The Minister of Finance, Mrs. Kemi Adeosun, on Tuesday, called on the Bukola Saraki-led Senate, to reduce the powers of the Governor of the Central Bank of Nigeria, CBN, Godwin Emefiele.
She blamed the extensive powers of the CBN Governor, for the disconnect between President Muhamamdu Buhari’s monetary and fiscal policies.
Adeosun, made the call while receiving Members of the House of Representatives Tactical Committee on Recession, led by Bode Ayorinde.
She said it amounted to what she described as excesses on the part of the apex bank’s Governor, to decide and act on financial matter, ,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.
Under the administration of former President, Goodluck Jonathan, the then CBN Governor, ordered the sacking and trial of bank Chiefs, and introduced monetary policies to regulate certain activities in the financial sector.
Meanwhile, regarding the status of the sum accumulated from the implementation of the Treasury Single Account, TSA, Adeosun dismissed claims that the N5.244 trillion, said to have been accumulated so far, has either been appropriated or misappropriated.
“The position as regards the funds in the TSA, is that we are thinking of using the balance in the account to back two initiatives. One is for the Development Bank of Nigeria, DBN, that is coming up, while the other will be for the Bank of Agriculture, for lending to SMEs and farmers, respectively,” she explained.
The Minister, who reeled out efforts of the administration in recovering funds through the ongoing workers’ verification, said the government had so far recovered about N6.8 billion pension funds, allegedly stolen by certain officials.
She noted that corruption had been the bane of economic growth in the country, assuring that with the right policies in place, along with emphasis on capital projects, the country would quickly get out of recession
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