Reps: Bill To Amend CBN Act Passes Second Reading

The House of Representatives has passed a bill for second reading to amend the Central Bank of Nigeria (CBN) Act, aiming to enhance the apex bank’s day-to-day operations through professional oversight and stronger checks and balances. The bill, sponsored by House Leader Hon. Julius Ihonvbere and Lagos State member Hon. Okey-Joe Onuakalusi, seeks to ensure proper governance and accountability within the CBN.

Speaking on behalf of the sponsors, Hon. Onuakalusi emphasized the need for robust checks to improve the bank’s operational efficiency. The House also announced plans to investigate the Nigerian National Petroleum Company Limited (NNPCL) Pension Fund over alleged fraud, with Hon. Muhammad Shehu noting the importance of transparency in the fund’s management.

In other developments, the parliament moved closer to establishing the Armed Forces Medical College in Abuja, as the bill sponsored by Hon. Babajimi Benson passed second reading. Lawmakers are also taking steps to strengthen the National Human Rights Commission for greater efficiency, according to Hon. Mudashiru Alani.