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Former SGF Criticizes Appointment of CBN Governor

Published

6 months ago

November 9, 2023

Stella Charles Akupue

Former SGF Criticizes Appointment of CBN Governor

During an interview on Arise News Television, Babachir Lawal, the former Secretary to the Government of the Federation (SGF), expressed his disapproval of the appointment of Olayemi Cardoso as the governor of the Central Bank of Nigeria (CBN). Lawal criticized the appointment, attributing it to President Bola Ahmed Tinubu and describing Cardoso’s Curriculum Vitae (CV) as “patch-patch.”

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Lawal justified his stance by highlighting Cardoso’s previous role as the Commissioner of Planning in Lagos State, which he considered a relatively small state compared to others in the country. He emphasized that while Lagos may be a significant economy, it does not necessarily translate to sufficient experience for the position of CBN governor.

Babachir Lawal’s Critique of Olayemi Cardoso’s Appointment,

In his critique, Lawal referred to Cardoso’s tenure as the chairman of a bank with 13 branches, suggesting that this experience was not extensive enough. He expressed skepticism about Cardoso’s capabilities for the role, particularly questioning his ability to handle the responsibilities of the CBN governor.

Despite Lawal’s initial reservations about Cardoso’s qualifications, he acknowledged being satisfied with some of Cardoso’s actions in his new role. Lawal highlighted Cardoso’s decision to lift import restrictions on 43 items, including crucial agricultural products, and his removal of the ban on rice importation. He expressed concern that these actions contradicted efforts towards achieving food self-sufficiency in Nigeria, particularly in rice production.

In conclusion, Lawal reiterated his doubts about Cardoso’s suitability for the position of CBN governor, citing specific policy decisions as evidence to support his reservations.