On Wednesday, the Senate has decided to discuss the Central Bank of Nigeria’s (CBN) most recent cash withdrawal cap.
Following a point of order by Senator Olubunmi Adetunmbi of the Ekiti North Senatorial District, who alerted his colleagues to the absence of Senator Uba Sani, Chairman of the Committee on Banking, Insurance, and Other Financial Institutions, from the chamber, the Senate President, Ahmad Lawan, made the announcement during plenary.
Adetunmbi, who is also a member of the Committee, stated that the panel’s chairman was scheduled to deliver the results of the screening process for Mrs. Aishat Ahmad and Mr. Edward Lametek Adamu, the two candidates for CBN Deputy Governor.
President Muhammadu Buhari recently reappointed both Ahmad and Adamu and asked for the Senate to screen and confirm them for their second and last term at the top bank.
When she and her colleague showed up for screening last Friday, Ahmad, the CBN’s deputy governor for financial system stability, gave the Senate panel an explanation of the policy in detail.
The senators were supposed to debate the specifics of the CBN Chief’s justification alongside the screening procedure yesterday (Tuesday).
Adetunmbi, who is running for governor of Kaduna State in the All Progressives Congress, claimed that the debate could not be held again since the Panel Chairman was in his state for the party’s presidential rally.
“Exactly one week ago the Senate decided that the Committee on Banking and Financial Institutions should appear today to give a report on the inquiries it was required to conduct regarding the new Central Bank policy regarding the withdrawal limit,” Adetumbi stated.
“Based on the concern that was voiced in the chamber about the two deputy Governors who were coming for clearance, the committee was explicitly tasked with investigating these issues.
Last week’s Thursday was when this happened. Two candidates showed up for clearing, and the issues were carefully examined, particularly after the chairman’s opening remarks.
He mentioned in particular how the senate forced the two deputy governors to explain the reasoning behind this policy in light of the strong opposition it received from the public.
“The deputy governors provided a detailed explanation, and the committee also sought additional information in the form of recorded reports that were necessary for it to properly comprehend the concerns underlying this policy during the plenary.
He said, “Unfortunately, the report isn’t ready today since the committee chairman is busy on a political mission where he will receive very special politicians in the presidential he is coming tomorrow to submit the official report of the committee.
Adamu Bulkachuwa, a senator from Bauchi North Senatorial District, did not appreciate Adetunmbi’s explanation.
The senator argued that the Senate’s discussion of the CBN Nara withdrawal limit policy should proceed despite the panel’s failure to deliver its findings.
The Nigerian people are waiting to see what the Senate would do, just like they were waiting to see what the House of Representatives would do, he continued, so we shouldn’t let this matter be pushed under the rug.
“Letting it wait until tomorrow is providing the Governor of the Central Bank another and another excuse, and I encourage this Senate to debate this matter now,” said the House of Representatives.
Bulkachuwa was declared out of order by the Senate President, who insisted that the topic would be discussed on Wednesday.
“I don’t think it’s fair to say we’re sweeping the issue under the rug,” Lawan said. According to my interpretation, to sweep something under the rug is to steer clear of it.
“No one in this room implies that we are avoiding discussion of this issue by their actions or omissions.
“Senator Adetumbi is a member of the Banking Committee, so I believe it is reasonable to offer him the chance to personally make his report,” he said.
“They are all present, including the Chief Whip who serves as the Vice of the Committee.
They have information to share with us. When the Chairman personally presents the report, we will be better informed and able to take the necessary action.
By the grace of God, tomorrow is less than 24 hours away. Distinguished Senator Adamu Bulkachuwa, I kindly ask that you attend so that we can all hear from you if there is anything you would like to share with us even though we all feel strongly about this.
“If we’re going to debate it, let’s debate it based on facts because that’s when we can argue it and say no, stop it due to a stronger reason. Don’t question our honesty in this situation.
