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– The minister of finance, Kemi Adeosun, blames the extensive powers of the governor of the CBN for the disconnect between the federal government’s monetary and fiscal policies
– The minister of finance calls on the lawmakers to slash the powers of the CBN governor to pave the way for checks and balances
Kemi Adeosun has said the reduction of the powers of the CBN governors would pave the way for checks and balances.
The minister of finance, Kemi Adeosun, has pleaded with the National Assembly to reduce the powers conferred by lawmakers on the governor of the Central Bank of Nigeria (CBN).
Adeosun made the plea on Tuesday, March 21, when receiving members of the House of Representatives tactical committee on recession led by Bode Ayorinde.
She blamed the extensive powers of the CBN governors for the disconnect between federal government’s monetary and fiscal policies, The Guardian reports.
Adeosun called on the lawmakers to slash the powers of the CBN governors to pave the way for checks and balances.
The minister said it amounted to what she described as excesses on the part of the apex bank’s governor to decide and act on financial matters without recourse to the minister of finance, who is constitutionally required to supervise financial policies, programmes and activities of the Federal Government.
“I want to correct the impression that the CBN is under us. They are not. Unfortunately, a law was passed, making them independent and giving them more powers. This has resulted in one person having so much power.
“In the time of Prof. Charles Soludo as CBN governor, he went to the National Assembly asking for more powers and you can see where that has taken us to. So we are back to the legislature to help us correct this problem of too much power. As a result, there are no checks and balances,” she said.
Meanwhile, foremost human rights lawyer, Femi Falana, has alleged that President Muhammadu Buhari’s ministers collided with the International Monetary Fund (IMF), to ‘dollarise’ the Naira.
This Day reports that Falana said the “dubious experiment” ruined the nation’s currency.
He said members of Buhari’s cabinet who are largely neo-liberal ideologues, colluded with the IMF to dollarise the Nigerian economy.