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Since 2018, the Central Bank has failed to provide annual financial reports. In the midst of Governor Emefiele’s Presidential ambitions for 2023

Since 2018, the Central Bank has failed to provide annual financial reports. In the midst of Governor Emefiele’s Presidential ambitions for 2023

The CBN Act of 2007 requires the apex bank to publish its report within two months of the end of each fiscal year.

Since 2018, the Central Bank of Nigeria has faced criticism for failing to publish yearly reports covering activities and financial responsibilities.

According to Premium Times, inspections revealed that the Bankers Bank has failed to disclose the vital financial data from 2018 since 2005, when it began releasing information of its annual report on its website.

The CBN Act of 2007 requires the apex bank to publish its report within two months of the end of each fiscal year.

“The Bank shall report to the National Assembly and the President, within two months following the close of each fiscal year, a copy of its annual accounts approved by the Auditor,” the CBN Act states in part.
“The Bank shall publish any report needed to be submitted to the National Assembly and the President in such way as the Governor may designate.”
The Board shall ensure that the accounts filed under this section are published in the Gazette as soon as feasible.

“As soon as feasible after the last day of each month makeup end,” the Act states, “the Bank should publish a return of its assets and liabilities as at the close of business on that day, or, if that day is a holiday, as at the close of business on the previous working day.”
Analysts believe that the CBN’s reluctance to publish the report might send mixed signals to investors and others interested in the status of the economy.
Despite increasing food costs and other inflationary pressures, the top bank has received criticism for its management of the country’s economy, according to the publication.

It should be noted that the country’s interest rate has been at 11.5 percent since September 2020, when the monetary policy rate was decreased from 12.5 percent.

The bank has also battled to maintain liquidity in the face of diminishing reserves. It has also been chastised for its naira management and dubious financing of the federal government’s deficits.

At a public presentation of the approved 2020 budget in January, Nigeria’s Finance Minister, Zainab Ahmed, reported that income shortfalls and higher spending resulted in a fiscal imbalance of roughly N6.1 trillion, compared to the N4.6 trillion planned by the government.

The minister disclosed that the deficit was paid for with N2 trillion borrowed from the local market, N1.2 trillion borrowed from international markets, and N2.8 trillion borrowed from the CBN. The CBN intervened through Ways and Means, as called for under the CBN Act.

Experts, global financial institutions, and rating agencies have repeatedly warned of the dangers that the CBN’s involvement poses to the country’s macroeconomic stability.

The apex bank stated in its 2018 report, the bank’s most recent public report, that the country’s economy shown great resilience over the year, particularly when compared to its peers.

“In 2018, overall GDP growth accelerated to 1.9 percent, up from 0.8 percent in 2017.” “While this growth rate is lower than the pre-recession average of over 5.0 percent, the good outturn reflects the Nigerian economy’s sustained recovery,” the study added.

Meanwhile, with considerable criticism of the bank’s management of the naira and other monetary measures, the governor, Godwin Emefiele, has come under fire for interfering in party politics.

Several campaign groups have emerged in recent weeks to advocate for Emefiele’s election as Nigeria’s next president.

Many Nigerians were outraged by the campaign and demanded his resignation or firing. However, Emefiele stated in his response that he was focused on rebuilding the nation’s economy.

On May 5, Emefiele filed a complaint at the Federal High Court in Abuja through his lawyer, Mike Ozekhome, challenging his eligibility to run for president of Nigeria while serving as governor of the Central Bank of Nigeria.

As a serving CBN governor, he claimed that no legislation barred him from running in any political party’s primary election.

Although the issue is still pending in court, many Nigerians have lambasted the CBN Governor for betraying his delicate position as the apex bank’s primary custodian.

Gistlux Nelson

David is an Entertainment, Sport blogger and a Graphics designer. He is on a mission to help everyday entertainment news, Gossips, Sports and Legit online making tips.

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