The Senate Committee on Banking, Insurance and other Financial Institutions has directed the Central Bank of Nigeria (CBN), to submit detailed report on all the bail out funding to states for its scrutiny.
The committee’s Chairman, Rafiu Adebayo, while speaking during an oversight visit to the apex bank recently expressed satisfaction with its operations, but insisted it has to furnish his committee with the documents for the scheme. His words: “We discussed issues about the bail out to states and they told us everything surrounding it and we have requested a detailed report on all bail out transactions. So far we are satisfied with the bank’s explanation.
“The thrust of the meeting is our usual oversight. We are here to rub minds about their operations. We are now more enriched about the operations of the CBN and our own role is to assist the apex bank to perform its roles effectively for Nigeria to function better”, he added.
On lack of policy coordination between monetary and fiscal arms of government, the Committee Chairman said the issue was not left out of the exhaustive deliberations with the bank’s management.
“We discussed that but we don’t see any problem on that. I think it’s purely about perception. This is so because when any nation is in this kind of situation, everybody would be in a hurry to get out of it. If we are adopting some measures and such measures are not bringing instant results, naturally there will be complaints. But we have spoken to the CBN and they have explained to us that they are working together with the fiscal side in most of the policies. We believe they are working in harmony”, he said.
Earlier in his welcome remarks, the CBN governor, Mr. Godwin Emefiele, described the committee as an essential stakeholder that needed to be furnished with first hand information about its operations.
On the current economic recession scathing Nigerians, Emefiele said: “We believe that the present economic recession problems are difficult but they are surmountable. You have granted us ample opportunity that enable us speak to you on what we are doing at this difficult time”, he stated.