Tuesday, April 16, 2024

Senate confirms Cardoso, others as members of CBN’s monetary policy committee

The Senate also confirmed the appointment of four deputy governors of the CBN and seven others as members of the MPC.

• February 22, 2024
Nigerian Senate
Nigerian Senate

The Senate on Thursday confirmed the governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, as the chairman of the Monetary Policy Committee (MPC) of the apex bank.

The upper legislative chamber also confirmed the appointment of four deputy governors of the CBN and seven others as members of the MPC.

The Senate confirmed the 12 nominees after considering the report of the Committee on Banking, Insurance and other Financial Institutions presented by the chairman, Adetokunbo Abiru, during plenary on Wednesday.

President Bola Tinubu, in a letter read on the floor of the Senate on February 14, sought the confirmation of the nominees ahead of the MPC meeting next week. The request was then referred to the committee for action.

The deputy governors of CBN confirmed as members of the MPC include Mohammed Abdullahi, Bala Bello, Emem Usoro, and Philip Ikeazor.

Other members are Lamido Yuguda, director-general of the Securities and Exchange Commission (SEC); Lydia Shehu, the permanent secretary of the Federal Ministry of Finance; Murtala Sagagi, Aloysius Ordu, Pauline Odinkemelu, Mustapha Akinwumi, and Bandele Amoo.

Mr Abiru, while presenting the report, gave assurance that the chairman and members had the requisite knowledge and experience for the crucial task ahead of them.

He informed the Senate that the committee screened six of the 12 nominees on Wednesday, February 21.

The lawmaker, however, said the Senate did not screen the CBN governor, deputy governors and the permanent secretary of the finance ministry because they were recently screened for their current positions.

The lawmaker added that the committee required the curriculum vitae, security clearance and other necessary documents from the nominees and found them qualified for the various positions.

“All nominees are experienced in economics and financial services. Their appointment is in accordance with the provisions of the CBN Act 2007, and we did not receive any petition against them,” he said.

Contributing to the report, Deputy Senate President Jibrin Barau said the nominees had the expertise to execute the task ahead of them.

However, Sen. Osita Izunaso (APC-Imo) noted the task ahead of the nominees, adding that Nigerians were looking up to them to salvage the current economic crisis in the country.

In his remarks, Senate President Godswill Akpabio commended President Tinubu for selecting men and women of great expertise who would help Nigeria with policies to turn around the CBN and redirect the monetary policies of the federation for the good of all Nigerians.

The MPC is the highest policy-making committee of the apex bank with the mandate to review economic and financial conditions in the economy to determine appropriate policy stance in the short to medium term.


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