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
INTERNATIONAL GOLFERS ARRIVE DELTA STATE
INTERNATIONAL GOLFERS ARRIVE DELTA STATE
· LATE OLARE-AJA OF KOKO GOLF TOURNAMENT BEGINS IN KOKO
· AKOGATE, COUNTRY CLUB UNVEIL ACTIVITIES FOR AGANBI MEMORIAL
By: Our Reporter
The Late Olare-Aja of Koko Golf Classic is due to begin on Friday, April 25, 2025 in Delta State.
The tournament scheduled from April 25-27 will be held at Country Club, Canaan Land.
‘’The invitational event is to celebrate the life and legacy of Deacon S. E. Aganbi, Second Republic Politician, Bible Interpreter and Revered Founder of Canaan Land, who served his people with unwavering dedication until his passing. It is also to honour his enduring values of leadership, integrity, love and cultural stewardship’’ a statement by the Chief Executive Officer of Akogate Group, Felix Aganbi said.
The statement issued in Koko, headquarters of Warri North Local Government Area, expressed excitement about the tournament’s potential success.
‘’ ‘’There is a huge amount at stake. We are looking forward to the top talent from across the world competing at the Late Olare-Aja of Koko Golf Classic. We are also looking forward to a memorable weekend filled with friendship, competition and community spirit.
The statement highlighted Akogate’s role in the advancement of sports and inspiration of sportspersons in Nigeria and abroad.
‘’We are excited by the overall enthusiasm of amateur and professional golfers towards the history making Late Olare-Aja of Koko Golf Classic’’
The statement unveiled badminton, table tennis, darts, Ayo, Ludo, cocktail night and award presentation party as activities lined up for the celebration of the life of the renowned lawyer and politician’’.
It further highlighted the exceptional opportunity for rising stars to compete against world-class players.
‘There are a lot of players who will be playing. There are also many players on the waiting list hoping to gain entry. It will be a star-studded field’’ the statement added.
INTERNATIONAL GOLFERS ARRIVE DELTA STATE
News
Council Durbar inaugurated to revive cultural heritage—Committee Secretary

Council Durbar inaugurated to revive cultural heritage—Committee Secretary
By: Yahaya Wakili
The Bade emirate council durbar committee was inaugurated three years ago by His Royal Highness, the Mai of Bade, Alhaji Abubakar Umar Suleiman, with sole responsibility to revive and improve the cultural heritage of the emirate.
The secretary of the committee, Alhaji Sale Garba Suleiman, disclosed this to newsmen in Gashua, the headquarters of the emirate. He said, By reviving our cultural heritage, our younger generation will grow up with their own culture.
He revealed that the committee will solicit advice and cooperation from the Yobe State Art and Culture Board to improve and boost our cultural heritage and also advise other emirates to emulate what the Bade Emirate Council is doing.
Sale maintained that his royal father was the first person who put his contribution into the committee account; therefore, he appealed to all sons and Bade emirate lovers to contribute generously to this committee.
The Secretary thanks and deeply appreciates the leadership of His Royal Highness, the Mai of Bade, Alhaji Abubakar Umar Suleiman, for his dedication to preserving the rich cultural heritage of Bade.
He also commended the effort of Hon. Yau Usman Dachia, Deputy Speaker of the Yobe House of Assembly, for his support, encouragement, and contribution to rendering this committee able to execute its function successfully.
Council Durbar inaugurated to revive cultural heritage—Committee Secretary
Crime
CLARIFICATION: No New Terrorist Group in Kwara, Mahmouda is a Boko Haram Commander Collaborating with Bandits

CLARIFICATION: No New Terrorist Group in Kwara, Mahmouda is a Boko Haram Commander Collaborating with Bandits
By: Zagazola Makama
Contrary to recent reports circulating on social and traditional media suggesting the emergence of a new terrorist organization in Kwara State, security sources have clarified that no new group has been formed. The figure at the center of these reports, Mahmouda, is not a name of a new terrorist group, but rather a known Boko Haram commander.
Mahmouda is a veteran Boko Haram fighter who initially operated in Borno State before relocating to Kaduna, where he briefly collaborated with the notorious terror kingpin, Sadiku. He later moved into the Shiroro and Rafi axis of Niger State, where he aligned with the remnants of Darul Salam, recruiting dozens of youths and enforcing extremist laws particularly on Fulani herdsmen.
Security intelligence confirms that Mahmouda has since moved some of his fighters further southwest into the forests bordering Kwara State, where he has established ties with local bandit groups. These elements are not a new organization but are extensions of Boko Haram collaborating with bandits already operating in the North West.
This clarification comes in the wake of past denials from security agencies. When intelligence analyst Zagazola Makama previously raised the alarm about the movement of terrorists toward Kwara, the Police issued a rebuttal, describing the report as fear-mongering.
However, with recent attacks and the presence of insurgent elements now being confirmed in parts of Kwara, observers are questioning the responsiveness and preparedness of authorities.
“What will the Police say now that the very thing they denied has begun to happen?” a senior security source queried.
Authorities are now being urged to act swiftly and decisively to prevent Mahmouda and his collaborators from entrenching themselves in the North Central corridor. Analysts warn that failing to address this threat early could result in Kwara becoming another flashpoint in Nigeria’s protracted insurgency.
Security agencies have been advised to increase intelligence operations, deploy special forces, and establish a proactive counter-insurgency presence in border forests between Niger and Kwara states to neutralize the threat before it escalates.
CLARIFICATION: No New Terrorist Group in Kwara, Mahmouda is a Boko Haram Commander Collaborating with Bandits
-
News1 year ago
Roger Federer’s Shock as DNA Results Reveal Myla and Charlene Are Not His Biological Children
-
Opinions3 years ago
THE PLIGHT OF FARIDA
-
Opinions3 years ago
POLICE CHARGE ROOMS, A MINTING PRESS
-
News1 year ago
EYN: Rev. Billi, Distortion of History, and The Living Tamarind Tree
-
Columns1 year ago
Army University Biu: There is certain interest, but certainly not from Borno.
-
ACADEMICS1 year ago
A History of Biu” (2015) and The Lingering Bura-Pabir Question (1)
-
Opinions1 year ago
Tinubu,Shettima: The epidemic of economic, insecurity in Nigeria
-
Politics8 months ago
Kashim Shettima: Of Sentiments, Their Opinions, and the 21 billion Naira VP’s Official Resident