Tension flared in the Senate during a stormy session as senators expressed anger over the continued efforts of the Central Bank of Nigeria (CBN) Governor, Mr. Cardoso, Finance Minister, Mr. Wale Edu, and other government appointees to deliberately undermine the Senate and their refusal to submit to the oversight responsibilities of lawmakers.
During a meeting organized by the Senate Committee on Banking and Finance to engage the finance minister, CBN governor, and other heads of government agencies on the nation’s dwindling economy, senators lamented the refusal of some ministers and heads of government agencies to obey Senate resolutions and their flagrant breach of laws, including extra-budgetary expenditures.
Senators cited instances of neglecting Senate resolutions and invitations, with some appointees refusing to open their financial books for Senate committees responsible for oversight or disregarding Senate approvals to spend taxpayers’ money.
The stormy session occurred just 48 hours after the Senate Committee on Gas raised concerns about the lack of transparency in handling the Presidential CNG Funds, with officials refusing to submit to Senate oversight.
Senator Tokunbo Abiru, Chairman of the Senate Committee on Banking & Currency, accused the CBN of undermining the committee by refusing to provide requested documents, including Audited Reports and the CBN Budget.
Senator Sani Musa questioned the Finance Minister about the $3.3 billion loan intended to cushion the effect of the rise in the value of the dollar against the naira. He emphasized the need for transparency in managing the country’s financial resources.
Senator Orji Uzor Kalu expressed the Senate’s displeasure over attempts by government functionaries to undermine the Senate and directed the CBN Governor to submit to the oversight function of the Senate Committee on Banking and Currency.
