Question: Sir, d senate need to stay clear with CBN. Its not done anywhere in d world to interrupt wit d decision making of d Apex Bank.

Answer: I agree totally with you in principle. Because globally the trend is to strengthen the mechanism for guaranteeing independence of CBN

Question: why is the Senate after the CBN budget? Is it because of recent donations by the Governor or an act of transparency?

Answer: The ‏Bill was introduced as a legislative measure to increase transparency and accountability of operations of CBN.

Question: Sir does senate hv power to amend the constitution dt govern CBN operatn?

Answer: ‏CBN does not have a constitution. But they are governed by #CBNACT that was enacted by NASS. Yes NASS has the power to amend


Question: When N16billion was awarded to a militant, it didn't go thru proper procurement process ‪

Answer: Those are intervention funds at discretion of CBN. Which I suppose might be part of what spark interest of amendment
The CBN autonomy must not be tempered with however their activities must be transparent.

Question: Do we need to tamper with its budget regarding its fiscal and monetary operations?Can it just be overhead n salaries

Answer:I am of opinion that both overhead and its entire budget should not be tampered with. Full autonomy should be maintained
CBN's functions are price stability, fiscal and monetary policy development and Banking supervision.
Autonomy does not mean no accountability policy. CBN still 2 account 4 its expenditure & NASS still has oversight over its accounts.


Question: Fiscal & Monetary Operations Spending should be scrutinised lightly at the Senate or not at all

Answer: ‏ Oversight will still be maintained.Honestly,dont have a problem with budgetary oversight if it is"come and defend your budget n how funds were applied"

Question: I don't see how this will undermine CBN's independence. CBN has to at least give an annual report on performance!

Answer: CBN is still required to give annual report.

NASS has power under #CBNACT to invite the CBN Governor to account for the activities of the CBN. Oversight is what needs to be emphasized
I understand the emotions and passion with which those in support and against speak, but we must look at the bigger picture.
The amendment is to get CBN to comply with provision of fiscal Responsibility Act. But from reports, CBN has been in compliance.

Question: Sir,like u have somtin personal against CBN.....AM right?

Answer:I have nothing against CBN. I am for the autonomy.
Removal of CBN Autonomy might obstruct in-flow of investments into the economy.

Question: majority of the NASS committes have been very lax in performing this function. How do we get U guys on your toes?

Answer:By sending in memorandums to your representatives on issues you feel needs to be dealt with. And participating in public hearings.

Question: correction sir! CBN has no business wit fiscal policy, theirs is only monetary policy formulating which includes price stability

Answer: fcn of Fiscal policy dev is that of Min Of Fin, however CBN plays critical role in development & Monitoring thru Monetary instrument

Openness is relative to d extent that you deal with corruption in government & avoid using National security to cover up


Question: What is the "BIGGER PICTURE"?

Answer: Bigger picture is for Nigeria to make league of top 20 Economy. So we must strife to anchor on strong institutional backbone.

CBNACT Autonomy for CBN will ensure a dispassionate, objective appraisal of fiscal policies without undue political meddling.CBN is NOT sacrosanct. #CBNAct is a creation of the parliament and can be amended by the parliament. The focus if anything, should be on increasing transparency.

The actions of ONE MAN shouldnt lead to the removal of CBN autonomy which is what is obtainable all over the world.
What we truly need is transparency in the activities of these bodies. absense of transparency gives room for fraud.


Question: How many policies of the CBN was debated by the NASS Cashless BankingReforms, etc before being implementation ...

Answer: Core legislative mandate of Nas is to make laws & create framework that enables CBN to regulate sectors involved.
where decision of regulatory actions are of significant public interest, NASS has not shied away from debating it
for instance cashless, cash withdrawal limit, bailouts and restructuring were debated cos of significant to intervention policy

Question: doesn't CBN already do an annual audit and report to the house? increase to four times a year?

Answer: Yes, CBN already provide annual report and NASS can call for another report by the CBN Governor at any time.


Question: Is the amendment being done with the full participation of the CBN ?

Answer: It is the policy of NASS to involve stake holders through public hearing. And CBN has been participating at that level.


Question: How does budget scrutiny & supervision removes autonomy from the CBN?

Answer: Budget scrutiny is an oversight function to ensure public accountability and probity
What is an issue is if CBN budget should be subjected to legislative approval.


Best International Practice is to insulate CBN from political interference in the discharge of its regulatory function.




