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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
Security Agencies Conduct Show of Force, Secure Jumat Prayers in Jos-Bukuru
By: Zagazola Makama
Security agencies in Plateau State have conducted a coordinated show of force and provided security coverage for Jumat prayers across major locations within the Jos-Bukuru metropolis.
Security sources disclosed that the operation, carried out at about 1:00 p.m. on May 22, involved troops of Operation Enduring Peace personnel of the Nigerian Air Force 551 Station, the Nigeria Security and Civil Defence Corps (NSCDC), and other sister security agencies.
According to the sources, the joint operation covered key flashpoints within the Jos-Bukuru operational area as part of proactive measures to ensure a hitch-free religious observance.
The exercise also included the provision of adequate security for Jumat prayers at various mosques across different sects and sub-sects within the area.
The sources added that the coordinated deployment was aimed at deterring criminal elements and denying them freedom of action within the metropolis.
Security authorities confirmed that the Jumat prayers were conducted peacefully without any security incident recorded across the covered locations.
Security Agencies Conduct Show of Force, Secure Jumat Prayers in Jos-Bukuru
Troops Respond to Isolated Killing of Civilian Guard in Plateau by Militia elements in Mangu
By: Zagazola Makama
Troops of Sector 8 (Sub-Sector 81), Operation Enduring Peace, have responded to a reported attack and killing of a civilian security guard, Saidu Mohammed, by militia elements in Gindiri area of Mangu Local Government Area of Plateau State.
Security sources disclosed that the incident occurred at about 9:30 a.m. on May 22 at a farm near a dam in the area.
According to the sources, troops were mobilised to the scene following a distress call and found the lifeless body of the victim, who was said to have sustained machete cuts.
The remains of the deceased were recovered and subsequently handed over to his family for burial in accordance with Islamic rites.
The sources added that preliminary assessment suggested the attack may have been carried out by suspected militia elements operating in the general area.
Authorities said efforts were ongoing to identify, trail and apprehend those responsible for the killing, while security surveillance in the area had been intensified.
Troops Respond to Isolated Killing of Civilian Guard in Plateau by Militia elements in Mangu
News
Zulum Presents APC Guber Candidate Gubio to Tinubu, Hails President’s Role in Northeast Recovery
Zulum Presents APC Guber Candidate Gubio to Tinubu, Hails President’s Role in Northeast Recovery
By: Michael Mike
Governor of Borno State, Babagana Zulum, on Friday formally presented the governorship candidate of the All Progressives Congress (APC) in the state, Mustapha Gubio, to President Bola Ahmed Tinubu at the Aso Rock Presidential Villa.
During the meeting, Zulum praised President Tinubu’s commitment to restoring peace, rebuilding communities devastated by insurgency and supporting development efforts across Nigeria’s Northeast.
The governor said the President’s leadership has strengthened cohesion within the APC and sustained momentum in the region’s recovery efforts, particularly in states affected by years of attacks by insurgent groups.
“The President’s commitment to peace and reconstruction in the Northeast has been unwavering,” Zulum said, noting that federal interventions in security, humanitarian support and infrastructure development have continued to bring hope to affected communities.
Zulum was accompanied to the Presidential Villa by member of the House of Representatives, Bukar Talba.
The presentation of Gubio comes amid growing political activities ahead of the 2027 general elections and is widely seen as a major step in consolidating the APC’s political structure in Borno State, one of the party’s strongest support bases in the North-East.
Gubio, a former commissioner and technocrat, recently emerged as the APC governorship candidate in Borno, succeeding other aspirants in the party’s internal selection process. His emergence has attracted significant attention within political circles, especially given Governor Zulum’s influence in the state and his administration’s focus on post-insurgency reconstruction, resettlement of displaced persons and rebuilding of critical infrastructure.
Since assuming office in 2019, Zulum has gained national recognition for his hands-on leadership style, particularly his frequent visits to conflict-affected communities and efforts to improve education, healthcare and security coordination in Borno State.
Borno remains one of the states most impacted by over a decade of insurgency in the Northeast, with thousands killed and millions displaced. However, recent years have witnessed gradual reconstruction and resettlement efforts led by both the state and federal governments.
Zulum Presents APC Guber Candidate Gubio to Tinubu, Hails President’s Role in Northeast Recovery
Niger Military Report Confirms Loss of Equipment After Attack on GNN Position
Troops Rescue Abducted Victims, Arrest Collaborators, Record Surrenders in North-East Operations
Troops Arrest Three Suspected Robbers in Borno Community
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