Some human rights organizations have advocated for the expulsion of Godwin Emefiele, the Governor of the Central Bank of Nigeria (CBN), due to his bad fiscal and monetary policies, which have exacerbated the Nigerian people’s poverty.
According to the groups, some of the economic programs devised by President Muhammadu Buhari’s administration to alleviate poverty in Nigeria, such as Agricultural Credit, NPower Scheme, Youth Entrepreneurship Development Programme, Micro, Small and Medium Enterprises Development Fund (MSMEDF), are being manipulated by Emefiele to benefit his cronies and family.
The removal of the CBN governor, according to a statement made available to SaharaReporters on Thursday, will be a big step in providing palliatives to Nigerians, as the Nigerian government plans to eliminate the fuel subsidy.
The organisations said Emefiele has squandered many opportunities meant for the underprivileged masses in an open letter to President Buhari headed, ‘Open Letter To President Buhari Calling For Immediate Removal Of CBN Governor And Our Support For Fuel Subsidy Removal.’
Comrade Olufemi Lawson, CPA’s Executive Director; Princess Modupe Adedayo, Sustainable Development Advocates; Comrade Usman Umar Tahir, Nigeria Acceptability Project; Comrade Luke Ogherugba, Niger Delta Forum for Good Governance; and Hajia Binta Yusuf, Women for Good Governance, were among those who signed the letter.
Prince Charles Etim of the Media Right Concern (MRC), Adigun Olabowale of the Oodua Renaissance Group, Danjuma Jabbi of the Northern Patriotic Group (NPG), and Dr. Mrs Milicent Eloka of the Gender Development Initiative are among the other signatories.
The letter read, “Mr President, of fundamental reference is the gross abuse, mismanagement and incompetence of the management of the Central Bank of Nigeria (CBN) under the headship of Mr Godwin Emefiele. We have seen mismanaged fiscal and monetary policies that have increased the inflation rate and weakened naira that has affected our foreign exchange earnings.
“It is on record, that despite the massive commitment and investment of your administration in programs that seek to alleviate poverty and empower Nigerians, ahead of moments, such as the impending removal of fuel subsidy, the CBN has squandered the opportunities provided by such, as the bank under Mr Emefiele became an institution run like a private enterprise, mainly for the benefit of friends, cronies and families of Mr Godwin Emefiele.
“Several independent reports confirm that today, a mass majority of Nigerians who should have genuinely benefited from your administration’s programmes such as the Agricultural Credit, NPower Scheme, Youth Entrepreneurship Development Programme, Micro, Small and Medium Enterprises Development Fund (MSMEDF), Anchor borrowers have been shut out through the manner in which the CBN is being operated by Mr Godwin Emefiele. This sir, is one of the major trust issues that the proposed five thousand naira transport support allowances is already raising among Nigerians.
“Sir, Mr Emefiele’s approach to the implementation of these programs has left many Nigerians with serious concern, raising questions on how his key fiscal and economic policy move, especially in the context that they become beneficial to the economy.
“Despite the attraction of Nigerians to these programs, Mr Emefiele has made it the most impossible task for them to accomplish.
“Mr President, it may interest you to know that Nigeria’s monetary policies as being driven by the Central Bank of Nigeria, under the leadership of Mr. Godwin Emeﬁele, have contributed signiﬁcantly to our economic woes from all indications. Of recent is the IMF warning on the recently introduced e-Naira that ought to bring financial inclusion but based on the wrong implementation just like previously introduced policies, it was warned it could cause more financial instability to the country.
“We are worried that the CBN is unbending despite calls by stakeholders and Nigerians to adjust its dangerous policies which have badly impacted negatively on our economy, making our economy to further nose dive with weakened naira.”
The groups reiterated that “Mr President sir, before subsidy is removed, we must salvage Nigeria’s Finances; a call for the immediate probe, sacking and prosecution of the Governor of the Central Bank of Nigeria. Mr Godwin Emefiele is thus pertinent and must be done now for us to support the subsidy removal regime.
“We are constrained as patriotic Nigerians to make this an open letter to your Excellency for a number of reasons. One, the current situation in our country demands a collective action from every patriotic Nigerian in a manner devoid of partisan, ethnic or religious consideration, but ultimately, on reason and promotion of national interest.
“Secondly is the fact that the next few weeks will signal a new year and another of your administration’s timeline towards the fulfilment of your campaign promises to Nigerians, particularly those, that are already contained in the year 2022 Appropriation Bill for the country, which its ultimate success, largely depend on the economic fortune of the country, as may be dictated by the economic policies of your administration.”
“It is also no longer news that Nigeria is at the very point of taking a fundamental step towards ending the subsidy regime on petroleum products in Nigeria. For over a decade, successive administrations have struggled to conquer the mirage that has surrounded the fuel subsidy regime in the country. This has led to a major trust issue between Nigerians and the government, considering the monumental corruption, that has characterised the fuel subsidy regime, particularly under the previous administration,” the groups added.