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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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Gowon: US, UK Arms Ban Forced Nigeria to Seek Soviet Support During Civil War

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Gowon: US, UK Arms Ban Forced Nigeria to Seek Soviet Support During Civil War

By: Our Reporter

Former Head of State, Yakubu Gowon, has revealed that the refusal of the United States and the United Kingdom to supply arms to Nigeria during the civil war forced his administration to seek military support from the Soviet Union and a Lebanese black market arms dealer.

According to Gowon, the unexpected alliances proved decisive in changing the course of the war, which lasted from July 1967 to January 1970.

The disclosure is contained in Chapter Fifteen of his 859 page autobiography, My Life of Duty and Allegiance, unveiled in Abuja on Tuesday. President Bola Tinubu was represented at the launch by Vice President Kashim Shettima.

In the chapter titled If The Devil’s Ready To Help, Gowon recounted the intense struggle his government faced in sourcing weapons as Nigeria’s ammunition reserves dwindled dangerously by late 1968. He revealed that the country’s stockpile had dropped to about half a million rounds for the entire Army, an amount he considered grossly inadequate for sustained military operations.

He explained that international restrictions on arms sales prevented Nigeria from replenishing its military supplies, despite the escalating demands of the conflict.

“As the weeks of fighting wore on, our stock of ammunition was steadily depleted, and we could not replenish them because international sales restrictions prevented suppliers from selling military hardware to Nigeria,” Gowon wrote.

The former military leader added that the shortage forced him to halt further military advances after the capture of Enugu, restricting federal troops to positions around Okigwe and Umuahia.

“Left with no choice, I ordered the Federal troops to hold their position because I could not, in clear conscience, commit them to further advance knowing that the ammunition to sustain the effort was in short supply,” he stated.

Gowon also expressed disappointment with the stance of Western powers, particularly at a time when the United States was heavily involved militarily in Vietnam and Cambodia.

He recalled holding what he described as one of the most significant meetings of the war with the British and American ambassadors, hoping to secure support for Nigeria’s military efforts.

“If I say I’m not disappointed, it will be an understatement,” he said while recounting the encounter.

Gowon noted that he reminded the diplomats of his responsibility to preserve Nigeria’s unity and protect all citizens and foreign nationals living in the country.

He further recalled telling them before their departure from the State House that he would seek assistance from anywhere necessary to defend the nation.

“I will go to any devil to get what I need to deal with the problem and do my duty to my country,” he said.

According to Gowon, both ambassadors left the meeting without making any commitment, but by then, he had already resolved to pursue alternative sources of military support.

Gowon: US, UK Arms Ban Forced Nigeria to Seek Soviet Support During Civil War

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Community Court of Justice, ECOWAS Holds Second Moot Court Competition in Dakar

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Community Court of Justice, ECOWAS Holds Second Moot Court Competition in Dakar

By: Michael Mike

The Community Court of Justice, ECOWAS is hosting the second edition of its annual Moot Court Competition in Dakar, bringing together law students, academics and legal practitioners from across West Africa in a regional initiative aimed at strengthening legal education and deepening understanding of Community law.

The three-day competition, scheduled for May 20 to 22, 2026, is part of the Court’s broader drive to promote awareness of its jurisdiction and jurisprudence while equipping the next generation of lawyers with practical advocacy, research and analytical skills.

Organised under the theme, “Today’s Students, Tomorrow’s Jurists,” the competition is expected to provide participants with hands-on exposure to simulated legal proceedings, enabling them to bridge the gap between classroom learning and real-world legal practice.

This year’s edition will feature eight universities from francophone ECOWAS member states, including Benin, Côte d’Ivoire, Guinea, Senegal and Togo, while students from a university in Cape Verde will participate as observers. Each institution will field a team made up of two students and a faculty adviser.

The competition is structured in two phases — written and oral. During the written stage, participating teams prepare memorials for both the applicant and respondent based on a hypothetical legal dispute rooted in issues falling within the jurisdiction of the ECOWAS Court. The top-performing teams from the written assessments advance to the oral rounds.

