Oyetunji Abioye with agency report
The Central Bank of Nigeria has fallen victim to a battle between President Muhammadu Buhari and the National Assembly.
The Monetary Policy Committee did not meet on Monday and Tuesday, as scheduled, because it lacks a quorum after the Senate refused to approve Buhari’s nominees for the committee.
This means the MPC cannot meet, and the CBN can’t set interest rates.
This setback has added to the economic fallout from a longstanding political standoff.
Already, the NASS has threatened to delay the 2018 budget proposal for a third year amid acrimony over who is to blame for the impasse and haggling over allocations.
At the heart of the dispute is not only a supremacy battle, but an anti-corruption campaign that helped Buhari get elected in 2015 and that some lawmakers call a witch-hunt.
Legislators also want projects in their constituencies…
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