MPC Meeting: Senate Confirms Cardoso, 11 Others as Committee Chair, Members

The Upper Chamber confirmed the 12 nominees after considering the report of the Committee on Banking, Insurance and Other Financial Institutions presented by Senator Abiru Adetokunbo, Chairman of the Committe during plenary on Thursday.

The members of the MPC confirmed by the Senate include; four Deputy Governors of CBN, Mohammed Sani Abdullahi, Bala Bello, Emem Usoro, and Philip Ikeazor.

Other members are: Lamido Yuguda, who is the Director General of the Securities and Exchange Commission (SEC); Jafiya Lydia Shehu, who is Permanent Secretary Federal Ministry of Finance, Murtala Sabo Sagagi; Aloysius Uche Ordu; Aku Pauline Odinkemelu; Mustapha Akinwumi; and Bamidele Amoo.

President Bola Tinubu, had in a letter read on the floor of the Senate during plenary on Wednesday, February 14th sought the confirmation of the nominees, ahead of the MPC meeting next week.

Senator Akpabio referred the request to the Senate Committee on Banking, Insurance and other Financial Institutions for further legislative input.

The request was then referred to the committe for action.

The 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; review regularly, the CBN monetary policy framework and adopt changes when necessary.

Senator Adetokunbo, chairman of the Committee, 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 them that the committe screened six of the 12 nominees on Wednesday, February 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.

He added that committee required the curriculum vitae, security clearance , and other neccessary documents form 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”, Adetokunbo said.

Contributing to the report, Deputy Senate President Jibrin Barau assured that the committees can execute the task ahead of them.

Senator Osita Izunaso representing Imo West pointed out that the task ahead of the nominees, stressing that Nigerians are looking up to the to salvage the curent economic crisis in Nigeria.

The nominees who were grilled by the Senate on Wednesday assured Nigerians that they will work to address the foreign exchange crisis as well as food inflation as soon as possible.

Senate President Godswill Akpabio in his remarks congratulated those confirmed and urged them to use their wealth of experience in the financial sector to turn around monetary policy of the country, especially taking into consideration the current challenges facing the country.