Nathaniel Zaccheaus
The Senate on Tuesday passed for second reading, a bill meant to reduce the powers of the Governor of the Central Bank of Nigeria.

The was sponsored by the Senator representing Kwara North Senatorial District at the National Assembly, Sadiq Umar,

The Senator in his lead debate sought an amendment to the Central Bank has Nigeria’s (CBN) Act No. 7 to remove the powers of the Governor from determining the appointment of anyone into the services of the apex bank.

Umar proposed that the new Chairman of the Board of the Central Bank should have powers to determine the salaries and allowances of members, while the Governor focuses strictly on administrative duties in the running of the Bank.

The Senator further argued that the board should be responsible for the annual budget of the bankers’ bank which he said is the global standard.

He said, “A bill for an Act to amend the Central Bank of Nigeria (CBN) Act No. 7 of 2007 to enable the appointment of a person other than the Governor as the Chairmen of the board, divest the Board of the powers of determining and fixing salaries and allowances of its members.

“Considering and approving the annual budget of the Bank; and for other related matters, 2022.”

In her contribution, the Chairman of, Senate Committee on Women Affairs, Senator Betty Apiafi, advocated a wholistic amendment of the CBN Act.

She recalled that the CBN Governor went out of his way to contest for the presidency while in office in the 2022 presidential primary election.

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She maintained that this would not happen anywhere in the world, given that the Independent National Electoral Commission (INEC) materials were expected to be kept in the bank.

She said, “The CBN Governor, Godwin Emefiele, has attempted to contest the presidency has made Nigerians to lose confidence in the bank storing the INEC materials.

The submission of Senator Apiafi was the same thing as that of Senator Enyinnaya Abaribe from Abia South who spoke before her.

Senate President, Ahmad Lawan, however, urged the senators to focus on the proposed amendment rather than dabbling into the alleged attempt by the CBN governor to contest as that wasn’t part of the general principles of the bill.

The bill, after the Senate President, put the approved of the bill to vote, passed the second reading and it scaled second reading.