Cash withdrawal: Senate postpones hearing of committee’s report
Economy Law / Crime Legislature

Cash withdrawal: Senate postpones hearing of committee’s report

By Our Correspondent

The Upper Chamber of the National Assembly, on Tuesday, postponed the hearing of the report on the Cash withdrawal policy by the committee on Banking and Financial Institutions.

The Senate had last week commissioned the committee to grill the two newly re-appointed deputy governors of the Central Bank of Nigeria during their screening session.

However, at the plenary on Tuesday, a member of the committee, Senator Olubunmi Adetunmbi (APC Ekiti North) told his colleague that the committee would not be able to brief the house as scheduled.

Adetunmbi said the chairman of the committee, Senator Uba Sani, had another political engagement in Kaduna State.

“This meeting took place on Thursday last week, the two candidates came for clearance and the issues were thoroughly discussed.

Read Related News:

No going back on N100k withdrawal limit, Emefiele replies NASS

Buhari unveils new Naira notes by CBN

“Especially in the open address by the chairman, he specifically reported the request that the two deputy governors currently seeking the appointment should explain the rationale behind this cash withdrawal policy,” Adetunmbi said.

There have been massive public reactions to the policy.

“The deputy governors gave very elaborate explanations and the committee also requested for further evidence in terms of documented reports that will enable it to fully understand the issue.

“Unfortunately, this report is not ready today because the chairman of this committee is busy on a political assignment in Kaduna.

“He had to receive important party officials in the presidential train and he has asked me to offer this explanation to the plenary.

“This is an apology from the committee that it is not able to take the report as directed last week.”

Meanwhile, Senate President, Ahmed Lawan, while responding, reiterated the points by Adetunmbi that the senate had directed the committee to dig deep into the issue in the public interest.

Lawan said the Senators were concerned as many of them had received calls and messages from their constituencies expressing concern over the policy.

“We decided that we have an engagement with CBN so that we’re able to hear from the horse’s mouth and then debate,” he said.

Lawan who put in some good words for his colleagues, then suggested that the reports be presented to the plenary on Wednesday.

“The chairman told me the report is ready, but he would like to be here to present the report tomorrow.

“On the basis of the report that he presents tomorrow, then we can take the next appropriate line of action,” Lawal said.



Do you have a flair for Citizenship Journalism? Share story(ies) of happenings in your area with The NewsZenith on WhatsApp: 08033668669 or

Leave a Reply

Your email address will not be published. Required fields are marked *