Again, President Muhammadu Buhari has expressed a vote of
confidence in Godwin Emefiele, governor of the Central Bank of Nigeria (CBN).
In an interview with Bloomberg, the president said Emefiele
is following an alternative economic model, which Nigeria should be free to
adopt.
When asked if he was concerned about the debate around the
central bank’s independence following the governor showing interest in running
for president, Buhari said “CBN’s board of directors [is] to determine whether
a CBN governor’s actions have fallen foul of the laws”
“The CBN governor is appointed by the President. But this appointment is subject to confirmation by the Nigerian Senate,” he said.
“Ultimately, it will be for the CBN’s board of directors to
determine whether a CBN governor’s actions have fallen foul of the laws in
place to ensure he can most effectively carry out his duties.
Buhari said “there is a subtext to the accusations” against
Emefiele and his involvement in politics, stating that the conventional model
has failed in the past.
“Because the governor follows a model outside of the
economic orthodoxy, he is labelled political. But the orthodoxy has proved
wrong time and again,” Buhari added.
“Instead, the governor is following an alternative economic
model that puts people at the heart of policy. Nigeria should be free to choose
its development model and how to construct our economy, so it functions for
Nigerians.”
Upon the expiration of Emefiele’s first term as governor of
the CBN in 2019, there were calls for Emefiele’s sack or voluntary exit.
President Buhari, however, sent Emefiele’s name to the
senate for reappointment for another five year term.
Upon approval, Emefiele became the very first person to be
appointed to serve two terms as CBN governor since the return of Democracy in
1999.
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