Business
Lawmaker Backs Demand To Rewrite Constitution
A member of the House of Representatives, Abiodun Balogun on
Tuesday, said the call, to rewrite the constitution should be seen as a
legitimate call that would enable Nigerians make their inputs.
Balogun, who made the remark in an interview with newsmen in
Abuja, said those calling for a new constitution had a genuine reason for doing
that, since the current constitution was drafted without contributions from
most Nigerians.
He, however, said that any decision to draw up a new
constitution should follow a resolution of the National Assembly as well as
inputs from Nigerians.
“Drafting of a new constitution is a decision that should be
taken by the whole National Assembly and Nigerians as a whole.
“But even if we are drawing up a new one, we are still going
to rely on aspects of the existing constitution.
“If we do a new one, we will also come tomorrow and amend
it, because constitutional amendment is a continuous exercise all over the
world,’’ Balogun said.
He noted that the 1999 constitution (as amended ) was not
perfect due to some loopholes, saying, however, that there was no law that was
perfect in its entirety.
“Nigerian constitution may not be perfect , but at least we
are making progress. For now, if we have a situation where we can draw up a
better constitution, I am for it,” he said.
On the Central Bank of Nigeria’s plan to introduce N5,000
note into the nation’s economy, the lawmaker said that it was “a wrong and
contradictory policy.”
He queried the CBN’s rationale for introducing N5, 000 note
haven said it wanted a cash less economy.
“What we need now as done all over the world is encouraging
money transfer, so we should even be working to discourage the idea of carrying
cash , and that is even the essence of the CBN cashless policy.
“We don’t need it, (N5, 000) notes, what the CBN needs to do
now is to pursue a cashless programme.
‘’Let us go bank transfer; with bank transfer, you don’t
need to carry cash, you can transfer money from your account and then do your
businesses,’’ he said
He noted that the disadvantages of the new notes outweigh
the merits.
The lawmaker said the newly introduced notes could be used
to perpetrate corruption and money laundry among other social vices.
He urged the CBN to jettison the idea of the new notes as it
might not achieve its objective in the long run.
Edun made the call while speaking at the 2025 Fellowship Investiture of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, where he reaffirmed the federal government’s commitment to sustaining ongoing reforms and expanding access to finance as key drivers of economic growth beyond four per cent.
“We all know that monetary policy under Cardoso has stabilised the financial system in a most commendable way. Of course, it is a team effort, and those eye-watering interest rates have to be paid by the fiscal side. But the fight against inflation is one we all have to participate in,” he said.
The minister stressed the need for banks to broaden credit access and finance innovation-driven enterprises that can create jobs for young Nigerians.
“The finance and banking industry has more work to do because we must finance their ideas, deepen the capital and credit markets down to SMEs. They should not have to go to Silicon Valley,” he said.
The minister who described the private sector as the engine of growth, said the government’s reform agenda aims to create an enabling environment where businesses can thrive, access funding, and contribute meaningfully to job creation.
The facility, known as the Nigeria Actions for Investment and Jobs Acceleration (P512892), is a Development Policy Financing (DPF) operation scheduled for World Bank Board consideration on December 16, 2025.
According to the Bank’s concept note , the financing would comprise $500m in International Development Association (IDA) credit and $500m in International Bank for Reconstruction and Development (IBRD) loan.
If approved, it would be the second-largest single loan Nigeria has received from the World Bank under President Bola Tinubu’s administration, following the $1.5 billion facility granted in June 2024 under the Reforms for Economic Stabilisation to Enable Transformation (RESET) initiative.
The World Bank said the new programme aims to support Nigeria’s shift from short-term macroeconomic stabilisation to sustainable, private sector–led growth.
“The proposed Development Policy Financing (DPF) supports Nigeria’s pivot from stabilization to inclusive growth and job creation. Structured as a two-tranche standalone operation of US$1.0 billion (US$500 million IDA credit and US$500 million IBRD loan), it seeks to catalyse private sector–led investment by expanding access to credit, deepening capital markets and digital services, easing inflationary pressures, and promoting export diversification,” the document read.
The document further stated that Nigeria’s private sector credit-to-GDP ratio stood at only 21.3 per cent in 2024, significantly below that of emerging-market peers, while capital markets remain shallow, with sovereign securities dominating the bond market.
To address these weaknesses, the DPF will support the implementation of the Investment and Securities Act 2025, operationalisation of credit-enhancement facilities, and introduction of a comprehensive Central Bank of Nigeria rulebook to strengthen risk-based regulation and consumer protection.
The operation also includes measures to deepen digital inclusion through the passage of the National Digital Economy and E-Governance Bill 2025, which will establish a legal framework for electronic transactions, authentication services, and digital records.
Beyond the financial and digital sectors, the programme targets reforms to lower production and living costs by tackling Nigeria’s restrictive trade regime. High tariffs and import bans have long driven up consumer prices and constrained competitiveness, particularly for manufacturers and farmers.
Under the proposed reforms, Nigeria would adopt AfCFTA tariff concessions, rationalise import restrictions, and simplify agricultural seed certification to increase the supply of high-quality varieties for maize, rice, and soybeans. The World Bank projects that these measures will help reduce food inflation, attract private investment, and enhance export potential.
The operation is part of a broader World Bank FY26 package that includes three complementary projects—Fostering Inclusive Finance for MSMEs (FINCLUDE), Building Resilient Digital Infrastructure for Growth (BRIDGE), and Nigeria Sustainable Agricultural Value-Chains for Growth (AGROW)—all focused on expanding access to finance, strengthening institutions, and mobilising private capital.