Legislature
Bill to alter act establishing CBN scales second reading at Senate
The Senate on Wednesday passed for second reading a bill seeking to amend the Central Bank of Nigeria (CBN) Act 2007.
The lawmakers gave the approval to the bill for second reading following the presentation and consideration of the bill at plenary on Wednesday.
However, before the bill which was read for second reading it received contributions from lawmakers based on recent narratives surrounding the CBN activities.
The bill titled; ‘A Bill to Amend The Central Bank of Nigeria Act 2007 and Other Matters connected there with was sponsored by Sen. Dalington Nwaokocha(LP- Abia)
Nwaokocha while leading the debate said the bill was read for the first time Oct 10.
He said the bill seeks to amend Sections 6(1), (2), 8(1) (2) (3) (4) (5), 12 (1) (2) (3), 13 (1)(2) (3) (4) and paragraph 8 of the first schedule to the Act to strengthen the bank.
According to him, the amendment seeks to make provision for appointment of a chairman of the board, provide for responsibility to quicken and deepen execution of the bank’s mandate.
He said the bill seeks to address all anomalies that has hindered the advancement of the apex bank to handle the issues in the economy.
“Mr. President, Distinguished Colleagues, the thrust of this amendment is to create a people-centered central bank by delivery price and financial system stability and promoting sustainable economic development.
“As the nation grapples with economic issues, we need to reposition the CBN to grow the economy, regulate the exchange rate and unauthorized financial transactions and dollarizing the economy.
“This bill seeks to provide for among other things – Separate the head of management from the head of the governing voard in line with national and international good corporate governance practices.”
He said the bill seeks to establish a proper governance architecture for the monetary authority for optimal policy and operational effectiveness.
Nwaokocha said the amendment sought, would ensure real-time controls and effective accountability in the conduct of central banking in Nigeria.
He said the bill , when passed would reposition the CBN towards pursuit and advancement of its core mandates given the bank’s pivotal role in the economy.
“The bill would position the CBN as an apolitical entity that would become a worthy example in national and international monetary policy, banking sector regulation, currency management, and supervision.
“Mr. President, Distinguished Colleagues, Specific ways of achieving the above objectives contained in the amendments being sought is to
“Establish the position of the Chairman of the Board of the CBN with cognate qualifications and experience suitable for achieving the renewed objectives of the bank
” Establish an effective and efficient board for the CBN with enhanced independence and neutrality for comprehensive policy and operational board oversight.”
He said the bill further seeks to provide for an additional position of a Deputy Governor to achieve due balance in geo-political representation of all zones.
The Abia lawmaker said the bill when passed would guarantee internal and parliamentary oversight besides credible accountability to the Nigerian people .
According to him, it will clearly emphasise the ubiquity of financial reporting and corporate governance as key responsibilities of the board and management of the CBN.
“Mr. President, Distinguished Colleagues, this bill will ensure that the banking system is repositioned to play its primary role of financial intermediation for the benefit of investments and economic growth in Nigeria,”he said.
The bill was referred to the committee on Banking, Insurance and Other Financial Matters for further legislative input.
Former President of the Senate, Ahmad Lawan has extended his condolences to Governor Babagana Zulum and the people of Borno State following the recent devastating floods that have ravaged parts of the state.
A statement by his media adviser Dr. Ezrel Tabiowo quoted Lawan to have expressed deep sadness over the loss of lives and property caused by the disaster, which has left many residents displaced and without livelihoods.
He urged swift intervention from the National Emergency Management Agency (NEMA) and other relevant agencies to provide relief materials and assistance to the affected communities.
Lawan, who represents Yobe North Senatorial District, commended Governor Zulum’s efforts in responding to the flood disaster and pledged his support for the affected communities.
The former Senate President’s statement conveyed his solidarity with the people of Borno State during this challenging time.
The statement reads, “I am deeply saddened by the news of the severe flooding in Borno State, which has caused untold hardship and suffering to our compatriots. My heart goes out to those who have lost loved ones and property in this disaster.
