Senate Confirmation: A Vote of Confidence on Emefiele - THISDAYLIVE

The speed at which the Senate confirmed the re-appointment of the Central Bank of Nigeria Governor, Mr. Godwin Emefiele, was a display of confidence in the activities of the banking regulatory authority, reportsThe Senate, last Thursday, passed a vote of confidence on the Central Bank of Nigeria Governor, Mr. Godwin Emefiele, given the speed at which his re-appointment was confirmed.

After Emefiele’s presentation to the committee, members praised him for his performance in the last five years and indicated that he would be recommended for confirmation. A member of the committee, Senator Fatima Raji-Rasaki, in her contribution, urged the CBN boss to ensure any time there are funds like the bailout fund, the government is properly advised on how to disburse the fund for the benefit of Nigerians.

The Kaduna Central senator advised the CBN boss to consolidate the growth of cotton and textile industry, especially in Kaduna and Katsina States. The CBN governor, who appreciated the avalanche of prayers offered for his success by the committee members, acknowledged that the road ahead of him was very rough.

“Nigeria is very good at putting in place policies that are sound and workable. But implementation has always been almost zero. And it is arising because we see people sabotaging government activities,” he said. “We will allocate specific sums of money to banks to allocate to people who want to travel. We will allocate specific sums of money to you to allocate to those who are into the small and medium enterprise business. And we will allocate funds to you for you to give to those who are in your corporate sectors.

“We just came back from the IMF/World Bank programme in April. And in the World Bank’s/IMF’s World Economic Outlook, Nigeria is positioned as a country whose population will grow and rise to over 425 million people by the year 2050. Continuing, he said: “The results are there to see that as a result of our Anchor Borrowers Programme, where we have disbursed over N190 billion to over 1.1 million smallholder farmers, cultivating over 1.3 million hectares of land, that we need to do more of this.

“For some of you, who are very good in doing calculations, go and check today: the price of a barrel of palm oil is more than the price of a barrel of crude oil. So, what happened to our country? The Managing Director/CEO, Polaris Bank Limited, Mr. Tokunbo Abiru, described the confirmation of the CBN Governor for another term of five years as a positive development for our economy.

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