The opposition All Progressives Congress (APC) said the nation’s economy would be adversely affected if Malam Sanusi Lamido Sanusi resigned as governor of the Central Bank of Nigeria (CBN).
The party thus warned President Goodluck Jonathan to reverse alleged plans to force him to resign.
In a statement Interim National Publicity Secretary, Alhaji Lai Mohammed, issued, the party said asking the CBN Governor to step down, on the basis of a “mere allegation” that he leaked the letter he wrote to the President, over the unremitted $49.8 billion oil revenue, did not bode well for an economy that is already “on crutches.”
It warned that any move to suspend Sanusi and use security forces to prevent him from entering his office, as reported by the media, would be worse because it would mean that the President was willing to circumvent the provision of the law that the Governor of the CBN could only be removed by two-thirds of the Senate membership.
“Our worry here is that the President should not destroy our institutions before he leaves office,” the party stated.
It said the party's main reason for commenting on the planned removal of Sanusi, either through forced retirement or via suspension, was the impact that a crisis of confidence between the President and the CBN Governor would have on the nation's economy.
“These include a loss of confidence in the economic management of the country, leading to uncertainty among domestic and foreign investors; as well as pressure on the exchange rate as foreign portfolio investors in government bonds and the stock market make their exit, and the corresponding fall in the value of share prices. 'Overall, a protracted standoff between the President and the CBN Governor will spell bad news for economic growth and employment and increase poverty. This is why we advise President Jonathan against precipitating a crisis in the economy, and we urge all Nigerians to advise him against such,” APC said.
The party saw no wrong in a CBN Governor alerting the President to any discrepancies.
“It stands to reason that if the CBN Governor had wanted to leak the letter, he had no reason waiting for four months to do so. Also, the moment the letter was sent to Mr. President, it has gone beyond the purview of the CBN Governor, and anyone with a reason to do so could as well have leaked the letter. 'Therefore, for the President to have made the extraordinary move to force out the CBN Governor, even though he has a few months to the end of his tenure, smacks of vendetta and is capable of impacting negatively on the economy. Circumventing the law to force out the CBN Governor will amount to brigandage and reinforce the perception of the Jonathan Administration as one with a propensity for impunity,” APC stated.
The party thus warned President Goodluck Jonathan to reverse alleged plans to force him to resign.
In a statement Interim National Publicity Secretary, Alhaji Lai Mohammed, issued, the party said asking the CBN Governor to step down, on the basis of a “mere allegation” that he leaked the letter he wrote to the President, over the unremitted $49.8 billion oil revenue, did not bode well for an economy that is already “on crutches.”
It warned that any move to suspend Sanusi and use security forces to prevent him from entering his office, as reported by the media, would be worse because it would mean that the President was willing to circumvent the provision of the law that the Governor of the CBN could only be removed by two-thirds of the Senate membership.
“Our worry here is that the President should not destroy our institutions before he leaves office,” the party stated.
It said the party's main reason for commenting on the planned removal of Sanusi, either through forced retirement or via suspension, was the impact that a crisis of confidence between the President and the CBN Governor would have on the nation's economy.
“These include a loss of confidence in the economic management of the country, leading to uncertainty among domestic and foreign investors; as well as pressure on the exchange rate as foreign portfolio investors in government bonds and the stock market make their exit, and the corresponding fall in the value of share prices. 'Overall, a protracted standoff between the President and the CBN Governor will spell bad news for economic growth and employment and increase poverty. This is why we advise President Jonathan against precipitating a crisis in the economy, and we urge all Nigerians to advise him against such,” APC said.
The party saw no wrong in a CBN Governor alerting the President to any discrepancies.
“It stands to reason that if the CBN Governor had wanted to leak the letter, he had no reason waiting for four months to do so. Also, the moment the letter was sent to Mr. President, it has gone beyond the purview of the CBN Governor, and anyone with a reason to do so could as well have leaked the letter. 'Therefore, for the President to have made the extraordinary move to force out the CBN Governor, even though he has a few months to the end of his tenure, smacks of vendetta and is capable of impacting negatively on the economy. Circumventing the law to force out the CBN Governor will amount to brigandage and reinforce the perception of the Jonathan Administration as one with a propensity for impunity,” APC stated.
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