CBN Act of 1958 established the Central Bank of Nigeria which commenced operation on July 1, 1959. As stated in the CBN act of 1958, the major regulatory objectives of the bank is to issue legal tender, maintain external reserves of the country, promote monetary stability and sound financial environment, act as banker of last …
Tag Archive: President
Tenure Elongation for President and Governors
Few years ago, former president of Nigeria, Olusegun Obasanjo embarked in a disastrous quest for a third term which would have extended his presidential tenure from 8 years to 12 years or more. After 8 years in office, he started seeing himself as indispensable to Nigerian progress and peaceful co-existence. He cobbled together various …
Decentralization of Federal Power in Nigeria
Concentration of power at the federal level as currently exist in Nigeria is not the best way to achieve much needed rapid development. Decentralization of power from federal government to state, local and municipal governments is the way to go. Nigeria is made up of diverse ethnic groups which have similar goal of moving …
Jumbo Pay of Nigerian Legislatures
The rumbling and anger across Nigeria on compensation of Nigerian politicians, especially Nigerian National legislatures and State Houses of Assemblies is an issue that should be of great concern to Nigerians at home and abroad and foreign allies who cares about sustainability of Nigerian democracy. These legislatures gulps tax payer’s money with impunity that burgles …
President Goodluck Jonathan’s Proposal for Tenure Extension for President and Governors
Déjà vu all over again: Tenure extension for Nigerian presidents and governors. In 2006-2007, former president of Nigeria, Olusegun Obasanjo embarked in a disastrous quest for a 3rd term which would have extended his presidential tenure from 8 years to 12 years or more. After 8 years in office, he started seeing himself as indispensable …