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Nigeria 2023 Elections: Gubernatorial Results (Source:INEC)

CBN governor’s intransigence and our economic woes

The blame for noncompliance with the March the 3rd judgement of the Supreme Court cannot be laid entirely at the doors of President Muhammadu Buhari…

The blame for noncompliance with the March the 3rd judgement of the Supreme Court cannot be laid entirely at the doors of President Muhammadu Buhari because the apex court had rebuked him for usurping the function of the CBN by making a national broadcast on monetary policy contrary to the order of the court and unabashedly directing the CBN on its operational duties. 

The CBN governor has maintained a contumacious body language never before observed with any apex bank governor. His silence after the judgement is palpably insolent and contemptuous of the highest court of the land; a chaotic denouement being promoted by the president. 

The president, by keeping undignified silence on the Supreme Court judgement, is obviously in acquiescence with these breaches and has putatively assumed a vicarious blame for jettisoning his constitutional function as enshrined in Chapter 2 section 14 of the 1999 Constitution which says: 

(1) The Federal Republic of Nigeria shall be a state based on the principles of democracy and social justice. 

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 2) It is hereby, accordingly, declared that: 

 (a) Sovereignty belongs to the people of Nigeria from whom government through this constitution derives all its powers and authority; 

 (b) The security and welfare of the people shall be the primary purpose of government. 

The Supreme Court by the same judgement only averted the executive and by extension the presidency to the enormous duties they owe the federation which they have treated with utmost carelessness and observed in the breach, thereby leaving Nigerians to exist at the mercy of nature. 

Many Nigerians including the president’s admirers are left to wonder if the president hasn’t administered an esoteric oath to end his laidback governance with aggravated mass sufferings in the land. 

Recent reports said the Nigerian economy has lost over N20 trillion to this misguided, misbegotten and disarticulated policy. 

The merits imbued in the policy as laid out by the CBN and reiterated by financial cum economic experts have been eroded leading to huge productive headwinds across all sectors. 

Again the buck stops at the president’s table to uphold the rule of law by simply compelling the Attorney General and Minister of Justice to do the needful, though it is incumbent on both the AGF and Godwin Emefiele as funtio officio to obey without any presidential imprimatur. 

It would be a gratifying novelty and a welcome development for the Supreme Court to grant contempt hearing against the two public officials (The AGF and the CBN governor) as being demanded by some state governors. 

 This would not only serve as a deterrent for future abuse of public trusts but also restore the respect that is eluding Nigeria in the comity of nations. 


Bukola Ajisola bukymany@yahoo.com