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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
Troops Foil ISWAP Attack Attempt in Guzamala
By: Zagazola Makama
Troops of Sector 3 Area of Responsibility have foiled an attempted attack by suspected ISWAP/JAS terrorists on Forward Operating Base (FOB) Mairari in Guzamala Local Government Area of Borno State.
Sources said the incident occurred at about 1329hrs on April 19, when the terrorists attempted to infiltrate the base through Charlie/Delta Company axis.
The attackers, operating with two gun trucks, were sighted advancing toward the entrance gate of Mairari town along the Gajiram axis.
Troops immediately engaged the advancing terrorists, forcing them to abandon their mission and retreat.
Following the encounter, troops dominated the general area with patrols, while air support was also deployed and hovered over the vicinity. However, no further terrorist presence was observed after the exchange.
Security sources said exploitation and clearance operations are ongoing to prevent regrouping and to secure surrounding communities.
Troops Foil ISWAP Attack Attempt in Guzamala
Troops Arrest Suspected Terror Logistics Couriers in Kogi State
By: Zagazola Makama
Troops under Operation MESA have arrested two suspected terrorist logistics couriers along the Obajana–Kabba road in Lokoja Local Government Area of Kogi State.
Sources said the operation was conducted at about 0010hrs on April 20, following credible intelligence report on the movement of suspected terrorist logistics couriers.
Troops of 12 Brigade mounted a snap checkpoint at RA Oshokoshoko and intercepted a vehicle conveying the suspects en route Obajana from Makurdi.
A search of the vehicle led to the recovery of a sack containing 314 rounds of 7.62mm special ammunition and three AK-47 magazines, concealed behind the driver’s seat.
Other items recovered include two mobile phones, a driver’s licence, a National Identification Number (NIN) slip, and an identity card.
The suspects and recovered items are currently in military custody for further investigation and action.
Troops Arrest Suspected Terror Logistics Couriers in Kogi State
News
Stolen cows allegedly rustled by Berom militia from Plateau, sold by paramount ruler traced to Nasarawa
Stolen cows allegedly rustled by Berom militia from Plateau, sold by paramount ruler traced to Nasarawa
By: Zagazola Makama
Security operatives in Nasarawa State have intercepted stolen livestock allegedly rustled by Berom militia from Bokkos in Plateau State and sold through illicit channels, leading to the arrest of a suspect who claimed to have purchased the animals from a paramount ruler.
Police sources said the breakthrough followed credible intelligence received by the State Criminal Investigation Department (SCID) in Lafia on April 19 regarding suspicious cattle being traded at the Lafia cattle market.
Acting on the tip-off, detectives swiftly mobilised to the market and arrested one Alhaji Ziya-U Inusa, a resident of Dengi in Plateau State, who was found in possession of eleven cows suspected to have been stolen.
During interrogation, the suspect reportedly confessed that he purchased twelve cows from a paramount ruler in Plateau State (name withheld) but transported only eleven due to limited vehicle capacity.
Further investigation led to the emergence of one Abdullahi Adamu from Bokkos Local Government Area of Plateau State, who identified himself as the rightful owner of the recovered livestock.
Adamu explained that the cows were part of a larger herd of 57 cattle rustled in May 2025 by armed youths in Bokkos, adding that all previous efforts to recover the animals had been unsuccessful until the latest operation.
Security sources confirmed that the recovered cattle have been secured, while investigations are ongoing to unravel the network involved in the rustling and illicit sale of the livestock, including the alleged role of intermediaries and buyers.
The incident adds to a growing pattern of attacks against the livelihoods of pastoralist communities in Barkin Ladi, Bokkos, Mangu, and other parts of Plateau State.
Zagazola has consistently reported how Berom militia have engaged in livestock theft. In most cases, the victims (Fulani herders) are killed and buried in shallow graves, while in some instances, troops or police intercept the criminals and recover the stolen livestock.
The latest such incident occurred on April 16, when troops under Operation Enduring Peace responded to a rustling incident in Mangu Local Government Area, where suspected criminals fled before security forces arrived.
Similarly, on April 15, troops under Operation Enduring Peace (OPEP) recovered 48 rustled cattle in Yelwa village, Heipang District of Barkin Ladi Local Government Area of Plateau State. Sources said the recovery followed a distress call received at about 0635 hours reporting the rustling of cattle belonging to a resident of the community.
In another operation on April 13, troops foiled an attempted cattle rustling in Bassa Local Government Area, recovering 92 cattle after pursuing suspected youths who abandoned the animals while fleeing.
Zagazola reports that such incidents are among the main triggers of the cycle of reprisal attacks, further escalating tensions in affected communities.
Stolen cows allegedly rustled by Berom militia from Plateau, sold by paramount ruler traced to Nasarawa
Troops Foil ISWAP Attack Attempt in Guzamala
Troops Arrest Suspected Terror Logistics Couriers in Kogi State
Three Killed in Barkin Ladi Amid Rising Tensions Over Livestock Poisoning in Plateau
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