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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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Ogoni Leaders Petition Tinubu, Accuse Wike of Undermining Peace Dialogue

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Ogoni Leaders Petition Tinubu, Accuse Wike of Undermining Peace Dialogue

By: Michael Mike

Leaders and people of Ogoniland have petitioned President Bola Tinubu over alleged attempts by the Minister of the Federal Capital Territory (FCT), Nyesom Wike, to undermine the ongoing Federal Government–Ogoni dialogue process aimed at resolving the decades-long Ogoni crisis.

The petition was submitted under the auspices of the Conscience of Ogoni People (COOP), formerly known as the Ken Saro-Wiwa Associates, a group of concerned Ogoni stakeholders advocating peace, justice, and sustainable development in Ogoniland.

In a statement issued on Monday and signed by COOP’s Leader and Spokesman, Chief Gani Topba, the group expressed strong support for the dialogue and peace process being facilitated by the National Security Adviser (NSA), Mallam Nuhu Ribadu, describing it as the most credible effort so far to address the long-standing Ogoni question.

COOP alleged that Wike has been engaging in actions intended to frustrate the dialogue, tracing the dispute to unresolved issues from his tenure as Governor of Rivers State.

According to the group, the controversy is linked to a long-standing compensation dispute between the Ejama Ebubu community in Ogoni and the Shell Petroleum Development Company of Nigeria Limited (SPDC) over environmental damage claims that were decided in favour of the community.

The group stated that the Rivers State Government became deeply involved in the matter during Wike’s administration, a development that has remained contentious and unresolved in public discourse.

COOP further alleged that during the recent visit of the NSA to Ogoniland, political associates of the FCT Minister were instructed to boycott and undermine the engagement. The group claimed that efforts were deliberately made to sabotage the dialogue at the community level.

Raising security concerns, COOP alleged that armed youths recruited from different parts of Rivers State are currently being mobilised and camped around the Rivers State House of Assembly quarters, allegedly to destabilise the peace process.

The group also claimed that Wike is displeased with Rivers State Governor, Sir Siminalaiyi Fubara, for cooperating with the NSA to ensure the success of the Ogoni dialogue. According to COOP, local government chairmen in Eleme, Tai, Gokana and Khana LGAs were allegedly directed to recruit armed youths to disrupt the dialogue and frustrate the proposed resumption of oil operations in Ogoniland.

COOP warned that if these alleged actions are not checked, they could pose serious threats to public peace and security in Rivers State and derail the fragile but promising dialogue process.

The group noted that the ongoing engagement has been widely welcomed by Ogoni people as a sincere and inclusive initiative aimed at achieving lasting peace, environmental remediation, economic reintegration of Ogoni communities, and the safe resumption of oil production in Oil Mining Lease (OML) II. They added that a successful outcome would significantly boost national revenue, foreign exchange earnings, energy security and employment.

COOP appealed to President Tinubu to intervene by calling on the FCT Minister to desist from actions capable of reigniting tension in Ogoniland. The group urged the President to protect the dialogue process and mandate relevant security and intelligence agencies to investigate the allegations.

They call on the President to ensure that no individual, regardless of position, undermines national interest for personal or sectional gain, expressing confidence that decisive intervention would help secure peace in Ogoniland and reaffirm the Federal Government’s commitment to justice, national unity and economic recovery.

Ogoni Leaders Petition Tinubu, Accuse Wike of Undermining Peace Dialogue

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Gamawa commended Gov. Bala for the creation of additional emirates in Bauchi

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Gamawa commended Gov. Bala for the creation of additional emirates in Bauchi

By: Yahaya Wakili

His Royal Highness, the Emir of Gamawa in Bauchi State, Alhaji Adamu Abdulkadir Adamu, has commended His Excellency, the Executive Governor of Bauchi State, Senator Bala Abdulkadir Mohammad A Kauran Daular Ussumaniyya, for the creation of additional emirates, chiefdoms, and districts statewide.

The emir made the commendation in an interview with Newsng in Sabon Garin Nangere, the headquarters of the Tikau emirate council of Yobe state, when he visited His Royal Highness, the Emir of Tikau, Alhaji Abubakar Muhammadu Ibn Grema II.

He said the strategic move by His Excellency, the Executive Governor of Bauchi State, Senator Bala Abdulkadir Mohammad, brings essential development projects, empowers local aspirations, and ensures inclusive growth reaches every corner of the grassroots.

The emir revealed that he was at the Tikau emirate council today to express his profound appreciation to the emir of Tikau, Alhaji Abubakar Muhammadu Ibn Grema II, for his support given to us since we were appointed as the emir of Gamawa, adding that Tikau and Gamawa have had a strong relationship for a long time.

He said, “Tikau and Gamawa share a common border, and also we are neighbors, and we have the history of the Tikau emirate for fostering unity, justice, and loving his people, as well as involving all stakeholders, and steadfastly upholding law and order in his domain.”

“Therefore, we are soliciting the support, advice, and cooperation of the emir and also strengthening our relationship to govern the people of the Gamawa emirate council fairly without bias or selfish interest, and we thank the emir for the hospitality rendered to him and members of his emirate council.

Gamawa commended Gov. Bala for the creation of additional emirates in Bauchi

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Police sergeant arrested for supplying arms used in Nasarawa robbery

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Police sergeant arrested for supplying arms used in Nasarawa robbery

By: Zagazola Makama

A serving police sergeant has been arrested for allegedly supplying an AK-47 rifle used in an armed robbery attack in Doma Local Government Area of Nasarawa State.

Zagazola reliably informed by sources that the development followed the arrest of a robbery suspect, Justine Gbata, 30, of Doka Village, who was apprehended after gunmen attacked one Muhammad Danka of Ankoma Village and dispossessed him of his red Bajaj motorcycle.

The incident occurred at about 1:00 p.m. on Jan. 24, when the assailants, armed with an AK-47 rifle, fired several shots during the operation before fleeing into a nearby forest with the motorcycle.

“After the report, a combined team of police operatives, vigilantes and hunters pursued the attackers into the forest and arrested one suspect. Seven empty AK-47 shells were recovered at the scene,” the sources said.

They added that the suspect, who sustained injuries during the chase, was taken to General Hospital, Doma, for treatment.

“During interrogation, the suspect confessed that the rifle used for the robbery was supplied by a serving police sergeant attached to Daudu Division in Benue State,” the sources said.

The sergeant has since been identified and detained at the State Criminal Investigation Department (SCID) in Benue for further investigation.

Police authorities said efforts were ongoing to arrest the remaining members of the gang and recover the stolen motorcycle, while investigations into the case continue.

Police sergeant arrested for supplying arms used in Nasarawa robbery

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