Court should sanction Emefiele for allowing Buhari to exceed CBN’s borrowing limit– Financial analyst, Adeoti - Punch Newspapers

Financial analyst, Tosin Adeoti, is one of the plaintiffs in a suit before the Federal High Court in Abuja, praying that the Governor of the Central of Nigeria, Godwin Emefiele, should be declared incompetent for the country’s high inflation rate and the fall of naira.

The CBN under Mr Emefiele has been engaged in the illegality of lending to the Federal Government more than the prescribed five per cent of the government’s revenues of the previous year. In 2020, for instance, the bank lent the government N2.8tn which is 62 per cent of 2019 revenues! The bank further lent to the Federal Government even when it had yet to refund what was previously borrowed. Presently, the Federal Government owes the CBN N15.51tn – N14.

There are a lot of these policies. The few I can outline are: printing money and lending to finance government, leading to more money in circulation without commensurate increase in output. The CBN also engages in financing of agriculture in a way that is not sustainable by lending without recourse to the ability of the borrowers to pay back and this leads to more rapid increase in the quantity of money than output, hence inflation and depreciation of the naira.

The principal duties of the Central Bank of Nigeria are to ensure price control, a strong naira, a stable exchange rate, etc. Ironically and sadly, under Godwin Emefiele as CBN governor since June 2014, only the reverse has been consistently achieved. If you read Mr Emefiele’s inaugural address you’d see where he said his number one job was price control. Now, the question is: Has there been price control? Things have got worse! Somebody has to be responsible or accountable for this.

Which court wanna sanction? They're all know what a tyrant is capable of doing

Lol. The borrow limit go exceed pass 10times if na you (Adeoti) be CBN Governor 😅😅

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