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Reps disagree with Finance Minister over reduction of CBN powers

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Reps disagree with Finance Minister over reduction of CBN powersSome members of the House of Representatives warn that interfering with the independence of the CBN would spell doom for Nigeria and erode the tenets upon which the bank was grounded – The members call on the minister of finance, Mrs Kemi Adeosun, to concentrate on and limit herself to fiscal policies and allow the CBN deal with monetary policies – The lawmakers advise the finance minister to initiate relevant fiscal policies aimed at stimulating the economy from recession Some members of the House of Reps say it is dangerous to interfere with the independence of the CBN. Some members of the House of Representatives have rejected a request by the minister of finance, Kemi Adeosun, for the National Assembly to help whittle down the powers of the Central Bank of Nigeria (CBN).

The lawmakers on Sunday, March 26, asked the minister to concentrate more on fiscal policies as she had not been able to exercise 40 per cent of her ministry’s powers, Vanguard reports. The members argued that interfering with the independence CBN would spell doom for Nigeria and erode the tenets upon which the bank was grounded.

Reacting to the issue, chairman, House committee on public accounts, Kingsley Chinda, noted that there was no link between whatever problems was bedeviling Nigeria today and the apex bank. He said what was important was how to align to sustain the nation’s economic policies. Kingsley Chinda added that: “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.” Similarly, chairman House committee on public Petitions, Uzoma Nkem-Abonta, warned against that any attempt to subsume the CBN into the finance ministry would spell doom for Nigeria as its independence in other civilised climes was never negotiable.

He explained: “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, in his submission, called on the finance minister to initiate relevant fiscal policies aimed at stimulating the economy from recession rather than rather than whittling down the powers of the CBN, which he said was not in conformity with best international practices as present day realities have demonstrated worldwide. He said: “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.” Meanwhile, the Peoples Democratic Party, PDP, has told Nigerians to blame the President Muhammadu Buhari-led All Progressives Congress, APC, federal government for the rise in incidences of Nigerians killing themselves.

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