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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
AT ARMED FORCES CELEBRATION AND REMEMBRANCE DAY
ALL IN HONOUR OF OUR NATION’S FALLEN HEROES
By: Our Reporter
Vice President Kashim Shettima today represented President Bola Ahmed Tinubu GCFR at the 2026 Armed Forces Celebration and Remembrance Day ceremony held at the National Arcade in Abuja.
Also in attendance were the President of the Senate, Senator Godswill Obot Akpabio; the Chief Justice of Nigeria, Justice Kudirat Kekere-Ekun; the Deputy Speaker of the House of Representatives, Benjamin Kalu; ministers, service chiefs and other government officials.
The solemn event commemorates the courage and sacrifices of Nigeria’s fallen heroes who gave their lives in service to the nation.
AT ARMED FORCES CELEBRATION AND REMEMBRANCE DAY
Technology enhances immersive reading experience in Beijing
By Shi Fang, People’s Daily
“Mr. Lu Xun, could you recommend one of your classic works?”
“If I were to suggest one, perhaps Call to Arms would be a good starting point…”
This conversation took place at the Metaverse Experience Hall of the Beijing Library. Supported by artificial intelligence (AI) and other emerging technologies, the hall offers visitors a novel approach to immersive reading and knowledge-based social engagement.
As one of three institutions under the Capital Library of China, the Beijing Library has introduced an AI-powered digital human modeled after renowned Chinese writer Lu Xun. Historically, Lu Xun played a role in establishing the predecessor of the Capital Library of China. Today, his digital incarnation symbolizes the library’s digital transformation.
“We developed the digital Lu Xun using AI technologies to provide guided tours, recommend books, and introduce local cuisine and cultural sites,” explained Fei Jun, professor with the School of Design, the Central Academy of Fine Arts, and creative director of the Metaverse Experience Hall. His team conducted in-depth research on Lu Xun’s life and works to create a realistic and multidimensional digital persona.
In addition to the digital Lu Xun, Fei’s team created two other digital characters, “Tutu” and “2122,” each with distinct personalities: one childlike and the other futuristic. These avatars, driven by large language models, engage visitors in conversations about literature and everyday life. Since the library opened at the end of 2023, these AI characters have participated in more than 1.7 million voice interactions.
Seven-year-old reader Wang Jiayi eagerly asked “2122” questions such as, “Why did dinosaurs go extinct?” and “Why do maple leaves turn red in autumn?” Her mother commented, “The digital humans are engaging and informative. They genuinely spark children’s interest in learning.”
Entering the library feels akin to stepping into a digital universe.
Visitors can scan a QR code to verify their identity, customize their attire, and quickly generate digital avatars within the Metaverse. These avatars can navigate virtual spaces such as the Children’s Library, Ancient Books Collection, Art Literature Library, and Intangible Cultural Heritage Library, exploring venue information and upcoming events.
Readers also interact with one another via their digital avatars, sharing reading lists, exchanging book reviews, and bridging online and offline reading experiences.
Looking ahead, the library plans to introduce additional immersive features, including personalized virtual study rooms. “Our goal is to offer a multisensory experience — visual, auditory, and even tactile — so users feel as if they’ve entered a parallel world for immersive reading,” Fei said. His team is also developing an online version of the metaverse library, enabling remote access to its digital environment and vast knowledge collections.
“Beyond traditional print books, we want to create a technology-enhanced environment that sparks curiosity and encourages readers to explore knowledge in innovative ways,” said Li Nianzu, deputy director of the Capital Library of China.
Photo shows the Beijing library under the night sky. (Photo/Fan Jiashan)
Readers visit the Metaverse Experience Hall of the Beijing Library. (Photo/Fan Jiashan)
A reader interacts with the digital Lu Xun at the Metaverse Experience Hall of the Beijing Library. (Photo from Beijing Youth Daily)
Technology enhances immersive reading experience in Beijing
Rights Groups Condemn Demolition of Makoko, Call for Immediate Halt
By: Michael Mike
A coalition of national and international human rights, environmental, and social justice organisations has condemned what they describe as the “violent and unlawful” demolition of Makoko, a historic waterfront fishing community along the Lagos Lagoon.
In a joint statement released, the groups alleged that demolition activities began on January 5, 2026, and have continued despite outcry from residents and civil society actors.
According to the organisations, government-backed demolition teams have destroyed homes, schools, health facilities, and religious buildings, leaving hundreds of families without shelter.
Eyewitness accounts cited in the statement claim that security personnel accompanying the demolition teams used tear gas and excessive force against residents, including women, children, and elderly persons. Displaced families are reportedly sleeping in boats, churches, and open spaces along the lagoon as they struggle to find temporary refuge.
The coalition further noted that Makoko is not an isolated case. Over the past year, thousands of residents across several Lagos waterfront and informal communities—including Oko-Baba, Ayetoro, Otumara, Baba-Ijora, Oworonshoki, and Precious Seeds—have faced similar evictions. In many cases, demolitions were carried out without prior notice, consultation, or resettlement plans.
The groups also referenced past demolitions in Badia East, Otodo-Gbame, Maroko, Monkey Village, Ilaje-Bariga, and Ifelodun, saying the Lagos State Government has repeatedly ignored court orders restraining such actions. They alleged that several deaths have been linked to forced evictions over the years.
“The pattern reflects a systemic disregard for human rights, due process, and the rule of law,” the statement read. “These actions violate Nigeria’s constitution and international human rights obligations while deepening Lagos’s housing crisis.”
The coalition called on the Lagos State Government to immediately suspend all ongoing demolitions, respect existing court injunctions, investigate allegations of abuse, and provide fair compensation and adequate resettlement for affected residents.
They also urged authorities to adopt more inclusive, rights-based, and environmentally sustainable urban planning that protects livelihoods rather than displacing vulnerable communities.
The statement was signed by 23 organisations, including Health of Mother Earth Foundation (HOMEF), Corporate Accountability and Public Participation Africa (CAPPA), Environmental Rights Action/Friends of the Earth Nigeria (ERA/FoEN), Policy Alert, WoMin African Alliance, and Norway’s Rafto Foundation for Human Rights, among others.
As of press time, the Lagos State Government had not issued an official response to the allegations.
Rights Groups Condemn Demolition of Makoko, Call for Immediate Halt
AT ARMED FORCES CELEBRATION AND REMEMBRANCE DAY
Technology enhances immersive reading experience in Beijing
Rights Groups Condemn Demolition of Makoko, Call for Immediate Halt
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