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Supervision: Senate to review CBN Act

The Senate yesterday said it will review the Act establishing the Central Bank of Nigeria (CBN) with a view to ensuring proper monitoring of the…

The Senate yesterday said it will review the Act establishing the Central Bank of Nigeria (CBN) with a view to ensuring proper monitoring of the apex bank.

Senate President, Godswill Akpabio gave the hint when Adekola Adebayo Adelabu, a ministerial nominee from Oyo State, appeared before the Red Chamber for screening.

Adelabu, a former deputy governor of the CBN told the lawmakers that there was no proper supervision of the apex bank, which it said resulted in some of its controversial monetary policies.

He said if the CBN was aware that it is being monitored, the apex bank would be very careful with its decisions.

He also said the appointment of the bank’s four deputy governors should be independent of the governor to avoid being subservient to the CBN chief.

While faulting the governance structure of the CBN, Adelabu said, “There are three decision making bodies in CBN, the committee of governors, monetary policy committee and the board of directors. The CBN governor is the chairman of these three committees.

“The governor is just first among equals. There are five governors in the CBN, a governor and four deputy governors. We must ensure that the appointment of the four deputy governors is independent of the CBN governor, so that they are not subservient to the governor himself.”

He said some of the controversial policies of the CBN were because the minority opinions were not respected.

“Most of these controversial decisions coming out of the CBN were actually taken by either three out of five or four out of five. There is always a minority opinion. As much as the three had the governor by their side, they had their way even though the minority may have the superior argument. Once in a while, the presidency should go through some of these minority opinions.

“The economic management team of the nation, which comprises the finance ministry, the budget and national planning, the CBN governor, accountant general of the federation and some other relevant ministry must have some subtle oversight of CBN in terms of interrogating the decisions of the CBN,” he added.

Responding, Akpabio said, “We must revisit the Act that set up the CBN. We probably would not be where we are now had it been proper monitoring of the CBN.”

I will replicate Lagos success at federal level – Edun

Olawale Edun, a ministerial nominee from Ogun State, yesterday pledged to replicate his achievements as Commissioner of Finance in Lagos at the federal level.

Speaking during his ministerial screening at the Senate, Edun, who is touted to be assigned to the Finance Ministry, said the economic and financial success of Lagos State was attributable to technology and the digitalisation of government operations.

He added that the partnership and reliance on the private sector and private investment helped in driving Lagos’s economy.

On Nigeria’s debt profile, Edun said, “Borrowing is not a bad thing as long as you have revenue to service it.”

Edun also explained that Nigeria’s economy is in a precarious state due to the dearth of production, insecurity, and wasteful expenditure.

On fuel subsidy removal and the unification of the exchange rate, he called on the Senate and state governments to support Tinubu’s reforms.

El-Rufai advocates ownership change of Discos

The Former Governor of Kaduna State, Nasir El-Rufai, has called for a change of ownership of 11 electricity distribution companies (Disco) to ensure viability and optimal performance.

El-Rufai, during his screening for ministerial positions, also called for a hardline stance against those that bypass metering in the country.

“Metering is a big issue. A lot of progress has been made by some of the Distribution Companies (Discos).

“In the last three or four years, with the support of the CBN and the World Bank, every household should have been metered, and every business should be metered.

“Estimated billings are not acceptable. But in addition, Nigeria must take a hard stance against those who steal electricity.

“Those that get electricity by diverting cables; not paying, we must take a hardline stance against it if this sector is to work.”

It is believed that El-Rufai is been pencilled for minister of power.


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