Reps move to reduce CBN’s powers

[TheNation]

  Speaker of House of Representatives, Aminu Tambuwal  The House of Representatives on Wednesday moved to reduce the powers of the Central Bank of Nigeria.

The House also directed its committees to propose amendments to the acts setting up MDAs which will prevent them from spending their internally generated revenues at will without recourse to the National Assembly.

At the plenary on Wednesday, the House passed through second reading a bill meant to exclude Deputy Governors and Directors from being members of the Board of the CBN as well as compel the apex bank to bring its annual budget before the parliament for approval.

The bill was referred to the House committees on Banking and Currency and Justice for further legislative input.

The Senate had considered and passed a similar bill through second reading recently.

The bill titled: “A Bill for an Act to amend the Central Bank of Nigeria Act, 2007 No.7 to appoint a person other than Governor as Chairman of the Board of the Bank, exclude Deputy Governors and Directors as members of the Board, divest the Board of the power of consideration and approval of the annual budget of the bank, and for other related matters,” was sponsored by a member, Adams Jagaba (PDP Kaduna).

Jagaba in the amendment bill sought a change to sections 6, 7(1) and 8(3), 49 and 50 of the Principal Act.

The amendment dealt with issues concerning the composition of the Board of the CBN and who should audit the accounts of the apex bank.

It also stipulated that instead of the Board of the CBN fixing its salaries and allowances of its Governor and deputy Governor, it should now be done by the Revenue Mobilization Allocation and Fiscal Commission subject to the approval of the President.

The bill received overwhelming support from the members during the debate on the floor. Other members suggested that the amendment should go further to affect agencies with internally generated revenue and compel them to pay such monies into the consolidated revenue fund.



TheNation