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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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Jos DisCo offers Gombe Staff free medical care, drugs
Jos DisCo offers Gombe Staff free medical care, drugs
The management of Jos Electricity Distribution Company (JEDC) has conducted a free medical examinations as well as distributed free drugs to its staff in Gombe State Office, as part of its health advocacy to improve wellbeing of its employees and boost productivity.
As part of JEDC’s health initiative, a fitness walk was also organised on Saturday for all employees in Gombe State.
A fitness coach, Jauro Dauda, who led the walk urged officials of JED to prioritise regular exercise as part of efforts to maintain good health and boost productivity.
The exercise began at the company’s state headquarters, from where officials trekked to Pantami Stadium.
At the stadium, staff members participated in various physical exercises before returning to the office premises for medical examinations.
Speaking to participants, Dauda emphasised the need for a healthy lifestyle through eating nutritious foods and regular exercise.
“For you to function well, you need to keep your body fit. So I advise each and every one of you to create time at home. You can take your wife on a walk.
“The content of what we eat today can cause a lot of health issues like hypertension and diabetes. Knowing your health status is very important; knowing it is good to living long,” he said.
Also speaking, the Gombe State Operating Officer of JEDC, Rilwan Shehu, expressed satisfaction with the turnout and encouraged staff to sustain the culture of exercise beyond organised events.
“We are happy that we can exercise not only in the stadium; you can exercise at home,” Shehu said.
He added that the company operates an inclusive system that promotes unity among staff.
“We in JEDC operate an open-door policy; there is no junior or senior cadre. We do things together and we win together,” he said.
Jos DisCo offers Gombe Staff free medical care, drugs
News
Customs officer killed in gun attack after cannabis seizure in Ogun
Customs officer killed in gun attack after cannabis seizure in Ogun
By: Zagazola Makama
A senior officer of the Nigeria Customs Service (NCS), ASC Akinyode Mustapha, has been shot dead by unknown gunmen following the interception of a vehicle loaded with cannabis in Imeko area of Ogun State.
Sources told Zagazola Makama that a team of officers from the NCS Federal Operations Unit (FOU) Zone A, Ikeja, led by DSC Ogundana Oluwademi, had on Feb. 2, at about 11:40 p.m., intercepted a Sienna bus loaded with suspected cannabis at Oke-Agbede via Imeko.
The driver of the vehicle, however, escaped on foot.
“While the team was returning to Lagos with the seized exhibit vehicle, they came under gunfire by unknown assailants at the Immigration checkpoint, Idofa, Imeko,” the sources said.
The sources added that a bullet struck ASC Akinyode Mustapha, aged 50, during the attack.
He was immediately rushed to the General Hospital, Ilaro, where he was later confirmed dead by the medical doctor on duty.
Upon receipt of the report on Feb. 4 at about 3:30 p.m., security forces stormed the scene. No expended ammunition or cartridge was recovered at the location, and photographs of the scene were taken.
The team leader reportedly released the corpse to the deceased’s family for burial, while the seized exhibit vehicle had earlier been taken to the NCS base in Lagos.
The sources said preliminary investigation was ongoing to verify the claims and unravel the circumstances surrounding the attack.
Further developments will be communicated, the command said.
Customs officer killed in gun attack after cannabis seizure in Ogun
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VP Shettima Leads FG Delegation To Condole With Victims Of Kwara Attack
VP Shettima Leads FG Delegation To Condole With Victims Of Kwara Attack
***Assures all hands are on deck to restore peace, tranquility to Kaiama
***Says President Tinubu has directed NEMA to mobilise resources to support distressed communities
By: Our Reporter
The Vice President, Senator Kashim Shettima, has reaffirmed the determination of President Bola Ahmed Tinubu to ensure that peace and tranquillity are restored in Nuku and Woro villages in Kaiama Local Government Area of Kwara State in the aftermath of Tuesday’s attacks on the communities by terrorists.
He assured the people of the communities that while the President had ordered the deployment of a battalion of the Nigerian Army to Kaiama, all hands were already on deck to rid the affected communities and the entire state of insecurity.

