongly believe that with sustained military operations and cooperation between all levels of government, we will overcome this challenge. Insha Allah, peace will return fully to our land,” the governor added.
Similarly, Governor Babagana Zulum inspected houses burned during an attack by Boko Haram insurgents on Thursday in Konduga town.
Zulum Pays Sympathy Visit to Victims of Ngoshe Attack, Assures Rescue of Abducted Residents
News
IWD 2026: UN Women Warns Nigeria’s Democracy at Risk as Women Hold Just 3.9% of Parliamentary Seats
IWD 2026: UN Women Warns Nigeria’s Democracy at Risk as Women¹ Hold Just 3.9% of Parliamentary Seats
By: Michael Michael
The Country Representative of UN Women to Nigeria and the Economic Community of West African States (ECOWAS), Beatrice Eyong, has warned that Nigeria’s democratic progress and development could remain stunted unless urgent action is taken to close the country’s widening gender inequality gap.
Speaking in Abuja during a media parley ahead of the 2026 commemoration of International Women’s Day, Eyong said Nigeria continues to face troubling disparities in women’s representation, safety and access to justice despite years of advocacy and policy commitments.
The global observance this year is themed “Rights. Justice. Action.”
Eyong said the theme reflects a growing international concern that although women’s rights are widely recognised in law and policy, millions of women still struggle to experience those rights in their daily lives.
She particularly raised alarm over Nigeria’s extremely low level of female political representation, revealing that women currently occupy just 3.9 per cent of parliamentary seats, one of the lowest rates anywhere in the world.
According to her, the imbalance not only undermines democratic inclusion but also weakens the country’s ability to make policies that reflect the needs of half of its population.
“Gender equality is fundamentally a question of power, and the power gap in Nigeria remains stark,” Eyong said.
“When women are missing from decision-making tables, the consequences are visible in the policies we adopt, the priorities we fund, and the voices that remain unheard.”
Beyond politics, she said Nigeria continues to grapple with persistently high levels of gender-based violence, noting that many survivors still face enormous barriers in seeking justice.
She warned that violence against women is increasingly spreading into digital spaces, where technology-facilitated abuse has become a growing threat.
“Rights mean little without justice,” she said. “Justice must be experienced in women’s safety, in their freedom from fear, and in their ability to seek protection and accountability wherever abuse occurs.”
To confront these challenges, Eyong said UN Women is intensifying advocacy for the Special Seats for Women Bill, a constitutional reform proposal aimed at guaranteeing women stronger representation in Nigeria’s legislative institutions.
She explained that the organisation is also working with the Federal Ministry of Women Affairs to strengthen the National Sexual Offender Database, a critical accountability tool designed to prevent convicted offenders from evading detection by moving between states.
In addition, she said UN Women has expanded its engagement with traditional and religious leaders across Nigeria to challenge cultural norms and social practices that perpetuate discrimination and violence against women.
The agency is also supporting efforts to institutionalise Gender-Responsive Budgeting at federal and state levels to ensure government spending prioritises issues affecting women and girls, including maternal health, girl-child education, economic empowerment and community safety.
Eyong noted that beyond policy reforms, UN Women is building partnerships with financial institutions and the private sector to increase access to funding for women-led businesses and community initiatives.
She also highlighted ongoing efforts to strengthen women’s participation in peacebuilding and conflict prevention through Nigeria’s Third National Action Plan on Women, Peace and Security.
However, Eyong stressed that meaningful progress will require more than policy declarations.
According to her, Nigeria does not suffer from a shortage of gender policies but from weak implementation, insufficient financing and inconsistent enforcement.
“We must move from commitments to implementation and from plans to measurable impact,” she said.
She called on the media to intensify its role in exposing injustice, amplifying the voices of survivors of violence and promoting women’s leadership across sectors.
Eyong said journalists remain critical partners in shaping national conversations that can influence policy reforms and public attitudes toward gender equality.
“When we secure justice and rights for women, we secure Nigeria’s stability, prosperity and future,” she said.
She added that UN Women remains committed to working with government, civil society, development partners and communities to ensure that the ideals of Rights, Justice and Action translate into tangible change for women and girls across Nigeria.
IWD 2026: UN Women Warns Nigeria’s Democracy at Risk as Women Hold Just 3.9% of Parliamentary Seats
News
Zulum Appoints Dr. Sa’id Alkali Kori, 3 others as Chairman, Board Members, Borno Investment Promotion Agency
Zulum Appoints Dr. Sa’id Alkali Kori, 3 others as Chairman, Board Members, Borno Investment Promotion Agency
By: Our Reporter
The earlier statement inadvertently refers to Dr. Sa’id Alkali Kori as the Director General/Chief Executive Officer of the Borno State Investment Promotion Agency, rather than the Chairman/Chief Investment Adviser to the Borno State Governor.
Therefore, this statement supersedes the earlier one.
Borno State Governor, Professor Babagana Umara Zulum, has approved the appointment of Dr. Sa’id Alkali Kori as Chairman/Chief Investment Adviser to the Borno State Governor.
Dr. Kori is a consummate entrepreneur and investment and infrastructure finance expert, and holds a PhD in Humanities and Social Sciences with a focus on Intellectual Capital from the University of London, United Kingdom.
He serves as the Honorary Special Adviser on International Relations and Investment to the Governor of Yobe State and is the Technical Adviser to the Lake Chad Basin Governors’ Forum.
Dr. Kori is currently the Chairman and Group Chief Executive Officer of Thinklab Group Limited, a leading innovation and development finance firm. He also serves as the Chairman of the Board for the Nigeria Food Corporation.
He has structured financing in excess of $200 million for critical infrastructure in housing, healthcare, and road networks.
The appointment is for the initial term of four years.
Governor Babagana Umara Zulum has also approved the appointment of Laminu Lawan Awana, Abubakar Ahmed Askira, and Danladi Alfaki Isa as Governing Board members representing the three senatorial zones of the state.
This is in accordance with section 6(b) of the Borno State Investment Promotion Law 2026 (as amended).
The appointees are seasoned professionals in trade and investment, development financing, housing, and mortgage finance.
Other members of the Board include:
A representative from each of the following Ministries, Departments, and Agencies, not below the rank of a Director, as Ex-Officio Members:
· Ministry of Commerce, Trade and Industries
· Borno State Geographic Information Service (BOGIS)
· Ministry of Works
· Ministry of Housing and Energy
· Ministry of Justice
· Ministry of Agriculture and Natural Resources
· Ministry of Livestock
· Ministry of Planning
· Ministry of Finance
· Ministry of Local Government and Emirate Affairs
- Two (2) representatives from the Organized Private Sector in Borno State.
- The Director-General of the Borno State Investment Promotion Agency will serve as the Secretary.
All the appointments take immediate effect.
Governor Babagana Zulum expressed confidence that, with Dr. Kori’s vast experience and the collective expertise of the board members, the state will be positioned as a hub for domestic and foreign investment and will foster viable Public-Private Partnerships (PPPs) to accelerate the State’s economic revitalization and sustainable development.
Zulum Appoints Dr. Sa’id Alkali Kori, 3 others as Chairman, Board Members, Borno Investment Promotion Agency
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