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 bill was sponsored by the Senator representing Kwara North Senatorial District at the National Assembly, Sadiq Umar.
In his lead debate, the senator sought an amendment to the Central Bank has Nigeria’s (CBN) Act No. 7 to remove the power 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.”
