House Moves to Subject Remuneration of CBN Gov, Deputy to RMFAC’s Approval

Udora Orizu in Abuja

A bill, which seeks to subject the salaries or allowances, including pension, payable to the governor and deputy governor of the Central Bank of Nigeria (CBN) to the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), subject to the approval of the president, has scaled through first reading in the House of Representatives.

The proposed legislation expected to be gazetted for second reading is sponsored by Hon. Francis Ejiroghene Waive.

As stipulated in the bill seen by THISDAY, it also seeks to divest the powers of the board of the apex bank by including more persons from outside the bank in order to form a more accountable board.

According to the draft, “The bill is proposing an amendment to section 6(2) of the CBN Principal Act by replacing the section with the following new section. The board shall consist of a chairman who shall be a former governor of the CBN or a former chairman of a bank or a former managing director of a bank; the governor, the permanent secretary of the Federal Ministry of Finance; the Accountant-General of the Federation; the permanent secretary of the National Planning Commission; a representative of the Federal Inland Revenue Service (FIRS) not below the rank of a director; and a representative of Nigeria Deposit Insurance Corporation (NDIC) not below the rank of a director.

“Amendment to Section 8(3) of the Principal Act is amended by replacing the section with the following new section. The salaries or allowances, including pension and other allowances, payable to the governor and the deputy governors shall be as stipulated, from time to time, by the Revenue Mobilisation Allocation and Fiscal Commission subject to the approval of the president.”