Emefiele: Fresh trouble for CBN gov over violation of CBN Act 2007

Emefiele is in fresh trouble as Rep has called for his removal and prosecution over the violation Of the CBN Act 2007.

Newsonline reports that Hon. Sergius Ose Ogun has called for the removal and prosecution of Mr. Godwin Emefiele, the Governor of the Central Bank of Nigeria (CBN), for allegedly violating the provisions of the CBN Act 2007.

Mr Sergius made the call on Wednesday in a motion to the House of Representatives during Wednesday’s plenary.

• (1) “Notwithstanding the provision of  section 34(d) of this act, the bank may grant temporary advances to the federal government in respect of temporary deficiency of budget revenue as such rate of interest as the bank may determine.”
• (2) “The total amount of such advances outstanding shall not at any time exceed five percent of the previous year’s actual revenue.”

What Rep. Ogun is saying

Rep Ogun said he is concerned that from January to June this year, this administration has borrowed the sum of  N2.4 trillion from the CBN which surpasses 5% of revenue made in 2021.