That Mr Emefiele remains head of the Central Bank simply underscores the difficulty that we have had as a country with holding public officers accountable for their work.
. The furore over the Central Bank’s ways and means advances to the Buhari government unquestionably establish his credentials as a scofflaw.
Unfortunately, the reforms that the economy will need to aggressively drive growth and development over the current electoral cycle, require immediate repair of the breakdown of trust that Mr Emefiele has so effectively engineered in the domestic monetary policy space. We imagine that a new administration could find ways of expediting Mr Emefiele’s exit that were not familiar nor available to the Buhari government.
PREMIUM TIMES’ preferred option, for instance, would have been a prorogation of Section 38 of the CBN Act 2007 for the period it is estimated that it will take the government to clean up its books. The borrowing ceiling may then be set as part of the process of enacting annual appropriations, including a quarterly report to the finance ministry on both the uses of the funds thus borrowed, and progress made on the regularisation of the public finances.
All of this will be helped by administrative reforms including, especially, the process for appointing the governor of the CBN. Much of the current clamour to succeed Mr Emefiele is from people persuaded that the work of the Central Bank governor is to glad-hand loans to the Federal Government and businesses at below market rates; and to arbitrate demand and supply impulses at the many windows in the official foreign exchange markets.
If it is incongruous that the Minister for Trade and Industry sits on the board the Manufacturers’ Association of Nigeria, Mr Emefiele’s larger-than-life presence as chair of the Bankers’ Committee was one of many such perversions that the economy has had to endure in the last eight years. Obviously, Mr Emefiele underlined and then exploded the myth that commercial bankers necessarily make decent central bank governors.
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