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LequteMan
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Some members of Nigeria's House of Representatives aren't comfortable with an earlier statement made by Finance Minister Kemi Adeosun on the powers of Governors of the Central Bank of Nigeria.
Adeosun had asked the National Assembly to whittle down the powers of CBN governors because, according to her, it impedes quick development of clear policies.
Reacting, Chairman, House Committee on Public Accounts, Kingsley Chinda, criticized Adeosun.
“The problem with our economy does not flow from the powers of the CBN governor. She should be more interested in coming up with workable and sustainable policies than dispute over powers.
“She cannot even effectively exercise 40 per cent of the powers of her office. The powers of the CBN governor are not the problem with our economy. She should concentrate on and limit herself to fiscal policies and allow the CBN deal with monetary policies.”
Chairman House Committee on Public Petitions, Uzoma Nkem-Abonta, also chipped in. He warned against politicising the CBN.
“The CBN was created by an Act of Parliament which makes it a statutory creation with assigned roles and functions regulating and managing fiscal policies.
“CBN should outlive governments and parties. It must not be treated like core civil service or ministries.
“CBN operations should be devoid of political manipulations and any attempt to put CBN under the management of Finance Ministry will spell doom for our economy.”
Minority Leader of the House, Leo Ogor, also had a word about the development.
“Rather than whittling down the powers of the CBN, which is not in conformity with best international practices as present day realities have demonstrated worldwide, our Finance Minister should initiate relevant fiscal policies aimed at stimulating the economy from recession.
“If the minister succeeds with her plan, the reaction time of the CBN to monetary policies will be greatly impaired by bureaucracy as it is expected to act through a supervisory agency and such move will result in undue political interference in monetary policies, which will not augur well for the economy.”
Adeosun had asked the National Assembly to whittle down the powers of CBN governors because, according to her, it impedes quick development of clear policies.
Reacting, Chairman, House Committee on Public Accounts, Kingsley Chinda, criticized Adeosun.
“The problem with our economy does not flow from the powers of the CBN governor. She should be more interested in coming up with workable and sustainable policies than dispute over powers.
“She cannot even effectively exercise 40 per cent of the powers of her office. The powers of the CBN governor are not the problem with our economy. She should concentrate on and limit herself to fiscal policies and allow the CBN deal with monetary policies.”
Chairman House Committee on Public Petitions, Uzoma Nkem-Abonta, also chipped in. He warned against politicising the CBN.
“The CBN was created by an Act of Parliament which makes it a statutory creation with assigned roles and functions regulating and managing fiscal policies.
“CBN should outlive governments and parties. It must not be treated like core civil service or ministries.
“CBN operations should be devoid of political manipulations and any attempt to put CBN under the management of Finance Ministry will spell doom for our economy.”
Minority Leader of the House, Leo Ogor, also had a word about the development.
“Rather than whittling down the powers of the CBN, which is not in conformity with best international practices as present day realities have demonstrated worldwide, our Finance Minister should initiate relevant fiscal policies aimed at stimulating the economy from recession.
“If the minister succeeds with her plan, the reaction time of the CBN to monetary policies will be greatly impaired by bureaucracy as it is expected to act through a supervisory agency and such move will result in undue political interference in monetary policies, which will not augur well for the economy.”
