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Just In: CBN defies NASS proposal upholds 5% ways and means limit

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By Kayode Sanni-Arewa

The Central Bank of Nigeria (CBN) has said it will maintain the Ways and Means Advances to the federal government at a 5% limit for the fiscal years 2024-2025, despite a recent bill from the National Assembly increasing the limit to 10%.

This decision was outlined in the CBN’s Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for the 2024-2025 fiscal period, released on Tuesday.

These guidelines emphasize the importance of macroeconomic stability and align with the Medium-Term Fiscal Framework (MTFF), aiming to manage expectations, respond to economic shocks, and sustain the ongoing economic recovery.

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The document stated, “Ways and Means Advances shall continue to be available to the Federal Government to finance deficits in its budgetary operations to a maximum of 5.0 per cent of the previous year’s actual collected revenue. Such advances shall be liquidated as soon as possible and shall in any event be repayable at the end of the year in which it was granted“.

Additionally, the advances will now be calculated after accounting for the sub-accounts of various Ministries, Departments, and Agencies (MDAs), which are connected to the Consolidated Revenue Fund to determine the Federal Government’s overall cash position.

Ways and Means Advances are short-term loans from the CBN designed to help the government address temporary budget shortfalls.

Section 38 of the CBN Act of 2007 limits these advances to a percentage of the previous year’s revenue and mandates repayment within the fiscal year.

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In recent years, the CBN’s handling of Ways and Means Advances has sparked controversy, particularly in 2023 when former CBN Governor Godwin Emefiele was accused of printing ₦22.7 trillion for the federal government without National Assembly approval.

Critics argue that excessive borrowing through this facility has fueled inflation and increased money supply in the economy.

In February 2024, current CBN Governor Olayemi Cardoso informed the Senate Committee that the CBN would halt further advances to the federal government until outstanding loans were repaid.

This move is part of broader efforts by the bank to address the economic challenges facing the country

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Edo 2024: Govt Declares Friday Work-free Day

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The Edo Government has declared Friday, Sept. 20, a work-free day to enable workers and others to travel to their voting areas ahead of the Saturday’s governorship election in the state.

A statement by Joseph Eboigbe, Secretary to the Edo State Government (SSG), reassured that security measures had been provided to ensure a free, fair, and credible election.

According to Eboigbe, it is hereby announced for the information of the general public that the Edo State Government has declared Friday, September 20, a work-free day.

“This is to enable workers and other electorates to travel to their voting areas ahead of the September 21 governorship election in the State.”

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“Government wishes everyone to journey mercies and reassures that security measures have been provided to ensure a free, fair and credible election, ” he said.

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NAFDAC alerts Nigerians About fake Dettol soap

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The National Agency for Food and Drugs Administration and Control has alerted Nigeria to the sale of a fake soap labelled as “Dettol Health Fresh Soap” in the market.

Ad revealed on NAFDAC’s website on Thursday, the manufacturer of Dettol Antiseptic products confirmed that the soap is fake as it does not have any product by the name “Dettol Health Fresh Soap.”

“The Marketing Authorization Holder and manufacturer (Reckitt Benckiser Nigeria Limited) of Dettol Antiseptic products, received a consumer complaint regarding the above-mentioned product. The product was reported to have caused skin irritation to the complainant.

“The MAH has confirmed that the product is fake as they do not have any product by the name “Dettol Health Fresh Soap”. Dettol Antiseptic products are widely used in Nigeria for household disinfection and personal hygiene to prevent illnesses from germs (bacterial infection),” it said.

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It added that details of the complaint product were not provided by the complainant except for the name of the product “Dettol Health Fresh Soap.”

The agency noted that the illegal marketing of NAFDAC-regulated products or fake products poses a risk to people’s health, and since they do not comply with the regulatory provisions, the products’ safety, quality, and efficacy are not guaranteed.

It said all NAFDAC zonal directors and state coordinators have been directed to carry out surveillance and mop up the fake product if found within the zones and states.

“Importers, distributors, retailers, healthcare professionals, caregivers, and consumers are advised to exercise caution and vigilance within the supply chain to avoid the importation, distribution, sale, and use of the fake product. All medical products must be obtained from authorised/licensed suppliers. The products’ authenticity and physical condition should be carefully checked.

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“Healthcare professionals and consumers are advised to report any suspicion of the sale of substandard and falsified medicines or medical products to the nearest NAFDAC office, NAFDAC on 0800-162-3322 or via email: [email protected].

“Similarly, healthcare professionals and patients are also encouraged to report adverse events or side effects related to the use of medicinal products or devices to the nearest NAFDAC office, or through the use of the E-reporting platforms available on the NAFDAC website www.nafdac.gov.ng or via the Med- safety application available for download on android and IOS stores or via e-mail on [email protected]

“Furthermore, note that this notice will be uploaded to the WHO Global Surveillance and Monitoring System,” it concluded.

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LP Crisis: Nobody Unseated You, The Constitution Did, Sheathe Your Sword — Obi Tells Abure

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Peter Obi, the presidential candidate of the Labour Party in the 2023 elections has asked the party’s former Chairman, Julius Abure, to sheath his sword.

He urged him and others to join hands with the National Caretaker Committee to rebuild the party.

Obi, who was represented by Datti Baba-Ahmed, stated this at the inaugural meeting of the caretaker committee of the party held in Abuja on Tuesday night.

He stated categorically that nobody but the constitution of the party unseated former chairman Abure after the expiration of his tenure.

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Obi said: “Listen, my friend, no governor unseated Abure, the constitution unseated him. Abure’s time elapsed. Nobody unseated him. As of today, Abure is our good friend and a loyal member. We want him back in the fold; we have roles for him to play.

“We didn’t have crisis. We managed a transition that was a bit bumpy and that was it. I tell you, no other political party of our size could do that in the time and manner that we did.

“We are a political party who went all the way to the Supreme Court claiming our 10 million votes. They were only able to give us six million votes. So we are a force to contend with in Africa. What we’ve done has never been done before. When PDP came, they had the military. We had nothing.”

Obi noted that the opposition party was ready to repeat and surpass the feat recorded during the 2023 elections in 2027 by producing a majority in the National Assembly and winning the presidential seat in 2027.

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Earlier, the chairman of the Labour Party National Caretaker Committee, Senator Nenadi Usman, assured party members of the committee’s determination to rescue the party from the current challenges and restore and rebuild it as a veritable alternative platform for Nigerians.

She assured of the committee’s readiness to lead the party on the path of reconciliation within the short time of its assignment.

Usman stated: “We are on a rescue mission, not just for the Labour Party, but I tell you for our dear nation, Nigeria. The interest this committee has generated extends beyond party lines.

“The number of telephone calls I have received not just from Labour Party members, but people from other political parties who told me that if we get this thing right, we will walk together. So we have a huge task.

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“Our party, by the grace of Almighty God, will become a platform for all disenfranchised and unhappy Nigerians. People who are not happy with the way things are going, we are going to be the platform for them by the grace of God. Therefore, we must view this as a significant national assignment.”

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