Kelvin Bowoto
Following consideration of a report by the Committee on Banking, Insurance, and Other Financial Institutions, the Senate confirmed CBN governor Olayemi Cardoso and 11 other nominees by President Bola Ahmed Tinubu as members of the Central Bank of Nigeria’s (CBN) Monetary Policy Committee (MPC).
The other 11 confirmed individuals are: Muhammad Sani Abdullahi, CBN deputy governor; Bala M. Bello, CBN deputy governor; Emem Usoro, CBN deputy governor; Philip Ikeazor, CBN deputy governor; and Lamido Yuguda, DG Securities and Exchange Commission.
Others include Jafiya Lydia Shehu, Permanent Secretary of the Ministry of Finance; Murtala Sabo Sagagi, CBN director; Aloysius Uche Ordu, Aku Pullen Odukemelu, Mustapha Akinwunmi, and Bamidele A.G. Amoo.
In a letter to Senate President Godswill Akpabio, President Bola Ahmed Tinubu urged the Red Chamber to confirm the nominations.
In a letter delivered on the Senate floor during plenary on Wednesday, February 14th, President Bola Tinubu requested that the nominations be confirmed ahead of the MPC meeting next week. The request was then forwarded to the committee for action.
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Tinubu claimed his action was in accordance with Section 12 of the Central Bank of Nigeria (CBN) Act 2007.
Senator Adetokunbo Abiru (APC, Lagos), head of the Senate committee, stated in his presentation that the nominees have the academic qualifications, technical understanding, and professional experience required to serve on the Central Bank of Nigeria’s Monetary Policy Committee.
He stated that the panel received no petitions against their nominations and that all nominees had been approved by security agencies.
The MPC is the apex bank’s highest policy-making committee, tasked with reviewing economic and financial conditions, determining an appropriate policy stance in the short to medium term, reviewing the CBN’s monetary policy framework on a regular basis, and making modifications as needed.
While presenting the report, Adetokunbo, Chairman of the Committee, told the audience that the Chairman and members had the necessary knowledge and experience for the critical task at hand.
Techrectory with Agency Report.
