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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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NSCDC Nabs Three Suspected Infrastructure Vandals in Abuja

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NSCDC Nabs Three Suspected Infrastructure Vandals in Abuja

By: Michael Mike

Operatives of the Nigeria Security and Civil Defence Corps (NSCDC) in the Federal Capital Territory have arrested three young men suspected of vandalising public infrastructure in Abuja.

The suspects were intercepted near the National Stadium area close to the National Hospital along Constitution Avenue during intensified patrols carried out as part of yuletide security operations.

According to the NSCDC, the men were allegedly caught in possession of damaged road safety installations, which they were believed to be preparing to transport from the area. Recovered items included several road crash barriers and a heavy-duty hammer.

The suspects were identified as Abdulsalam Aminu, 25, Mustapha Sale, 26, and Suleiman Sani, 19, and they are currently in custody while investigations is said to continue.

Speaking on the development, the FCT Commandant of the NSCDC, Dr. Olusola Odumosu, said the arrests were part of deliberate efforts by the command to protect critical public assets, particularly during festive periods when vandalism and theft often spike.

He lamented that public infrastructure provided to enhance safety and improve living conditions is frequently targeted by criminals for personal gain, describing such acts as a major threat to public welfare.

Odumosu stressed that the corps would remain relentless in safeguarding government facilities including roads, bridges, crash barriers, power installations and other vital infrastructure across the territory.

The commandant warned individuals involved in vandalism to desist or risk prosecution, noting that the agency would enforce the law without compromise. He also urged residents to support security agencies by reporting suspicious activities to help curb the destruction of public assets in the FCT.

NSCDC Nabs Three Suspected Infrastructure Vandals in Abuja

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Education Gets Highest Share as Zulum Presents N890.33bn 2026 Budget to Borno Assembly

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Education Gets Highest Share as Zulum Presents N890.33bn 2026 Budget to Borno Assembly

By: Michael Mike

Borno State Governor, Prof. Babagana Zulum has presented an N890.33 billion budget proposal for the 2026 fiscal year to the State House of Assembly, with the education sector receiving the largest allocation.

The budget, titled “Budget of Sustained Recovery and Growth,” places strong emphasis on capital development, with over 61 per cent of the total expenditure devoted to capital projects, while recurrent spending accounts for about 39 per cent.p

Addressing members of the House of Assembly, Zulum disclosed that the proposal comprises N353.77 billion for recurrent expenditure and N536.56 billion for capital expenditure, stressing that the spending plan is designed to deepen recovery efforts and accelerate development in the state.

According to the governor, the budget reflects the administration’s commitment to rebuilding infrastructure, revitalising the economy and improving the quality of life for residents following years of insurgency.

The sectoral breakdown of allocations showed that education tops the list with N135.43 billion. The funds are expected to support the construction and rehabilitation of schools, teacher recruitment, and scholarship programmes across the state.

The works and housing sector received N94.27 billion to fund road construction, bridge projects and housing development, while the health sector was allocated N66.41 billion for the completion of hospitals, procurement of medical equipment and supply of essential drugs.

Other key allocations include N58.71 billion for the Ministry of Reconstruction, Rehabilitation and Resettlement to facilitate the return and resettlement of displaced persons, N44.95 billion for agriculture to boost food production, and N21.35 billion for water resources projects. Funds were also set aside for information and internal security to strengthen peace and stability.

On the revenue side, the state expects N317.69 billion from the Federation Account, N44.30 billion from internally generated revenue, and N417.23 billion from capital receipts, including grants and development funds.

In his response, Speaker of the House of Assembly, Abdulkarim Lawan, assured the governor that the legislature would give the budget proposal prompt and thorough consideration to ensure it aligns with the state’s development priorities before passage.

Education Gets Highest Share as Zulum Presents N890.33bn 2026 Budget to Borno Assembly

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VP Kashim Shettima Expected at Second Kanem Borno cultural summit in Maiduguri

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VP Kashim Shettima Expected at Second Kanem Borno cultural summit in Maiduguri

By: Bodunrin Kayode

VP, Kashim Shettima is expected to flag off the second Bi-annual Kanem–Borno Cultural Summit 2026 taking place in Maiduguri from 1st–2nd January, 2026.

Announcing this recently, chairman of the Borno Emirate concerned citizens forum Zanna Boguma said that about 1000 other visitors from all over the world will join the VP in gracing the occasion.

He said the 1000 delegates are also expected from across the country and the world especially from several countries where kanuri people reside are coming for the summit.

“Ministers, top political figures and National Assembly members of Borno in other states will be coming including our kiths and kins in lafia and Kanam on the plateau.

” Lots of traditional stuffs will be showcased to announce that kanem Borno never fell in the hands of its enemies as is being portrayed in some quarters.

“There will be displays of cultural artifacts to entertain the visitors. Prayers will be held on Friday of that week for the success of the occasion. However, consistent prayers must continue to ensure that there is stability during the period.

In a recent world new conference, the chairman of the committee Zanna Hassan Buguma maintained that the theme for this year’s summit is ” Echoes of Resilience: Harnessing Culture for Peace and Regional Stability”

“We are pleased to formally announce the 2nd edition of the Bi-annual Kanem–Bornu Cultural Summit 2026, scheduled to hold on 1st and 2nd January, in Maiduguri, Borno State, under the theme “Echoes of Resilience: Harnessing Culture for Peace and Regional Stability.

“This Summit will serve as a global homecoming, bringing together sons and daughters of Kanem–Bornu from across Nigeria and around the world, including members of the diaspora, scholars, professionals, traditional leaders, cultural custodians, youth and women. It is a deliberate effort to reconnect our people to their shared heritage and mobilize collective wisdom, resources, and networks for the peace and stability of our region.

“Building on the success of the maiden edition, the 2nd Bi-annual Kanem–Bornu Cultural Summit seeks to deepen conversations around identity, resilience, and responsibility. At a time when the Lake Chad Basin continues to face security, humanitarian, and socio-economic challenges, this Summit positions culture as a unifying force and a strategic tool for peacebuilding, reconciliation, and regional cooperation and integration.

“The Kanem–Bornu civilization remains one of Africa’s most enduring legacies, renowned for governance, scholarship, trade, diplomacy, and coexistence across ethnic and cultural lines. For centuries, it nurtured systems that emphasized justice, tolerance, consultation, and social harmony. The Summit draws inspiration from this legacy to address contemporary challenges, reminding us that solutions to today’s crises can be found in the wisdom of our past.

” The Summit will explore how traditional institutions, indigenous conflict resolution mechanisms, cultural education, arts, language, and heritage preservation can be harnessed to counter violence, promote healing, and strengthen regional stability.

“Over the two days, the Summit will feature keynote addresses, high-level panel discussions, diaspora dialogues, youth and women forums, cultural and religious exhibitions, traditional performances, and policy-oriented sessions. Special attention will be given to diaspora engagement, knowledge exchange, investment in cultural industries, and pathways for youth participation in peace and development initiatives.

“Maiduguri, our host city, is both symbolic and strategic. It stands as a historic centre of Kanem–Bornu civilization and a contemporary symbol of courage and resilience. Hosting this Summit in Maiduguri underscores a powerful message: that the people of Kanem–Bornu, wherever they reside, remain united in purpose and committed to rebuilding, healing, and progress.” Said Dr Hassan.

VP Kashim Shettima Expected at Second Kanem Borno cultural summit in Maiduguri

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