News
[JUST IN] Ways And Means: Senate Increases FG’s Borrowing From 5 to 15% Loan

The Senate has approved the upward review of the Ways and Means loan accessible to the Federal Government from five to 15 per cent.
According to the lawmakers, the very essence of the Bill was to enable the Federal Government to meet its immediate and future obligations in the approval of the ways and means by the National Assembly and advances to the Federal Government by the Central Bank of Nigeria.
According to the Collins dictionary, Ways and Means are the revenues and methods of raising the revenues needed for the functioning of a state or other political unit.
The term “ways and means” was first used in the Parliament of England and refers to the provision of revenue to meet national expenditure requirements and implement the objectives of economic policy.
READ ALSO: BREAKING: Senate In Emergency Plenary Over CBN Act Amendment, Others
Also, an expert, the chief executive of Cowry Asset Management, Mr. Johnson Chukwu, defined Ways and Means as the money that the CBN lends to the Federal Government in the meantime to augment spending based on the time the revenue is generated within the same year.
He said, “Ways and Means is a way in which the Federal Government raises funds, by borrowing from the CBN. Such is done either through bonds or Treasury bills.”
According to the CBN Act, the Ways and Means must not exceed five per cent of the previous year’s revenue.
The CBN Act Section 38(2) & (3) states, “that Ways and Means shall not exceed 5% of the previous year’s revenue of the Federal Government.”
The lead debate sponsored by Senator Ibrahim Gobir (Sokoto East-Senate Leader) and was tagged on the Central Bank of Nigeria Act (Amendment) BILL, 2023 (SB. 1125).
READ ALSO: Buhari Must Be Told He Failed Woefully — Ortom
He said, “Mr President, my respected colleagues, permit me to lead the debate on this Bill which seeks to amend the Central Bank of Nigeria (CBN) Act to increase the total CBN advances to the Federal Government from five per cent to a maximum of 15 per cent (15%).
“The Bill was read for the first time in this Chamber on Wednesday, May 24, 2023.
“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.
“I, therefore, urge you all to support the passage of this bill.”
The PUNCH reports that the Senate recently approved the request of President Muhammadu Buhari to restructure the N22.7 trillion loan from the CBN extended to the Federal Government under its Ways and Means provision.
News
PCN Seals 471 Pharmaceutical, Patent Medicine Stores In Edo
The Pharmaceutical Council of Nigeria (PCN) has closed down 471 pharmaceutical and patent medicine stores for breaching pharmaceutical practice regulations in parts of Edo State.
Registrar of PCN, Ibrahim Babashehu Ahmed, confirmed the closure after the Council’s one week operation in Edo South Senatorial District.
According to him, the operations were carried out in Oredo, Ikpoba-Okha, Ovia North-East, Egor and Uhunmwonde local government areas in Edo South.
Addressing newsmen during a press conference in Benin on Friday to mark this year’s World Pharmacists Day, Ahmed, represented by the Head of Enforcement PCN, Dr. Suleiman Chiroma, said the PCN would continue to entrench its cardinal focus of Practice, Premises and Personnel in pharmaceutical practice in the country.
READ ALSO:PCN Seals 340 Medicine Stores Over Non-complianc In Edo
He said, “A total of 743 premises, comprising 196 pharmacies and 547 patent medicine stores, were inspected. One individual was arrested for obstructing PCN inspectors in the discharge of their duties.
“Consequently, a total of 471 premises were sealed for contravening relevant regulations, including 77 pharmacies, 174 patent medicine stores, and 220 unlicensed shops. Furthermore, four premises were served with compliance directives, necessitating corrective actions to address identified non-compliances.”
He said during the enforcement exercise, various regulatory breaches including operation of unlicensed premises, non-compliance with premises registration renewal requirements, unauthorised clinical practice, unauthorised access to controlled substances, stockholding more than approved limits as stipulated in the Patent Medicine List, training of apprentices, and wholesalers indulging in retail operations in contravention of their licensure terms were noticed.
He said “The enforcement of the National Drug Distribution Guidelines is a statutory responsibility entrusted to the Pharmacy Council of Nigeria, aimed at ensuring the availability of safe and efficacious medicines nationwide.
READ ALSO:NAFDAC, PCN Raid, Seal 1,321 Patent Medicine Outlets In Kano
“The pharmaceutical sector in Nigeria has been bedeviled by numerous challenges, including chaotic drug distribution networks, proliferation of unlicensed and illegal pharmaceutical premises, and unauthorized handling of medicinal products, thereby necessitating stringent regulatory measures.
“Key areas of emphasis include, ensuring compliance with established codes of conduct and professional standards, the maintenance of controlled environments to safeguard the quality and potency of medicinal products and assessing the competency levels of personnel involved in pharmaceutical practice to ensure they meet the required standards.
