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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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$1bn Poultry Mega Project to Drive Food Security, Jobs Hit Homestead as Pilot Begins in Three States
$1bn Poultry Mega Project to Drive Food Security, Jobs Hit Homestead as Pilot Begins in Three States
By: Michael Mike
Nigeria’s push to strengthen food security and cut dependence on poultry imports is set to gain fresh momentum as the $1 billion National Integrated Poultry Project moves into its pilot phase in Enugu, Kaduna and Oyo states.
The project, driven under the Nigeria–China Strategic Partnership (NCSP), is designed as one of the most ambitious agricultural investments in the country’s history, targeting large-scale egg and meat production, expanded feed cultivation and direct support for local farmers.
Director-General and Global Liaison of the NCSP, Joseph Tegbe, announced the take-off of the pilot phase at the weekend during the Chinese New Year Temple Fair in Abuja, held to mark the 55th anniversary of diplomatic relations between Nigeria and China.
According to Tegbe, the initiative is structured to go beyond commercial farming. When fully operational, it is expected to produce about six million eggs daily, house more than seven million laying birds and over two million broilers, while supporting the cultivation of more than 60,000 hectares of maize and soybeans for feed.
He said the scale of the project positions it as a game-changer for Nigeria’s poultry value chain, with direct implications for employment, farmer incomes and food affordability.
“This is not just a farming project. It is a strategic intervention to stabilise food supply, create jobs across the value chain and restore dignity to agricultural livelihoods,” Tegbe said.
A key component of the initiative, he explained, is the provision of subsidised feedstock, which will not only serve the integrated farms but also support existing poultry farmers who have been hit by rising feed costs.
Beyond agriculture, Tegbe highlighted parallel Nigeria–China collaboration in heavy industry, particularly the planned revitalisation of the Ajaokuta Steel Complex. He said renewed operations at Ajaokuta are projected to yield up to 10 million metric tonnes of steel annually, potentially reshaping Nigeria’s industrial landscape.
“A functional Ajaokuta will power manufacturing, unlock jobs and reposition Nigeria as an industrial force in Africa,” he said, adding that the government is determined to translate long-standing plans into measurable economic outcomes.
On human capital development, Tegbe noted that educational and knowledge-exchange programmes between Nigeria and China are expanding, with more scholarships, joint research initiatives and industrial parks in the pipeline to support technology transfer and innovation.
China’s Chargé d’Affaires to Nigeria, Zhou Hongyou, said the poultry project and other joint initiatives reflect the maturity of bilateral relations built over 55 years. He described the Year of the Horse—under which the celebration falls—as symbolic of hard work, perseverance and progress, values he said mirror the trajectory of Nigeria–China cooperation.
Also speaking, Director of the China Cultural Center in Nigeria, Yang Jianxing, described the growing partnership as one rooted in mutual trust and shared development, stressing that cooperation must continue to deliver concrete benefits for ordinary Nigerians.
The anniversary celebration featured cultural performances, exhibitions and a showcase of Chinese traditions, underscoring the people-to-people dimension of the Nigeria–China relationship as both countries pursue deeper economic and cultural ties.
$1bn Poultry Mega Project to Drive Food Security, Jobs Hit Homestead as Pilot Begins in Three States
News
Experts Push Structured Islamic Estate Planning to Protect Wealth, Prevent Family Disputes
Experts Push Structured Islamic Estate Planning to Protect Wealth, Prevent Family Disputes
By: Michael Mike
Legal, financial and Islamic scholars have urged Nigerians to embrace structured Islamic estate planning, warning that informal and undocumented wealth transfer practices continue to expose families to conflict, asset loss and prolonged court battles.
The call was made in Abuja at the 8th Annual Islamic Estate Planning Clinic, themed “From Informality to Legacy: Structuring Islamic Wealth Transfer.” The event was organised by The Metropolitan Law Firm in partnership with First Trustees Limited and Al-Ameen Trustees Limited.