Here is a scanned copy of the proposed CBNAct ammendment bill

Over an hour ago and still no comment.
Still on front page yet no comment.
If this is about issues that divides us most, then replies ll be raining.............
@topic
Me personally think that this cbn act amendment has being long over due.
Imagine d clueless cbn governor donating money anyway he likes and to anybody he pleases.
I even heard he donated 500million to uniben for the construction of bridge.
Which bridge I may ask?

GEJ brings FB to Nigeria, So CBN is bringing twitter to Nigeria?

i know saraki is a former banking professional and a Senator, however I think we ave heard so many arguments for leaving CBN's autonomy alone.
Only thing Saraki hampered on is more transparency.

Interviewer should have gotten someone who is further left on this issue to comment.

Besides Saraki is like one of the people who ran the banking sector to the ground with his stunts at SGBN and with Intercontinental, yes or no?

Ileke-IdI:
GEJ brings FB to Nigeria, So CBN is bringing twitter to Nigeria?

if u were to venture a guess, where would u place your IQ?

scribble:

if u were to venture a guess, where would u place your IQ?

3 digits above yours.

Ileke-IdI:


3 digits above yours.

so where r u on this CBN amendment act thing? More or less autonomy?

More transparency is indeed welcome.
A sitting CBN governor should not be doling out money to every Mannliness and Harry. CBN is not a charitable foundation.

That said, B. Saraki is the last person to be sitting on a banking committe of the senate. Has he paid back the millions of dollars he basically swindled from the likes of Jay-Jay Okocha when he ran down SocGen?

@ileke-idi still waiting for your informed opinion on this? or have u chickened out and are attaching new beads to your waist?

u are a waste(chigor's voice)

#romancesectionIQ's

abeg no be dis same saraki were efcc arrest?

scribble:

so where r u on this CBN amendment act thing? More or less autonomy?

MacLovington: More transparency is indeed welcome.
A sitting CBN governor should not be doling out money to every Mannliness and Harry. CBN is not a charitable foundation.

That said, B. Saraki is the last person to be sitting on a banking committe of the senate. Has he paid back the millions of dollars he basically swindled from the likes of Jay-Jay Okocha when he ran down SocGen?

Do I look like I care about CBN and their interviews/ autonomy?

When has a Nigerian thieving been locked away after so many interviews,. probes, and investigations?

My own concern is twitter's integration into Nigeria's society, and if it's up to CBN to do the job. While I wonder about that, you can wonder about the interview that should not even be possible ON TWITTER with a guy who had been arrested.

You guys should sit there and pretend to be hardcore "revolutionist" while they're sharing national cake up and down. I must get my own sha.


As for #romancesectionIQ, it's still 3 digit higher than yours.

ileke-idi might look like a joke to som'a y'all, but she's 1 smart arzz

FACT! she be spittin' knowledge than most of u big arzz vocabulary, white man wannabe dudes on nairaland......FACT

otumfour: ileke-idi might look like a joke to som'a y'all, but she's 1 smart arzz

FACT! she be spittin' knowledge than most of u big arzz vocabulary, white man wannabe dudes on nairaland......FACT

Thanks boo

Ileke-IdI:


Do I lok like I care about CBN and their interviews/ autonomy?

When has a Nigerian thieving been locked away after so many interviews,. probes, and investigations?

My own concern is twitter's integration into Nigeria's society, and if it's up to CBN to do the job. While I wonder about that, you can wonder about the interview that should not even be possible ON TWITTER with a guy who had been arrested.

You guys should sit there and pretend to be hardcore "revolutionist" while they're sharing national cake up and down. I must get y own sha.


As for #romancesectionIQ, it's still 3 digit higher than yours.

nice! what color beads are u wearing?

fact of the matter is this Saraki guy (more likely 419 fraud than not) got more airplay on twitter yesterday than you have gotten in Nairaland's Romance section your entire logged-in life.

So lets look past the scum and the medium and address the issues. As they affect all our posterity.

Besides if u wanna do a twitter-meet for hardcore revolutionaries or priests or whatever u called them, twitter is a free country.

scribble:

nice! what color beads are u wearing?

fact of the matter is this Saraki guy (more likely 419 fraud than not) got more airplay on twitter yesterday than you have gotten in Nairaland's Romance section your entire logged-in life.

[size=18pt]So lets look past the scum[/size] and the medium and address the issues. As they affect all our posterity.

Besides if u wanna do a twitter-meet for hardcore revolutionaries or priests or whatever u called them, twitter is a free country.

If you want me to look past the scum and address the issue, why do you insist on blocking my view?

