Nigeria’s Central Bank’s Budget Cut By 50%

Nigeria’s Central Bank’s Budget Cut By 50%

By Ogala Osoka | Staff Reporter on August 25, 2016
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Recession FOREX CBN Central Bank Governor of Nigeria, Mr. Godwin Emefiele CBN Naira
Central Bank Governor of Nigeria, Mr. Godwin Emefiele

The Central Bank Of Nigeria, CBN, have announced the federal government of Nigeria has slashed their budget by 50%, an action which the body lamented has affected funding of important projects in the financial system.

The Central Bank’s director of Financial System Stability (FSS 2020), Mohammed Suleiman, made this disclosure when he led the FSS 2020 team on a courtesy call to the Nigerian Deposit Insurance Corporation on Tuesday, August 23, 2016. He said funding has been a major challenge to the strategy implementation of FSS 2020.

“The FSS 2020 programme since its inception has always been bankrolled single handedly by the CBN; the CBN is beginning to weary a little bit because the current budget this year was reduced by 50 per cent and that is majorly affecting some of our capabilities to implement some of these strategic objectives.

“We need to agree on the funding approach, we need to have a rethink and get the support of all implementing institutions. The FSS2020 is not a CBN project it is a financial system project, all financial system players have to take ownership of the project and be willing to support it,”he said.

He also added that it costs N198 billion to fund the FSS 2020, including that the project would be structured to consist of a dedicated team for monitoring, tracking and reporting. The project would also consist of a quarterly or biannual meeting of stakeholders so that the project would progress and be well implemented.

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