Amaka Obiefuna.

Minister of Finance, Kemi Adeosun, has urged the National Assembly to reduce the powers of the Governor of the Central Bank of Nigeria, CBN, Godwin Emefiele.

She pointed out that the extensive powers of the governors was responsible for the disconnect between Federal Government’s monetary and fiscal policies.

Adeosun spoke yesterday while receiving members of the House of Representatives Tactical Committee on Recession led by Bode Ayorinde.

She said, “I want to correct the impression that the CBN is under us. They are not. Unfortunately, a law was passed, making them independent and giving them more powers. This has resulted in one person having so much power.

“In the time of Prof. Charles Soludo as CBN governor, he went to the National Assembly, asking for more powers and you can see where that has taken us to.

“So we are back to the legislature to help us correct this problem of too much power. As a result, there are no checks and balances.”