Speakers at the forum stressed that increasing reliance on verbal agreements and family-based arrangements often undermines the intentions of asset owners and creates avoidable disputes among beneficiaries.
Managing Partner of The Metropolitan Law Firm, Hajia Ummahani Amin, said many Nigerian families fail to document their estate plans, leading to mismanagement and outcomes that contradict Islamic inheritance principles.
She explained that estate planning enables individuals to organise their affairs ahead of death and ensure their wishes are carried out in line with both legal and religious requirements.
“Leaving assets with relatives or friends without proper documentation has resulted in serious challenges for many families,” Amin said.
She noted that while Islamic law provides clear inheritance guidelines, individuals are permitted to allocate up to one-third of their estate through structured instruments such as wills, trusts and endowments. According to her, these tools are essential for protecting beneficiaries and sustaining long-term family legacies, especially as Nigeria adjusts to digitalisation and emerging tax reforms.
Delivering the keynote address, Professor Isa Pantami, Co-Chairman of the African Union’s 4th Industrial Revolution Policy Council, called for a shift from informal practices to properly documented, Sharia-compliant estate planning systems.
Pantami said verbal agreements are unreliable and often fuel disputes, adding that structured wealth transfer is both a legal necessity and a religious obligation in Islam.
He advocated the use of modern technologies, including blockchain-based systems, to secure wills and estate documents, while also highlighting challenges such as delayed will-writing, undocumented property ownership and cultural practices that conflict with Islamic inheritance laws.
Chairperson of the Better Life Programme for the African Rural Woman, Dr Hajiya Aisha Babangida, emphasised the need for sustained public education on Islamic financial instruments.
She noted that tools such as waqf (Islamic endowment), trusts and Sukuk could be leveraged to support education, infrastructure and community development if properly understood and utilised.
“Awareness and education are critical,” she said. “Structured planning helps families preserve wealth while contributing to broader social development.”
Also speaking, Associate Director of First Trustees Limited, Mr Abimbola Ajinibi, identified cultural misconceptions as a major obstacle to effective estate planning among Muslims.
He explained that many wrongly assume Islamic inheritance laws eliminate the need for wills, whereas individuals retain discretionary powers over a portion of their estate.
“Failure to plan often results in intestate estates and lengthy probate processes, which can cost as much as 10 per cent of the estate value,” Ajinibi said.
He added that estate planning goes beyond wills to include trusts, gifts and powers of attorney designed to ensure smooth wealth transition.
On regulatory developments, Rotimi Obende of First Trustees highlighted the impact of tax reforms effective from January 1, 2026, noting that income generated from estates and trusts is now subject to reporting and taxation.
“Although inheritance transfers remain largely unaffected, income earned during estate administration must be declared,” he said, adding that proper structures help ensure taxes are assessed on net income.
Representative of Al-Ameen Trustees Limited, Ms Mutiat Olatunji, underscored the importance of regulated, faith-based trustees in ensuring ethical, transparent and Sharia-compliant estate management.
She said professional trusteeship plays a critical role in regulatory compliance and responsible wealth stewardship for both private beneficiaries and community development initiatives.
Participants concluded the clinic by urging Nigerians to combine religious guidance with legal expertise, professional trusteeship and modern technology to secure their families’ futures.
They agreed that structured Islamic estate planning is vital not only for preserving wealth, but also for promoting social stability, accountability and intergenerational prosperity.
Experts Push Structured Islamic Estate Planning to Protect Wealth, Prevent Family Disputes
News
NDLEA Arrests China-Bound Businessman With 95 Cocaine Wraps at Kano Airport, Busts Drug Syndicates Nationwide
NDLEA Arrests China-Bound Businessman With 95 Cocaine Wraps at Kano Airport, Busts Drug Syndicates Nationwide
By: Michael Mike
The National Drug Law Enforcement Agency (NDLEA) has arrested a 62-year-old Lagos-based businessman, Nwabueze Izueke, at the Mallam Aminu Kano International Airport (MAKIA) for attempting to traffic cocaine to China.
