Fidelity bank banner UBA banner
I will probe Sanusi’s tenure as CBN Governor —Emefiele

By News Express on 27/03/2014

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 4,396


Governor-designate of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, yesterday told the Senate of his intention to the Bank’s budget deficit of N266 billion in 2013 under the management of suspended Governor Sanusi Lamido Sanusi.

Emefiele made the promise during his screening while responding to a question by Chairman of the Senate Committee on Information, Media and Public Affairs, Sen. Enyinnaya Abaribe, who asked him what he would do to address the N266 billion 2013 CBN budget deficit.

His words: “I will look into the budget expenditure components in the CBN but I am aware that we have what is called the operational expenditure profile as well as administrative expenditure profile.

“I think and I suspect that more of the deficit would have come from areas that pertain to operational expenditure and if it is about operational expenditure, it means that unfortunately, we cannot do anything about it.

“This is because those were the expenditures that were incurred in the course of open market operation which is needed to ensure that we maintain a strong currency and ensure that we continue to have a good country.”

Emefiele answered questions on a wide range of issues, including high target to bank staff, dollarisation of the Nigerian economy, the cashless policy introduced by Sanusi and the possibility of devaluing the naira.

Ruling out naira devaluation, Emefiele said: “There is no need for anybody to worry about devaluation because it is a very devastating action to be taken in the country particularly because we are an import-dependent country. Devaluation will hurt the economy. We have an economy that is still very strong with about $39bn in foreign reserve to sustain about nine months of import. For as long as we have crude prices standing at about $100 per barrel, it is a strong economy.

“So, if we allow devaluation to happen, it will hurt the economy. Because we are import dependent, if we allow devaluation, many people will lose their jobs, prices of goods and services will go up, productive capacity will come down and eventually lead to inflation.

“The policy being adopted now which allows us to hold on to exchange rates and ensure that we do not engage in devaluation should be continued.”

Emefiele said CBN under his watch would adopt development banking model. He was unanimously confirmed by the Senate after being screened for about two hours.

Speaking at the end of the exercise, which was telecast live, Senate President David Mark said: “Emefiele will ensure the prerequisite responsibilities of the central bank governor without fear or favour.”

•Photo shows Emefiele.

Source News Express

Posted 27/03/2014 2:47:12 PM

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

 

You may also like...
Brexit: Ministers desert Theresa May

4 soldiers perish from Boko Haram landmine

Oil Spill: Buhari reaffirms commitment to the clean-up...

Oil Workers Strike’: NNPC cautions against panic buying...

Buhari, Saraki celebrate Super Eagles’ qualification for 2018...

Minister tasks industries on pollution, environmental degradation

Spain to raise minimum wage 22 pct in...

Thousands march in Germany calling for end to...

Stop playing politics with the life of Nigerians,...

500 missing in Benue following attacks by herdsmen...

Power, politics dominate NLNG’s Literature Prize longlist of...

Nigeria's foreign reserves drop by $257m in two...

 

Latest News Censors Board Executive Director dragged to court over generator theft 2019: Youths ready to occupy 50 pct elective offices — Coalition Reps threaten to shun Buhari’s budget presentation Lawyer queries Annual Report of ICC Chief Prosecutor on atrocities of killer herdsmen in Nigeria 3,250 APC, PDP members defect to APGA in Nasarawa Police foil suicide bomb attack in Maiduguri SDP senatorial candidate escapes assassination •Petitions IGP Saraki to attend launch of Trump’s Africa Strategy in Washington 40 inmates regain freedom in Ogun Fake news, biggest threat to 2019 polls: Lai Mohammed Reps want Nigeria returned to Parliamentary system Why Buhari refused to sign Electoral Act Amendment Bill: Presidency

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (430,007 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (394,905 views) Shameless Genevieve Nnaji exposes breasts in public (327,787 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (281,206 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (247,892 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (229,306 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (212,168 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (193,353 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (179,666 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (170,500 views) Lagos plane crash: Journalist releases victims’ names (167,268 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (153,734 views)

 

Zenith Zero Balance First Bank chat banking

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (76) Business & Economy (3,875) Business Verdict (54) Columnists (973) Complaints & Requests (95) Enterprise & Opportunities (208) Entertainment (575) Features (679) Global Business Monitor (313) International (2,820) Interview (167) Live Commentary (28) Love Matters (147) Maggie's Blog (69) News (41,399) Opinion (1,152) Pidgin (13) Politics (8,158) Religion (915) Sports (1,818) Stock Watch (35) AMA & Al Jazeera Global Update

 

 

 

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera