Buhari Okays CBN Governor’s Policies

Buhari Okays CBN Governor’s Policies

As 200 CSOs endorsed achievements in office·       

Urges other appointees to emulate him on high performance·       

Civil society leaders applaud move, say Emefiele has demonstrated capacity

 By Teddy Nwanunobi

President Muhammadu Buhari has come out with the reason he did not sack the Central Bank of Nigeria Governor Godwin Emefiele, after his presidential bid.

Buhari, who argued that it is not in his place to determine if the political ambition of Emefiele infringes on any law that affects his productivity, made his position known in an interview with Bloomberg.

AljazirahNigeria recalls that Emefiele sought to be the presidential candidate of the ruling All Progressives Congress, APC.

Even though, this was largely based on clarion call by well meaning millions of individuals who benefited in the robust programmes of the Emefiele-led CBN, especially those of the agricultural constituency.

Emefiele’s desire, however, drew widespread criticisms for attempting to heed the clarion call to serve in the highest position of the country while heading the apex bank.

While critics called for Emefiele’s sacking, Buhari, who maintained that the CBN Governor’s presidential bid did not affect his role in the CBN, however, stated that such decisions do not rest solely on him as the President of Nigeria.

“The CBN governor is appointed by the President. But this appointment is subject to confirmation by the Nigerian Senate”, Buhari said during the question and answer with Bloomberg.

AljazirahNigeria reports that Emefiele’s critics have pointed to his political ambition as a reason he should be removed from the office.

But among other conditions for the removal of a sitting CBN governor, the CBN Act did not list political participation as part of the grounds for the removal of a CBN governor.

Despite that, there have been debates around the Central Bank’s independence, since the CBN Governor had shown interest in running for presidency.

Buhari, who was of the opinion that he is to appoint, and the appointment is subject to confirmation by the Nigerian Senate, however, added that such decisions can only be determined by the Board of Directors of the CBN.

“Ultimately, it will be for the CBN’s board of directors to determine whether a CBN governor’s actions have fallen foul of the laws in place to ensure he can most effectively carry out his duties”, Buhari said.

The President, however, noted that, “There is a subtext to the accusations” of Emefiele being unfit to remain CBN Governor.He further argued that the orthodoxy has proved wrong time and again.

“Because the Governor follows a model outside of the economic orthodoxy, he is labelled political. But the orthodoxy has proved wrong time and again.

“Instead, the Governor is following an alternative economic model that puts people at the heart of policy. Nigeria should be free to choose its development model and how to construct our economy, so it functions for Nigerians”, Buhari said.

AljazirahNigeria recalls that Emefiele stepped down his presidential ambition before the APC presidential primary election that was won by the former Governor of Lagos State, Senator Ahmed Bola Tinubu, in early June.

The CBN Governor also withdrew a suit against the Attorney-General of the Federation, AGF, and the Independent National Electoral Commission, INEC, over an alleged plan to disqualify him from contesting for the office of Nigeria’s president.

Reacting to questions regarding security, the President said that his administration is the only one in Nigeria’s history to implement a solution to decades-long herder/farmer conflicts, exacerbated by desertification and demographic growth.

He explained that the National Livestock Transformation Plan, putting ranching at its core, is the only way to deplete the competition for resources at the core of the clashes.

According to him, governors from some individual states have sought to play politics where ranches have been established; but where there have been disputes have dramatically reduced.

Speaking further as to the war against terror, President Buhari explained that in 2015, Boko Haram held territory the size of Belgium within the borders of Nigeria, adding that today; however, the terrorists are close to extinct as a military force.

Buhari while reaffirming that a leader of ISWAP was eliminated by a Nigerian Air Force airstrike in March, noted that the jets acquired from the US and intelligence shared by the British were not provided to previous administrations and stand as testament to renewed trust re-built between Nigeria and her traditional western allies under his government.

Meanwhile, Akindele Lawson of Restore Nigeria Initiative project has said that his group has been justified by their support for policies of the CBN Governor.Lawson went further to call on naysayers to take time to understand the various economic policies that have been introduced by Emefiele.

He thanked Buhari for playing according to the rules of making the apex bank independent.In his reaction, Comrade Emeka of Alliance for Social Justice applauded the President for not listening to the wrong noise that called for Emefiele’s removal.

Emeka went further to pass a vote of confidence on the Governor of the CBN based on his various positive policies that have sustained our economy.

Chris Udoh of the Southern People’s Assembly said the group is further vindicated by Buhari’s comment on Emefiele.Udoh urged him to continue to give his best, not minding detractors that are calling for his sack.

“The introduced economic policies, no doubt, have helped in sustaining our dying economy, and the driver of the initiative should be applauded as done by President Buhari. Building institutions is the best for our nation”, Udoh added.

However, going by the submissions of Mr President, the millions of Nigerians especially farmers, artisans and entrepreneurs that have benefited from the Midas touch of the CBN governor will continue to work with him to ensure the self-sufficiency in food and other agriculture produce to the glory of President Buhari’s government.