Don't Miss


Home   >   Goverment   >   Lawmakers Seek to Curtail CBN’s Powers, Reduce Salaries of CBN Staff

Lawmakers Seek to Curtail CBN’s Powers, Reduce Salaries of CBN Staff

By on May 3, 2012

A bill to amend the Central Bank of Nigeria Act has scaled through a second reading at the House of Representatives.

Lawmakers are seeking to amend the Act in order to get the CBN to provide more disclosure on its activities, specifically concerning its annual budget.

Currently the CBN does not need legislative approval in the adoption of its budget, unlike virtually every other Ministry, Department and Agency in the country. That power of adoption is vested in its board. The lawmakers aim to wrestle that priviledge away from the country’s paramount financial institution.

The bill also seeks to create a Chairman for the CBN, separate to the position of the Governor of the CBN.

In addition the bill will ensure tha the CBN conforms to the Fiscal Responsibility Act, and ensure that the wages and salaries of CBN staff conform to the template of the Salaries and Wages Commission.

Hon Adams Jagaba (PDP – Kaduna) led the debate in favour of the bill.Hons. Samson Osagie (ACN – Edo), Leo Ogor (PDP – Delta), Arua Arunsi (PDP – Abia ) also spoke in favour of the bill.