Minister of
Finance, Kemi Adeosun, has asked the National Assembly to reduce the powers of
the governor of the Central Bank of Nigeria (CBN).
Adeosun made
the call when she received members of the House of Representatives Tactical
Committee on Recession led by Bode Ayorinde in her office yesterday March 21st.
According to
Adeosun, the enormous powers given to CBN governors have resulted in the some
of the financial crisis witnessed over time. She added that the excessive
powers have caused some of the CBN governors in time past to act on financial
matters without recourse to the minister of finance, who according to her 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
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