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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
NDLEA Arrests 77,792 Suspects, Secures 14,225 Convictions in Five Years
NDLEA Arrests 77,792 Suspects, Secures 14,225 Convictions in Five Years
By: Michael Mike
The National Drug Law Enforcement Agency (NDLEA) on Tuesday said it has arrested 77,792 suspected drug offenders and secured 14,225 convictions over the past five years, as part of its intensified campaign against illicit drug trafficking in Nigeria.
The Chairman and Chief Executive Officer of the agency, Brig. Gen. Buba Marwa (Rtd), disclosed this in Abuja during the 11th Chairman/Chief Executive Officer (CCEO) Awards and Commendation Ceremony held at the NDLEA national headquarters.

Marwa also revealed that the agency seized more than 14.8 million kilogrammes of illicit substances within the said period, describing the achievement as a major blow to both local and international drug cartels operating in the country.
According to him, 128 major drug barons were among those arrested, noting that their capture had significantly weakened criminal trafficking networks.
He stated that beyond enforcement, the NDLEA had also prioritised rehabilitation and prevention, with over 32,000 drug users receiving professional treatment and counselling. Additionally, the agency conducted more than 13,700 sensitisation programmes under its War Against Drug Abuse (WADA) campaign across schools, markets, workplaces, religious centres, and communities nationwide.
Marwa praised President Bola Tinubu for renewing his mandate, describing it as a strong endorsement of the agency’s work.
He pledged to escalate the fight against drug trafficking during his second tenure, with more intelligence-driven and tactical operations
He said: “We will not rest until every drug baron is behind bars and every illicit substance is removed from our streets.”
At the ceremony, 166 NDLEA officers and 17 state commands were honoured for exceptional performance, bravery, and commitment to duty.

Marwa commended the judiciary, security agencies, international partners, civil society groups, and the media for their support in the fight against drug abuse and trafficking in Nigeria.
The NDLEA boss urged officers to remain diligent, disciplined, and proactive, stressing that the agency would continue to strengthen its operations to protect Nigerian youths from the dangers of illicit drugs.
NDLEA Arrests 77,792 Suspects, Secures 14,225 Convictions in Five Years
News
NSCDC FCT Decorates 402 Officers, Pledges Stronger Security in Abuja
NSCDC FCT Decorates 402 Officers, Pledges Stronger Security in Abuja
By: Michael Mike
The Federal Capital Territory (FCT) Command of the Nigeria Security and Civil Defence Corps (NSCDC) has decorated 402 newly promoted officers in a colourful ceremony held at the Command Headquarters in Abuja.
The event, which brought together senior officers, personnel, and invited guests, was described as a milestone in the careers of the promoted officers and a testament to their dedication to national service.
Speaking at the ceremony, the FCT Commandant, Dr. Olusola Odumosu, congratulated the beneficiaries on behalf of the Commandant General of NSCDC, Prof. Ahmed Audi. He stressed that promotion is not a reward for longevity but a recognition of hard work, professionalism, and commitment to duty.
Odumosu reminded the officers that their new ranks come with greater responsibility, urging them to demonstrate higher levels of discipline, integrity, and leadership in the discharge of their duties.
He highlighted the achievements recorded by the FCT Command, noting that since he assumed office, the Command has intensified intelligence-driven operations, proactive patrols, and rapid response to security threats within the nation’s capital.
The Commandant also underscored the Corps’ role in protecting critical national infrastructure, including government facilities, public utilities, and strategic installations across the FCT.
He commended the Agro-Rangers Unit for its efforts in reducing farmer-herder conflicts and promoting peaceful coexistence in rural communities, thereby contributing to food security in the territory.
Odumosu revealed that in 2025, the Command arrested 112 suspected vandals and over 50 illegal miners involved in acts of economic sabotage. According to him, many of the suspects were involved in vandalizing armoured cables, fibre optic installations, streetlights, solar panels, road crash barriers, and telecommunication infrastructure.
He further disclosed that the Command has invested in training and capacity building for its officers in areas such as intelligence gathering, disaster management, crowd control, election security, and human rights compliance.
Addressing the newly promoted officers, the Commandant urged them to serve as role models, uphold ethical standards, and remain loyal to the Constitution of the Federal Republic of Nigeria.
He assured the FCT Minister, the NSCDC leadership, and residents of Abuja that the Command would continue to prioritize professionalism, accountability, and effective security service delivery.
NSCDC FCT Decorates 402 Officers, Pledges Stronger Security in Abuja
News
River guard killed in Yobe, police begin investigation
River guard killed in Yobe, police begin investigation
By: Zagazola Makama
A 40-year-old man, Musa Mohammed, has died after being allegedly attacked and thrown into a river by unknown assailants in Bursari Local Government Area of Yobe State.
Residents of Girim Village, Ya’u Gambo and Adamu Muhammad, told Zagazola Makama that the incident occurred at about 8:00 a.m. on Jan. 19, when the victim, who was employed to guard the village river, was confronted by some unidentified persons.
They said the attackers forcefully held Musa Mohammed, tied his hands and legs, and threw him into the river.
The sources added that about a month earlier, the deceased had a misunderstanding with five men from Dadigar Village in Bursari LGA, who allegedly warned him to stop guarding the river or face consequences.
Upon receiving the report, security operatives visited the scene and evacuated the victim from the river in an unconscious state.
“He was rushed to the Specialist Hospital in Gashua, where a medical doctor later confirmed him dead,” the sources said.
Photographs of the deceased were taken, and his remains were released to his relatives for burial according to Islamic rites.
Musa Mohammed was from Burburwa Village via Mayori in Yusufari Local Government Area of the state.
Investigation into the incident has commenced to identify and apprehend those responsible for the killing.
River guard killed in Yobe, police begin investigation
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