Recession: Reconstitute the Board of the Central Bank- Senate tells President Buhari

As part of resolutions to get out of the current economic recession, the senate yesterday advised President Buhari to reconstitute the board of the Central Bank of Nigeria. The senate also advised President Buhari to appoint a Special Adviser that would negotiate with militants in the Niger Delta.

The full resolutions as shared by Senate President Bukola Saraki are as follows:-


1. The executive should forward an Economic Stimulus Bill containing all the fiscal stimulus packages, investments and incentives which will receive accelerated consideration and passage at the National Assembly.

2. The fiscal and monetary authorities must harmonise all policies that lower interest rates for investors in the real sector and small/medium scale farmers.

3. The government should adopt peaceful means in the Niger Delta to restore Nigeria’s oil production back to 2.2 million barrels per day.

4. The release of low interest funding under the stimulus package should be targeted at the following areas:

*Social Safety Programmes
*Humanitarian Activities in the North East
*Power Generation
*Agricultural value chain
*Textile manufacturing
*National highway network construction and maintenance
*Railway construction and maintenance
*Motor vehicle assembly plants
*Completion and commissioning of Ajaokuta Steel Complex
*Arts, Science and Technology

5. The President should appoint a Senior Special Adviser to lead the government engagement with the aggrieved Niger Delta Militants to ensure the protection of Nigeria’s oil and gas assets.

6. The Federal Government should negotiate foreign concessionary borrowing agreements to cover shortfalls in the 2016 budget and the government’s accelerated infrastructural development programme.

7. The Federal Government should restrict and cap the issuance of bonds and treasury bills in order not to crowd-out local investors from the market.

8. The Federal Government should ensure the payment of all genuine domestic debts owed to local contractors who have completed their jobs.

9. The Federal Government should settle all salaries and pension liabilities.

10. The Federal Government should leverage the use of pension and insurance funds to provide long-term capital on lending for agriculture, industry and housing projects.

11. The Executive should reconstitute the Board of the Central Bank of Nigeria (CBN) and all other critical agencies in order to ensure that they operate in accordance to their enabling laws.

12. The Legislature (through law) and the Executive (through policies) must take action to encourage telecommunications companies to float their shares in Nigeria’s stock market.

13. The Fiscal Responsibility Act should be used to encourage States and Local Govenrments to be more prudent and accountable in their revenue and expenditure agreements.

14. Cases involving unaccounted oil exports should be pursued vigorously to logical conclusions.

15. The Federal Government should immediately set-up an ad-hoc committee for the reconstruction of the North-East and the rehabilitation and resettlement of all Internally Displaced Persons.

16. The President should consider establishing a Council of Economic Advisers made up of experts in economic management.

17. The Federal Government should establish a platform for pro-business-oriented leadership-level engagement to boost market confidence.

18. The Federal Government should retool its export promotion policy scheme with export incentives like the Export Expansion Grant (EEG) and the export financing initiatives.

19. The National Assembly will institute a legislative framework with timelines for key government policies in the area of agriculture and solid minerals to boost investor confidence in government - and to protect investors from rapid policy reversals.

The National Assembly will examine, prioritise and fast-track the consideration of the following bills to revive Nigeria’s economy:

-Petroleum Industry Bill
-National Development Bank of Nigeria (Establishment) Bill
-Nigerian Ports and Habours Authority Act (Amendment) Bill
-National Road Fund (Establishment) Bill
-National Transport Commission Act of 2001
-Warehouse Receipts Act (Amendment) Bill
-Companies and Allied Matters Act (CAMA)
-Investment and Securities Act (ISA)
-Customs and Excise Management Act
-Federal Competition Bill
-National Road Authority Bill


20. The National Assembly will immediately commence sustained oversight to monitor the activities of the Executive in the implementation of the 2016 Budget.


21. The National Assembly will continue to engage the Executive to create the necessary synergy on all economic and social interventions that are capable of bringing succour to Nigeria.



http://www.lindaikejisblog.com/2016/09/recession-reconstitute-board-of-central.html

Mynd44, OAM4j, Lalasticlala

Good advise from the National Assembly. Meanwhile, I will like to add to the list.

22. The salary and bonus of every senators should be cut by 70%.

23. Every senators should not have more than 2 aides.

These seems to be good set of recommendations. I hope PMB takes a critical look at this.

Btw:

I think the Senate is tactically telling Buhari to fire Emefiele. Buhari should start shopping for a sound and thoroughbred economist with international experience to replace Emefiele.

Emefiele's policy somersaults is really hurting the Nigerian economy. As at today, he has added another string to the forex market he claimed has been liberalized. I dont think he has any other hand he can play to re-gig the forex and monetary policies of the country on a superb scale. He should quit the stage please.