“I urge the National Emergency Management Agency (NEMA) and other relevant agencies to swiftly provide relief materials and assistance to the affected communities.“
“I want to commend Governor Babagana Zulum for his proactive efforts in evacuating residents from the flooded areas and providing temporary shelters for them. His leadership has been instrumental in minimizing the impact of the disaster.“
He commended the federal government for providing additional support to Borno State to enable it to cope with the aftermath of the flood.
Lawan also urged the Borno State government to work with relevant agencies to find lasting solutions to the flooding in the state.
“While we commiserate with the victims of the flood, we must also work towards finding lasting solutions to this perennial problem. The Borno State government, in collaboration with relevant agencies, should embark on a comprehensive flood control programme to mitigate future disasters,” he said.
Senator Lawan prayed for the repose of the souls of those who lost their lives in the flood and wished the injured a speedy recovery.
From Friday Idachaba, Lokoja
The Kogi State House of Assembly has reconvened after a lengthy recess, with Speaker Rt. Hon. Aliyu Umar Yusuf expressing gratitude and excitement over the Supreme Court’s affirmation of Governor Ahmed Usman Ododo’s victory in the November 11th governorship election.
In his welcome address to members, Speaker Yusuf commended the lawmakers for their solidarity and assured them of the ruling All Progressives Congress (APC)’s commitment to collaborative governance for the state’s betterment.
Yusuf stated, “The Supreme Court’s pronouncement has profound significance for all of us, both as members of this esteemed assembly and as a state. We attribute this triumph to the Almighty God.”
The Speaker emphasized the legislature’s unity across party lines, saying, “As lawmakers, we have collectively rejoiced at this outcome, demonstrating our commitment to working harmoniously for the state’s progress.”
The assembly pledged its support for the executive branch, ensuring a harmonious working relationship to drive development and progress in Kogi State.
***Applauds Numerous Achievements in 7 Months
By Friday Idachaba, Lokoja
The Kogi State House of Assembly has passed a Vote of Confidence on Governor Ahmed Usman Ododo, lauding his outstanding achievements over the past seven months.
The vote of confidence was passed during Tuesday’s plenary session following the adoption of a motion on Urgent Public Importance, moved by Hon. Akus Lawal (APC-Ankpa 1).
In his motion, Hon. Akus highlighted the governor’s significant accomplishments in fiscal discipline, financial management, agriculture, health, security, infrastructure development, and education.
The motion commended Governor Ododo’s efforts in reducing the state’s domestic debt from N121 billion to N38 billion, earning Kogi State a “B-” rating with a positive outlook from FITCH Ratings.
The governor’s initiatives in agriculture, such as designating 8,000 hectares of farmland, releasing N8 billion to farm clusters, and refurbishing 200 tractors, were also praised.
In health, the motion recognized the governor’s efforts in formalizing the Health Insurance Scheme, revitalizing over 70 primary health centers, and distributing essential consumables and hospital equipment.
The governor’s commitment to security, infrastructure development, and education was acknowledged as well, including the engagement of local hunters and vigilantes, the launch of a metropolitan quick response unit, and the construction of roads and model colleges.
The House of Assembly’s vote of confidence is a testament to Governor Ododo’s dedication to transforming Kogi State and improving the lives of its citizens.
Hon. Jibrin Abu (APC-Ajaokuta) seconded the motion, which was supported by other members. In their various submissions, they applauded the governor for his achievements despite the pressure from ongoing litigation.
In his ruling on the motion, Speaker of the House, Rt. Hon. Aliyu Umar Yusuf, noted that despite the pending litigation from the election, the governor had achieved a great deal within seven months. He highlighted Governor Ododo’s impact on fiscal discipline, financial management, debt reduction, improved Internally Generated Revenue (IGR), and advancements in the agricultural sector.
Speaker Yusuf also emphasized the tremendous support the health sector has received under Ododo’s administration, from private healthcare to tertiary health institutions. He noted significant improvements in security, infrastructure development across the three senatorial districts, continuity and support for education, as well as reforms and improvements in Kogi’s civil service at both the state and local government levels.
He concluded that the governor not only deserves a pass mark but also excellence, and that a Vote of Confidence to support and encourage him was indeed in order.
Speaker Yusuf then adopted the motion following overwhelming voice votes in favor of the motion.
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