The Senate has confirmed the nominations of CBN Governor, Olayemi Cardoso, 11 others as members of the Monetary Policy Committee (MPC) of the apex bank.
This decision follows the consideration of a report from the Committee On Banking, Insurance, and other Financial Institutions during Thursday’s plenary session.
The members of the MPC confirmed by the Senate are
i) Muhammad Sani Abdullahi, (CBN deputy governor)
ii) Bala M. Bello (CBN deputy governor),
iii) Emem Usoro (CBN deputy governor),
iv) Philip Ikeazor (CBN deputy governor),
v) Lamido Yuguda, (DG Securities and Exchange Commission)
vi) Jafiya Lydia Shehu, (Permanent Secretary, Ministry of Finance)
vii) Murtala Sabo Sagagi (CBN director)
viii) Alloycius Uche Ordu
ix) Aku Pullen Odukemelu
x) Mustapha Akinwunmi and
xi) Bamidele A.G. Amoo.”
Recall that President Bola Tinubu, had in a letter to the Senate on Wednesday, February 14th sought the confirmation of the nominees, ahead of the MPC meeting next week.
The confirmation of the nominees by the Senate followed its consideration and approval of the report of its Committee on Finance, Banking, Insurance and Other Financial Institutions led by Senator Tokunbo Abiru on the screening of the nominees.
Senator Adetokunbo Abiru who led the consideration said the committee screened six of the 12 nominees on Wednesday, February 21.
However, he said the Committee did not screen the CBN governor, deputy governors and the permanent secretary of the finance ministry because they were recently screened by the Senate for their current positions.
He added that the screening revealed that all the nominees are experienced in economics and financial matters and their appointment is in line with provisions of the CBN Act 2007, and we did not receive any petition against them,” Adetokunbo said.
While contributing to the report, Deputy Senate President Jibrin Barau assured that the committees can execute the task ahead of them.
Senate President Godswill Akpabio commended President Tinubu for the quality of the nominees.
He, however, called on the new MPC members to use their expertise to redirect the monetary policy of the CBN for the good of the country.
The MPC, the highest decision organ of the CBN has the mandate to: review economic and financial conditions in the economy; determine appropriate stance of policy in the short to medium term; review regularly, the CBN monetary policy framework and adopt changes when necessary.
The first meeting of MPC under Cardoso will be held next week.
