According to a copy of the bill obtained by The Nation, this authority is to be transferred to a newly proposed Coordinating Committee for Monetary and Fiscal Policies, which will be headed by the Minister of Finance.
He added that the primary objective of the amendment was to enhance the effectiveness of the CBN in line with current realities and best practices. Under the new provisions, the CBN’s budget will be subject to the approval of the National Assembly, aligning with the Fiscal Responsibility Act, 2007. This move is aimed at increasing transparency and accountability in the Bank’s financial management.The COO is required to prepare quarterly reports on the Bank’s compliance with the Act’s provisions. These reports will be submitted to the Board, the President, and relevant committees of the National Assembly.
This new body will comprise the Minister of Finance as Chairman; the Minister of Industry, Trade, and Investment, the Minister of Budget and Economic Planning; Governor of the CBN; Two external board members of the CBN; Chief Economic Adviser to the President; Director-General of the Securities and Exchange Commission and the Director-General of the Debt Management Office.
The bill also calls for gender balance in the composition of the CBN Board and mandates a one-year notice before any changes to Naira notes are implemented.
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