Ordinary citizens like us dey suffer o, what would be my gain if i read all this points when 90% of the senate wont take a look, abeg i'm sitting this one out jare.

agabusta:
These seems to be good set of recommendations. I hope PMB takes a critical look at this.

Btw:

I think the Senate is tactically telling Buhari to fire Emefiele. Buhari should start shopping for a sound and thoroughbred economist with international experience to replace Emefiele. His policy somersaults is really hurting the Nigerian economy. As at today, he has added another string to the forex market he claimed as been liberalized.

I doubt if it is within the power of Buhari to fire Emiefele.
He can only suspend him till his tenure is over.

Proudlyngwa:


I doubt if it is within the power of Buhari to fire Emiefele.
He can only suspend him till his tenure is over.

He can, if the senate concurs with 2/3rd majority.


-----------------------------------------------------------------------------------------------------------------------------------------------------------
Section 11(2f) of the CBN Act 2007, says: “The Governor, Deputy Governor or Director shall cease to hold office in the Bank if he:-

(a) becomes of unsound mind or, owing to ill health, is incapable of carrying out his duties;

(b) is convicted of any criminal offence by a court of competent jurisdiction except for traffic offences or contempt proceedings arising in connection with the execution or intended execution of any power or duty conferred under this Act or the Banks and Other Financial Institutions Act;

(c) is guilty of a serious misconduct in relation to his duties under this Act;

(d) is disqualified or suspended from practicing his profession in Nigeria by order of a competent authority made in respect of him personally;

(e) becomes bankrupt;

(f) is removed by the President: Provided that the removal of the Governor shall be supported by two-thirds majority of the Senate praying that he be so removed.
------------------------------------------------------------------------------------------------------------------------------------------------------------------

agabusta:


He can, if the senate concurs with 2/3rd majority.

Actually I think there is a board which elects him, I doubt that's the senates job.

Proudlyngwa:

Actually I think there is a board which elects him, I doubt that's the senates job.

I have modified my earlier post to you quoting the CBN Act. Check it out.

agabusta:
Recession: Reconstitute the Board of the Central Bank- Senate tells President Buhari

As part of resolutions to get out of the current economic recession, the senate yesterday advised President Buhari to reconstitute the board of the Central Bank of Nigeria. The senate also advised President Buhari to appoint a Special Adviser that would negotiate with militants in the Niger Delta.

The full resolutions as shared by Senate President Bukola Saraki are as follows:-


1. The executive should forward an Economic Stimulus Bill containing all the fiscal stimulus packages, investments and incentives which will receive accelerated consideration and passage at the National Assembly.

2. The fiscal and monetary authorities must harmonise all policies that lower interest rates for investors in the real sector and small/medium scale farmers.

3. The government should adopt peaceful means in the Niger Delta to restore Nigeria’s oil production back to 2.2 million barrels per day.

4. The release of low interest funding under the stimulus package should be targeted at the following areas:

*Social Safety Programmes
*Humanitarian Activities in the North East
*Power Generation
*Agricultural value chain
*Textile manufacturing
*National highway network construction and maintenance
*Railway construction and maintenance
*Motor vehicle assembly plants
*Completion and commissioning of Ajaokuta Steel Complex
*Arts, Science and Technology

5. The President should appoint a Senior Special Adviser to lead the government engagement with the aggrieved Niger Delta Militants to ensure the protection of Nigeria’s oil and gas assets.

6. The Federal Government should negotiate foreign concessionary borrowing agreements to cover shortfalls in the 2016 budget and the government’s accelerated infrastructural development programme.

7. The Federal Government should restrict and cap the issuance of bonds and treasury bills in order not to crowd-out local investors from the market.

8. The Federal Government should ensure the payment of all genuine domestic debts owed to local contractors who have completed their jobs.

9. The Federal Government should settle all salaries and pension liabilities.

10. The Federal Government should leverage the use of pension and insurance funds to provide long-term capital on lending for agriculture, industry and housing projects.

11. The Executive should reconstitute the Board of the Central Bank of Nigeria (CBN) and all other critical agencies in order to ensure that they operate in accordance to their enabling laws.

12. The Legislature (through law) and the Executive (through policies) must take action to encourage telecommunications companies to float their shares in Nigeria’s stock market.

13. The Fiscal Responsibility Act should be used to encourage States and Local Govenrments to be more prudent and accountable in their revenue and expenditure agreements.

14. Cases involving unaccounted oil exports should be pursued vigorously to logical conclusions.

15. The Federal Government should immediately set-up an ad-hoc committee for the reconstruction of the North-East and the rehabilitation and resettlement of all Internally Displaced Persons.

16. The President should consider establishing a Council of Economic Advisers made up of experts in economic management.

17. The Federal Government should establish a platform for pro-business-oriented leadership-level engagement to boost market confidence.

18. The Federal Government should retool its export promotion policy scheme with export incentives like the Export Expansion Grant (EEG) and the export financing initiatives.

