Nigeria’s Finance Minister, Kemi Adeosun, has urged the National Assembly to reduce the powers of the governor of the Central Bank of Nigeria, Godwin Emefiele.
According to her, the extensive powers of the governors is responsible for the disconnect between Federal Government’s monetary and fiscal policies.
She spoke on Tuesday morning while receiving members of the House of Representatives Tactical Committee on Recession led by Bode Ayorinde.
“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,” she said.
“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,” she said.
Former central bank governors are yet to react to her statement.
