The senate yesterday proposed a six-year single term for governor and deputy governors of the Central Bank of Nigeria (CBN). However, for external directors appointed to its board, the Senate has proposed a non-renewable term of five years (one year less than the six-year tenure of the governor and deputies). This followed the second reading of a Bill seeking to amend the CBN Act 2007.
The Bill, among others, seeks to make the bank comply with the Fiscal Responsibility Act. Chairman of Senate Committee on Banking, Insurance and Other Financial Institutions, Adetokunbo Abiru (APC, Lagos East), and 41 lawmakers sponsored the Bill: “A Bill for an Act to amend the Central Bank of Nigeria (CBN) Act No. 7 of 2007.”
