The House of Representatives on Wednesday asked President Muhammadu Buhari to sack Central Bank governor Godwin Emefiele for violating the provisions of the CBN Act 2007.
The House noted that Mr Emefiele had allowed borrowings to the Buhari-led federal government far above the threshold allowed by the CBN Act.
The parliament also urged Attorney General Abubakar Malami to immediately prosecute Mr Emefiele for violating the CBN Act.
This followed the adoption of a motion by a lawmaker, Sergius Ogun, representing Esan North-East/South-East Federal Constituency, of Edo State, at plenary.
The House had during plenary noted that the Buhari-led federal government had borrowed a total of 2.4 trillion naira, from the CBN, within the first six months of 2022.
The lawmakers said the fund is far above five per cent of the FG’s revenue for 2021, which stood at N3.9 trillion.
They also expressed worries about the rising debt profile of the Buhari government, which stands at N33.31 trillion as of March 2021.
The House explained that the owing excluded the N15.51 trillion debt of the government to the CBN, already profiled to the Debt Management Office.
According to them, Section 38 of the CBN Act provides that loans shall be repaid by the FG the same financial year it was granted.
However, the lawmakers stressed that since the government had failed to repay the first loan as stipulated, the power of the CBN to grant such loans to the FG should not have been exercised.
They also noted that the total borrowings of the FG from the CBN under Mr Emefiele in the past six years have been a flagrant breach of section 38 of the financial institution Act 2007.
The House directed the Committee on Banking and Currency to ensure compliance and report back to the parliament within four weeks.
Mr Emefiele had been in the eyes of the news after the CBN governor showed interest in politics, with the aim to contest the presidential primary of the All Progressives Congress (APC).
His involvement in politics had drawn condemnations with experts saying such brazen partisanship could jeopardise the integrity of the country’s financial system.
Published By Odoh Dominic Chukwuemeka
Like, Share or comment on this article.
Your support matters.
Sustain independent journalism.
FOR ADVERT PLACEMENT CALL OR TEXT OUR WHATSAPP NUMBER; +886960917723, +886970840314
Click to Follow our website Dco-global-news.com
FaceBook Page; DCO Global News
DCO Global News Contacts;
For information on Press Releases, News, Advertisements, Videos, Photos, Events happenings, Promotional Events and Adverts, Share your stories with us, Please Call or Send a Text to our Whatsapp number; +886963563485, +886970840314.
Or send an email to; firstname.lastname@example.org, email@example.com
(Like and Follow our Facebook Page; DCO Global News)
(Follow us on Twitter; @Dcoglobalnews)
(Follow us on LinkedIn; Dco Global News)
(Follow us on Tumblr; Dcoglobalnews)
(Follow us on Google +; Dco Global News TV)
(Subscribe to our YouTube Channel; DCO Global News TV)
Subscribe to our Telegram Channel DCO Global News.
Follow our Website http www. dco-global-news.com
Advertise with us.
Send us enquiries, Press releases.
DCO Global News Promotes the Values of Democracy, Human Rights, Values of Life and Freedom of Expression in a Region Where Genuine Media Freedom Remains Elusive and where many Media outlets remain Divided along Ethnic Lines.
Let’s 🚶 Walk the 🚶 Walk 🚶 Together.
Don’t miss a thing, get the latest updates to fuel your conversation daily.
For 2022, DCO Global News commit to another year of high-impact reporting that can counter misinformation and offer an authoritative, trustworthy source of news for everyone. With no shareholders or political owner, we set our own agenda and provide truth-seeking journalism that’s free from commercial and political influence. When it’s never mattered more, we can investigate and challenge without fear or favour.
(Support DCO Global News.)
LET’S HAVE YOUR SAY, LET’S KNOW YOUR THOUGHTS.
LIKE, SHARE AND COMMENT.
TEXT AD: To advertise here.
Call Dominic +886970840314…
© DGN NEWS MEDIA 2022.
All Rights Reserved.