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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
News
Gallant Troops Overrun Terrorist Camps in Dajin Madam Forest, Neutralise Two Bandits in Plateau
Gallant Troops Overrun Terrorist Camps in Dajin Madam Forest, Neutralise Two Bandits in Plateau
By: Zagazola Makama
Gallant troops of the Nigerian Army’s 33 Artillery Brigade have launched a major offensive against terrorist and bandit hideouts in Dajin Madam Forest, straddling Kanam and Wase Local Government Areas of Plateau State, destroying several camps and neutralising two armed criminals during successive encounters.
Security sources told Zagazola Makama that the operation commenced at about 11:00 a.m. on Nov. 8, 2026, with troops advancing into the forest in a coordinated offensive against criminal elements operating within the area.
During the operation, the troops successfully cleared several terrorist camps across five identified locations within the forest, denying the criminals access to their established hideouts and support infrastructure.
The troops subsequently destroyed and burnt the terrorists’ life-support structures, including facilities believed to have sustained their presence and operations in the forest.
The offensive gathered momentum at about 3:41 p.m. when troops made contact with the armed bandits at another location within the forest.
The soldiers engaged the criminals with superior firepower, forcing them to withdraw in disarray.
Evidence of the effectiveness of the engagement was indicated by bloodstains observed along the bandits’ withdrawal routes, suggesting that some of the fleeing criminals might have sustained gunshot injuries.
Undeterred, the troops continued exploiting the general area, leading to the recovery of a significant cache of ammunition, communication equipment, mobility assets and other logistics.
Items recovered included 135 rounds of 7.62mm NATO ammunition, PKT ammunition links, two motorcycles, two drums of Premium Motor Spirit (PMS), two communication radios and four mobile phones.
The troops also recovered three woodland and desert camouflage uniforms, two Keystone camouflage uniforms and other sundry items believed to be associated with the activities of the criminal group.
In a further demonstration of sustained combat pressure, the troops made another contact with the fleeing bandits at about 6:30 p.m. during a pursuit operation.
The soldiers engaged the criminals, neutralising two bandits close to Kukawa village in Kanam Local Government Area.
Two additional motorcycles were also recovered during the encounter.
Following the successful engagements, the troops moved to a harbour position at Kukawa, where they continued to maintain their operational presence in the area.
The operation represents a significant offensive against armed criminal networks using the Dajin Madam Forest corridor as a hideout, with the destruction of their camps, recovery of ammunition and logistics, and the neutralisation of two bandits further disrupting their operational capabilities.
The sustained advance by the troops also illustrated the Nigerian Army’s determination to deny terrorists and bandits safe havens in the forests linking Kanam and Wase, while maintaining pressure on fleeing elements.
Gallant Troops Overrun Terrorist Camps in Dajin Madam Forest, Neutralise Two Bandits in Plateau
ECOWAS Inspection Team Assesses Readiness of Nigerian Standby Force in Ondo
By: Zagazola Makama
An inspection team from the ECOWAS Force Headquarters and Army Headquarters has assessed the operational readiness of Nigeria’s ECOWAS standby force at Naquora Barracks in Okitipupa Local Government Area of Ondo State.
Security sources told Zagazola Makama that the team, led by Brig.-Gen. Sheikh Sulaiman Massaquoi, visited the barracks on Nov. 7, 2026, to evaluate the troops’ preparedness for possible deployment.
The team received briefings on troop readiness, training and administrative matters, and witnessed demonstrations on roadblock operations and crowd dispersal.
Massaquoi commended the troops for their performance and urged them to sustain high standards of professionalism, discipline and physical fitness.
The inspection visit ended without any incident.
ECOWAS Inspection Team Assesses Readiness of Nigerian Standby Force in Ondo
Troops Foil Kidnap Attempt, Rescue Gunshot-Wounded Victim in Plateau
By: Zagazola Makama
Troops of Operation Enduring Peace (OPEP) have foiled a suspected kidnapping attempt and rescued a gunshot-wounded victim along the Rafin Sanyi axis in Riyom Local Government Area of Plateau State.
Security sources told Zagazola Makama that troops of Sector 6 OPEP, deployed at Sopp, responded to a distress report at about 9:40 p.m. on Nov. 6, 2026, after suspected kidnappers blocked the road in the area.
The swift intervention of the troops reportedly forced the criminals to flee before they could carry out their operation.
The troops subsequently combed the area and rescued one occupant of a Sharon vehicle who had sustained a gunshot wound.
The victim was evacuated to the Nigerian Army Medical Outpost at Tigi, where he received first aid treatment.
Troops have continued to dominate the general area through fighting patrols to prevent the criminals from regrouping and forestall further attacks.
Troops Foil Kidnap Attempt, Rescue Gunshot-Wounded Victim in Plateau
Gallant Troops Overrun Terrorist Camps in Dajin Madam Forest, Neutralise Two Bandits in Plateau
Troops Recover AK-47 Rifle, Discover Suspected Bandit’s Corpse in Old Oyo National Park
ECOWAS Inspection Team Assesses Readiness of Nigerian Standby Force in Ondo
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