Alade Cautions Against CBN’s Autonomy

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The Deputy Governor of Central Bank of Nigeria (CBN), Dr. Sarah Alade has reiterated that the removal of autonomy from the Apex bank will put the country’s economy at risk.

Dr. Alade who made this known during her screening by the Senate Committee on Banking, Insurance and other financial institution last week in Abuja cautioned against the dangers and effect such act will have on the country.

She noted that the removal of CBN autonomy could also collapse the economy, stating that this could result to indiscriminate demand by Federal Government (FG) to print more money.

The Deputy Governor however did not fault the move by the FG to seek external loan of $6.9, adding that there is nothing wrong with it, if the government will use it to create employment.

In a related development, the Senate mandated the committee yet to be constituted to investigate all issue relating to unpaid taxes and tax evaders.

The Committee is also task with the responsibility of recommending appropriate modalities that Federal Inland Revenue Service (FIRS) could adopt to effectively block the loopholes created in the system through back Duty Investigation compliance.

The Senate directives was the resultant effect of the debate on the need to improve internally generated revenue of the federal government.