“The Pharmacy Council of Nigeria (PCN) advises the people in Edo State and beyond to exercise caution when sourcing medicines, ensuring they patronise licensed and qualified premises to avoid potential health risks.”
News
NYSC Reiterates Provision Of Community Development Services
The National Youth Service Corps (NYSC) has reiterated its commitment to provide community development services where they are most needed especially, in the rural areas across the country.
Brig:-Gen. Olakunle Nafiu, the Director General of NYSC stated this in Bauchi on Friday during the swearing in ceremony of the 2025 Batch ‘B’ stream II corps members posted to the state.
Represented by Mr Umoren Kufre, the Bauchi state Coordinator of NYSC, Nafiu informed the corps members that they were expected to adhere strictly to the orientation course timetable.
He also urged them to adhere to the NYSC Bye-laws, extant rules and other relevant policies, warning that any deviation from these rules could result in appropriate sanctions.
READ ALSO: Credicorp: NYSC Unveils N200,000 Loan Scheme For Corps Members
“May I assure all and sundry that the corps members will continue to provide services where they are most needed, especially in the rural areas.
“While we continue to pray for wisdom and strength for Gov. Bala Mohammed to lead the state, I want to put on record that we remain very grateful for his support to the scheme.
“I can’t stop appreciating him for the complete renovation of corps members’ hostels at the Mallam Y.M Baba NYSC Permanent Orientation Camp, Wailo and the construction of a brand new multi-purpose Hall.
“There can be no better demonstration of commitment, love and fatherly care than what we are seeing in the camp now. It is now clear for all to see that the governor is a great lover of the youths and particularly the corps members,” he said.
The NYSC DG further explained that out of the 1,900 corps members posted to the state, a total of 1,022 comprising 497 males and 525 females had been successfully registered.
READ ALSO: NYSC Deploys 1,700 Corps Members To Bauchi State
Also speaking, governor Mohammed reminded the corps members that the primary aim of the NYSC was to promote national unity and integration.
Represented by Adamu Gabarin, Commissioner for Youth and Sports Development, Mohammed added that the philosophy and initiatives of the scheme acknowledged the significance of physical, psychological, mental, and intellectual development of youth through the orientation course.
“It is now your responsibility to cease this opportunity and make the best use of it during the orientation exercise.
“May I urge you to justify the trust the nation has in you. I challenge you to take the lead and advocate for national development and transformation,” said the governor.
News
Bauchi Begins Production Of Exercise Books, Chalks For Schools
The Bauchi state government says it has begun the production of exercise books and chalks for onward distribution to schools to enhance academic excellence in the state.
Dr Muhammed Lawal, the state’s Commissioner for Education, stated this in Bauchi on Friday while inspecting the production site of the materials at the state’s Education Resource Centre (ERC).
According to him, the state was not only locally producing exercise books and chalks, it was also rebranding all forms of textbooks to make them look new.
“You can see that exercise books are being locally made in Bauchi state under the supervision of the Ministry of Education with the support of Gov. Bala Mohammed. The government has not sunk in resources wastefully. This has paid off.
READ ALSO: NYSC Deploys 1,900 Corps Members To Bauchi State
“The fact that we can produce exercise books in Bauchi state is a great achievement in this administration and we are getting enough support from the governor by making this happen.
“There is no point going to China and by this development, it will phase out the number of undue, unqualified contractors that supply substandard materials.
“I’m so impressed and overwhelmed seeing what is going on here and as you can see, we are producing not only exercise books, we are rebranding textbooks to make them new.
“If we can have our textbooks made and rebranded in the state, our chalks are being made in the state, what else do we need?” He queried.
READ ALSO: Teacher In Police Net For Tying, Beating Pupil In Bauchi
The commissioner, who expressed happiness over the development, said that the centre was a clear indication that education was working in the state through the commitment of governor Mohammed.
He explained that the primary aim of setting up the production site was to ensure that the government supplied the schools with ‘home made products’ such as textbooks, exercise books and chalks.
“When we are well fed, then we can think of exporting these chalks for revenue generation to the state and to the ministry as well.
READ ALSO:Plant Trees Alongside With School Construction, Bauchi SUBEB Tells Contractors
“The chalks are made in millions. We make them, we know how to source the materials and the producers are all our staff who are being paid,” said Lawal.
Also speaking, Kabiru Ahmed, Director, Education Resource Centre, who was supervising the production commended the workers for the pace at which they work and their show of commitment and zeal to deliver.
This, he said, has helped in the production of many exercise books and chalks as well as rebranding of textbooks in the state
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