The Governors’ Forum of the Peoples Democratic Party (PDP) has condemned the Central Bank of Nigeria (CBN), Nigerian National Petroleum Corporation (NNPC) and other various government agencies for the ways they manage the countries resources.
The CBN was criticised for operating beyond its autonomy by acting as an independent government within President Muhammadu Buhari’s administration.
The governors said the financial regulator has become a full financier of government activities rather than being a last resort, “A situation where CBN creates money, decides how much of it to spend, on what to spend it on without any form of controls or supervision is patently subversive of our constitutional order.”
The criticism of the apex bank came during the Governors’ Forum meeting in Uyo, Akwa Ibom, on June 14, 2021. The governors said the CBN has gone beyond control to the extent that the monetary authority now issues public threat to state governments
The governors in a communique issued at the end of their meeting said, “CBN has become such an octopus that it threatens State governments publicly, without decorum, about sanctions on any attempt to question its MODUS OPERANDI.”
Read also: Buhari not marginalising South-East —Umahi
The state governors further advised that the apex bank should take immediate steps to halt the depreciation of the Naira.
NNPC starving state and local governments of funds
Also discussed during the meeting was the handling of funds by the NNPC, with PDP governors stating that the government-owned oil company now determines when to remit or not pay into the federation’s account.
They said the unconstitutional decision of NNPC is shortening availability of funds for state and local governments, and this is affecting their ability to create employment opportunities.
The forum, chaired by Aminu Tambuwal of Sokoto State, said it is against the letters and spirit of the 1999 Constitution for the Corporation to determine how much to spend, how to spend it and “how much to remit to the Federation Account.”
In the statement, PDP governors advised that states should now have a say in the determination of operating costs to ensure transparency and accountability among government agencies.
Other agencies like Nigerian Ports Authority (NPA), Nigerian Maritime Administration and Safety Agency (NIMASA), Nigerian Communication Commission (NCC), Federal Inland Revenue Services, Customs and Excise and similar organisations that are statutorily required to make contributions into the Federation Account were told to do more.
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
Students suffer as contractors abandon Kano school projects after receiving over N70m
In 2019, to improve the condition of public schools in Kano State, the Federal Government disbursed millions of naira to...
SPECIAL REPORT: World Bank road projects go bad in Enugu, as state govt fails to fulfill promise
Counterpart funded road projects between the world Bank and Enugu State government have started to fail, as the state government...
INVESTIGATION: How N70m road construction created more hardship for Sokoto residents
“To address recurrent accidents on Gagi to Gidan Dilo road and Fakon Idi roads, in Sokoto State, the Federal Government,...
INVESTIGATION: Inside Kwara school where students are used as labour on teachers’ private farms
In this report, SHEREEFDEEN AHMAD uncovered how young students in Kwara State, Nigeria, are being used for labour work on...
INVESTIGATION: How Kano SUBEB awarded contracts to inactive contractors, non-existent schools
In an effort to address issues hindering quality education, the Kano State Government in 2020 awarded N88,406,667.10 for the construction...