Legislature
Bill to alter act establishing CBN scales second reading at Senate
The Senate on Wednesday passed for second reading a bill seeking to amend the Central Bank of Nigeria (CBN) Act 2007.
The lawmakers gave the approval to the bill for second reading following the presentation and consideration of the bill at plenary on Wednesday.
However, before the bill which was read for second reading it received contributions from lawmakers based on recent narratives surrounding the CBN activities.
The bill titled; ‘A Bill to Amend The Central Bank of Nigeria Act 2007 and Other Matters connected there with was sponsored by Sen. Dalington Nwaokocha(LP- Abia)
Nwaokocha while leading the debate said the bill was read for the first time Oct 10.
He said the bill seeks to amend Sections 6(1), (2), 8(1) (2) (3) (4) (5), 12 (1) (2) (3), 13 (1)(2) (3) (4) and paragraph 8 of the first schedule to the Act to strengthen the bank.
According to him, the amendment seeks to make provision for appointment of a chairman of the board, provide for responsibility to quicken and deepen execution of the bank’s mandate.
He said the bill seeks to address all anomalies that has hindered the advancement of the apex bank to handle the issues in the economy.
“Mr. President, Distinguished Colleagues, the thrust of this amendment is to create a people-centered central bank by delivery price and financial system stability and promoting sustainable economic development.
“As the nation grapples with economic issues, we need to reposition the CBN to grow the economy, regulate the exchange rate and unauthorized financial transactions and dollarizing the economy.
“This bill seeks to provide for among other things – Separate the head of management from the head of the governing voard in line with national and international good corporate governance practices.”
He said the bill seeks to establish a proper governance architecture for the monetary authority for optimal policy and operational effectiveness.
Nwaokocha said the amendment sought, would ensure real-time controls and effective accountability in the conduct of central banking in Nigeria.
He said the bill , when passed would reposition the CBN towards pursuit and advancement of its core mandates given the bank’s pivotal role in the economy.
“The bill would position the CBN as an apolitical entity that would become a worthy example in national and international monetary policy, banking sector regulation, currency management, and supervision.
“Mr. President, Distinguished Colleagues, Specific ways of achieving the above objectives contained in the amendments being sought is to
“Establish the position of the Chairman of the Board of the CBN with cognate qualifications and experience suitable for achieving the renewed objectives of the bank
” Establish an effective and efficient board for the CBN with enhanced independence and neutrality for comprehensive policy and operational board oversight.”
He said the bill further seeks to provide for an additional position of a Deputy Governor to achieve due balance in geo-political representation of all zones.
The Abia lawmaker said the bill when passed would guarantee internal and parliamentary oversight besides credible accountability to the Nigerian people .
According to him, it will clearly emphasise the ubiquity of financial reporting and corporate governance as key responsibilities of the board and management of the CBN.
“Mr. President, Distinguished Colleagues, this bill will ensure that the banking system is repositioned to play its primary role of financial intermediation for the benefit of investments and economic growth in Nigeria,”he said.
The bill was referred to the committee on Banking, Insurance and Other Financial Matters for further legislative input.
Legislature
CNG Safety Under Scrutiny: NASS Questions Readiness as Explosions Raise Alarms
The National Assembly has called for a comprehensive reassessment of Nigeria’s Compressed Natural Gas (CNG) initiative following alarming reports of vehicle explosions attributed to uncertified conversions. Lawmakers are urging the Federal Government to prioritize rigorous adaptability tests to ensure the safety and suitability of the technology in Nigeria’s unique environment.
During the 2025 budget defense session of the Joint Committee on Petroleum (Downstream), Petroleum (Upstream), and Gas, Senator Natasha Akpoti (PDP, Kogi Central) questioned the adequacy of research conducted before rolling out the CNG program.
“Nigeria’s bumpy roads and hot climate differ significantly from the smooth and cooler environments where this technology originated. Were these factors considered before introducing CNG?” Akpoti asked.
Her concerns come amid incidents of explosions in CNG-converted vehicles. The Minister of State for Gas, Hon. Ekperikpe Ekpo, attributed these accidents to uncertified conversions carried out by roadside technicians, emphasizing that certified centers adhere to strict safety standards.
Ekpo also assured lawmakers that the technology had been evaluated by a Presidential Committee on CNG and affirmed its long-term viability. “CNG has come to stay,” he stated.
The session also highlighted budgetary concerns, particularly the Ministry of Petroleum’s 2025 capital allocation of N903 million. Lawmakers criticized the sum as inadequate to address Nigeria’s pressing energy challenges.
