Reps move to subject remuneration of Govs, Deputy Govs to RMFAC approval

A bill that seeks to divest streamline Central Bank of Nigeria (CBN) expenditure in line with the provisions of the Fiscal Responsibility Act, 2007 has scaled through First Reading on the floor of the House of Representatives.

The private member bill sponsored by Hon. Francis Ejiroghene Waive also seeks to divest the powers of the Board of the apex bank by including more persons from outside the bank in order to bring about a more accountable Board.

The bill is expected to be gazetted for Second Reading, at the instance of the House Committee on Rules and Business at a yet to be determined legislative day.

When passed into law, the salaries or allowances including pension and other allowances payable to the CBN governor and the deputy governors shall be determined by the Revenue Mobilization Allocation and Fiscal Commission subject to the approval of the president.

As stipulated in the proposed bill seen by Nigeria Tribune, the proponent of the legislation sought for the amendment of the Central Bank of Nigeria Act 2007, No. 7 with a view to “appoint a person other than the governor as the chairman of the Board of the Bank to exclude Deputy Governors and Directors as members of the Board divest the Board of the power of consideration and approval of the annual budget of the Bank: and for related matters.”

Hon. Waive proposed amendment to Section 6(2) of the CBN Principal Act by replacing the section with the following new section: “The Board shall consist of: a Chairman who shall be a former Governor of the Central Bank of Nigeria (CBN) or a former Chairman of a Bank or a former Managing Director of a Bank; the Governor; the Permanent Secretary, Federal Ministry of Finance; the Accountant-General of the Federation; the Permanent Secretary, National Planning Commission; a Representative of the Federal Inland Revenue Service not below the rank of a Director; and a Representative of Nigeria Deposit Insurance Corporation not below the rank of a Director.

He also proposed the deletion of Section 6(2a) and amendment of Section 7(1) of the Principal Act is amended by replacing the section with the following new section: “The governor or in his absence, the most Senior Deputy Governor shall be in charge of the day-to-day management of the Bank and shall be answerable to the Board for his acts and decisions.”

In addition, Hon. Waive further proposed amendment to Section 8(3) of the Principal Act is amended by replacing the section with the following new section: “The salaries or allowances including pension and other allowances payable to the governor and to the deputy governors shall be as stipulated, from time to time, by the Revenue Mobilization Allocation and Fiscal Commission subject to the approval of the president.”

He also canvassed for the introduction of a new section 48 and renumbering the existing sections 48 to 61 as new sections 49 to 62.

“The Principal Act is amended by the introduction of a new section 48 as follows: “The Board shall prepare and submit to the National Assembly through the President not later than 30th September of each year, an estimate of its expenditure and income during the next succeeding year.”

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Reps move to subject remuneration of Govs, Deputy Govs to RMFAC approval

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