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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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U.S.–Nigeria working group deepens security partnership against terrorism, banditry

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U.S.–Nigeria working group deepens security partnership against terrorism, banditry

By: Zagazola Makama

Nigeria’s renewed engagement with the United States on security cooperation signals a deliberate push to consolidate recent gains against banditry and terrorism while repositioning the country as a stabilising force in West Africa.

Nigeria has reaffirmed its strategic commitment to defeating banditry and terrorism and to strengthening national security through deeper collaboration with the United States, The National Security Adviser (NSA), Mallam Nuhu Ribadu, gave the assurance on Friday.

The strategic security session of the U.S.–Nigeria Working Group, hosted with a high-level U.S. delegation led by Allison Hooker, comes at a time when Abuja is recalibrating its counter-terrorism and internal security architecture.

At the heart of the meeting was a shared recognition that modern security threats from insurgency in the North-East to banditry and communal violence in the North-West and North-Central, require intelligence-driven, partnership-based responses rather than isolated national efforts.

The presence of Nigeria’s Ambassador to the United States, H.E. Lateef K. K. Are, alongside the Service Chiefs and heads of the intelligence community, the CDS, COAS, CAS, CDI, CNS, IGP, DG-DSS and DG NIA, illustrated the political and operational weight attached to the engagement.

Beyond protocol, the talks reflected growing confidence in the professionalism of Nigeria’s security and intelligence institutions, which have in recent years shifted towards better coordination, joint operations and community-centred approaches.

The focus on intelligence cooperation is particularly significant as the intelligence sharing, when properly structured, enhances early warning systems, disrupts terror financing networks and improves the precision of military and law enforcement actions, reducing collateral damage and protecting civilians.

Equally important is the emphasis on community protection mechanisms. Nigeria’s security challenges are no longer confined to battlefields; they are deeply rooted in local grievances, weak governance and socio-economic stress. Strengthening community safety frameworks, therefore, complements kinetic operations by preventing recruitment into extremist and criminal networks.

The U.S. offer of support in defence articles, training, capacity building and counter-terrorism financing reflects Washington’s recognition that Nigeria remains a central pillar in regional security. As Africa’s most populous country and one of its largest economies, Nigeria’s stability directly affects the Sahel and the Gulf of Guinea.

Special attention to the protection of vulnerable communities, including Christian communities in Northern Nigeria, also signals a broader shift towards inclusive national security , one that frames protection of all citizens as a strategic imperative, not just a moral obligation.

The renewed U.S.–Nigeria engagement is expected to boost confidence in Nigeria’s security institutions, deepen intelligence-driven operations against terror networks and organised crime, and reinforce the country’s leadership role in promoting peace and stability across West Africa and the wider Sahel.

U.S.–Nigeria working group deepens security partnership against terrorism, banditry

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Security forces repelled armed bandits in katsina, one kidnapped victim rescued, two injured

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Security forces repelled armed bandits in katsina, one kidnapped victim rescued, two injured

By: Zagazola Makama

Suspected armed bandits were repelled by operatives of the Nigerian Police Force in Unguwar Kargo and Gidan Chari villages in Kankara Local Government Area of Katsina State on Thursday night, resulting in the rescue of a kidnapped victim and injuries to two others.

The incident occurred at about 11:30 p.m. when the assailants invaded the neighbouring communities. Security patrol teams quickly responded, engaging the bandits in a sustained exchange of gunfire and forcing them to flee the area.

One victim, Ashiru Umaru, 30, of Gidan Kargo village, who had been abducted by the attackers, was successfully rescued. Two other residents, Zaharadden Garba, 35, and Baba Said, 75, sustained injuries during the attack. All victims were evacuated to the General Hospital, Kankara, for medical attention.

The area has been secured, and authorities have launched efforts to track down and apprehend the perpetrators.

Security forces repelled armed bandits in katsina, one kidnapped victim rescued, two injured

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Ekiti police intercept suspected cattle rustlers, recover over 500 cows and 61 sheep

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Ekiti police intercept suspected cattle rustlers, recover over 500 cows and 61 sheep

By: Zagazola Makama

Officers of the Ekiti State Police Command have arrested suspected cattle rustlers and recovered hundreds of stolen animals in separate operations across Ikole and Isan Ekiti Local Government Areas.

Sources said that in the first incident, at about 9:10 a.m., police at Ikole Ekiti Division intercepted and arrested Ibrahim Abubarka, 37, along Isaba Ekiti road with 255 cows in his possession. In a separate operation at the same time, Supol Isan Ekiti Division apprehended 16 suspected bandits along Ilafo Ekiti, recovering 303 cows, 61 sheep, cash totaling ₦311,000, charms, hard drugs, multiple phones, and identity cards of the Kwara State Vigilante Corps.

A Rapid Response Squad (RRS) team, along with other non-state actors, were deployed to secure the recovered animals. All suspects and seized items were handed over to the RRS for discreet investigation.

Following the arrests, the Commissioner of Police in Ekiti State ordered the deployment of 20 personnel from the 33 PMF unit to reinforce security in the affected areas, aiming to prevent further rustling and ensure the safety of local communities.

Ekiti police intercept suspected cattle rustlers, recover over 500 cows and 61 sheep

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