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NASS Approves N7.3trn Ways And Means

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The National Assembly has approved the securitisation of the outstanding debit balance of N7.3trn of the Ways and Means Advance in the Consolidated Revenue Fund (CRF) of the Federal Government .

This followed the consideration of President Bola Tinubu’s letter which he addressed to the presiding officers of the National Assembly.

Tinubu’s request was subsequently considered at the Committee of Supply and approved at plenary due to its urgency.

Ways and means is a loan facility through which the CBN finances the government’s budget shortfalls.

The letter by the President is titled, “Securitization of the debit balance of ways and Means in the consolidated revenue fund of the Federal Government of Nigeria.”

It read, ” I would like to call the attention of the Senate to the provisions of section 38 of the subsisting CBN Act 2007.

“It stipulates that the apex bank may grant temporary advances to the Federal Government in respect of temporary deficiency of budget revenue provided such overdraft do not surpass 5% of the Government revenue from the Previous year.

“The senate is invited to note that from available information by the CBN the Consolidated Revenue Fund (CRF) account of the Federal Government of Nigeria (FGN) stood at N7.3trn as at December 11, 2023 that is due to domestic debt servicing, Principal and interest.

“While the Federal Government is considering various measures to forestall the use of Ways and Means advances for domestic debt servicing, it has become highly imperative to securitirise the outstanding Ways and Means Advance of the Federal Government of Nigeria before the end of the year 2023.

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“The securitization of the Ways and Means will lead to the realization of the following benefits amongst others:

“Reduction of debt service costs as interest rate for the securitize Ways and Means advanced is lowered at 9% per annum compared to MBR which is 0.3%

“The savings arising from the much lower interest rate will have to reduce the deficit in the budget.

“The improvement in debt transparency as securitised Ways and Means Advances are included in the public debts statistics.

“In view of the foregoing the senate is invited to kindly consider and approve the securitisation of the outstanding debit balance of N7.3tr in the same order as at December 2023.

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Easter tragedy: 17 lives lost in Benue amidst security concerns

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Police Command in Benue has said suspected armed herders attacked and killed 17 persons and injured many in Logo and Ukum Local Government Areas of the state.

This was contained in press statement on Friday signed by the Police Public Relations Officer, SP Sewuese Anene and made available to newsmen in Makurdi.

Anene, in the statement, explained that five people were killed in Ukum and 12 in Logo LGAs adding that some were injured and were receiving treatment.

“On 17/4/2025 at about 2100hrs, information was received that a large number of suspected militia had invaded Sankera axis of Benue State with intention to attack communities around Gbagir, Ukum Local Government Area.

“Upon receipt of this report, the Commissioner of Police, Benue State Police command, CP. Steve Yabanet, ordered tactical teams to move to the area and join forces with police officers on ground and other security agencies to forestall the attack.

“Following this order, a team of officers moved to the area and engaged them. While the attackers were being repelled in the early hours of today, they shot sporadically at unsuspecting farmers as they came across them .

“Five persons were recovered at Gbagir area and taken to the hospital where they were confirmed dead.

“Unfortunately an unsuspected simultaneous attack was carried out in Logo where 12 persons were killed before the arrival of the police, making a total of 17 persons.

“However, Security agencies within Sankera axis are still engaging the bandits as they retreat back to the forest around Taraba axis,” she said.

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Anene warned social media users that were reporting unconfirmed reports and inciting the general public, to desist from such actions.

The police spokesperson said that such actions were capable of creating unnecesary tension in the state.

She said the Command under the leadership of the Mr Steve Yabanet, was commitment to fight the attackers and encourage the good people of Sankera to continue to cooperate with the Police as the operation was ongoing. (NAN)

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Paris Club refund: Consultant files contempt charge against CBN

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A consulting firm, Melrose General Services Limited, has filed a contempt charge against the Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, and its Director of Legal Services, Salam-Alada Kofo, over dispute on the Paris Club refund.

The company instituted the suit marked: FHC/ABJ/CS/532/2025 before Justice Inyang Ekwo of the Federal High Court in Abuja.

Cardoso and Kofo are facing contempt proceedings for allegedly failing to comply with a Supreme Court judgment that reversed the forfeiture of N1.22 billion and N220 million in an appeal by Melrose General Services.

