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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
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PRESIDENT TINUBU MOURNS VICTIMS OF TERRORIST ATTACK IN NGOSHE, GWOZA LGA IN BORNO STATE
PRESIDENT TINUBU MOURNS VICTIMS OF TERRORIST ATTACK IN NGOSHE, GWOZA LGA IN BORNO STATE
By: Our Reporter
President Bola Tinubu has expressed heartfelt condolences to the families of those affected by the recent terrorist attack by Boko Haram on the Ngoshe community in Gwoza Local Government Area of Borno State.
The President mourns the loss of innocent lives, including military personnel, and those caught in friendly fire during the aerial interdiction of fleeing terrorists by the Air Force.
He describes the attack by the terrorists as a heartless assault on hapless citizens, urging Nigerians in Borno and elsewhere not to succumb to fear.
President Tinubu commends the military for their swift response, which led to the killing of scores of terrorists and their subsequent forced retreat.
He charges the military and other security agencies to work urgently to rescue those kidnapped by the terrorists.
Additionally, he directs the armed forces to intensify their efforts to protect civilians nationwide and prevent attacks on military installations in the North East.
President Tinubu prays for the souls of those who lost their lives in the attacks and friendly fire and extends his sympathies to their families and the Borno State Government.
PRESIDENT TINUBU MOURNS VICTIMS OF TERRORIST ATTACK IN NGOSHE, GWOZA LGA IN BORNO STATE
News
Borno State Command Celebrates 2026 World International Civil Defence Day in Grand Style
Borno State Command Celebrates 2026 World International Civil Defence Day in Grand Style
By: Bodunrin Kayode
The Borno State Command of the Nigeria Security and Civil Defence Corps (NSCDC) recently marked the 2026 World International Civil Defence Day with a weeklong series of activities, themed “Towards a safer society.”
A statement by the command’s spokesperson CSC Bulus James, stated that the celebration began with briefings and sensitization of staff on NSCDC’s critical roles in Crisis Management, Protection of Critical National Assets and Infrastructure, Peace and Conflict Resolution, Counter-terrorism, and VIP Protection.

On Thursday, 26th February 2026, officers and men, led by Acting Commandant DCC Obe Ndubuisi, embarked on a road match from the State Headquarters through the Kano Motor Park community and concluded at the headquarters, where the Acting Commandant delivered speeches on behalf of Commandant CC Ahmed Bello Gaya, including messages from the Commandant General and the State Commandant.
On the 27th February, 2026, Muslim faithfuls gathered at Al-Ansar Masjid for Jumaat prayers, with ACG CBRNE Hameed Abudurin from NHQ Abuja in attendance as Special Guest of Honour.

He was also present at the Passing Out Parade (POP) of a joint special training program held at the Nigerian Police Force Explosive Ordnance Disposal and Chemical, Biological, Radiological, Nuclear (EOD-CBRN) Training School, Maiduguri, in collaboration with UNMAS which offered him the opportunity to celebrate alongside the Muslim faithfuls.
Prayers were offered by the Chief Imam Borno State, and NSCDC. Worshippers expressed gratitude for NSCDC’s unwavering commitment to safeguarding lives, property, and critical national assets.

This was followed by the grand finale at the NSCDC Glorious Chapel which held a special Sunday service at the Command’s multipurpose hall, attended by guests from sister security agencies on 1st March, 2026
Goodwill messages were delivered, followed by a keynote address from Commandant CC Ahmed Bello Gaya, delivered by Acting Commandant Obe Ndubuisi.

.DCC Paul Ochola delivered an exhortation on “Selfless Service to Humanity: Towards a Safer Environment.” The service concluded with pleasantries and a group photograph.
Borno State Command Celebrates 2026 World International Civil Defence Day in Grand Style
News
Zulum Pays Sympathy Visit to Victims of Ngoshe Attack, Assures Rescue of Abducted Residents
Zulum Pays Sympathy Visit to Victims of Ngoshe Attack, Assures Rescue of Abducted Residents
By: Our Reporter
Borno State Governor, Professor Babagana Umara Zulum, has commiserated with the people of Ngoshe affected by the recent Boko Haram attack, describing the incident as tragic.
Ngoshe, a community in Gwoza local government, was attacked on Tuesday evening, scores were killed, while others were abducted.

Addressing members of the community on Friday in Pulka, Governor Zulum said he personally came to sympathize with the affected people and families of those that lost their loved ones.
He assured that efforts are underway to rescue all those abducted, restore security, and provide humanitarian support to victims.

“We are here today to commiserate with the people of Ngoshe that have lost their loved ones following the unfortunate incident that occurred on Tuesday. The situation is very sad and our hearts go out to all those affected by this tragedy,” Zulum said.
“I want to assure you that we will do everything possible to address the unfortunate situation that has befallen this community, and for those who have been abducted, the Nigerian military will do everything within its capacity to rescue them,” Zulum assured.

Governor Zulum explained that military operations are currently ongoing in Ngoshe and the Sambisa Forest to rid the area of criminal elements.
“There are ongoing military operations within the Sambisa Game Reserve. What we witnessed yesterday was largely a result of insurgents being pushed out from their strongholds, which led them to launch coordinated attacks on nearby communities,” he explained.
He called on the Nigerian Army to intensify operations to clear insurgents from the Mandara Hills which he described as a major security threat.
“The Mandara Hills remain a major security concern. The insurgents descended from the hills to attack this town. Therefore, I call on the Nigerian Army and the Federal Government to intensify efforts to clear Mandara Hills of insurgents,” Zulum said.

The governor noted that the exact number of casualties is yet to be confirmed as assessments are still ongoing, but acknowledged that several lives were lost while others were abducted.
As part of immediate humanitarian intervention, the governor said the state government had begun distributing relief materials and establishing cooking points to provide food for displaced residents.
“For now, we will distribute food items to those affected and I have directed that cooking points be established so that everyone in this community can receive meals from a central kitchen,” he said.
The governor appealed to residents to remain calm and law-abiding, noting that Borno State government will double its efforts to end this madness. “We shall not relent in our commitment to restoring lasting peace and stability in the state,” he said.
“I strongly believe that with sustained military operations and cooperation between all levels of government, we will overcome this challenge. Insha Allah, peace will return fully to our land,” the governor added.
Similarly, Governor Babagana Zulum inspected houses burned during an attack by Boko Haram insurgents on Thursday in Konduga town.
Zulum Pays Sympathy Visit to Victims of Ngoshe Attack, Assures Rescue of Abducted Residents
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