RickRichards:
Perusing.
Edit:
For people who can't read 700 words per minute:

“For example, if a governor, minister or
director general puts N10 billion budgeted for
capital projects in one year into a fixed deposit
at 15% interest, he would have made a
whopping sum of N1.5 billion just by illegally
moving some public money from current
account to a fixed deposit account."

CFCfan:

Monetary policy is the instrument used by the Central banks to control money supply (including interest rates) in an economy. Since the early 20th century, politicians have been barred from interfering with this core function of the central bank (federal reserve) in the US.

Thus, issues such as banks' interest rates, value of the currency, and liquidity ratio are under the sole authority of the Central Bank, by law.

On the other hand, fiscal policy deals with the use of taxation and allocation of resources by the govt to cater for the economy. Aso Rock, via the FIRS could increase/decrease taxes. Also, it is within the purview of the govt to determine salaries of public officers under the "allocation of resources" side of fiscal policy.

CFCfan:
The development economist got some of his facts wrong. In the US, the president doesn't have a say whatsoever in the monetary policy-making of the Federal Reserve.
In fact, the Federal Reserve is 100% independent from the control of the White House. The only "influence the president has is merely nominating it's chairman.

I wouldn't want professional monetary decisions to be vetoed by Aso Rock. I believe the egg-heads at the CBN should be left alone to formulate Nigeria's monetary policy. Aso Rock should be content with formulating fiscal policy.