Abuja, Feb. 22, 2024: The Senate has confirmed Olayemi Cardoso, governor of the Central Bank (CBN) as Chairman of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) and 11 others as members.
The Senate confirmed the 12 nominees after considering the report of the Committee on Banking, Insurance and other Financial Institutions presented by the Chairman, Sen. Adetokunbo Abiru during plenary on Wednesday.
President Bola Tinubu, had in a letter read on the floor of the Senate on Feb. 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 members of the MPC confirmed by the Senate include: Mohammed Sani Abdullahi , CBN deputy governor ; Bala Bello, CBN deputy governor; Emem Usoro, CBN deputy governor; and Philip Ikeazor, CBN deputy governor.
Other members are: Lamido Yuguda, Director-General of the Securities and Exchange Commission (SEC); Lydia Shehu, Permanent Secretary, Federal Ministry of Finance; Murtala Sagagi; Aloysius Ordu; Pauline Odinkemelu; Mustapha Akinwumi; and Bandele Amoo.”
Abiru, while presenting the report assured that the Chairman and members have the requisite knowledge and experience for the crucial task ahead of them.
He informed the Senate that the committe screened six of the 12 nominees on Wednesday, Feb. 21, but 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.
The lawmaker added that 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 finacial services. Their appointment is accordance with provisions of the CBN Act 2007 and we did not receive any petition against them”, Abiru said.
Contributing to the report, Deputy Senate President Jibrin Barau said that the committees had the expertise to execute the task ahead of them.
For Sen. Osita Izunaso (APC-Imo), he pointed out the task ahead of the nominees adding that Nigerians were looking up to them to salvage the current economic crisis in Nigeria.
In his remarks, President of the Senate, Godswill Akpabio, commended President Tinubu for selecting men and women of great expertise that would help Nigeria with policies to turn around the CBN and redirect the monetary policies of the federation for the good of all Nigerians.
“I urge the MPC to use their expertise to redirect the monetary policies including even contributions to the fiscal policies to ensure that Nigerians get out of the current economic quagmire.”
MPC is the highest policy making committee of the apex bank with the mandate to: review economic and financial conditions in the economy; determine appropriate stance of policy in the short to medium term.
