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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
NDLEA intercepts cocaine in Saudi-bound religious books
By: Michael Mike
Operatives of the National Drug Law Enforcement Agency (NDLEA) have intercepted a shipment of cocaine concealed in 20 sets of religious books going to Saudi Arabia.
The spokesman of the anti-narcotics agency, Femi Babafemi in a statement on Sunday said the cocaine consignment consisting of 20 parcels with a total weight of 500 grammes and buried in the pages of the religious books was uncovered at a courier company in Lagos last Tuesday when NDLEA officers of the Directorate of Operations and General Investigation (DOGI) were searching through export cargos going to Saudi Arabia at the logistics firm.
Babafemi said at another courier company same day, NDLEA officers intercepted five parcels of Loud, a strong strain of cannabis weighing 2.8 kilogrammes hidden in a carton coming from the United States of America.
In Kano, a 22-year-old alleged supplier of illicit substances to bandits, Muhammad Mohammed, has been arrested by NDLEA operatives on patrol along Bichi – Kano road while heading to Katsina with 277 ampoules of pentazocine injection tied to his thigh and private part with Sellotape.
He was intercepted on Sunday 13th April, while another suspect, Mohammed Abdulrahman Abdulaziz, 43, was nabbed same day at Research Rimin Kebe area of Nasarawa, Kano with 68 blocks of skunk, a strain of cannabis, weighing 30 kilogrammes.
He said not less than 557.2 kilogrammes of skunk, 5.6 kilogrammes of methamphetamine and 29.8 grammes of heroin were recovered from a house along Major General Isaiah Alllison Street, Opolo, Yenagoa, Bayelsa state where four suspects were arrested when NDLEA operatives raided the premises last Wednesday
Babafemi said the four suspects arrested during the raid include: Sarimiye Suwa, 46; Roland Prosper, 34; Sarimiye Tare, 45; and Fidelis Ugbesla, 46, while a total of 1,100 kilogrammes of skunk were recovered from a delivery van with the driver, Ismail Abdullahi arrested in Surulere area of Lagos last Thursday.
In Kaduna, NDLEA operatives last Friday raided the hideout of a suspect, Ike Ani, 30, in Zaria, where no fewer than 31,950 pills of tramadol 225mg and diazepam were recovered, and in Kebbi, along Bagudo road on the same day a vehicle loaded with bags of charcoal coming from Malabil, Benin Republic was intercepted, when the vehicle was search, 97 kilogrammes of skunk concealed in the sacks of charcoal was recovered.
. Three suspects: Abubakar Ibrahim, 50; Mustapha Aliyu, 32; and Bashar Lawali, 28, were arrested in connection with the seizure.
A 48-year-old Okafor Marcel was nabbed with 11.5 kilogrammes skunk at Abatete, Anambra state while NDLEA operatives in Osogbo, Osun state last Tuesday arrested Ajala Mercy, 27, with 43 litres of skushi, a mixture of black currant, cannabis and opioids recovered from her room at Dada estate, Halleluyah area of the state capital.
Babafemi said two cannabis farms in Egbeta forest, Ovia North East LGA, Edo state were raided by NDLEA operatives who destroyed 3,717.8625 kilogrammes of the psychoactive plant on 1.487145 hectares and recovered 136.5 kilogrammes of processed cannabis.
At the Tincan seaport in Lagos, a suspect Basorun Kayode, 40, who has been at large for two years was arrested by NDLEA officers in connection with the seizure of 107 kilogrammes Loud imported from Canada in 2023, while another suspect, Dauda Yakubu who distributes illicit drugs within the seaport community was arrested by a team of operatives last Monday.
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 DOGI, Kano, Lagos, Kaduna, Kebbi, Osun, Zone 13, Edo and Tin-can 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.
NDLEA intercepts cocaine in Saudi-bound religious books
Fire Guts Water Board IDP Camp in Monguno, Borno
By: Zagazola Makama
A devastating fire broke out at the Water Board IDP Camp in Monguno Local Government Area (LGA) on April 19, 2025, destroying approximately one hundred thatch and makeshift houses.
Eye witnesses said that the fire started at around 1040hrs and rapidly spread across the settlement, burning household items, foodstuffs, and other valuable properties to ashes.
The cause of the fire is yet to be determined, and the value of the property destroyed is still being assessed.
Humanitarian officials were immediately deployed to the scene to maintain crowd control and prevent looting, while firefighters, alongside camp residents, worked tirelessly to extinguish the flames.
Fortunately, no casualties or loss of life were reported.
Fire Guts Water Board IDP Camp in Monguno, Borno
Terrorists Snatch Vehicle in Monguno, Borno
By: Zagazola Makama
Armed assailants suspected to be members of ISWAP/Boko Haram attacked and snatched a vehicle in Monguno Local Government Area (LGA) on April 18, 2025, at about 1400hrs.
Saleh Haun, a resident of the Water Board IDP Camp in Monguno, reported that while he was at the Gumnari Bush Area in Monguno, four armed gunmen, riding on two motorcycles, accosted him.
The assailants, at gunpoint, seized his white Toyota Land Cruiser, before fleeing with the vehicle to an unknown location.
A Military Forward Operating Base (FOB) has been alerted, and efforts are underway to to track the assailant and recover the stolen vehicle.
Terrorists Snatch Vehicle in Monguno, Borno
Troops Foil Fresh Violence as Armed Youths Attack Fulani Settlement in Plateau
Senator Donates Relief Materials to Communal Clash Deceases Families in Jigawa
NDLEA intercepts cocaine in Saudi-bound religious books
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