Breaking News

Youths call on Senate to confirm CBN board members

By Gabriel Ewepu

ABUJA- YOUTHS under the auspices of Youth Voice for Good Leadership and Accountability Initiative, YVGLAI, have called on the Senate to confirm appointment of board members for the Central Bank of Nigeria, CBN, in accordance with the Act establishing the apex bank.

Senate Chamber

This was stated by the national coordinator, YVGLAI, Nwokolo John, who said running the apex bank without its board members does not position it well constitutionally as actions and operations of the CBN must be deliberated upon first by the board, then ratified subsequently. He therefore urged the Senate in the interest of the nation to confirm the appointment of CBN board members.

He said: “It is of interest to note that the 8th Senate had placed the confirmation of the board of the Central Bank of Nigeria, CBN, and other similar confirmations on hold, citing the Magu Saga as the reason for their action.

“This is a constitutional issue and once constitutional issues arise, especially constitutional interpretation, the best approach is to go to court to seek constitutional interpretation of the Law. To this end, either the executive or the legislature is expected to seek for interpretation from the court, and not to place confirmations on hold, while the country suffers.

“We, the leadership of Youth Voice for Good Leadership and Accountability Initiative, YVGLAI, call on the Senate most especially the Senate President to as a matter of urgency, for the sake of Nigeria and Nigerians to reconsider its stand, and confirm the board members of the Central Bank of Nigeria, CBN.”

According to him the Senate should confirm the appointees, most especially when the tenure of the current board members has expired, hence making it extremely unhealthy to run the apex bank without the board in place and should consider federal government’s move to diversify the economy.

He further stated that placing the confirmation of board members on hold will not, and can never be the solution to the disagreement between the executive and legislative arms.


Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.