Senate confirms Cardoso, others as chairman, members of Monetary Policy Committee
The Senate on Thursday confirmed the Governor of the Central Bank of Nigeria, Olayemi Cardoso, as chairman of the Monetary Policy Committee (MPC).
The upper legislative chamber also confirmed the appointment of deputy governors of the CBN and seven others as members of the MPC.
The CBN deputy governors are, Mohammed Abdullahi, Bala Bello, Emem Usoro, and Philip Ikeazor.
Others are Director-General of Securities and Exchange Commission (SEC), Lamido Yuguda, and Permanent Secretary of the Ministry of Finance, Jibia Shehu.
Murtala Sabo, Uche Wogu, Maureen Agu, Mustapha Akinwumi and Bamidele Omo are also members.
The Senate President, Godswill Akpabio, announced the confirmation of Mr Cardoso and others after they were cleared through voice votes during the plenary.
The nominees were screened by members of the Senate Committee on Banking, Insurance and other Financial Institutions during the committee’s meeting on Wednesday.
Chairman of the Committee, Adetokunbo Abiru, who presented the report of the screening, noted that the CBN governor and his deputies were excused from the exercise because they were recently screened in the National Assembly for their current positions as governor and deputy governor’s of the bank.
Mr Abiru also said the permanent secretary of the Federal Ministry of Finance was also not screened.
READ ALSO: We are revamping communication for CBN — Cardoso
The committee chairman said its members searched through the curriculum vitae of the nominees and found out that they were all qualified for the positions.
“All nominees are experienced in economics and financial services. Their appointment is in accordance with provisions of the CBN Act 2007, and we did not receive any petition against them,” Mr Abiru said.
The senator, therefore, recommended the confirmation of the nominees.
Contributing to the report, the Deputy Senate President, Barau Jibrin, commended members of the committee for screening the nominees .
“I commend the committee for the fact that they did that work to deal with the challenges we are facing with our economy. They decided that they will work round the clock to deal with the present request. This is commendable.
“I think because of the track records of the nominees, of course, they were here before us and we don’t have a problem with them. Even the ones that have been brought together with the statuary nominees like Professor Murtala Sagagi and the rest, all of them have outstanding track records, wonderful pedigrees that they can do this job properly. They fit into the requirements needed to perform the functions prescribed for them.
“So, I think without much ado, we should go straight away to give our nod as Senate for them to be confirmed in order to move forward.”
The senator representing Imo west, Osita Izunaso, urged the nominees to perform their duties diligently.
The MPC is a statutory body established under section 12(1) of the CBN Act “to facilitate the attainment of the objective of price stability and to support the economic policy of the Federal Government.”
The Act under section 12(3) tasked the committee with responsibility of formulating monetary and credit policy.
Its membership comprises the Governor of the Bank who shall be the Chairman; the four Deputy Governors of the CBN; two members of the Board of Directors of the bank; three members appointed by the President, and two members appointed by the CBN Governor.
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The Senate on Thursday confirmed the Governor of the Central Bank of Nigeria, Olayemi Cardoso, as chairman of the Monetary Policy Committee (MPC).
The upper legislative chamber also confirmed the appointment of deputy governors of the CBN and seven others as members of the MPC.
The CBN deputy governors are, Mohammed Abdullahi, Bala Bello, Emem Usoro, and Philip Ikeazor.
Others are Director-General of Securities and Exchange Commission (SEC), Lamido Yuguda, and Permanent Secretary of the Ministry of Finance, Jibia Shehu.
Murtala Sabo, Uche Wogu, Maureen Agu, Mustapha Akinwumi and Bamidele Omo are also members.
The Senate President, Godswill Akpabio, announced the confirmation of Mr Cardoso and others after they were cleared through voice votes during the plenary.
The nominees were screened by members of the Senate Committee on Banking, Insurance and other Financial Institutions during the committee’s meeting on Wednesday.
Chairman of the Committee, Adetokunbo Abiru, who presented the report of the screening, noted that the CBN governor and his deputies were excused from the exercise because they were recently screened in the National Assembly for their current positions as governor and deputy governor’s of the bank.
Mr Abiru also said the permanent secretary of the Federal Ministry of Finance was also not screened.
READ ALSO: We are revamping communication for CBN — Cardoso
The committee chairman said its members searched through the curriculum vitae of the nominees and found out that they were all qualified for the positions.
“All nominees are experienced in economics and financial services. Their appointment is in accordance with provisions of the CBN Act 2007, and we did not receive any petition against them,” Mr Abiru said.
The senator, therefore, recommended the confirmation of the nominees.
Contributing to the report, the Deputy Senate President, Barau Jibrin, commended members of the committee for screening the nominees .
“I commend the committee for the fact that they did that work to deal with the challenges we are facing with our economy. They decided that they will work round the clock to deal with the present request. This is commendable.
“I think because of the track records of the nominees, of course, they were here before us and we don’t have a problem with them. Even the ones that have been brought together with the statuary nominees like Professor Murtala Sagagi and the rest, all of them have outstanding track records, wonderful pedigrees that they can do this job properly. They fit into the requirements needed to perform the functions prescribed for them.
“So, I think without much ado, we should go straight away to give our nod as Senate for them to be confirmed in order to move forward.”
The senator representing Imo west, Osita Izunaso, urged the nominees to perform their duties diligently.
The MPC is a statutory body established under section 12(1) of the CBN Act “to facilitate the attainment of the objective of price stability and to support the economic policy of the Federal Government.”
The Act under section 12(3) tasked the committee with responsibility of formulating monetary and credit policy.
Its membership comprises the Governor of the Bank who shall be the Chairman; the four Deputy Governors of the CBN; two members of the Board of Directors of the bank; three members appointed by the President, and two members appointed by the CBN Governor.
Support PREMIUM TIMES’ journalism of integrity and credibility
Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.
For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.
By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.
Donate
TEXT AD: Call Willie – +2348098788999
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