Bill to limit CBN governor's powers gets second reading.

On Tuesday in Abuja, the Senate gave the bill that would limit the governor of the Central Bank of Nigeria (CBNauthority )'s its second reading. The bill was sponsored by Senator Sadiq Suleiman Umar, who represents the Kwara North Senatorial District.

The congressman requested an amendment to the Central Bank of Nigeria (CBN) Act No. 7 to remove the governor's authority to choose individuals to the top bank's staff.

As the Governor mostly concentrates on administrative tasks in administering the Apex Bank, the legislator in the lead debate recommended that the new Chairman of the Board of the Central Bank will have powers to establish the wages and allowances of members.

Senator Suleiman added that the board would be in charge of the bankers' bank's annual budget, which he claimed to be the norm around the world.

A bill to "amend the Central Bank of Nigeria (CBN) Act No. 7 of 2007 to permit the appointment of a person other than the Governor as the Chairmen of the Board, divest the Board of the authority of setting and fixing salaries and allowances of its members."

"And taking into account and approving the Bank's annual budget; and for other pertinent matters, 2022."

Senator Betty Apiafi from Rivers responded to the bill's proposal by calling for a comprehensive modification to the CBN Act, claiming that the CBN governor went above and beyond to run for president in the 2022 presidential primary while still in office.

Given that the Independent National Electoral Commission (INEC) materials were anticipated to be stored in the bank, she insisted that this would never occur anyplace in the globe.

She claimed that since CBN Governor Godwin Emefiele tried to run for president, Nigerians had lost faith in the bank that is holding the INEC materials.

Sen. Apiaf's submission reflected the earlier remarks of Sen. Enyinnaya Abaribe of Abia.

Dr. Ahmad Ibrahim Lawan, the president of the Senate, advised senators to concentrate on the proposed change rather than becoming distracted by the claimed attempt by the CBN governor to contest the law because that wasn't one of the fundamental tenets of the legislation.

The bill passed second reading after being placed to a vote on whether it should be withdrawn.