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Amendment of CBN’s Act passes second reading

A bill to amend the Central Bank of Nigeria (CBN) Act to compel it to submit its annual budget to the national assembly has scaled … Continue reading Amendment of CBN’s Act passes second reading


A bill to amend the Central Bank of Nigeria (CBN) Act to compel it to submit its annual budget to the national assembly has scaled through second reading in the national assembly.

Presenting the bill before the Senate, the sponsor of the bill, Senator Ita Enang argued that the passage of the bill would ensure that the CBN budget is brought before the national assembly for approval.

However Senator Isa Galaudu from Kebbi state opposed the bill asking the Senate not to withdraw the budgetary independence of the Apex bank.

It was only a matter of time before the senate would come down on the Central Bank of Nigeria for its refusal to submit its budget before the senate.

The refusal of the CBN to present its budget prompted Senator Enang to sponsor a bill seeking to amend the CBN Act and the Senate in very clear terms sent a signal to the CBN that its refusal to submit its budget will no longer be accepted by the senate.

Some lawmakers argued that the fiscal responsibility act makes it imperative for the CBN to submit its budget to the national assembly for appropriation.

The bill scaled through second reading and was sent to the Senate Committees on Banking and Judiciary for further legislative action and to report back to the house in two weeks

Meanwhile the Senate screened ambassadorial nominee, Mrs Bianca Onoh.

Her nomination along with 87 others was sent by President Goodluck Jonathan to the Senate for confirmation but she was not available for her screening because of the death of her husband, late Chief Odumegwu Ojukwu.