We Must Insulate Central Bank From Political Intrigues – Senator Sampson

Senator Ekong Sampson, representing Akwa Ibom South in the Senate, has stressed the need for the Central Bank of Nigeria to be insulated from political influence. Sampson also said that measures must be put in place to check the abuse of key institutions in the country, such as the CBN.

It was the second day of plenary for the week, presided over by Deputy Senate President, Senator Jibrin Barau.

The Central Bank of Nigeria (CBN) took centre stage at yesterday’s plenary. Two bills on the nation’s apex bank passed their second readings.

The first was ‘A Bill for an Act to Amend the Central Bank of Nigeria Act and for Other Related Matters Thereto, 2023 (SB. 145), sponsored by Senator Darlington Nwokocha (Abia Central).

The second was ‘A Bill for an Act to amend the Central Bank (Establishment) Act, 2007, to make the Central Bank more transparent and accountable in its operations and to ensure enhancement of its functions and connected matters therewith, 2023 (SB. 34), sponsored by Senator Karimi Sunday.

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Speaking at the plenary, Senator Ekong Sampson called for proper insulation for the Central Bank from external influences and abuse. He harped on the need to strengthen key institutions in the country.

Senator Sampson, who later spoke with National Assembly reporters on the bill’s consideration, reiterated that Nigerians must use policy to drive politics and not vice versa.

‘I am one of those who hold the opinion that we must insulate the Central Bank of Nigeria from politics. If the CBN is politicised, we will be in serious trouble.

We must build our institutions because when we have strong institutions, we have safety belts for our democracy. We have to put in measures to checkmate the abuse of institutions in the country.

The Akwa Ibom South Senator noted that calls for strengthening of institutions were not just about the CBN, but inclusive of other sectors of the country – ‘We must make individuals weaker, so to say, but institutions stronger’, he said, in a bid to checkmate abuse.

Senator Sampson called on Nigerians to show patriotism by being loyal to the country over sentiments. He stated that we must aim at the bigger picture, which is Nigeria while putting politics in the backseat for the country to truly move forward.