ROUNDUP: CBN Governor’s tenure, Buhari’s N30trn Ways and Means probe, other Senate top stories

Senate considers term of six years for CBN governor and deputies

Barely five months after two senators proposed separate bills to bar governors and deputy governors of CBN from participating in politics, another lawmaker is seeking to amend the CBN Act to limit the tenure of the bank chiefs to a single non-renewal term of six years.

The bills preventing the bank chiefs from participating in politics were discussed at the Senate last October, separately sponsored by Sunday Karimi, the senator representing Kogi West District, and Darlington Nwokocha, the former senator for Abia Central who was sacked by the Court of Appeal in November. The bills followed the controversial quest by the former governor, Godwin Emefiele, to run for president in the 2023 elections without resigning from office.

On Tuesday, lawmakers deliberated extensively on the amendment bill which primarily seeks to empower the CBN governor and the deputies to continue holding their positions even when there is a change of administration which appointed them, until after six years.

The amendment bill was sponsored by Adetokunbo Abiru (APC, Lagos East) and passed a second reading after a lengthy debate.

Section 8 (2) of the CBN Act 2007 gives governors and deputy governors five years in office and they are also eligible for re-appointment for another term of five years.

But during the debate, Mr Abiru who is the Chairman of the Senate Committee on Banking, Finance and other Financial Institutions, argued for a single non-renewal term of six years, saying it will reduce political influence on monetary policy decisions.

After it was passed for a second reading, the Senate President, Godswill Akpabio, directed the committee to report back to the Senate within two weeks.

Meanwhile, it was also a week after the Senate confirmed the CBN Governor, Yemi Cardoso, and others as members of the Monetary Policy Committee (MPC).

Panel to probe Buhari’s N30trn Ways and Means from CBN named

The N30 trillion Ways and Means obtained by the immediate past administration of former president Muhammadu Buhari from the Central Bank of Nigeria (CBN) has been receiving the attention of the Senate in the past few weeks.

In the penultimate week, the upper chamber resolved to probe the facility advanced to the Buhari administration by the CBN under the leadership of the embattled Mr Emefiele.

This was after some of the lawmakers including Mr Akpabio faulted the deal. While the Senate president claimed that the huge loan was one of the factors that caused the current economic hardship in the country, other lawmakers blamed members of the 9th Assembly for approving it.

Consequently, on Tuesday last week, the upper chamber constituted a nine-member ad hoc committee to probe the disbursement and usage of the N30 trillion. The committee is chaired by Jibirin Isah, the Kogi East senator.

Members of the panel are Ekpeyong Asuquo (APC, Cross River North), Mohammed Monguno (APC, Borno North), Victor Umeh (Anambra Central, LP), Olamilekan Adeola (APC, Ogun West) and Sani Musa (APC, Niger East).

Others are Aliyu Wadada (SDP, Nasarawa West), Abdul Ningi (PDP, Bauchi Central) and Ipalibo Harry (PDP, Rivers West).

The Senate directed the panel to report back to the Senate in four weeks.

There is a high probability that they will summon Mr Emefiele who is currently on trial and former Minister of Finance, Zainab Ahmed, to testify.

Lawmakers move to revive “jinxed” Ajaokuta Steel coy, probe payment of $496m to contractors

Despite promises by successive administrations to revitalise the Ajaokuta Steel Company in Kogi State, very little appears done to keep those promises. The plant still remains the same despite the huge amount of money allegedly committed to it yearly. The situation has caught the attention of the Senate.

On Tuesday, the nation’s highest lawmaking body, constituted a 10-member ad hoc committee to ascertain the reasons behind the moribund state of the Ajaokuta Steel Company and the neighbouring National Ore Mining Company (NIOMCO) despite the alleged payment of $496 million to contractors between 2008 and now.

The committee was constituted after the lawmakers deliberated on a motion sponsored by Natasha Akpoti-Uduaghan (PDP, Kogi Central).

Mrs Akpoti-Uduaghan alleged that ‘political will’ and ‘bureaucratic corruption’ are the major factors that contributed to the moribund state of the Ajaokuta Steel which was initiated by the Second Republic administration of President Shehu Shagari.

She urged the Senate to probe the payment of $496m allegedly made to the Chairman, Global Infrastructure Holdings Ltd (GINL) by the federal government in September 2022 as a settlement over ASL contractual disputes.

Thereafter, the deputy senate president, who presided over the session, appointed Adeniyi Adegbonmire (APC, Ondo Central) to head the committee to undertake the investigation.

Mr Adegbonmire is to be deputised by Suleiman Kawu (NNPP, Kano South) while Mrs Akpoti-Uduaghan, Onawo Mohamed (PDP, Nasarawa South), Joel Ewomazino (PDP, Delta South) and Onyesoh Heacho (PDP, Rivers East) will serve as members.

Other members are Abdullahi Yahaya (PDP, Kebbi North), Patrick Ndubueze (APC, Imo North), Tokunbo Abiru (APC, Lagos East) and Osita Ngwu (PDP, Enugu West).

The panel has two weeks to submit its report.

