Fiddling while Rome burns

The Senate Committee on Banking, Insurance, and Other Financial Institutions has indefinitely postponed a public hearing on proposed…

The Senate Committee on Banking, Insurance, and Other Financial Institutions has indefinitely postponed a public hearing on proposed amendments to the Central Bank of Nigeria and Nigeria Deposit Insurance Corporation Acts. Tinuke Ogunrinde, the Senate committee clerk, cited conflicting schedules and clashes of national events marking President Tinubu’s first anniversary in office as reasons. She added that key stakeholders, including Finance Minister Olawale Edun and CBN Governor Olayemi Cardoso, are occupied with presidential events, leading to the delay. These stakeholders were expected to present the critical bills during the hearing, but they will be engaged with the President during this period.

In the same week that, without any consultation, a reversion to Nigeria’s colonial-era national anthem made it through the National Assembly and was signed into law by the President in record time, this is a stark reminder of the priorities — or lack thereof — within this administration when even crucial sectors like the financial industry are sidelined. Rather than addressing pressing issues, key updates to governing laws are indefinitely suspended. Public officials, who are meant to participate in the process, prioritise joining their principal on celebratory jaunts rather than fulfilling their duties to the Nigerian public. Seeing such key stakeholders occupied with presidential events raises questions about the commitment to the necessary legislative process. The Central Bank of Nigeria is eager to implement banking reforms, and there are also significant pension and insurance reforms that would benefit from discussions on the Banking and Other Financial Institutions Act, which is now in limbo. The postponement of a critical public hearing on proposed amendments to financial sector laws by the Senate Committee raises some concerns. The National Assembly should ensure that the public hearing is rescheduled at the earliest opportunity to allow for an open and thorough examination of the proposed amendments.