Senate Confirms 12 Members Of Monetary Policy Committee

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The Nigerian Senate.

Mediaage NG News – ABUJA, Nigeria

The Nigerian Senate on Thursday confirmed members of the Monetary Policy Committee (MPC), with Olayemi Cardoso, Governor of the country’s Central Bank (CBN), as Chairman.

Nigeria’s President, Bola Tinubu had sent a letter that was read at the Senate plenary on Wednesday, February 14th, seeking the confirmation of the nominees, ahead of the MPC meeting next week. The request from Mr. President was referred to the Senate Committee on Banking, Insurance & Other Financial Institutions.

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The confirmed members of the MPC include Mohammed Sani Abdullahi , CBN deputy governor ; Bala Bello, CBN deputy governor; Emem Usoro, CBN deputy governor; and Philip Ikeazor, CBN deputy governor.

Others are: Lamido Yuguda, director general of the Securities and Exchange Commission (SEC); Jafiya Lydia Shehu, permanent secretary federal ministry of finance; Murtala Sabo Sagagi; Aloysius Uche Ordu; Aku Pauline Odinkemelu; Mustapha Akinwumi; and Bamidele Amoo.

Chairman of the Senate Committee, Abiru Adetokunbo said the new members of the MPC are capable “for the crucial task ahead of them”.

From his words, six of the 12 nominees were screened last Wednesday, but the CBN governor, deputy governors and the permanent secretary of the Ministry of Finance, having already been checked by the Senate before occupying their current 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.

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Senator Osita Izunaso, representing Imo West said Nigerians are looking up to the MPC to salvage the curent economic crisis in the country.

The MPC is the highest policy making committee of the Central Bank mandated 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.

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