“For a ministry driving Nigeria’s energy transition, this allocation raises concerns about commitment to infrastructure and innovation,” remarked Hon. Kafilat Ogbara.
As Nigeria seeks to diversify its energy mix, the National Assembly has stressed the need for enhanced safety measures, proper implementation, and increased funding to fully realize the potential of CNG while ensuring public safety and trust.
Legislature
Umahi expresses Frustration over Fixing Nigerian Roads
***Seeks Support for Loans as Budgetary Provisions Fall Short
The Minister of Works, Senator David Umahi, has voiced his deep frustration over the state of Nigeria’s road infrastructure, highlighting inadequate yearly budgetary allocations as a major barrier to progress.
Speaking during the 2025 budget defense session before the Senate Committee on Works in Abuja on Friday, Umahi described the financial constraints as overwhelming. “I’ve succeeded in most of my life’s engagements, but I feel frustrated fixing Nigerian roads with these meagre allocations,” he lamented.
Umahi disclosed that President Bola Tinubu inherited 2,064 road projects valued at N13 trillion, but rising costs have pushed the estimated expenditure to N18 trillion. He noted that the N827 billion allocated for road infrastructure in the 2025 budget is grossly insufficient to address the challenges.
“Roads are critical to economic growth and poverty reduction. They create jobs and drive economic activities. However, fixing these roads cannot be achieved with yearly budget provisions alone,” he explained.
The minister urged Nigerians to support the government’s borrowing initiatives, assuring that the funds would directly impact citizens’ lives by boosting economic activities and reducing hunger.
Senators on the committee, led by Senator Mpigi Barinaga, praised Umahi for his efficient management of scarce resources and supported his call for alternative funding mechanisms. They acknowledged the scale of the work required and admitted that the proposed budget falls far short of what is needed to resolve Nigeria’s road infrastructure crisis.
The session concluded with a shared resolve to explore additional funding options to tackle the nation’s road challenges effectively.
Legislature
In another rowdy session, Lawmakers Demand Accountability Amidst Budget Defense Chaos
***Minister Lokpobiri Assures of Reforms, Apologizes for Lapses
The 2025 budget defense session for the petroleum sector took a contentious turn on Friday as the Senate and House of Representatives Joint Committee on Petroleum (Upstream, Midstream, Downstream, and Gas) erupted into disorder. Tensions flared over delays in budget documentation, with lawmakers decrying the Ministry of Petroleum Resources’ perceived lack of preparedness and respect for legislative protocols.
The meeting, chaired by Senator Jarigbe Agom Jarigbe, was already fraught with logistical challenges. The cramped committee room, bursting with lawmakers and ministry officials, became the backdrop for a fiery exchange that highlighted the strained relationship between the legislative and executive branches. Calls to relocate the session to a more accommodating venue went unheeded, adding to the frustration.
Before the session could proceed, Hon. Kelechi Nwogu raised a procedural objection, pointing out the absence of vital budget documents. “We cannot engage in a meaningful discussion without the necessary materials. This undermines the integrity of the process,” Nwogu asserted.
The Minister of State for Petroleum Resources, Senator Heineken Lokpobiri, faced sharp criticism for the disorganization. Hon. Ado Doguwa, Co-Chairman of the Joint Committee, accused the Ministry of fostering an adversarial relationship with the legislature. “Minister, we see you only once a year, and even then, the lack of collaboration is glaring. This is unacceptable,” Doguwa said, his frustration evident.
Lokpobiri, in an attempt to salvage the situation, apologized for the lapses. “Distinguished Senators and Honourable Members, I deeply regret this oversight. It was not intentional. The budget documents are being distributed as we speak,” he said. He assured lawmakers that the Ministry remained committed to supporting legislative oversight and improving future engagements.
However, Lokpobiri’s lighthearted remark that the documents were being delivered in “Ghana Must Go” bags—containing no money—elicited mixed reactions. While some lawmakers chuckled, others viewed it as a diversion from the seriousness of the issue.
Doguwa, accepting the apology, stressed the need for strict adherence to legislative guidelines. “While we appreciate the apology, the late submission of documents is a breach of procedure. This cannot continue. We demand accountability and timely cooperation moving forward,” he said.
The session ultimately ended in stalemate, with lawmakers insisting on postponing the meeting until all necessary documents had been reviewed. The debacle underscores the persistent challenges of executive-legislative coordination in Nigeria’s budgetary process, particularly in critical sectors like petroleum.
As the Joint Committee prepares to reconvene, stakeholders will be watching closely to see if the Ministry of Petroleum Resources can rebuild trust and ensure a smoother process in the future.
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