National Assembly ignores the Constitution On March 20, 2012

National Assembly ignores the Constitution

On March 20, 2012

THE National Assembly should be more reticent  when making laws. Its tendency has been to make laws for their sake or to please the Executive. In the process it ignores the Constitution. The Central Bank Act 2007, which may soon be a subject of legal dispute, is a good example.
It became law on 25 May 2007, days to the end of the Obasanjo administration. Its efforts at creating a new Central Bank, succeeded largely in the emergence of an organisation that acquires some powers of the National Assembly.

Section 3 of the CBN Act sets the tune. “In order to facilitate the achievement of its mandate under this Act and the Banks and Other Financial Institutions Act, and in line with the objectivity of promoting continuity and stability in economic management, the bank shall be an independent body in the discharge of its functions.”
In Section 6 (3a), the Central Bank Act presses further, “The Board shall be responsible for consideration and approval of the annual  budget of the bank.” This section is CBN’s explanation for not sending its budget to the National Assembly. After failing in its duties, the Senate wants to waste public funds in a legal pursuit of a matter that the CBN Act settles.
Section 50 of the Act requires CBN to furnish the National Assembly with its annual accounts and financial statements within two months of the close of its financial year. CBN’s 2011 financial year closed on 31 December. Has the National Assembly asked for CBN’s 2011 accounts? Why does the Senate ignore the law it made?
The National Assembly has all powers over Nigeria’s money according to the expansive  provisions of  Section 80 (4), “No moneys shall be withdrawn from the Consolidated Revenue Fund or any other public fund of the Federation, except in the manner prescribed by the National Assembly.” Public money was used to raise the CBN’s authorised capital to N100 billion from N300 million. What is the fixation with the budget? The Constitution expects full accountability to the National Assembly for use of public funds. CBN, therefore, cannot be exempted as it uses public funds.
Blames are the National Assembly’s. It refuses to activate the powers Section 1 (3) of the Constitution, “If any other law is inconsistent with the provisions of this Constitution, this Constitution shall prevail, and that other law shall, to the extent of the inconsistency, be void.”  Its tango with CBN is avoidable with the supremacy of the Constitution over all our laws.
The National Assembly’s acceptance of the refusal of 32 other federal agencies to subject themselves to its oversight functions, questions its relevance.