The Nigerian Senate, on Tuesday, confirmed the nomination of Dr. Olayemi Michael Cardoso as the substantive Governor of the Central Bank of Nigeria.
The Upper Chamber also confirmed the nomination of four deputy governor nominees for the apex bank.
Dr. Cardoso, who assumed duty in acting capacity following his nomination by President Bola Tinubu earlier in September appeared before the Senate on Tuesday, September 26, 2023, for confirmation of his nomination.
During his screening, the lawmakers asked him several questions regarding inflation, fiscal and monetary policies, foreign exchange and how he would as a CBN governor grow the economy of Nigeria.
In answering questions bordering on inflation, Dr. Cardoso promised to put measures in place to address the issues.
“I know that you all see your various constituents regularly, you’ll be hearing a lot of complaints. Again, there are long-term measures, there are medium-term measures and I believe that some of those measures are being taken already on the fiscal side to at least address a lot of the things that had happened in the past. You look at the removal of oil subsidy, you look at the tightening up on payments being made by on taxes and a whole host of other areas,” he said.
Dr. Cardoso also promised that the CBN under his leadership would enact policies that would be economically friendly and make the Naira stable.
“Our growing Country’s foreign debt is alarming, will work out friendly policies that will promote local production. We will work with relevant stakeholders to our Naira is stable,” Dr Cardoso said.
After hours of questioning, the Senate confirmed Cardoso as the 11 Governor of the Central Bank of Nigeria.
The Red Chamber also confirmed the nomination of Emem Nnana Usoro, Muhammad Sani Abdullahi Dattijo, Philip Ikeazor and Bala Bello as Deputy Governors of the Apex Bank.
Cardoso succeeded Godwin Emefiele, who was suspended from office in June and subsequently tendered his resignation to President Tinubu.
The Tuesday plenary Started in the afternoon with the Business of Day which is the Presentation of the Bills, sixteen in number to the house.
The Central Bank of Nigeria Act, Amendment Bill 2023, Fiscal Responsibility Act, Amendment Bill 2023, and Student Loans Access to Higher Education Act Amendment Bill 2023 among others were read by the Clack of the National Assembly, all still in the first reading, were taken by the House for consideration.
The Nigerian Senate is resuming for another session of plenary after a week’s break.