19. The National Assembly will institute a legislative framework with timelines for key government policies in the area of agriculture and solid minerals to boost investor confidence in government - and to protect investors from rapid policy reversals.

The National Assembly will examine, prioritise and fast-track the consideration of the following bills to revive Nigeria’s economy:

-Petroleum Industry Bill
-National Development Bank of Nigeria (Establishment) Bill
-Nigerian Ports and Habours Authority Act (Amendment) Bill
-National Road Fund (Establishment) Bill
-National Transport Commission Act of 2001
-Warehouse Receipts Act (Amendment) Bill
-Companies and Allied Matters Act (CAMA)
-Investment and Securities Act (ISA)
-Customs and Excise Management Act
-Federal Competition Bill
-National Road Authority Bill


20. The National Assembly will immediately commence sustained oversight to monitor the activities of the Executive in the implementation of the 2016 Budget.


21. The National Assembly will continue to engage the Executive to create the necessary synergy on all economic and social interventions that are capable of bringing succour to Nigeria.



http://www.lindaikejisblog.com/2016/09/recession-reconstitute-board-of-central.html

Mynd44, OAM4j, Lalasticlala

Good advise from the National Assembly. Meanwhile, I will like to add to the list.

22. The salary and bonus of every senators should be cut by 70%.

23. Every senators should not have more than 2 aides.

NairaandNigeria:


Good advise from the National Assembly. Meanwhile, I will like to add to the list.

22. The salary and bonus of every senators should be cut by 70%.

23. Every senators should not have more than 2 aides.

So in this recession, you want to send the other Aides back into the already saturated job market??

24. That lalasticlala should move this to where it rightfully belong.

I wish President will start doing the needful n for blame game

I wish President will start doing the needful n for blame game God bless Nigeria

agabusta:
These seems to be good set of recommendations. I hope PMB takes a critical look at this.

Btw:

I think the Senate is tactically telling Buhari to fire Emefiele. Buhari should start shopping for a sound and thoroughbred economist with international experience to replace Emefiele.

Emefiele's policy somersaults is really hurting the Nigerian economy. As at today, he has added another string to the forex market he claimed has been liberalized. I dont think he has any other hand he can play to re-gig the forex and monetary policies of the country on a superb scale. He should quit the stage please.

You are wrong, reconstituting the CBN board has nothing to do with firing the CBN Governor. The CBN Directorship consists of ten members who are responsible for coming up with prevailing monetary policies at any given time.

Firing CBN Governor requires 67% majority vote from the Senate which is not possible because of the ethnocentric characteristics of Mr President,

>>>appoint a Special Adviser that would negotiate with militants in the Niger Delta.


did i miss something in civic's and government class or is this something new?

lawmakers wanna negotiate with lawbreakers?

MadamExcellency:


You are wrong, reconstituting the CBN board has nothing to do with firing the CBN Governor. The CBN Directorship consists of ten members who are responsible for coming up with prevailing monetary policies at any given time.

Firing CBN Governor requires 67% majority vote from the Senate which is not possible because of the ethnocentric characteristics of Mr President,

Lol. Cool down na. Reconstituting the board MAY mean firing the Governor or other members. What is the essence of reconstituting a board when the Chairman of that board is left in the position? Will the action achieve any shift in policy and ideas??

Now tell me, who appoint members to the board of the CBN?

So if the Senate is advising the President to reconstitute the board of the CBN, please explain to us what you think that means.

CBN Act 2007 Section 6. (1) There shall be for the Bank a Board of Directors (in this Act referred to as “the
Board”) which shall be responsible for the policy and general administration of the affairs
and business of the Bank.

(2) The Board shall consist of -

(a) a Governor who shall be the Chairman;
(b) four Deputy Governors;
(c) the Permanent Secretary, Federal Ministry of Finance;
(d) five Directors; and
(e) Accountant-General of the Federation.

CBN Act Section 10. – (1) The five Directors of the Bank shall be appointed by the President
subject to confirmation by the Senate and in appointing the five external
Directors of the Bank, the President shall have due regard to a fair
representation of the financial, agricultural, industrial and commercial interests
and the principle of Federal Character.

CBN Act Section 11. – (1) A person shall not remain a Governor, Deputy Governor or
Director of the Bank if he is -


...(f) is removed by the President:
Provided that the removal of the Governor shall be supported
by two-thirds majority of the Senate praying that he be so removed.

So from the foregoing, if the President can remove members of the board, so far it is supported by 2/3rd majority of the Senate, and the senate itself is asking the president to reconstitute the board, kindly explain to us what message you think the senate is passing to the President.

Thank you.

Emefiele is a foreign Agent. And he probably doesn't know that he is carrying the cheats of Soludo and Sanusi Lamido Sanusi.