Senate Makes U-turn, Approves Nominees For CBN Deputy Gov, MPC Members

James Marshall
March 14, 2018

The Senate disagreed with the president about its powers to confirm - or deny - his nominees to key government posts, a disagreement that has kept several prospective members of Nigeria's Monetary Policy Committee (MPC) from being approved.

The resolution of the Senate was sequel to a point of order by Chairman, Senate Committee on Banking and Other Financial Institutions, Senator Rafiu Ibrahim (APC, Kwara South), who pleaded that the non-composition of the board was affecting the economy, stressing that the board could not meet for lack of quorum.

Senate President Bukola Saraki later put the question and it was unanimously adopted in favour of screening and confirming only the two CBN deputy governors and MPC nominees.

‎Arguing his motion on the matter on Tuesday, Senator Ibrahim said the failure of the MPC to meet has affected foreign direct investment to Nigeria.

He explained that MPC has been unable to hold its meeting because it does not have the required number of members to form a quorum and this has had adverse effects on the economy.

Recall that Godwin Emefiele, Governor, Central Bank of Nigeria (CBN), had in January allayed fears over to the inability of the Central Bank of Nigeria (CBN) to hold its January 2018 Monetary Policy Committee (MPC) meeting. "It is not run by the board of Central Bank but each meeting is very important to the economy", he said.

The Senate had resolved not to consider all such nominees until Ibrahim Magu is removed as acting chairman of the anti-graft EFCC. "Some foreign portfolio investments are already leaving, some that are supposed to come, are not coming", he said.

The Deputy President of the Senate, Ike Ekweremadu, also backed the call for lifting of the suspension on the CBN appointments. I commend my colleagues for the statesmanship roles that they continue to play. For all it takes, we will continue to ensure that we see the best in the ease of doing business and promoting confidence.

"I believe that it is important that we make this exception so that our economy will not collapse and the global community will continue to have confidence in our economy". "Inasmuch as we continue to defend the institutions and the constitution, it is time we looked at the priorities and understand what is important".

Other reports by Click Lancashire

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