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Lawmaker Calls For Removal, Prosecution of Emefiele Over Violation of CBN Act

Lawmaker Calls For Removal, Prosecution of Emefiele Over Violation of CBN Act

A Nigerian lawmaker has referred to as for the sack and prosecutiion of Godwin Emefiele, Governor of the Central Bank of Nigeria.

A member of the House of Representative, Hon. Sergius Ose Ogun stated Emefiele must be eliminated for allegedly violating the provisions of the CBN Act 2007.

Mr Sergius made the {call} on Wednesday in a movement to the House of Representatives throughout Wednesday’s plenary.

According to him, the entire borrowings of the Federal Government of Nigeria from the CBN prior to now six years have been in flagrant breach of Section 38 of the CBN Act, 2007;

Section 38 of the CBN act states that;

(1) “Notwithstanding the provision of section 34(d) of this act, the bank may grant temporary advances to the federal government in respect of temporary deficiency of budget revenue as such rate of interest as the bank may determine.”
(2) “The total amount of such advances outstanding shall not at any time exceed five percent of the previous year’s actual revenue.”

Rep Ogun stated he’s involved that from January to June this yr, this administration has borrowed the sum of N2.4 trillion from the CBN which surpasses 5% of income made in 2021.

He stated “Worried that inside the first six months of 2022, the Federal Government has borrowed a complete of N2.4 trillion from the Central Bank of Nigeria which is way above 5 % of the Federal Government’s income for 2021, which stood at N3.9 trillion.

He additionally expressed issues in regards to the rising debt profile of the FG in keeping with the Debt Management Office, which stands at N33.11 trillion as of March 2021, excluding the N15.51 trillion debt of the Federal Government to the CBN.

He stated, “that Section 38 of the Central Bank of Nigeria Act, 2007 permits it to grant loan advances to the Federal Government in respect of temporary deficiency of budget of budget.”

“Section 38 of the CBN Act provides that loans shall be repaid by the Federal Government the same financial year it was granted, if the government fails to repay the loan as stipulated, the powers of the Central Bank of Nigeria to grant further loans to the Federal Government shall not be exercised.”

He famous that Sections 88 (1) and (2) of the Constitution of the Federal Republic of Nigeria, 1999 (as amended) empowers the National Assembly to conduct investigations into the actions of any authority executing or administering legal guidelines made by the National Assembly.

Rep Ogun consequently resolves to;

(i) Urge the President of the Federal Republic of Nigeria to instantly take away Mr. Godwin Emefiele from workplace as Governor of the Central Bank of Nigeria for violating the provisions of the Central Bank of Nigeria Act, 2007.

(ii) Also urge the Attorney General of the Federation and Minister of Justice to instantly prosecute Mr. Godwin Emefiele for violating the provisions of the Central Bank of Nigeria Act, 2007.

(iii) mandate the Committee on Banking and Currency to make sure compliance and report again inside 4 (4) weeks for additional legislative motion.

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