“Tunde Bakare, the serving overseer of Latter
Rain Assembly, has warned governors not to
“provoke the rage” of poorly paid workers by
reducing the minimum wage.
Many states have been saying they can no longer
afford to pay the N18,000 minimum wage
because of dwindling revenue.
But Bakare said politicians should instead reduce
their own salaries.
Bakare also accused CBN of contributing
negatively to the Nigerian economy in more ways
than one.
In his state-of-the nation address titled
‘Roadmap to successful change’, the pastor
outlined eight major steps that Nigeria must take
to execute the change the nation voted for.
Quoting Polybius, a Greek historian, Bakare said:
“Those who know how to win are much more
numerous than those who know how to make
proper use of their victories”, advising President
Muhammadu Buhari and the Nigerian people on
the way forward.
The summary of our assessment of the entire
framework of governance and public policy is
that without restructuring, this administration
may achieve little or no significant and
sustainable success,” he said.
“The government must examine carefully, the
argument of economists that sound monetary
policy including proper management of the
exchange rate regime by the CBN would
eliminate the need for subsidies.
“The intricate connection between monetary
policy on the one hand and the fuel subsidy
debate on the other, makes the management of
the CBN a major concern.
“To the discerning, the CBN currently contributes
negatively to the Nigerian state in more ways
than one. Firstly, the CBN has become a conduit
for politicians to drain the nation.
“Otherwise, how can a letter of barely two
paragraphs addressed to the current CBN
Governor, Mr. Godwin Emefiele, by the then
National Security Adviser (NSA), Col. Sambo
Dasuki (rtd.), become the Authority to Incur
Expenditure (AIE) leading to cash flow of $47
million (US dollars) and several millions of euros?
“In decent climes, the CBN Governor cannot
continue in office while the NSA is accounting
for his alleged misdeeds.”
CBN IRREGULARITIES AND FOREX POLICY
He alleged that the CBN is promoting corruption
by removing a section that controls currency
minting by the CBN decree of 1991.
“Secondly, another negative contribution by the
CBN is the needless obscurity it has created
regarding currency in circulation. It was not so in
the past. For instance, S. 43 (2) of the CBN
Decree (now Act) No. 24 of 1991
stipulates: Without prejudice to the provision of
S1 of this section, the President may direct the
Auditor General of the Federation to conduct an
examination of the Bank, and submit a report
thereon relating to the issue, re-issue, exchange
and withdrawal of currency notes and coins by
the Bank and the Bank shall provide all
necessary facilities for the purpose of the
examination.
“This vital sub-section was completely removed
in the current CBN Act 2007, thereby making it
possible for the CBN to decide the printing of
the Nigerian currency, amounts to be printed,
currencies to be destroyed (of which the CBN
staff can take as much of such dirty notes as
they like and inject back into the system while
keeping all of us in the dark) without any check
and balances stipulated in S. 43 (2) of the
previous CBN Act No. 24 of 1991.
“The CBN is not a privately controlled banking
agency…the wealth of the Central Bank of
Nigeria belongs to the people of Nigeria, not the
governor or the staff of the CBN. Our foreign
reserves could be used to drive infrastructural
development with a view to building a strong
local industrial base.
“It is important to add, that rather than mere
devaluation of the naira, a strong local
productive base, that widens Nigeria’s foreign
exchange window is a lasting solution to the
lingering currency crisis.”
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