CBN Suffers Budget Cut, Funding for Financial Initiatives Hampered – Thisday


The Director, Financial System Stability (FSS 2020), Central Bank of Nigeria (CBN), Mr. Mohammed Suleiman, on Tuesday said a 50 per cent slash of the bank’s 2016 budget by the federal government has affected funding of some important initiative in the financial system.

Speaking in Abuja when he led the FSS 2020 team on a courtesy call to the Nigeria Deposit Insurance Corporation (NDIC), he said funding had been a major constraint to FSS 2020 strategy implementation.

He said: “Funding has been a major issue, the FSS 2020 programme since its inception has always been bankrolled single handedly by the CBN. The CBN is beginning to weary a little bit because the current budget this year was reduced by 50 per cent and that is majorly affecting some of our capabilities to implement some of these strategic objectives.”

According to him:”50 per cent of our budget cut is no small measure at all. We need to agree on the funding approach, we need to have a rethink and get the support of all implementing institutions. The FSS2020 is not a CBN project it is a financial system project, all financial system players have to take ownership of the project and be willing to support it.”