The oral phase in Dakar will feature preliminary and semi-final rounds before designated panels, culminating in a grand finale where the two best teams will argue before a distinguished panel of judges. The event will end with an awards and closing ceremony recognising outstanding teams and participants, while a cultural tour is scheduled for May 23.

The maiden edition of the competition, held in Abuja in 2025, attracted participation from 13 Nigerian universities at the memorial stage, with eight advancing to the oral rounds. Ahmadu Bello University emerged overall winner of the inaugural edition.

Senior government officials from Senegal, members of the Senegalese judiciary and bar association, academics, media representatives, partner organisations and invited guests are expected to attend this year’s competition alongside judges and staff of the ECOWAS Court.

The Court said the initiative reflects its continued commitment to promoting legal excellence, strengthening access to justice and advancing human rights within the West African sub-region.

According to the Court, the programme is also designed to foster stronger institutional ties between the judiciary and academic institutions while nurturing a new generation of lawyers with deeper knowledge of Community law and regional integration mechanisms.

Community Court of Justice, ECOWAS Holds Second Moot Court Competition in Dakar

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Nigeria Unveils Net Zero Investment Plan to Unlock Climate Finance, Drive Green Growth

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Nigeria Unveils Net Zero Investment Plan to Unlock Climate Finance, Drive Green Growth

By: Michael Mike

The Federal Government of Nigeria has launched an ambitious Net Zero Investment Plan (NZIP), a major policy framework designed to mobilise climate finance, accelerate sustainable economic growth, and strengthen the country’s pathway to net zero emissions by 2060.

The plan, unveiled in Abuja by the National Council on Climate Change, represents a significant step in Nigeria’s efforts to translate its climate commitments into concrete investment opportunities capable of attracting both domestic and international financing.

Developed under the NDC Partnership’s “Global Call for NDCs 3.0 and LT-LEDS,” the framework received technical support from Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH and funding from the German Federal Ministry for the Environment, Climate Action, Nature Conservation and Nuclear Safety through the International Climate Initiative.

The NZIP is expected to serve as a strategic roadmap for implementing Nigeria’s long-term climate agenda by identifying priority sectors for investment, outlining financing needs, and proposing mechanisms to bridge existing climate finance gaps.

Government officials said the initiative aligns with Nigeria’s broader economic transformation agenda and reinforces the country’s aspiration to emerge as a leading climate-responsive economy in Africa in line with the African Union Agenda 2063.

The investment framework builds on key national policies, including the Nigeria Agenda 2050, the Nationally Determined Contributions (NDCs), and the Long-Term Low-Emission Development Strategy (LT-LEDS), all of which provide the policy backbone for Nigeria’s transition toward sustainable and climate-resilient growth.

Under the LT-LEDS framework, Nigeria targets net zero greenhouse gas emissions by 2060, while the NDCs outline short- and medium-term actions under the Paris Agreement.

Speaking at the launch, Country Director of GIZ, Markus Wagner, described the NZIP as a critical instrument for transforming climate goals into bankable projects capable of attracting large-scale investment.

According to him, the framework goes beyond policy declarations by providing a structured mechanism for mobilising public and private capital toward climate resilience, low-carbon industrialisation, and sustainable economic development.

Wagner noted that achieving net zero emissions would require strong collaboration among government institutions, development partners, financial organisations, and the private sector.

He said the plan demonstrates Nigeria’s determination to align climate action with economic development priorities while creating opportunities for innovation, green jobs, and long-term sustainable growth across strategic sectors of the economy.

Analysts say the launch of the NZIP could improve investor confidence in Nigeria’s green economy ambitions and position the country to access increasing pools of global climate finance targeted at low-carbon and climate-resilient development initiatives.

Nigeria Unveils Net Zero Investment Plan to Unlock Climate Finance, Drive Green Growth

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