Senate Postpones Debate On CBN’s Cash Withdrawal Limits

Senate has postponed the hearing of a committee’s report on CBN’s cash withdrawal policy.

EKO HOT BLOG reports that the Nigerian Senate has shifted its debate on the Central Bank of Nigeria’s (CBN) new policy on cash withdrawals till Wednesday, December 14, 2022.

The Senate said the postponement was over the absence of the Chairman of the Committee on Banking and Finance, Sen. Uba Sani, who is away attending the All Progressives Congress (APC) presidential campaign in Kaduna State.

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Recall that last week, the Red chamber had commissioned the committee to grill the two newly re-appointed deputy governors of the Central Bank of Nigeria during their screening session.

However, at the plenary on Tuesday, a member of the committee, Senator Olubunmi Adetunmbi (APC Ekiti North), told his colleague that they wouldn’t be able to brief the house as the chairman of the committee, Senator Uba Sani, was not around because he was at the All Progressive Congress rally in Kaduna State.

Adetunmbi said, “This meeting took place on Thursday last week, the two candidates came for clearance, and the issues were thoroughly asked.

“Especially in the open address by the chairman, he specifically reported the request that the two deputy governors currently serving and seeking the appointment should elaborate and explain the rationale behind this policy in view of the massive public reactions to that policy.”

Adetunmbi added, “The deputy governors gave very elaborate explanations and the committee also requested for further evidence in terms of documented reports that will enable the committee to fully understand the issue behind this policy and be able to brief the plenary appropriately.

“Unfortunately, this report is not ready today because the chairman of this committee is busy on a political assignment in Kaduna.

He had to receive important party officials in the presidential train and he has asked me to offer this explanation to the plenary that he is coming tomorrow to actually present the formal report of the findings of the committee.

“This is an apology from the committee that it is not able to take the report as directed last week.”

In response to the statement, the Senate President, Ahmed Lawan, reiterated the points by Adetunmbi that the senate had directed the committee to dig deep into the issue because they were concerned as many of them had received calls, messages, and even visits by the constituencies expressing concern over the policy.

He said, “We decided that we have an engagement with CBN so that we’re able to hear from the horse’s mouth and then go ahead and debate it or take whatever appropriate action we may need to take.

In addition to what he said, the All Progressives Congress is today holding a zonal rally hosting the presidential candidate of the party in Kaduna, all the seven states, will be converging in Kaduna.

“And you know that our chairman of banking is the gubernatorial candidate of Kaduna state. And naturally, we shouldn’t expect him to be here at this time, because he needs to be there. But we also felt that we should hear from him.”

He added, “The chairman told me the report is ready. But he would like to be here to present the report tomorrow and on the basis of the report that he presents tomorrow, then we can take the next appropriate line of action. “

Also, the lawmaker representing Bauchi North, Adamu Bulkachuwa, who had an opposing view, expressed his reservations stating that the Senate should not sweep the issue under the carpet as the policy is that which affects a lot of Nigerians.

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He said, “Well, I am happy that you didn’t bang the gavel, whether it is okay to defer this discussion until tomorrow. You didn’t do that.”

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