Under the administration of the now suspended Central Bank of Nigeria Governor, Godwin Emefiele, the bank never followed the principles of “ways and means” loans and the loans thus jumped from N789.6billion in May 2015 to N22.7trillion in May 2023 under the Muhammadu Buhari’s years, a Nigerian human rights activist, Sesugh Akume has said.
In a release on Friday obtained by SaharaReporters in reaction to Emefiele’s suspension, Akume noted that this policy gaffe and others were responsible for “distortions in the economy, including inflation which the CBN itself admits” under Emefiele.
“In Sesugh Akume v CBN and Godwin Emefiele with suit number FHC/ABJ/CS/1051/2021, I among other things, sought to hold him and the Bank accountable and to stop their perversion of ‘ways and means' which permits the CBN to lend 5% of the federal government's income in the previous year to the federal government and to not further lend to the federal government until what was borrowed is fully refunded.
“The harm Godwin Emefiele has done to Nigeria, its monetary system, the CBN as an institution, and Nigerians is incalculable, and he needs to end up in prison some day, hopefully in the near future.
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