Senator Shettima gave the assurance on Saturday when he led a Federal Government delegation to commiserate with the people of Kaiama Local Government and the Governor of Kwara State, Mallam AbdulRahman AbdulRazaq, over the deadly terrorist attack that claimed several lives.
The Vice President disclosed that President Tinubu has instructed the National Emergency Management Agency (NEMA) to mobilise all resources, in partnership with the Kwara State Emergency Management Agency, to provide succour and support to the distress communities.

“Your Excellency, we are here at the behest of President Bola Ahmed Tinubu to commiserates with you and the good people of Kaiama and Kwara State, by extension, over the tragedy that befell our communities of Woro and Nuku on the evening of Tuesday, February 3, 2026.
“That tragic killings had shocked Nigerians because the victims were peaceful members of the communities that were dedicated to building peaceful livelihood, while they practice their religion in the peaceful and harmonious manner that the injunctions of Islam has instructed,” he said
VP Shettima extended what he described as the heartfelt condolences of President Tinubu and the Federal Government to the government and those who lost their loved ones in the gory attacks, noting that all hands were already on deck to restore peace in the community.

“Please, accept our heartfelt condolences, on behalf of President Bola Ahmed Tinubu. A battalion of the Nigerian Army had been deployed to Kaiama and all hands are on deck to ensure that peace and tranquility is restored to those communities,” he assured.
The VP did not disclose the measures being taken to restore peace in the area, observing however that “security issues are sensitive issues and we do not have to divulge most of the actions that are being taken by our security establishment.
“But I’m here fundamentally to commiserates with the government and people of Kwara and the people of Kaiama, in particular, over the tragic loss of lives and to reassure the good people of the state of harmony. Our prayers are with you, our empathy is with you,” the Vice President added.
Earlier, Chairman of the North East Governors Forum, Governor Babagana Umara Zulum of Borno State, extended the condolences and sympathy of the North East Governors to the people and government of Kwara State over the tragedy.

He said, “As Muslims, we believe in destiny and it is our sincere hope that, by God’s grace, this act will not happen again. Our prayers are with you and it is our sincere prayer that Almighty Allah will forgive those that have lost their lives and grant them Aljannah firdaus,” Governor Zulum prayed.
Responding, the Governor of Kwara State, AbdulRazaq, applauded the swift response of the Federal Government to the incident, saying “as confirmed by the Local Government Chairman, troops are already on ground and the Operation Savannah Shield is in motion.
“As you can see, we were welcomed at the airport by the General Officer Commanding (GOC) Second Division of the Nigerian Army. A DIG is on ground. We truly appreciate the response of the Federal Government, and representatives of NEMA have been on ground since the incident happened.”
The Governor called for continued prayers for better a situation and better security in Nigeria, just as he said, “One is short of words and what to say but we will continue to support our President, the Vice President and our leadership for God to guide them in the affairs of this nation.”
Also, the Chairman of Kaiama local government area, Hon. Abdullahi Abubakar Danladi, expressed gratitude to President Tinubu and Vice President Shettima for the immediate deployment of a military battalion in the area, and thanked the Governor of Kwara state for his leadership.
On his part, the Emir of Kaiama, HRH Alhaji Mu’azu Shehu Omar, also applauded President Tinubu for the prompt action taken after the massacre that in Kaiama.
“We really appreciate the effort of President Tinubu. Since the incident happened on Tuesday, he has shown concerned toward us. The security personnel and other relevant agencies are adequately deployed to arrest the situation,” the traditional ruler said.
Other dignitaries present during the visit include the Director-General of NEMA), Zubaida Umar; Sen. Ali Mohammed Ndume; Managing Director, Niger Delta Power Holding Company Ltd (NDPHC), Eng. Jennifer Adighije; former Deputy Senate President, Senator Ovie Omo Agege, and members of Kwara State House of Assembly, among others.
VP Shettima Leads FG Delegation To Condole With Victims Of Kwara Attack
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