Senate committee urges CBN to prepare details on bailouts, others

Senate Committee on Banking, Insurance and other Financial Institutions has enjoined the Central Bank of Nigeria (CBN) to furnish it with detailed report on all the bailouts granted to state governments, momentary policies and current efforts taken to find lasting solutions to the recession.

The committee, however, expressed satisfaction with operations of the banking watchdog. Speaking in an interview with journalists, the committee’s chairman, Rafiu Adebayo Ibrahim, said: “We discussed issues about the bailout. They told us everything surrounding it and we have requested for a detailed report on all bailout transactions but we are satisfied with the bank’s explanation.

“The thrust of the meeting is our usual oversight visit to CBN. We are now more enriched about the operations of the CBN and our own role is to assist the apex bank to perform its roles effectively for Nigeria to function very well.”

On lack of policy co-ordination between monetary and fiscal sides, Rafiu said the issue was also discussed with the management of the bank.The CBN governor, Mr. Godwin Emefiele, while welcoming the team, said it was essential for the committee to get a first- hand information on workings of the apex bank.

He adde: “We believe that the present economic problems are difficult but they are surmountable. You have granted us ample opportunity that enables us speak to you on what we are doing at this difficult time.”