Justice Ekwo had fixed June 4 for the hearing of the matter.

The News Agency of Nigeria (NAN) reports that in June 2024, the Supreme Court overturned a previous forfeiture order against Melrose General Services Limited’s funds, which had been frozen following an investigation by the Economic and Financial Crimes Commission (EFCC).

The disputed sums included N1,222,384,857.84 in Melrose’s bank account and N220 million paid by the company to Wasp Networks and Thebe Wellness as loan and investment.

The apex court had ruled that the EFCC had not proven the funds were proceeds of fraud, as alleged.

The court set aside the lower courts’ forfeiture orders, directing the release of the funds to their rightful owners.

However, despite the Supreme Court’s decision, Melrose’s lawyers filed a lawsuit at the trial court, alleging that the CBN and its top officials had only partially complied with the judgment.

Melrose, in its application before Justice Ekwo, averred that while the N1.22 billion was refunded, the outstanding N220 million remains unpaid.

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The company, through its counsel Chikaosolu Ojukwu, SAN, filed the contempt suit against the CBN governor, Director of Legal Services, the EFCC and the Minister of Finance, arguing that their refusal to release the full amount constitutes contempt of court and undermines the Supreme Court’s authority.

Ojukwu informed the court that the EFCC, via the CBN, had only made a partial refund, and accused the CBN officials of neglecting their legal obligations regarding the remaining funds.

He cited the apex court judgement which ruled that, “The appellant’s application( Melrose General Services limited) to set aside the order of interim forfeiture of the sum of N1,222,384,857.84 in the appellant’s account with Access Bank Plc and N220,000,000.00 in the accounts of the 2nd and 3rd respondents(Wasp Networks and Thebe Wellness), is hereby granted.”

It would be recalled that Justice Ekwo had, on March 27, granted Melrose’s request to serve the contempt applications (Form 48 and Form 49) on the respondents, giving them seven days to reply.

At the April 10 hearing, Melrose’s counsel, Segun Fiki, confirmed that all parties, except the Ministry of Finance, had responded to the court documents.

The CBN’s legal team, represented by Abdulfatai Oyedele, filed a preliminary objection and counter-affidavit, arguing that the Supreme Court did not direct payment of N220 million to Melrose’s account, but to the accounts of Wasp Network Limited and Thebe Wellness Services, from which the money was originally forfeited.

The CBN submitted that Wasp Network’s solicitors had requested payment of N200 million, while Thebe Wellness had yet to claim their N20 million share.

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The CBN maintained it had acted in compliance with the judgment and that there was no unethical conduct.

The EFCC, represented by Martha Babatunde, filed a motion for misjoinder, asserting it should not be a party to the contempt case.

The judge has adjourned the matter until June 4 for hearing.

NAN recalls that the dispute stems from the controversial Paris Club refund, a settlement involving payments to consultants for services rendered to the Nigerian Governors’ Forum.(NAN)

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Easter: Ex-Senator La’ah Urges Nigerians Not To Lose Hope

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By Israel Bulus, Kaduna

A former Deputy Minority Whip of the Senate, Senator Danjuma Tella La’ah, has called on Nigerians to remain hopeful amid the country’s current economic and security challenges.

In his Easter message on Sunday, the lawmaker who represented Southern Kaduna Senatorial District in the 9th National Assembly, urged citizens to draw strength from the message of resurrection and renewed faith symbolised by Easter.

“As we celebrate the resurrection of our Lord Jesus Christ, I bring warm Easter greetings to all Christians, the good people of Southern Kaduna, and Nigerians across the nation,” he said.

La’ah expressed optimism in the efforts of President Bola Ahmed Tinubu to reposition the country, saying the current administration was working to resolve the nation’s difficulties.

“I urge fellow Nigerians not to lose hope. President Bola Ahmed Tinubu is doing everything possible to turn around the challenges that have hindered our nation’s progress,” he added.

The former lawmaker also prayed for divine guidance for the President, Kaduna State Governor Uba Sani, and other leaders at various levels.

According to him, the commitment to inclusive governance was yielding positive results in Southern Kaduna and across the nation.

“May this Easter inspire us to trust in God’s promises and believe in the transforming power of Christ’s resurrection—for our lives, our communities, and our nation,” he said.

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