Senate Confirms Monetary Policy Committee Members, Urges ‘Urgent Rescue Of Nigerians’ From Hardship

The Senate on Thursday confirmed Olayemi Cardoso as Chairman of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN).

The upper house also confirmed 11 others as members of the MPC.

The lawmakers charged Cardoso to instigate policies that would quickly rescue Nigerians from hardship.

They said the MPC Chairman must engender fiscal policies and redirect the monetary policies to bring Nigeria out of the current economic malaise.

Speaking after the confirmation, President of the Senate, Godswill Akpabio Akpabio urged “the MPC to use their expertise to redirect the monetary policies including even contributions to the fiscal policies to ensure that Nigerians get out of the current economic quagmire.”

Those confirmed as members of MPC are Muhammad Sani Abdullahi, CBN deputy governor, member, Bala M. Bello, CBN deputy Governor (member), Emem Usoro, CBN deputy governor (member), Philip Ikeazor, CBN deputy governor (member) and Lamido Yuguda, DG Securities and Exchange Commission (member).

Others are Lydia Shehu Jafiya, Permanent Secretary, Ministry of Finance (member), Muritala Sabo Sagagi, CBN director (member), Aloysius Uche Ordu (member), Aku Pullen Odukemelu (member), Mustapha Akinwunmi (Member), Bamidele A.G. Amoh (member).

The confirmation scaled through after the consideration of a report of the screening of the nominees presented by the Chairman, Senate Committee on Banking, Insurance & Other Financial Institutions, Senator Adetokunbo Abiru, APC, Lagos East on the Confirmation of the Nomination of Twelve (12) persons as Members of the Monetary Policy Committee of the Central Bank of Nigeria.

The president had last week written the Senate, seeking the screening and subsequent confirmation of
12 persons as Chairman and Members of the Monetary Policy Committee of the Central Bank of Nigeria (CBN).

The president, in the letter addressed to the Senate President, said that he was forwarding the list in accordance with the provisions of section 12 of the Central Bank of Nigeria (CBN) 2007.

The President of the Senate referred the list to the Senate Committee on Banking, Insurance and other Financial Institutions to report back in one week, which culminated in their confirmation on Thursday.