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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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Beyond the Frontline: Ashlee Momoh Foundation Restores Hope to Widows of Fallen Heroes

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Beyond the Frontline: Ashlee Momoh Foundation Restores Hope to Widows of Fallen Heroes

By Comrade Philip Ikodor

KADUNA – When a soldier falls in the line of duty, the echoes of the final salute eventually fade, but for the families left behind, a silent and grueling battle begins. While these brave men defended the nation’s sovereignty with courage, their widows are often left to navigate a minefield of poverty, trauma, and social isolation.

In a decisive move to address these challenges, the Ashlee Momoh Foundation (AMF) held a special outreach event at the Golden Orange Gate Hotel in Kaduna State on Thursday, May 21, 2026. The initiative sought to provide a lifeline to the families of departed heroes, framed not as charity, but as a profound national debt of gratitude.

The Chairperson and CEO of the Foundation, Princess Ashlee Momoh, emphasized that the AMF remains committed to ensuring no widow walks alone. She noted that the sacrifice of a soldier continues in the quiet hallways of homes where wives suddenly become sole providers.

“Many military widows face a daunting reality: sudden loss of income, housing insecurity, and a lack of access to specialized mental health support,” Princess Momoh stated. “Unless intentional interventions are made, these families remain trapped in a cycle of hardship that dishonors the legacy of the departed. Your story does not end in sorrow; it continues in purpose.”

Princess Momoh outlined the Foundation’s three strategic pillars designed to bridge the gap between loss and self-sufficiency:

Economic Independence: Providing small business grants, financial literacy, and vocational skills to restore dignity and autonomy.

Securing the Future: Offering scholarships and tuition assistance so that children do not pay for their fathers’ patriotism with their education. Emotional Fortitude: Establishing counseling and wellness groups to ensure widows are seen, heard, and sustained.

The Chairperson called for a “whole-of-society” approach, urging the government, private sector, and philanthropic organizations to join in collective action. While government intervention is pivotal, she noted that partnerships are essential to scaling the impact of these programs.

The event featured the distribution of empowerment gift items and the announcement of new scholarship awards. Prominent guests, partners and volunteers in attendance included Special Guests of Honor, Air Commodore Chris Dola (Rtd), PhD, and General Brown Yakubu (Rtd), CEO of Golden Orange Gate Hotel, both of whom delivered goodwill messages and also contributed immensely in support of the Foundation’s mission.

Beyond the Frontline: Ashlee Momoh Foundation Restores Hope to Widows of Fallen Heroes

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Mali Protests Saudi Media Reports, Accuses Journalists of Sowing Disinformation

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Mali Protests Saudi Media Reports, Accuses Journalists of Sowing Disinformation

By: Zagazola Makama

The Government of Mali has lodged a formal diplomatic protest with the Kingdom of Saudi Arabia over recent media reports concerning the security situation in northern Mali, particularly around the Kidal region.

The protest follows broadcasts by Saudi-based media outlets Al Arabiya and Al Hadath, which Bamako described as misleading and damaging to the image of the Malian Armed Forces (FAMa).

In a statement issued by the Ministry of Foreign Affairs on May 17, 2026, the Malian authorities accused journalist Ibrahim Moustapha, correspondent for the two networks, of entering the country “illegally” and operating in “flagrant violation of Mali’s sovereignty.”

The government further alleged that the journalist may have had links with armed groups operating in the region, an accusation the authorities extended to the content of the reports aired by the networks, which Bamako described as “false, unfounded and aimed at undermining national institutions.”

The reports in question reportedly focused on security developments in northern Mali, including the Kidal axis, an area where state authority has faced persistent challenges from armed groups.

The diplomatic note also warned that such reporting could strain relations between Mali and Saudi Arabia, a country Bamako described as a “long-standing friend and partner.”

The development comes amid ongoing debate over press freedom and media access in Mali, where international organisations have repeatedly raised concerns about restrictions on journalists and shrinking civic space under the transitional authorities.

Observers note that Mali has in recent years tightened oversight of media operations through regulatory bodies, including suspensions of outlets and prosecutions linked to alleged dissemination of false information.

Bamako’s action has renewed discussion on the role of journalists in conflict zones, with media rights advocates maintaining that independent reporting remains a core element of international humanitarian law, provided journalists do not take part in hostilities.

Tensions reportedly escalated further after Al Arabiya broadcast footage showing Malian soldiers allegedly held captive in the north, a development the government also condemned as an infringement on national sovereignty.

While the Malian authorities maintain that media coverage must respect territorial integrity and security sensitivities, press freedom advocates argue that conflict reporting does not necessarily require prior authorisation from parties to a conflict.

The situation has raised concerns over possible diplomatic friction between Bamako and Riyadh, although no official response has yet been issued by the Saudi authorities or the media organisations involved.

Any prolonged disagreement could carry broader diplomatic and economic implications for Mali, which continues to navigate complex security and international relations challenges in the Sahel region.

Mali Protests Saudi Media Reports, Accuses Journalists of Sowing Disinformation

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Chief Imam of Ogbomoso calls for stiff punishment for kidnappers, urges FG to enforce maximum penalties

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Chief Imam of Ogbomoso calls for stiff punishment for kidnappers, urges FG to enforce maximum penalties

By: Zagazola Makama

The Chief Imam of Ogbomoso has called on the Federal Government to adopt stricter measures against kidnappers and armed criminals involved in attacks on schools and abduction of children, urging that offenders be made to face the full weight of the law.

The religious leader made the call while reacting to recent cases of school attacks, killings of teachers, and abduction of pupils in parts of the country, describing such acts as grave crimes against humanity and unacceptable under any moral or legal standard.

He stressed that individuals who engage in kidnapping, killing of innocent civilians and terrorising communities should not be granted leniency, amnesty or reintegration, but should instead be prosecuted and subjected to the maximum penalties prescribed under Nigerian law.

The Chief Imam said religious teachings emphasise justice, protection of innocent lives and accountability for those who commit serious crimes, adding that insecurity affecting schools and rural communities must be confronted decisively by the state.

He called on security agencies and judicial authorities to ensure that arrested suspects are properly prosecuted in accordance with due process, while urging government to strengthen protective measures around vulnerable communities, especially schools and rural settlements.

According to him, sustained attacks on teachers, children and civilians undermine national stability and require a firm and coordinated response from both security and justice institutions.

The Imam further urged policymakers to prioritise the safety of citizens over considerations that may weaken deterrence, insisting that justice must be seen to be served in order to restore public confidence in the security system.

He, however, maintained that all actions must remain within the framework of the law, stressing that the rule of law remains central to any sustainable response to insecurity.

Chief Imam of Ogbomoso calls for stiff punishment for kidnappers, urges FG to enforce maximum penalties

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