PDP Governors Criticize CBN’S Operational Model

….Say CBN Governor, Emefiele Now ‘Father Christmas’

“It has become not just a LEVIATHAN, but also a father Christmas of sorts, dabbling into every sphere and scope of governmental activity, not just as a lender of last resort, but as a full executing agency of government”

PDP Governors have expressed deep concern about the operational model of the Central Bank of Nigeria, CBN, in recent times.

The governors speaking through its chairman, Aminu Tambuwal after a brainstorming session in Uyo, Akwa Ibom said CBN has abdicated its core responsibility and have now become a special purpose vehicle, dishing money out like ‘Father Christmas’.

Reading the communique at the end of the meeting, Tambuwal said; “The PDP Governors also expressed deep concerns on the operational system and methods of the Central Bank of Nigeria (CBN). 

“It viewed with regrets that the CBN is operating as an independent government within a Government, which is a pervasion of the autonomy of the Bank. A situation where CBN creates money, decides how much of it to spend, on what to spend it on without any form of controls or supervision is patently subversive of our constitutional order. 

“It has become not just a LEVIATHAN, but also a father Christmas of sorts, dabbling into every sphere and scope of governmental activity, not just as a lender of last resort, but as a full executing agency of government. The meeting observed that the CBN has become such an octopus that it threatens State governments publicly, without decorum, about sanctions on any attempt to question its MODUS OPERANDI. The CBN should take immediate steps to halt the depreciation of the Naira.”

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