News
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
Suspected gang member dies after arrest in Jos, investigation underway
Suspected gang member dies after arrest in Jos, investigation underway
By: Zagazola Makama
A suspected member of a criminal gang popularly known as “Sara-Suka” has died after being arrested over an alleged stabbing incident in Jos North Local Government Area of Plateau State.
Security sources said the suspect, identified as Dahiru Ali, was initially apprehended by local vigilantes at about 11:00 a.m. on April 27 at Zololo Junction for allegedly stabbing one Yusuf Garba.
The sources disclosed that the suspect was subsequently handed over to troops of Sector 1, Operation Enduring Peace (OPEP), for further necessary action.
According to the sources, the suspect was observed to be in a state of suspected substance abuse and intoxication at the time of his arrest.
He was later released to his family, but was reported to have died shortly after arriving at his residence.
The sources added that the deceased was buried in accordance with Islamic rites at a cemetery in Jos.
They said investigation was ongoing to determine the exact cause of death.
Suspected gang member dies after arrest in Jos, investigation underway
Military
Troops kill scores of terrorists, destroy enclaves in Borno operations
Troops kill scores of terrorists, destroy enclaves in Borno operations
By: Zagazola Makama
Troops of the Joint Task Force (North East), Operation HADIN KAI (OPHK), have sustained offensive operations against terrorist groups in Borno State, neutralising several insurgents and destroying key enclaves in coordinated ground and air assaults.
Security sources said the operations, conducted under Operation Desert Sanity V, targeted terrorist hideouts across the Bulabulin Forest and Timbuktu axes, with strong support from the Air Component Command.

According to the sources, troops of Sector 2, in conjunction with a stabilisation force brigade and elements of the Civilian Joint Task Force, cleared multiple enclaves in Mar, Subdu, Yaro Lawanti and Yaro Shuwari areas, which are contiguous to the Bulabulin Forest and the Kamadogu Yobe stretch.
The sources disclosed that troops made contact with terrorists around Malam Shiri Village, where they executed a coordinated flanking manoeuvre and engaged the insurgents in a fierce battle.
“A total of 11 terrorists were neutralised during the encounter, while others fled with injuries. Troops destroyed life-support structures within the enclaves and recovered significant quantities of arms and logistics,” the sources said.
Recovered items include nine AK-47 rifles, three PKT machine guns, five motorcycles, assorted ammunition, and materials used for the fabrication of improvised explosive devices.
In a related engagement along the Timbuktu axis on the Wajiroko–Sabon Gari corridor, troops, supported by air strikes, engaged another group of terrorists and maintained tactical superiority throughout the encounter.
Items recovered from the scene include AK-47 rifles, rocket-propelled grenade tubes, bandoliers, communication equipment, and a large cache of ammunition.

Further operational reports indicated that troops advancing through the Bulabulin axis also engaged terrorists around Bultuwa in Yunusari Local Government Area, where six insurgents were killed and additional weapons, including AK-47 rifles, a PKT machine gun, motorcycles, ammunition, and IED-making materials, were recovered. No casualties were recorded among troops, although some vehicles sustained tyre damage during the operation.
Meanwhile, troops deployed around the Azir Bridge area came under attack late at night by terrorists using armed drones. Reinforcements moving to the location encountered an improvised explosive device, which struck a Mine-Resistant Ambush Protected (MRAP) vehicle without causing further losses.
Air assets were subsequently deployed, with multiple precision strikes conducted on terrorist positions, forcing the attackers to retreat.
The sources confirmed that two terrorist bodies and a rifle were recovered after the engagement, while one soldier was killed in action.They added that the Air Component Command played a decisive role in the operations by providing continuous intelligence, surveillance and reconnaissance, as well as precision strikes on identified targets, which significantly degraded the terrorists’ capabilities.
Troops are currently conducting follow-up exploitation operations along the Forfor, Multe and Wajiroko axes to track fleeing insurgents and prevent regrouping.
The sources said the sustained operations demonstrate increasing operational effectiveness and continued dominance by security forces across the theatre.
Troops kill scores of terrorists, destroy enclaves in Borno operations
News
Troops intercept herder grazing in restricted area in Plateau
Troops intercept herder grazing in restricted area in Plateau
By: Zagazola Makama
Troops of Sector 8, Operation Enduring Peace (OPEP), have intercepted a herder grazing cattle in a restricted area in Mangu Local Government Area of Plateau State.
Security sources said the incident occurred at about 5:30 p.m. on April 27 when troops on patrol at Pushit intercepted the herder, identified as Ishiaka Shuaibu, at Lamor area.
The sources disclosed that the suspect was handed over to appropriate authorities in Pushit for further necessary action, while the cattle were moved to a secured military location.
According to the sources, a group of women later mobilised to the troops’ location and protested, demanding the release of the livestock.
The sources added that, following engagements with community stakeholders, the cattle were subsequently released to the Chairman of the Miyetti Allah Cattle Breeders Association of Nigeria (MACBAN) in Pushit for proper identification and further action.
They said patrols have been intensified in the area to enforce compliance with grazing restrictions and prevent further breaches.
Troops intercept herder grazing in restricted area in Plateau
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