Senate wants CBN to submit annual budget to NASS

By Christiana Ekpa

A Bill for an Act to Amend the Central Bank of Nigeria (CBN) Act 2018 has passed through second reading at the Senate.
The Amendment Bill before the Senate seeks to compel the CBN to submit its annual budget to the National Assembly in the course of the annual Appropriation Bill or subsequent thereto for transparency and accountability in the operations of the bank,
Some of the key issues in the Bill, was that it also seeks to amend the Central Bank of Nigeria Act, 2018 to appoint a person other than the governor as the chairman of the board according to its sponsor,Senator Samuel Anyanwu.
Senator Samuel Anyanwu-(Imo East,PDP) who Supported the bill urged Senate to exercise its full powers by subjecting the apex bank to scrutiny expressing concerns as to why the activities of the CBN can’t be subjected to public scrutiny.
Also Dino Melaye (Kogi West,AP) equally added that there would not be transparency if the CBN governor reviewed his salaries and allowances without the consent of appropriate authorities.
Sen. Enyinnaya Abaribe,( Abia South) and Sen. Olushola Adeyeye-Osun Central(Chief Whip of the Senate)
want the CBN status quo maintained, saying that the CBN of any country is a pivotal institution.
In his remarks Deputy Senate President Ike Ekweremadu said that CBN is tasked with the duty to subject their budget to the Ministry of Finance before approval.
He referred the Bill to the committee on Banking, Insurance and other Financial Institutions to report back in four weeks
The bill was however passed for second reading through members vote.