Senate postpones hearing on cash withdrawal limits

Senate postpones hearing on cash withdrawal limits
Joint section of the Senate


The Senate on Tuesday postponed the hearing of the report on the Cash withdrawal policy by the committee on Banking and Financial Institutions.

The Red chamber had last week commissioned the committee to grill the two newly re-appointed deputy governors of the Central Bank of Nigeria during their screening session.

However, at the plenary on Tuesday, a member of the committee, Senator Olubunmi Adetunmbi ( APC Ekiti North) told his colleague that they wouldn’t be able to brief the house as the chairman of the committee; Senator Uba Sani was not around because he was at the All Progressive Congress rally in Kaduna State.

Adetunmbi said, “This meeting two place on Thursday last week, the two candidates came for clearance and the issues were thoroughly asked.

“Especially in the open address by the chairman, he specifically reported the request that the two deputy governors currently serving and seeking the appointment should elaborate and explain the rationale behind this policy in view of the massive public reactions to that policy.”

Adetunmbi add that “The deputy governors gave very elaborate explanations and the committee also requested for further evidence in terms of documented reports that will enable the committee to fully understand the issue behind this policy and be able to brief the plenary appropriately.

“Unfortunately, this report is not ready today because the chairman of this committee is busy on a political assignment in Kaduna. He had to receive important party officials in the presidential train and he has asked me to offer this explanation to the plenary that he is coming tomorrow to actually present the formal report of the findings of the committee.

“This is an apology from the committee that it is not able to take the report as directed last week.”

In response to the statement, the Senate President, Ahmed Lawan, reiterated the points by Adetunmbi that the senate had directed the committee to dig deep into the issue because they were concerned as many of them had received calls, messages and even visits by the constituencies expressing concern over the policy.

He said, “We decided that we have an engagement with CBN so that we’re able to hear from the horse’s mouth, and then go ahead and debate it or take whatever appropriate action we may need to take.”

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