The Senate has commenced moves to whittle down the powers of the Central Bank Governor by proposing the appointment of a Chairman of its Governing Board other than the apex bank Governor.
At the moment, the apex bank governor doubles as Chairman of the Governing Board of the bank.
The proposal to so do was contained in a Bill seeking to amend the Central Bank of Nigeria Act, which passed Second Reading on Wednesday.
The amendment bill also seeks to compel the CBN to submit its annual budget to the National Assembly in the course of the annual Appropriation Bill for transparency and accountability in the operations of the bank.
Sponsor of the bill, Samuel Anyanwu (PDP, Imo State), urged the upper legislative chamber to exercise its full powers by subjecting the apex bank to scrutiny expressing concerns as to why the activities of the apex bank cannot be subjected to public scrutiny.
In his presentation, Dino Melaye (APC, Kogi State) pointed out that there would not be transparency if the CBN governor is allowed to review his salaries and allowances without the consent of appropriate authorities, as contained in the proposal.
Senators Enyinnaya Abaribe, (Abia South) and Olushola Adeyeye Osun Central (Chief Whip of the Senate), who argued that the status quo be maintained, noted that the Central Bank of any country is a pivotal institution.
In his remarks, Deputy Senate President Ike Ekweremadu said that CBN is tasked with the duty to subject its budget to the Ministry of Finance, in line with the Fiscal Responsibility Act.
He referred the Bill to the Committee on Banking, Insurance and other Financial Institutions to report back in four weeks.
OWEDE AGBAJILEKE, Abuja
