Adeosun Wants National Assembly To Cut CBN Governor’s Powers

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The Minister of Finance, Mrs. Kemi Adeosun, yesterday asked for the reduction of the powers of the governor of the Central Bank of Nigeria (CBN). She blamed the extensive powers of the governors for the disconnect between Federal Government’s monetary and fiscal policies.She pleaded with the National Assembly that conferred the powers on the CBN boss, through a legal instrument, to slash them to pave the way for checks and balances.

If this becomes the case, the reaction time of the CBN to monetary upheavals will be greatly impaired as it is expected to act through a supervising agency.In fact, financial experts disagree, saying any such move will result in undue political interference in monetary policies, which will not augur well for the economy.Adeosun made the call yesterday 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 matters without recourse to the minister of finance, who is constitutionally required to supervise financial policies, programmes and activities of the Federal Government.

Source: The Guardian