Connect with us

News

MR. PRESIDENT; WITHHOLD ASSENT TO THE AMENDMENT OF THE CENTRAL BANK OF NIGERIA ACT

Published

on

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

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Six killed, nine injured in fatal auto crash in Plateau

Published

on

Six killed, nine injured in fatal auto crash in Plateau

By: Zagazola Makama

Six persons were killed and nine others injured in a fatal motor accident involving a trailer truck at Shendam Road junction in Langtang North Local Government Area of Plateau State.

Sources said that the accident occurred at about 5:30 a.m. on Jan. 4 when a trailer conveying about 400 bags of unprocessed rice from Yelwa-Shendam en route Kano State lost control and fell off the road.

The deceased were identified as Samaila Dahiru, from Katsina State; Sanusi Ladan Yelwa, from Toro Local Government Area of Bauchi State; Abubakar Sa’id, from Dass Local Government Area of Bauchi State; and Zaradeen Makama, from Birnin Kudu, Jigawa State.

Police said two other victims died in the crash but were yet to be identified as at the time of filing this report.

They added that nine persons sustained varying degrees of injuries.

“On receipt of the distress call, the Divisional Police Officer, Langtang North, mobilised and led a team of policemen to the scene and cordoned off the area,” the sources said.

They said the injured victims were rushed to the General Hospital, Langtang North, with the assistance of personnel of the Federal Road Safety Corps (FRSC) and members of the public for medical attention.

According to the sources , the identified corpses were released to their relatives for burial in line with Islamic rites.

Six killed, nine injured in fatal auto crash in Plateau

Continue Reading

News

Realistic training key to winning modern battles, says Army Chief as he declared the TRADOC Conference 2026 open

Published

on

Realistic training key to winning modern battles, says Army Chief as he declared the TRADOC Conference 2026 open

By: Zagazola Makama

The Chief of Army Staff (COAS), Lt.-Gen. Waidi Shaibu, has reiterated that realistic, mission-oriented and doctrine-driven training remains the most critical enabler for superior operational outcomes across Nigeria’s diverse theatres of operation.

Shaibu made this assertion while delivering his opening remarks at the 2026 Training and Doctrine Command (TRADOC) Conference, which formally commenced the Nigerian Army’s training activities for the year.

The Army Chief warned that failure to adequately and realistically prepare officers and soldiers for assigned missions would inevitably undermine operational effectiveness, noting that the evolving and increasingly complex security environment demands a force that is professional, adaptable, combat-ready and resilient.

According to him, the conference was convened to promote robust and forward-looking deliberations aimed at aligning training, doctrine and operational concepts with contemporary and emerging security challenges confronting the nation.

Shaibu said Army Headquarters remained firmly focused on sound policy formulation and holistic, mission-specific training, in line with his Command Philosophy.

He charged commandants and leaders of training institutions to internalise this philosophy and translate it into practical outcomes by producing combat-ready, resilient and adaptable troops capable of operating effectively within joint and multi-agency environments.

The COAS described the theme of the conference, “Enhancing Nigerian Army Operational Outcomes Through Effective Training and Doctrine Implementation,” as apt and timely, stressing that doctrine must continue to guide training, planning and the execution of operations across all formations.

He urged participants to relate conference presentations to real operational experiences, with a view to strengthening the Army’s capacity to counter terrorism, insurgency and other contemporary security threats.

Shaibu placed particular emphasis on Exercise MUGUN BUGU, describing it as the hallmark of Nigerian Army training activities. He said the exercise remained central to validating doctrinal principles and assessing operational readiness.

The Army Chief called for greater realism in training scenarios, including the integration of improvised explosive device (IED) threats, explosive ordnance disposal (EOD) procedures and the expanded use of simulators to enhance proficiency and cost-effectiveness.

While acknowledging the sacrifices of Nigerian Army personnel in safeguarding national security, Shaibu reaffirmed his commitment to strengthening fighting power, improving welfare and administration, and providing purposeful leadership to confront threats to peace and security.

He also commended past commanders of the Training and Doctrine Command, retired senior officers and the current TRADOC leadership for their contributions to the development of the Nigerian Army.

The COAS appreciated the conference resource persons for their insights, which he said would help shape the Army’s training and doctrinal direction in the year ahead.

Shaibu further expressed gratitude to the President and Commander-in-Chief of the Armed Forces, President Bola Ahmed Tinubu, GCFR, for his sustained support to the Nigerian Army, while reaffirming the unalloyed loyalty of the Service to the Constitution of the Federal Republic of Nigeria.

In his welcome remarks, the Commander, Training and Doctrine Command, Maj.-Gen. Peter Malla, described the conference as a critical intellectual platform for setting the tone for Nigerian Army training activities in 2026.

Malla said the conference underscored the Army’s unwavering commitment to doctrine-driven, realistic and mission-focused training as the foundation for operational effectiveness, particularly in an increasingly complex and adaptive security environment.

He noted that Nigeria’s prolonged engagements in counter-terrorism, counter-insurgency and other internal security operations had consistently highlighted the vital link between sound doctrine, effective training and operational success.

The TRADOC commander reaffirmed the command’s commitment to Nigerian Army Doctrine as the professional blueprint guiding operations, stressing the need for doctrine to remain dynamic and responsive to emerging threats.

He urged participants to actively engage in deliberations, challenge assumptions and propose practical solutions aimed at enhancing training effectiveness and strengthening the Army’s collective operational competence.

The COAS later formally declared the Training and Doctrine Command Conference 2026 open

Realistic training key to winning modern battles, says Army Chief as he declared the TRADOC Conference 2026 open

Continue Reading

News

One killed, nine arrested as rival gangs clash in Kano

Published

on

One killed, nine arrested as rival gangs clash in Kano

By: Zagazola Makama

One person was killed and nine suspects arrested following a violent clash between rival thuggery groups in Kawo and Mariri areas of Kano metropolis, sources have confirmed.

Sources told the Zagazola Makama that the incident occurred on Jan. 4 at about 9:00 p.m., following a fight between two rival groups led by Kabalo Snu and Faizu Mohammed, popularly known as Chabross of Yar Kasuwa, Kawo Quarters.

According to the sources, the clash was a reprisal attack linked to an earlier confrontation between the two groups. They said that earlier in the day, at about 1:40 p.m., Faizu Mohammed allegedly inflicted injuries on Kabalo during a separate altercation, prompting members of Kabalo’s group to launch a retaliatory attack later that night.

During the reprisal, Faizu Mohammed was reportedly stabbed in the neck with a sharp object, sustaining severe injuries. He was rushed to Sir Muhammadu Sanusi Specialist Hospital, where he died while receiving treatment.

The sources said the corpse was subsequently released to his relatives for burial, while normalcy was restored in the area.

However, tension resurfaced in the early hours of Jan. 5 when information was received that some suspected thugs were mobilising in large numbers at Kawo Quarters, allegedly to carry out another reprisal attack on Kabalo at his residence located at Jar Kuka, Mariri Quarters.

The sources said police operatives were swiftly deployed to the area and arrived to find that the suspects had already broken into a shop belonging to Kabalo.

According to the sources, the operatives charged into the area, arrested nine suspects and recovered some exhibits, while several others fled the scene.

The sources added that the situation has since been brought under control, with normalcy restored across the affected neighbourhoods. Investigation is ongoing, while efforts are being intensified to arrest other fleeing suspects and prevent further breakdown of law and order.

One killed, nine arrested as rival gangs clash in Kano

Continue Reading

Trending

Verified by MonsterInsights