President Muhammadu Buhari has explained why the Governor of the Central Bank of Nigeria, Godwin Emefiele, was accused of being political following his interest in contesting for the 2023 presidential election.
During an interview with Bloomberg News on Tuesday concerning the CBN’s independence, Buhari said Emefiele was a victim of accusations because he follows a model outside the economic orthodoxy as an apex bank governor.
President Buhari explained that the CBN board of directors would determine whether Emefiele’s actions have fallen foul of the laws to ensure he can most effectively carry out his duties.
”The CBN governor is appointed by the President. But this appointment is subject to confirmation by the Nigerian Senate. Ultimately, it will be for the CBN’s board of directors to determine whether a CBN governor’s actions have fallen foul of the laws in place to ensure he can most effectively carry out his duties.
”But there is a subtext to the accusations. Because the governor follows a model outside of the economic orthodoxy, he is labelled political. But the orthodoxy has been proved wrong time and again.
”Instead, the governor is following an alternative economic model that puts people at the heart of policy. Nigeria should be free to choose its development model and how to construct our economy, so it functions for Nigerians,” he added.
