Senator Tokunbo Abiru, representing Lagos East and renowned for his astute financial acumen, is spearheading groundbreaking legislative reform with the Central Bank of Nigeria Act Amendment Bill. Today marks a significant milestone as the bill progresses through the Nigerian Senate, following its successful second reading.
Senator Abiru’s visionary leadership underscores the urgent need to modernize the regulatory framework governing Nigeria’s financial sector. With the current CBN Act last amended over 16 years ago, Senator Abiru recognizes the imperative to align monetary and fiscal policies with the evolving economic landscape.
The proposed amendments are poised to revolutionize the operational framework of the apex bank, empowering it to effectively execute its mandates and navigate the complexities of contemporary monetary policy challenges.
Noteworthy provisions within the bill include:
Limiting ways and means to ensure fiscal discipline.
Introducing a six-year single tenure for the CBN governor and deputy governors.
Establishing a Coordinating Committee for Monetary and Fiscal Policies to harmonize policy objectives.
Enhancing accountability and compliance through the appointment of a Chief Compliance Officer within the Bank.
Implementing guidelines for advances granted to the Federal Government, safeguarding against excessive borrowing and mitigating default risks.
Senator Abiru’s proactive approach to financial reform underscores his commitment to driving sustainable economic growth and fostering a conducive environment for investment and development. His stewardship in navigating the complexities of financial legislation sets a precedent for effective governance and strategic policymaking.
In addition to championing legislative reform, Senator Abiru continues to advocate for the appointment of competent professionals to key positions within the financial sector. The recent screening of four CBN director nominees by the Senate Committee on Banking, Insurance, and other Financial Institutions reflects his unwavering dedication to ensuring the highest standards of governance and accountability.
As the Central Bank of Nigeria Act Amendment Bill advances through the legislative process, Senator Abiru remains steadfast in his pursuit of transformative change, poised to shape the future trajectory of Nigeria’s financial landscape.
