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.
The National Assembly has modified the National Drug Law Enforcement Agency (NDLEA) Act to prescribe life imprisonment for individuals found guilty of storing, transporting, or concealing illicit drugs and substances.
The amendment was adopted on Thursday during plenary, presided over by Deputy Senate President Barau Jibrin, following broad support from the senators.
The amendment reflects a harmonised position of the Senate and the House of Representatives on Section 11 of the NDLEA Act.
The House had earlier passed an amendment prescribing life imprisonment for drug traffickers, while the Senate had proposed the death penalty.
To reconcile the differences, a conference committee of both chambers was convened. Senator Tahir Monguno, Chairman of the Senate Committee on Judiciary, Human Rights, and Legal Matters, presented the harmonised version to the Senate.
He urged lawmakers to adopt the House’s position of life imprisonment, arguing that enforcing the death penalty could lead to the execution of over 900 accused persons currently awaiting trial for drug-related offenses.
The Deputy Senate President who presided over the plenary had put the resolution to a voice vote, and the majority of senators supported the amendment.
The approved version stipulates life imprisonment for offenders.
The amended section now reads:
“Anybody who is unlawfully involved in the storage, custody, movement, carriage, or concealment of dangerous drugs or controlled substances and who, while so involved, is armed with any offensive weapon or is disguised in any way, shall be guilty of an offence under this Act and liable on conviction to be sentenced to life imprisonment.”
This amendment aims to strengthen the fight against drug trafficking while addressing concerns over human rights and the judicial implications of the death penalty.
The move is part of efforts to curb the growing menace of drug trafficking and its adverse effects on Nigerian society. According to Senator Monguno, the life imprisonment penalty strikes a balance between deterrence and humane judicial practice.
With the amendment, the NDLEA now has a robust legal framework to prosecute offenders and combat drug-related crimes effectively.
President Bola Ahmed Tinubu has formally requested the National Assembly’s approval for a $2.209 billion (₦1.767 trillion) external borrowing plan to finance part of the ₦9.17 trillion fiscal deficit in the 2024 budget. The loan, included in the 2024 Appropriation Act, is critical to the government’s broader strategy for economic recovery and growth.
In a letter to Senate President Godswill Akpabio, President Tinubu noted that the borrowing aligns with the provisions of Sections 21(1) and 27(1) of the Debt Management Office (DMO) Establishment Act, 2003. He also indicated that the Federal Executive Council (FEC) had approved the plan.
The President explained that the funds would be sourced through Eurobonds or similar external financial instruments. A detailed summary of the loan’s terms and conditions accompanied the letter to guide legislative scrutiny.
“This borrowing is necessary to address the budget deficit and fulfill our fiscal strategy for 2024. Swift approval will enable us to move forward with mobilizing these funds,” the President stated, emphasizing the urgency of the request.
Senate President Akpabio referred the matter to the Committee on Local and Foreign Deb
By Isah Bala
Access to quality education is a cornerstone of societal progress, and Senator Natasha Akpoti-Uduaghan is embodying this vision by bringing transformative educational tools to Kogi Central. In a groundbreaking initiative, the senator recently provided 5,000 digital learning devices to public primary and secondary schools in her district, aiming to bridge the digital divide and set a new educational standard.
The devices, unveiled at Abdul Aziz Attah Memorial College (AAAMCO), are preloaded with the Nigerian curriculum from UBEC and internationally acclaimed educational resources, including Khan Academy and Discovery Kids. Through this initiative, students will experience interactive learning, enabling them to explore subjects in depth, enhance digital literacy, and engage with complex topics in a hands-on way.
This project is just the beginning of Senator Natasha’s ambitious plan to make “smart schools” the norm in Kogi Central. She envisions a future where every child in her district has equal access to digital learning, stating, “My dream is to equip all public primary and secondary schools in Kogi Central with digital learning devices before the end of my tenure in 2027.”
Beyond device distribution, the senator’s initiative includes UBEC-led teacher training to ensure educators are equipped to integrate these tools into their classrooms effectively.
With this dual approach of student and teacher empowerment, Senator Natasha is laying a foundation that will support digital literacy and skill development for years to come.
Senator Natasha’s commitment to educational advancement represents a significant step forward for Kogi Central, ensuring that young students have access to the tools they need to succeed in an increasingly digital world. This initiative marks her dedication to the constituency that entrusted her with this mandate.
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