ASHENEWS reports that a former Deputy Governor of the Central Bank of Nigeria (CBN), Kingsley Moghalu has accused the 9th National Assembly (NASS), and the Presidency of acquiescing in subverting the law mandating the apex bank to publish its periodic report.
The CBN early this week, published it’s report after seven years.
This online platform further reports that Moghalu in a tweet on his official X handle @MoghaluKingsley on Saturday, opined that the CBN Act of 2007 provides adequately for the accountability of the bank through NASS, adding “There is no need to amend the law.”
According to him, “This is how Nigerian leaders and politicians, with the collaboration of the suspended CBN Governor, violated the CBN Act and got the Bank to fund the fiscal deficit of @NigeriaGov way beyond legal limits – fiscal irresponsibility. Today: high inflation, forex instability.”
Read the tweet below:
The CBN Act of 2007 provides adequately for the accountability of the central bank through @nassnigeria . There is no need to amend the law. Our politicians in the 9th NASS, and of course the Presidency of that period, acquiesced in the subversion of the law requiring publication of of annual accounts.
The statutory provision for periodic briefings to the National Assembly and Mr. President also should be robustly respected. Let’s stop chasing shadows and get serious with governance please, and all take a good look in the mirror.
The CBN Act was very turn around to call for changes to the CBN Act. Such a course could be counter productive. We should always consider the logic of what central banks are meant to achieve, global best practice, and the track record of different central banks vis a vis their legal and institutional frameworks.
We need to think more deeply about issues of monetary policy and the operations of @cenbank and avoid knee-jerk reactions to recent revelations.
This is exactly how Nigerian leaders and politicians, with the collaboration of the suspended CBN Governor, violated the CBN Act and got the Bank to fund the fiscal deficit of @NigeriaGov way beyond legal limits – fiscal irresponsibility. Today: high inflation, forex instability.
