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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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Troops rescue five kidnap victims, repel attack on commuters near enugu

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Troops rescue five kidnap victims, repel attack on commuters near enugu

By: Zagazola Makama

Troops deployed at 9th Mile in Enugu State have rescued five kidnapped victims after repelling an attack on commuters by suspected armed criminals.

Security sources said the incident occurred at about 6:55 p.m. on Feb. 20 when the troops responded to a distress call indicating that assailants had attacked travellers heading towards Anambra State.

On arrival at the scene, the troops engaged the attackers in a gun duel, forcing them to abandon the victims and flee into nearby surroundings.

The sources disclosed that five kidnapped persons were successfully rescued during the operation, while the vehicle used by the victims was also recovered.

It was gathered that the troops expended 11 rounds of 7.62mm special ammunition during the encounter.

Security authorities said patrols had been intensified in the area to deny the criminals freedom of action and to forestall further attacks on commuters.

They added that the situation was under control, while surveillance and domination patrols were ongoing.

Troops rescue five kidnap victims, repel attack on commuters near enugu

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Zulum meets 56 state-sponsored doctors, approves training fund, others

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Zulum meets 56 state-sponsored doctors, approves training fund, others

By: Our Reporter

Borno State Governor, Professor Babagana Umara Zulum, has approved a special training fund for the 56 medical doctors currently undergoing residency training under the state’s sponsorship.

The governor granted the approval during an interactive meeting with the resident doctors at the Government House in Maiduguri on Thursday. 

The meeting was convened at the governor’s instance to assess the progress of the doctors’ training and address any challenges hindering their seamless progression in their various places of primary assignments.

Beyond approving the training fund, Zulum also approved the immediate implementation of promotional benefits for all resident doctors due for career progression. 

He directed that the promotions be implemented with immediate effect and that all arrears be paid to the beneficiaries, dating back to the effective date of their promotions.

The governor also directed the Borno State Hospital Management Board to organise a similar interaction with other medical doctors in the state who are not undergoing residency training.

He reiterated that the welfare of all health workers in the state remained a top priority for his administration, stressing that a motivated workforce is essential for delivering quality healthcare services to the people of Borno.

“My administration is committed to creating an enabling environment for our health professionals. We understand that without their dedication, we cannot achieve the needed health coverage we desire for our citizens,” the governor stated.

The meeting was attended by key stakeholders in the health sector, including the Commissioner for Health, Professor Baba Mallam Gana; the chairman of the State Hospital Management Board, Dr Joseph Jatau; and the Chief Medical Director, Professor Abubakar Kullima.

Also in attendance were the acting Chief of Staff, Dr Babagana Mustapha Mallumbe; the Chief Adviser to the Governor, Dr Mairo Mandara, the Executive Director, Borno State Primary Healthcare Development Board, Professor Arab Alhaji Mohammed and the Chief Medical Director of the Kashim Ibrahim University Teaching Hospital, Prof. Ibrahim Musa Kida.

Zulum meets 56 state-sponsored doctors, approves training fund, others

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Ebizi Unreliable, Adulterous Conduct Modelling Around Lokpobiri Over Deputy Office – Kolga Group Alleges

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Ebizi Unreliable, Adulterous Conduct Modelling Around Lokpobiri Over Deputy Office - Kolga Group Alleges

Ebizi Unreliable, Adulterous Conduct Modelling Around Lokpobiri Over Deputy Office – Kolga Group Alleges

The Kolga Youth Progressive Alliance has raised perturbing concerns of Mrs Ebizi Brown Ndiomu, member representing Sagbama Constituency || desperateness for consideration as Deputy Governor of Bayelsa State.

The state lawmaker rumoured for possible nomination, consideration for the replacement of the departed deputy governor, has been modelling around the Honorable Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri in Abuja.

A statement issued on Friday by the group spokesman, Comrade Tony Alazigha, the group described Mrs Ebizi Brown adulterous demeanor to be ascribed as desperate measures for consideration, and replacement of the departed deputy governor.

According to the group, Ebizi who shares a good working relationship with the Governor, Senator Douye Diri had ought to concentrate on the established relationship with the governor rather than adulterously running around Heineken Lokpobiri.

The adulterous, scandalous conduct of the honorable member modelling around politicians for consideration of the office of the deputy governor, will dent the image and reputation of the governor and the government.

The group spokesman demanding the general public to be watchful, stated that Kolga leaders who are relations to Mrs Ebizi Brown, are the people desperately pushing for the nomination of the lawmaker to deputize the Governor, Senator Diri.

He said the Kolga leaders pushing for Mrs Ebizi nomination as deputy, are leaders whom Governor Douye Diri has munificently made billions, but not satisfied because they want to control the government, and the leadership structure of the state.

The group cautioned Senator Douye Diri to dismiss the consideration of the Sagbama lawmaker for the replacement of the departed deputy governor, Mr Lawrence Ewhrudjakpo.

“The office of the deputy governor demands capacitated individual of reliability, trustworthy, hardworking, resourcefulness, competence, and not adulterous character displayed by the lawmaker from Sagbama.

“Is it the honorable minister working for governorship ambition that will nominate her or the governor whom she share good working relationship.

“Even in Sagbama local government area, there more competent, reliable individuals working closely with the governor that are worthy to deputize Governor Diri, and definitely not adulterous, unreliable Ebizi Brown.

The group urged Senator Diri to look inward in Sagbama for competent, dependable, trustworthy individual that will prioritize Bayelsans before personal interest to deputize him.

Ebizi Unreliable, Adulterous Conduct Modelling Around Lokpobiri Over Deputy Office – Kolga Group Alleges

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