Minister of Finance, Kemi Adeosun, calls on National Assembly to cut the powers of CBN governor

Minister of Finance, Kemi Adeosun

The Nigerian Minister of Finance, Kemi Adeosun, has called on the National Assembly to cut the powers of the governor of the Central Bank of Nigeria (CBN).

The minister made the request when she hosted members of the House of Representatives Tactical Committee on Recession led by Bode Ayorinde in her office on Tuesday, March 21, 2017.

Adeosun said that the massive controls given to CBN governors have given rise to some of the financial crisis seen over time.

She added that the excessive powers have made some of the CBN governors in time past to act and make decisions on financial matters without briefing or consulting the minister of finance, who according to the minister is constitutionally obligatory to oversee financial policies, programmes and undertakings of the Federal Government.

Adeosun explained: “I want to correct the impression that the CBN is under us.

“They are not. Unfortunately, a law was passed, making them independent and giving them more powers.

“This has resulted in one person having so much power. In the time of Prof. Charles Soludo as CBN governor, he went to the National Assembly asking for more powers and you can see where that has taken us to.

“So we are back to the legislature to help us correct this problem of too much power. As a result, there are no checks and balances.”