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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 Repel Terrorist Infiltration in Kanama, Neutralise Four Insurgents
By: Zagazola Makama
Troops of Operation HADIN KAI have repelled a Boko Haram/ISWAP terrorist infiltration into Kanama town, neutralising four insurgents during a swift response operation in Borno State.
Security sources said the incident occurred at about 6:00 p.m. on April 22 when troops of 159 Battalion, deployed in Kanama, responded to sounds of gunfire within the town.
On arrival, the troops reportedly discovered that terrorists had infiltrated parts of the community.
The troops immediately made contact and engaged the attackers with disciplined fire, forcing them to retreat in disarray.
Subsequent exploitation of the general area led to the neutralisation of four terrorists.
One member of the Civilian Joint Task Force (CJTF) sustained injuries during the encounter and has been evacuated for medical attention.
No military equipment was lost during the operation.
Items recovered from the terrorists include two torchlight mobile phones and the sum of ₦21,000.
Security sources said the general situation across the theatre remains calm but unpredictable, while troops’ morale and fighting efficiency remain high.
Troops Repel Terrorist Infiltration in Kanama, Neutralise Four Insurgents
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Dramatic Testimony Rocks Nwaukoni Terrorism Trial In Asaba — Doctor Confirms Gunshot Wounds In Palace Attack Case
Dramatic Testimony Rocks Nwaukoni Terrorism Trial In Asaba — Doctor Confirms Gunshot Wounds In Palace Attack Case
The high-profile terrorism trial in Charge No. FHC/ASB/18C/2024 took a dramatic and gripping turn this week at the Federal High Court, Asaba, as explosive evidence and powerful witness testimonies continue to unfold against Mike Nwaukoni (aka “Supu”) and his alleged accomplices.
Standing trial alongside him are prominent figures including Barrister Francis Okolie, Secretary of the Ogwashi-Uku Development Association (ODA), and Mazi Elue Adigwe, the association’s Secretary-General, among others accused in connection with the violent October 12, 2023 attack on the Palace of the Obi of Ogwashi-Uku.
🔴 Doctor’s Testimony Leaves Court in Silence
In what court observers have described as one of the most chilling moments of the trial so far, Dr. Ezeike Ugochukwu Godwin took the witness stand and delivered a clinical yet deeply emotional account of the injuries sustained by a vigilante operative assigned to protect the Palace.
The doctor confirmed that the victim suffered multiple gunshot wounds, including injuries to the head and upper limbs, describing in precise medical terms the severity of the trauma.
According to his testimony, the victim was brought into the emergency unit in a state of intense pain and critical distress, alongside several others wounded during the attack.
Dr. Ezeike further told the court that the patient was referred from the Divisional Police Headquarters in Ogwashi-Uku, reinforcing the official chain of response following the violent incident.
🔴 Police Investigator Details Chaos and Destruction
A day earlier, on April 21, 2026, the court heard from Inspector Ijeoma Ovat, the initial Investigating Police Officer (IPO), who painted a harrowing picture of the aftermath of the attack.
She testified about the widespread chaos, multiple casualties, and destruction that followed the invasion of the Palace during the controversial Ineh Festival. Crucially, she tendered photographic evidence showing heavily damaged police and vigilante vehicles, corroborating claims of a coordinated and violent assault.
Sources within the prosecution confirm that the damage to the vehicles was extensive and consistent with armed aggression.
🔴 Witnesses Tie Defendants to Armed
AssaultEarlier testimonies in the trial have reportedly identified the defendants as active participants, alleging they were armed with guns and other dangerous weapons during the attack. Witnesses have also pointed to Mike Nwaukoni as a central figure who allegedly instigated and coordinated the operation.
🔴 Passport Request Sparks Legal Firestorm
In a fresh development that has further intensified proceedings, lead prosecutors in the case including CSP Samuel Mallum Esq and A.I Aminu Esq from the Police Legal Directorate in Abuja have strongly opposed an application by Nwaukoni’s legal team seeking the temporary release of his international passport for overseas travel.
According to sources, the prosecution argued that granting such a request poses a serious flight risk, warning that the defendant could attempt to evade justice, seek asylum, or acquire foreign citizenship.
The prosecution also suggested that the move may be a deliberate tactic to delay the trial, particularly as significant portions of the case have already been established.
The matter has been adjourned for further consideration, with hearings expected to resume in late May, continuing into early June 2026.
🔴 Calm Returns to Ogwashi-Uku Amid Trial
Meanwhile, community sources in Ogwashi-Uku report a notable return of peace and stability since the commencement of the trial. Residents have expressed hope that the judicial process will be seen through to a swift and just conclusion, bringing lasting closure to one of the most serious security incidents in the Kingdom’s recent history.
Dramatic Testimony Rocks Nwaukoni Terrorism Trial In Asaba — Doctor Confirms Gunshot Wounds In Palace Attack Case
Troops Intercept Suspected Terrorist Logistics Supplier, Seize PMS in Borno
By: Zagazola Makama
Troops of Operation HADIN KAI have arrested a suspected ISWAP/JAS logistics supplier and intercepted a large quantity of Premium Motor Spirit (PMS) concealed in a tricycle in Borno State.
Security sources said the suspect was apprehended at about 9:10 a.m. on April 21 by troops of 159 Battalion at a checkpoint within Sector 2 Area of Responsibility.
The suspect was reportedly conveying PMS concealed in 15 sacks, disguised with bags of sachet water in an attempt to evade detection.
Preliminary investigations indicated that the consignment was being transported to Kanama town and neighbouring communities around Dikwa and Bultuwa, areas believed to be within terrorist influence.
Items recovered from the suspect include a mobile phone and the sum of ₦34,950.
The sources said the suspect and recovered exhibits are in military custody for further investigation and necessary action.
They added that the interception forms part of ongoing operations aimed at disrupting terrorist logistics networks and denying them access to critical supplies across the North-East theatre.
Troops Intercept Suspected Terrorist Logistics Supplier, Seize PMS in Borno
Troops Clear Terrorist Enclaves, Recover Items in Katsina Operation
Troops Repel Terrorist Infiltration in Kanama, Neutralise Four Insurgents
Troops Respond to Attack in Zamfara, IED Incident Recorded Without Casualties
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