Senate President Godswill Akpabio has emphasized the necessity for the National Assembly to reexamine the legal framework governing the Central Bank of Nigeria (CBN).
He said this during a recent ministerial screening session.
The call for a review of the CBN Act came in response to nominee Adebayo Adelabu’s request for enhanced oversight over the apex bank following a series of contentious decisions that seemingly placed the CBN at odds with other governmental entities.
Former CBN Deputy Governor on Operations, Adebayo Adelabu, advocated for subtle oversight from the Economic Management Team to scrutinize the central bank’s decisions.
The Economic Management Team comprises key government officials, including the Ministers of Finance, Budget and National Planning, and the CBN Governor. Adelabu’s proposal prompted Senate President Akpabio to highlight the importance of revisiting the CBN Act to address the challenges arising from insufficient oversight and monitoring.
Akpabio emphasized that the current problems within the CBN cannot solely be attributed to its leadership, and he underscored the necessity of a comprehensive review of the existing legislation.
The call for reevaluation follows a string of criticized CBN decisions, including the contentious naira redesign policy during the heated 2023 general election campaigns.
Adelabu shed light on the decision-making process within the CBN, revealing that certain “controversial” policies were supported by a minority within the Committee of Governors.
These differing opinions were documented in meeting minutes. Adelabu also proposed a restructuring of the appointment process for deputy governors to ensure their independence from the central bank governor.
Addressing perceived tensions between the Federal Government and the CBN, Adelabu clarified that the central bank operates as an economic arm of the government, overseeing monetary policy functions.
He emphasized that the CBN does not compete with the Federal Government but rather complements its fiscal policies.
During the Senate screening, Adelabu advocated for periodic meetings between the Committee of Governors and the President to foster better communication and understanding of dissenting opinions.
He also highlighted the importance of reviewing dissenting views from meetings, suggesting that valuable insights could emerge from considering varying perspectives within the CBN’s decision-making process.
The discussion sheds light on the imperative to strengthen oversight and cooperation between the CBN and other government bodies, ultimately aiming for a more transparent and effective financial system in Nigeria.
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