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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 Inaugurates 48-Classroom High Islamic College in Gubio
Zulum Inaugurates 48-Classroom High Islamic College in Gubio
… Commissions 3 projects executed by Gubio LGA
By: Our Reporter
Borno State Governor, Babagana Umara Zulum, on Tuesday, officially opened a newly constructed 48-classroom High Islamic College in Gubio Local Government Area of northern Borno.

The state-of-the-art institution is designed to offer a hybrid curriculum that integrates western education with traditional sangaya (Qur’anic) educational system.

Zulum had introduced an integrated policy framework which aims to provide students with a holistic education, grounding them in both religious principles and contemporary academic knowledge.

Speaking at the commissioning ceremony, Zulum emphasised that the college is structured to ensure its graduates are not only deeply rooted in Islamic scholarship but are also fully equipped and qualified to pursue higher education in conventional institutions.
“Our focus has been on revitalising the system by preserving its rich tradition of Islamic scholarship while introducing modern subjects and vocational skills. We recognise the historic role of sangaya education in shaping moral values, discipline, and learning within our communities, while also equipping learners with essential skills in literacy, numeracy, science, technology, foundational English, and vocational training to enable them to function effectively and competitively in today’s society.”

“Through institutions operating under the National Board for Arabic and Islamic Studies (NBAIS) approved curriculum, sangaya learners are now receiving a balanced education that integrates Islamic Studies with modern knowledge. These reforms have created clear pathways for graduates to obtain O-Level equivalent certification and, where they so desire, progress to higher institutions of learning to further develop their potential.”
The facility, in addition to the 48 classrooms, also features administrative blocks and a library. It is expected to serve hundreds of students from Gubio and surrounding communities, reducing the need for children to travel far from home for quality integrated education.

Zulum also commissioned the Gubio II Junior Day Secondary School, executed by Borno State Government. During a tour of the facilities, the Commissioner for Education, Engr Lawan Abba Wakilbe, explained that classrooms are intended to provide safe and inclusive learning spaces, with a particular focus on improving access for adolescent girls.
… Commissions 3 projects executed by Gubio LGA
Meanwhile, Governor Babagana Umara Zulum has commissioned three projects executed by the Chairman of Gubio Local Government Area, Mali Bulama Mali Gubio.
The projects include Gubio Oil Mills, Zulum Ultramodern Clinic, and Mustapha Gubio Shopping Complex.
The occasions were attended by the Shehu of Borno, Abubakar Ibn Umar Garbai Elkanemi; Senator Mohammed Tahir Monguno; and Members of the House of Representatives, Usman Zanah and Engr Bukar Talba.
Other dignitaries include the Speaker Borno State House of Assembly, Abdulkarim Lawan, commissioners, special advisers and other senior government officials.
Zulum Inaugurates 48-Classroom High Islamic College in Gubio
News
Yobe: Prioritize security, Buni tells newly appointed Chairman of Yusufari
Yobe: Prioritize security, Buni tells newly appointed Chairman of Yusufari
By: Yahaya Wakili
Governor Mai Mala Buni CON of Yobe State has charged the newly appointed chairman of the Yusufari local government area to consider security of lives and property as the priority of the administration.
Buni gave the warning today while swearing in Alhaji Adamu Jibrin as the chairman of the council following the death of Alhaji Bah Abba Aji some few days ago.
According to Buni, the death of the chairman has created a vacuum that must be filled for continuity in governance, and this justifies the appointment of Alhaji Adamu Jibrin as the new chairman of the Yusufari local government council.
He urged him to be a good team player for a result-oriented administration that would give members of the council and people of the local government area a sense of belonging.
Governor Buni also urged the new chairman to conduct government business transparently to promote accountability and probity as well as to channel government resources into areas of need that have a direct impact on the lives of the people.
He appealed to the people of the local government area to support the new chairman for a smooth and successful administration that would meet the needs of the people.
Yobe: Prioritize security, Buni tells newly appointed Chairman of Yusufari
News
Zulum Boosts Rural Health Incentives With Major Allowance Increase
Zulum Boosts Rural Health Incentives With Major Allowance Increase
By: Michael Mike
Borno State Governor, Babagana Zulum has approved a substantial increase in rural allowances for health workers as part of efforts to address the shortage of medical personnel in remote communities across the state.
The governor announced the decision after inspecting several government projects in the northern axis of Borno. The inspection covered Government Secondary School, Gubio; two general hospitals; and ongoing housing developments in Gubio and Magumeri Local Government Areas.

Under the new arrangement, medical doctors posted to rural areas under the State Hospital Management Board will receive a rural allowance equivalent to their full basic salary, representing a 100 per cent increase. Nurses and midwives serving in similar locations will receive a 40 per cent increase in their rural allowances. The policy takes effect from January 1.
Governor Zulum said the move was informed by persistent manpower gaps in public health facilities, particularly in rural communities.
“We are facing serious challenges with human resources for health. Many of our hospitals do not have enough doctors and nurses,” he said. “Our findings show that a good number of medical professionals prefer working with international organisations because the pay is better. We must respond to this reality.”
According to the governor, the improved welfare package is expected to make rural postings more attractive and encourage more qualified personnel to work in general hospitals at the local government level.
He expressed optimism that the incentive would significantly improve healthcare delivery in villages and underserved areas, adding that health workers willing to take up rural postings should report to the State Hospital Management Board.

During his visit to Government Secondary School, Gubio, the governor also directed the immediate provision of essential facilities for the school’s laboratories and library to improve teaching and learning.
The inspection tour was attended by the Senator representing Borno North, Mohammed Tahir Monguno; members of the House of Representatives, Usman Zannah and Engr. Bukar Talba; and several commissioners and senior government officials, including those in charge of information, works and housing, local government affairs, and water resources.
The allowance increase forms part of the Zulum administration’s broader strategy to strengthen public service delivery and improve living conditions in rural communities across Borno State.
Zulum Boosts Rural Health Incentives With Major Allowance Increase
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