The Joint Senate Committee On Finance, Banking, Insurance, and Financial Institutions has commenced an interactive session with the Economic Management Team, which includes officials from the Central Bank of Nigeria (CBN) headed by Governor Yemi Cardoso.
On January 31, the committee summoned the Central Bank Governor to appear before it, prompted by growing concerns about the state of the economy and the significant depreciation of the naira in the foreign exchange market.
The Senators are seeking explanations from the CBN regarding the various economic challenges currently confronting the nation.
Senator Adetokunbo Abiru emphasizes the importance of conducting a thorough investigation into past transactions and ensuring the bank’s compliance.
Amidst the heightened levels of poverty and insecurity due to the food crisis, lawmakers doubt the effectiveness of the CBN’s policies.
Meanwhile, Senator Orji Kalu insists that the government must revisit the issue of abolishing the use of the dollar in business transactions, expressing concern over the declining Foreign Direct Investment (FDI) in the country.
He also inquires about the CBN’s strategies for reconciling with the NLC and TUC to prevent the impending strike, which he believes would exacerbate hunger and suffering.
Lawmakers express concerns regarding the proposed food importation aimed at addressing food shortages, fearing it may jeopardize the country’s food security and discourage farmers from increasing production.
Senator Adamu Aliero argues that there is no justification for reverting to importation. Instead, he suggests that the federal government should prioritize initiatives such as irrigation and return to interventionist policies to enhance the agricultural sector’s impact.