Senate confirms Cardoso, 11 others for CBN’s Monetary Policy Committee

Ahead of Monday’s meeting of the Central Bank of Nigeria’s Monetary Policy Committee, MPC, the Senate on Thursday confirmed the nomination of the apex bank’s governor, Mr Olayemi Cardoso as the chairman of the committee.

Those confirmed as members of the committee include Muhammad Sani Abdullahi, Bala M Bello, Emem Usoro, and Phillip Ikeazor, who are all CBN Deputy Governors.

Others are the Director General of the Securities and Exchange Commission, SEC, Lamido Yuguda; Permanent Secretary, Ministry of Finance, Jafiya Lydia Shehu; CBN Director, Murtala Sabo Sagagi, Alloycius Uche Ordu, Aku Pullen Odukemelu, Mustapha Akinwunmi and Bandele A. G. Amoo.

Confirmation of their appointments was sequel to the adoption of the report of the Senate Committee on Banking, Insurance and other Financial Institutions, chaired by Senator Adetokunbo Abiru (APC Lagos East) during plenary.

In his presentation, Senator Abiru said the nominees possessed the academic qualifications, technical knowledge and professional experience to be members of the MPC of the CBN.

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He said the panel did not receive any petitions against their nominations, adding that the nominees were all cleared by the security agencies.

Contributing, the Deputy Senate President, Senator Jibrin Barau, commended the committee for the thorough job done to deal with the challenges currently facing the nation’s economy.

He noted that all of the nominees “have outstanding track records, wonderful pedigrees that they can do this job properly,” adding that “they fit into the requirements needed to perform the functions prescribed for them.

In his remarks, the Senate President, Senator Godswill Akpabio also commended the committee for the expeditious attention given the president’s request, highlighting the experience, qualifications and expertise of the nominees as the right choices for appointment as members of the MPC.

He also hailed President Tinubu “for appointing men and women with experience and expertise to help turn around the nation’s economy and with the hope that they will use their expertise to redirect the economy for the accelerated growth and development of the country.”