Izueke was intercepted last Saturday, during the outward screening of passengers travelling to China via Addis Ababa on Ethiopian Airlines flight ET940. A body scan revealed that he had ingested illicit drugs, after which he was placed under medical observation.

According to a statement on Sunday by the spokesman of the anti-narcotics agency, Femi Babafemi, he later excreted 95 jumbo-sized wraps of cocaine, weighing a total of 1.589 kilogrammes, over seven separate excretions. The suspect told investigators he deals in clothing and automobile spare parts in Lagos and claimed he ventured into drug trafficking to raise funds to complete a house he is building in his hometown, Iwollo, Enugu State.
In Abuja, NDLEA operatives recovered 627.7 kilogrammes of skunk from a makeshift warehouse located within Fums Plaza, Kubwa, Federal Capital Territory. The agency also foiled an attempt to smuggle methamphetamine concealed inside MP3 speakers from Enugu to Abuja and Kaduna. The drugs were intercepted in a commercial bus laat Friday.

A follow-up operation led to the arrest of Ebube Okeke in Zuba, FCT, with 173 grammes of methamphetamine. Three other suspects—Evans Ugwu, Mohammed Arinze and Friday Michael—were arrested the following day in Kaduna while attempting to collect another consignment weighing 28 grams.
In Taraba State, NDLEA officers at the Dan-Anacha patrol point in Gassol Local Government Area intercepted a 32-year-old suspect, Yusuf Abubakar, conveying yogurt packs from Lagos to Mubi, Adamawa State. A search of the consignment uncovered 1.8 kilogrammes of methamphetamine concealed in some of the yogurt packs.
Meanwhile, in Oyo State, NDLEA operatives arrested a 29-year-old Beninoise, Shuaibu Abdulrahman, at Ibudo-Igboho village, Sooro Kishi, with 149.6 kilogrammes of skunk hidden inside rice shafts. In a separate operation in Ibadan, officers arrested Adeniyi Adeola, popularly known as “Prince,” at Agbeni Market and recovered over 10,800 ampoules of pentazocine injections and 117,820 capsules of tramadol from his truck.

Also in Ibadan, NDLEA dismantled a synthetic cannabis production facility in Badeku area, arresting a drug kingpin, Jimoh Nurudeen, 40, and his accomplice, Ogundipe Yusuf, 27. Recovered items included precursor chemicals, skunk, production equipment, ₦7.4 million in cash and two vehicles.
In Kwara State, NDLEA intercepted a fuel tanker travelling from Lagos to Maiduguri and recovered 395,400 capsules of tramadol concealed within the truck. The driver was taken into custody.
Further arrests were recorded in Imo State, where a couple was apprehended with 203 kilogrammes of skunk, and in Ondo State, where 420 kilograms of skunk were recovered from a bush in Ikun Akoko. In Lagos, 31 wraps of cocaine were seized from a suspect arriving from Côte d’Ivoire by boat, while another suspect was arrested on Lagos Island with 3.6 kilograms of Canadian Loud and Colorado.
In Enugu, NDLEA operatives arrested a 37-year-old drug dealer and recovered various quantities of skunk, methamphetamine, cocaine, molly and cash from his residence.
The agency also sustained its War Against Drug Abuse (WADA) sensitisation campaigns across schools, communities and traditional institutions nationwide during the period.
Commending officers involved in the operations, NDLEA Chairman and Chief Executive Officer, Brig. Gen. Buba Marwa (Rtd), urged personnel across the country to remain committed and professional in the fight against drug trafficking and abuse.
NDLEA Arrests China-Bound Businessman With 95 Cocaine Wraps at Kano Airport, Busts Drug Syndicates Nationwide
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