The General Overseer of Latter Rain Assembly, Pastor Tunde Bakare has accused the Central Bank of Nigeria (CBN) of contributing negatively to the Nigerian economy in many ways.
In his state-of-the nation address titled ‘Roadmap to successful change’, the pastor posited that CBN governor, Godwin Emefiele was culpable in the alleged diversion of public funds for which former National Security Adviser, Col Sambo Dasuki (rtd) is facing trial.
He insisted that in saner climes, there is no way Dasuki will be custody while Emefiele will still be in office.
He outlined eight major steps that Nigeria must take to execute the change the nation voted for.
The summary of our assessment of the entire framework of governance and public policy is that without restructuring, this administration may achieve little or no significant and sustainable success,” he said. “The government must examine carefully, the argument of economists that sound monetary policy including proper management of the exchange rate regime by the CBN would eliminate the need for subsidies.
“The intricate connection between monetary policy on the one hand and the fuel subsidy debate on the other, makes the management of the CBN a major concern. “To the discerning, the CBN currently contributes negatively to the Nigerian state in more ways than one. Firstly, the CBN has become a conduit for politicians to drain the nation. “Otherwise, how can a letter of barely two paragraphs addressed to the current CBN Governor, Mr. Godwin Emefiele, by the then National Security Adviser (NSA), Col. Sambo Dasuki (rtd.), become the Authority to Incur Expenditure (AIE) leading to cash flow of $47 million (US dollars) and several millions of euros? “In decent climes, the CBN Governor cannot continue in office while the NSA is accounting for his alleged misdeeds.”
He alleged that the CBN is promoting corruption by removing a section that controls currency minting by the CBN decree of 1991. “Secondly, another negative contribution by the CBN is the needless obscurity it has created regarding currency in circulation. It was not so in the past.
“For instance, S. 43 (2) of the CBN Decree (now Act) No. 24 of 1991 stipulates: Without prejudice to the provision of S1 of this section, the President may direct the Auditor General of the Federation to conduct an examination of the Bank, and submit a report thereon relating to the issue, re-issue, exchange and withdrawal of currency notes and coins by the Bank and the Bank shall provide all necessary facilities for the purpose of the examination.
“This vital sub-section was completely removed in the current CBN Act 2007, thereby making it possible for the CBN to decide the printing of the Nigerian currency, amounts to be printed, currencies to be destroyed (of which the CBN staff can take as much of such dirty notes as they like and inject back into the system while keeping all of us in the dark) without any check and balances stipulated in S. 43 (2) of the previous CBN Act No. 24 of 1991.
“The CBN is not a privately controlled banking agency…the wealth of the Central Bank of Nigeria belongs to the people of Nigeria, not the governor or the staff of the CBN. Our foreign reserves could be used to drive infrastructural development with a view to building a strong local industrial base. “It is important to add, that rather than mere devaluation of the naira, a strong local productive base, that widens Nigeria’s foreign exchange window is a lasting solution to the lingering currency crisis,” Bakare said.