Ileke-IdI:


If you want me to look past the scum and address the issue, why do you insist on blocking my view?

thats why u single...ole no ring having arsse

scribble:

thats why u single...ole no ring having arsse

You wish.

Possibly by next month, you can try again.

INterview and responses were quite incisive. I've been educated thus.

Ileke-IdI:
GEJ brings FB to Nigeria, So CBN is bringing twitter to Nigeria?

Are you sick? Ive been using FB before GEJ thought of having Email address..Mtwwee

4 Medical Students Of Igninedion University kidnapped www.nairaland.com/958356/four-medical-students-igbinedion-university

D poster made this look like a Q n A interview. Far from it...it was more of a debate, with some tweeting ifo d amendment and others against it. @bukolasaraki was against it...he prefered dat CBN continued enjoying its autonomy. I was among those who wanted d noose around d CBN tightened a bit so d govs wud quit acting like gods from d money planet....that is accountability, openness and sense of responsibility! Using #500m as CRS in Uniben was too much. Add that to #100m for d Kano bomb victims and d whimsical sack of bank MDs, fake bailout with #100m each and appointment of "bank messiahs" for d affected banks. These saviours ended up taking most of d banks under. What about d attendant loss of jobs?

GEJ=CBN

Dondbuzor: Over an hour ago and still no comment.
Still on front page yet no comment.
If this is about issues that divides us most, then replies ll be raining.............
@topic
Me personally think that this cbn act amendment has being long over due.
Imagine d clueless cbn governor donating money anyway he likes and to anybody he pleases.
I even heard he donated 500million to uniben for the construction of bridge.
Which bridge I may ask?

But when the "CLUEFUL" Prof Soludo packaged the act that gave CBN autonomy and got it passed at the same NASS, it was Ok
When Prof Soludo was donating money anyhow (even to NASS members), it was ok
So much for your concern about issues that divide us!!!

You think this is about transparency or silencing a CBN governor that might have the courage to say that NASS members are overpaid
When last did you see the accounts of most parastatals?
Have they gone after those?
What about audits of parastatals
An arrangee audit of NNPC account was done by an audit firm not on the list of approved firms, did NASS say anything about that
(Note that audit firms are supposed to have the skills to audit most organisations, but a particular audit might be too big for the resources - personnel, experience, technology etc - of a small firm)

They should leave the CBN Act and focus on giving guidelines on how donations should be spent

BTW when we look at these, will they amend the constitution because the President is donating money?
https://www.nairaland.com/958037/northern-elders-reject-jonathan-n20million

Question: Sir does senate hv power to amend the constitution dt govern CBN operatn?

. . .too many unqualified questions in this article. The host must not be a subject expert on the topic of check and balance and the distribution of powers. I am unimpressed with this interview,. . . did not reveal anything new.

[img]http://www.50centloseweight.com[/img]I like this.

They should amend the ACT in such a way that a total calamity like SLS will never be made CBN governor again.

This is naira land 419. Banks are number one 419 in Nigeria. Has Saraki refunded the depositor's money at Societe General? Everyone should careful where he deposits money in Nigeria.

it is very unfortunate that the interview was with a rogue banker with no moral history. the press sef dey disappoint me sha. any reason why they should not avoid saraki like a plague.

on the CBN autonomy, either they should ban the Emir-like orientated north from the position dat sees the bank money as personal prerogative or remove it shap shap...sanusi has turn himself to a demi-god in CBN.

Dondbuzor: Over an hour ago and still no comment.
Still on front page yet no comment.
If this is about issues that divides us most, then replies ll be raining.............
@topic
Me personally think that this cbn act amendment has being long over due.
Imagine d clueless cbn governor donating money anyway he likes and to anybody he pleases.
I even heard he donated 500million to uniben for the construction of bridge.
Which bridge I may ask?

We will be better off divided.

In fact, there is need for the Act to be amended to prevent further disaster cause by SLS whose seem himself as the military head of CBN and does what his spirit permits. We are in democracy for God sake, let's everything we do go through the due process i.e National Assembly for any budget, appropriation and what have you.

Ganys:
Are you sick? Ive been using FB before GEJ thought of having Email address..Mtwwee

That was a statement made by one Foolish man appointed by Your President....

Minister of Information, Labaran Maku @ President Goodluck Jonathan's 'Facebook' book launch that held on Monday Dec 20, 2010 at Eko Hotel, Lagos.
Source: People who watched the programme live on AIT

http://nigeriacelebritygossips..com/2010/12/i-want-to-thank-goodluck-jonathan-for.html