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Bill to reduce powers of CBN governor scales second reading



Naira devaluation’s fake news, says CBN
CBN Governor, Godwin Emefiele

A bill to cut down the powers of the Central Bank of Nigeria (CBN) governor sponsored by Senator Sadiq Suleiman Umar representing Kwara North Senatorial District has scaled second reading in the Senate on Tuesday in Abuja.

The lawmaker sought an amendment to the Central Bank of Nigeria (CBN) Act No. 7 for the governor’s power to be divested of appointment of anyone into the services of the apex bank.

In the lead debate, the lawmaker proposed that the new Chairman of the Board of the Central Bank will have powers to determine the salaries and allowances of members, as the Governor focuses strictly on administrative duties in the running of the Apex Bank.

Furthermore, Senator Suleiman argued that the board would be responsible for the annual budget of the bankers’ bank, which he said is the global standard.


“A bill for an Act to amend the Central Bank of Nigeria (CBN) Act No. 7 of 2007 to enable the appointment of a person other than the Governor as the Chairmen of the board, divest the Board of the powers of determining and fixing salaries and allowances of its members.

“And considering and approving the annual budget of the Bank; and for other related matters, 2022.”

Reacting in her contribution to the proposed bill, Senator Betty Apiafi from Rivers called for a holistic amendment of the CBN Act, saying that the CBN governor went out of his way to contest for the presidency during the 2022 presidential primary election while still in office.

She maintained that this would not happen anywhere in the world, given that the Independent National Electoral Commission (INEC) materials were expected to be kept in the bank.

She said the CBN Governor, Godwin Emefiele, having attempted to contest the presidency, has made Nigerians lose confidence in the bank storing the INEC materials.


The submission of Senator Apiafi echoed Senator Enyinnaya Abaribe from Abia, who spoke earlier.

Senate President, Dr. Ahmad Ibrahim Lawan, however, cautioned Senators to focus on the proposed amendment rather than dabbling into the alleged attempt by the CBN governor to contest as that wasn’t part of the general principles of the bill.

The bill, after being put up to vote on whether to be withdrawn or passed into second reading, scaled through.


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