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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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Tipper truck kills several traders in Jalingo market crash

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Tipper truck kills several traders in Jalingo market crash

By: Zagazola Makama

A tragic road accident occurred on Saturday at the popular Mile 6 Market in Jalingo, Taraba State, when a tipper truck loaded with shaft sand lost control and rammed into a crowd of traders and shoppers.

Zagazola learnt the incident, which happened around midday, resulted in multiple fatalities and left several others injured. The exact number of casualties is yet to be confirmed as emergency responders continue rescue operations and assessment of the scene.

Sourcessaid the truck was speeding when one of its front tyres suddenly burst, causing the driver to lose control. The vehicle veered into the busy market area, knocking down people and structures along its path.

“It happened so fast,” said Musa Ibrahim, a local vendor. “The truck was on speed and after the tyre burst, the driver couldn’t control it. It just rammed into the crowd.”

Security operatives and medical personnel arrived swiftly at the scene to evacuate the injured to nearby hospitals. The body of the deceased has also been recovered, while efforts are ongoing to identify victims and notify their families.

The driver of the truck has been apprehended and is currently in custody as investigations continue into the cause of the crash.
End

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Former Footballer, 4 Others Arrested, Over 22.6kg Cocaine, Meth Seized at Lagos, Enugu Airports

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Former Footballer, 4 Others Arrested, Over 22.6kg Cocaine, Meth Seized at Lagos, Enugu Airports
…72-year-old Grandma, Beninese, Ithers Nabbed in NDLEA Raids in Delta, Kwara, Lagos

By: Michael Mike

Operatives of the National Drug Law Enforcement Agency (NDLEA) have arrested a former football player Segun George Hunkarin along with his businessman partner Ntoruka Chinedu over attempt to smuggle a consignment of cocaine into Nigeria through the Murtala Muhammed International Airport, Lagos.

According to a statement on Sunday by the spokesman of the NDLEA, Femi Babafemi, Chinedu who is a frequent flyer known for conveying clothes from Turkey to Nigeria and foodstuffs from Nigeria to Turkey, was the first to be arrested upon his arrival at the Lagos airport last Tuesday, when his carry-on bag was searched, 37 wraps of cocaine weighing 800 grammes were seen to be concealed therein.

Babafemi said investigation showed that the suspect was coming from Turkey on Ethiopian Airlines flight but transited through Addis Ababa, Ethiopia where he collected the luggage from another person before heading to Nigeria.

He said further checks revealed that an accomplice who turned out to be the former professional footballer, Segun Hunkarin, was waiting for Chinedu at the airport carpark to collect the consignment from him. Hunkarin who had stayed years in Brazil playing for football clubs was promptly tracked and arrested at the carpark.

In his statement, Hunkarin was said to have claimed that while playing professional football in the South American country, he had only trafficked drugs twice from Brazil to Ethiopia but has never brought any to Nigeria.

Another Europe based businessman Amen Okoro was last Friday arrested by NDLEA operatives at the Lagos airport while attempting to traffic 5,000 pills of tramadol 225mg packaged as known malaria drugs such as Lonart, Amatem and Aluktem to Spain.

He was intercepted at the departure hall of terminal 2 of the airport during the outward clearance of passengers on Royal Air Maroc flight to Spain through Casablanca.

Babafemi said Okoro, who is into freight and logistics business between Europe and Nigeria, claimed that on his arrival in Spain, he would have taken a train to France where he resides and from there send the tramadol consignment to Italy for retailing.

At the Akanu Ibiam International Airport (AIIA) Enugu, Babafemi said NDLEA operatives last Friday intercepted a Maputo, Mozambique based bar attendant Ezenwaka Chibuzor. A search of his luggage led to the discovery of 17 cardboard size parcels of methamphetamine weighing 17.500 kilogrammes and three parcels of cocaine weighing 3.05 kilogrammes.

He revealed that the 38-year-old suspect was coming from Johannesburg, South Africa via Addis Ababa, Ethiopia on Ethiopian Airlines flight when he was interdicted and subjected to a search during which the illicit drugs concealed in bedsheets packed in his bags were discovered.

He noted that another passenger on board the same Ethiopian Airlines flight, 54-year-old Azu Kpodar was also intercepted at the Enugu airport by NDLEA operatives. When Azu, who arrived from Sao Paulo, Brazil, was searched, a liquid soap plastic container marked YPE, was discovered in his luggage. The substance was promptly taken for analysis at the NDLEA forensic and chemical laboratory, Enugu where the substance tested positive to cocaine.

The substance which turned out to be liquid cocaine weighed 1.250 kilogrammes, the
suspect who is a toy seller in Brinquedo, Sao Paulo, Brazil, claimed he purchased while shopping for his wedding ceremony in Nigeria.

NDLEA operatives at the Seme border area of Badagry in Lagos last Tuesday intercepted a 26-year-old Beninese Vode Jean-Luck while trying to smuggle 69 balls of skunk, a strain of cannabis with a gross weight of 29.5 kilogrammes from Benin Republic into Nigeria.

In Kwara state, a notorious drug dealer Mary Oladele (a.k.a Iya Nafi) was arrested last Wednesday when NDLEA operatives raided her base in Omu-Aran in Irepodun local government area of the state where various quantities of skunk, tramadol and flunitrazepam were recovered from her.

Babafemi said a 72-year-old grandma Mrs. Christy Ejaro was last Tuesday arrested by NDLEA operatives at Niger CAT area of Warri, Delta state, with several sachets of skunk packaged in retail size recovered from her.

The spokesman said the War Against Drug Abuse, WADA, social advocacy activities by NDLEA commands equally continued across the country in the past week.

Meanwhile, the Chairman/Chief Executive Officer of NDLEA, Brig. Gen. Buba Marwa (Rtd), while commending the officers and men of MMIA, AIIA, Delta, Kwara, and Seme commands of the agency for the arrests and seizures of the past week, equally praised their counterparts in all the commands across the country for ensuring a fair balance between their drug supply reduction and drug demand reduction efforts.

Former Footballer, 4 Others Arrested, Over 22.6kg Cocaine, Meth Seized at Lagos, Enugu Airports

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Armed bandits abduct resident in Bature Daji, in Niger narrowly miss vigilante target

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Armed bandits abduct resident in Bature Daji, in Niger narrowly miss vigilante target

By: Zagazola Makama

Armed bandits in large numbers stormed Bature Daji community in Niger in the early hours of Saturday, abducting a resident while narrowly missing their original target, a local vigilante member.

Zagazola Makama gathered that the incident occurred around 5:30 a.m. when the attackers invaded the residence of one Dani, a known vigilante operative in the area. He was reportedly the primary target of the assault but managed to escape.

However, the gunmen kidnapped one Attahiru Ibrahim, popularly known as Sarki Daji, from the same neighborhood and whisked him away to an unknown destination.

Local sources revealed that the assailants later moved toward Gorogawu Village, a border community near the Republic of Benin, raising concerns of cross-border movement and security challenges.

A joint team of security forces, including military and other operatives, has launched a pursuit operation to rescue the victim and apprehend the attackers.

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