Senator wants “Food Stamp” approach to reduce hardship

The introduction of food stamps as an interim solution to the high cost of living was discussed at the Senate on Tuesday.

The motion was jointly sponsored by the Senate Whip, Ali Ndume (APC, Borno South) and Saliu Mustapha (APC, Kwara Central).

The food stamp is a situation whereby the federal government provides food-purchasing assistance for low and no-income people to help them maintain adequate nutrition and health.

Mr Ndume based his argument on the fact that other developed countries are using food stamps to assist low-income earners in their countries.

He, therefore, urged the federal government to emulate them by introducing food stamps.

“In other countries, like the United States of America, Food Stamp is a government-issued coupon that is given to low-income and non-income persons. It is redeemable for food and it has been used since 1933 to date as a measure to cushion the resultant hardships and sufferings on the poor/less privileged as well as low-income earners” Mr Ndume said.

Abba Moro (PDP, Benue South), Sani Musa (APC, Niger East) and Sadiq Umar (APC, Kwara North) and others who contributed backed the motion.

After extensive deliberation on the motion, the Senate resolved to call on the federal government to adopt a “food stamp” measure to reduce hardship occasioned by the high cost of living in the country.

The upper chamber also directed the Federal Ministry of Agriculture to liaise with relevant stakeholders to ensure the implementation of the intervention programme.

……… reject move to include Anambra in NDDC

The senators during the week defeated a bill seeking to recognise Anambra State in the South-east as one of the Nigeria Delta Development Commission (NDDC) states.

NDDC is a commission comprising some oil-producing states in the South. They are the six South-south states of Akwa Ibom, Bayelsa, Cross River, Delta, Edo and Rivers; Ondo State in the South-west, and Abia and Imo States in the South-east.

Tony Nwoye (LP, Anambra North) introduced the bill, arguing that Anambra deserved membership of NDDC since it has been collecting 13 per cent derivation since 2021 on account of appreciable volume of oil production yearly.

He said apart from 13 per cent derivation, Anambra is qualified to be a member of the NDDC because of its proximity to the Niger Delta area.

But the argument of the former NANS president did not impress his colleagues who roundly rejected the proposed legislation.

Most of the senators who contributed to the bill kicked against it because the move is political and some oil-producing states are also not recognised as members of the NDDC.

The Senate President, Godswill Akpabio, thereafter stepped down the bill and announced its rejection on the ground that Lagos and Kogi States are also not covered by NDDC operations despite being oil-producing states.

Mr Akpabio noted if membership of Anambra in NDDC is to be accepted, then Lagos which has two oil wells in Badagry will also clamour for membership of the commission.

Controversial retirement age of National Assembly staffers gains ascendancy

On Thursday, the controversial bill seeking to extend the tenure of service of legislative staff at the National Assembly from 35 to 40 years and retirement age from 60 to 65 years was passed at the Senate.

The bill titled “Harmonised Retirement Age for Staff of National Assembly Service Bill, 2024” was transferred from the House of Representatives for concurrence.

Domestic staff such as cleaners, security officers, errand staff, craftsmen, clerical staff, gardeners, stewards and cooks of the national assembly are not included in the provision of the bill.

The Deputy Senate President, Barau Jibirin, announced the passage of the bill in controversial circumstances during the plenary after it was read for the third time.

The deputy senate president thereafter constituted a conference committee chaired by the Senate Leader, Opeyemi Bamidele, to harmonise the effectiveness of the bill between the two chambers.

Interestingly, it was rejected by the same senators some days earlier for varied reasons.

Indeed, the manner Mr Jibrin handled the passage of the bill leaves much to be desired. The Kano senator did not allow some senators who desperately desired to speak to do so for reasons known to him.

Meanwhile, the proposed law has become a subject of litigation at the National Industrial Court. A section of the National Assembly workers are contesting its necessity and legality at the court.

South-east nominee for CBN job rejects Tinubu’s appointment

Most of the senators were surprised on Thursday when Orji Kalu, the senator for Abia North, announced that the nominee from the South-east for membership of the board of the Central Bank of Nigeria (CBN), Urum Eke, had rejected his nomination.

Mr Eke, a consultant to the World Bank, hails from Abia State. He was appointed alongside four other nominees by President Bola Tinubu as members of the CBN board of directors.

President Tinubu had forwarded their names to the upper chamber for screening and confirmation of their appointments.

But while others appeared before the lawmakers for screening, Mr Eke did not.

When the matter came up during plenary, Mr Kalu, a former chief whip of the Senate, told his colleagues that the nominee had informed him that he would not accept the nomination to avoid a conflict of interest.

The Abia senator said Mr Eke is a consultant to the World Bank and other international financial institutions which would not allow him to concentrate fully on the appointment.

“Mr President, I’m a member of the committee that carried out screening on nominees forwarded to the Senate for appointment as members of the Board of Directors of CBN by President Bola Tinubu

“During the screening exercise, Urum Kalu Eke from Abia North called me for not attending the session. He said as a consultant to the World Bank and other international financial institutions, he wouldn’t take the appointment to avoid conflict of interest,” the former Abia State governor said.