Senate lifts embargo on confirmation of CBN deputy governors, others

14 March, 2018, 06:55 | Author: Darnell Taylor
  • No date for passage of 2018 budget yet – Senate

"We have three requests regarding the Board of the Central Bank of Nigeria; two deputy governors who are also members of MPC and MPC members who are majorly in the private sector."It is important that we consider our stand in respect of our earlier resolution of confirmation".

At legislative proceedings, the Senate decided to make concessions by screening for confirmation nominees for the position of Deputy Governor of CBN and members of the Monetary Policy Committee of the CBN.

It could be recalled the Committee was reported to have put off its January meeting due to its inability to form a quorum, as a result of the Senate's refusal to confirm nominees for the 12-man Committee.‎.

This followed a point of order raised by Senator Rafiu Ibrahim, who sought a revisit of the position of the Senate.

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.

Prior to taking the decision, the Senators had gone into an executive session where the issue was said to have been discussed to save the country from any embarrassment and for the overall interest of the people.

Unable to gather a quorum, the central bank had to cancel a meeting in January and leave rates unchanged at 14 percent, where they have been for more than a year.

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Speaking on the floor the senate on Tuesday, Ibrahim said the failure of the MPC to meet has affected foreign direct investment in Nigeria.

He further explained that the MPC is a creation of the CBN Act which is autonomous. Some foreign portfolio investors are already leaving, some that are supposed to come are not coming.

"Thank you for bringing that up".

The Deputy President of the Senate, Ike Ekweremadu, also backed the call for lifting of the suspension on the CBN appointments.

"Inasmuch as we continue to defend the institution and the Constitution, it is time that we look at the priorities and understand what is important".

According to the Senate, the move to have a change of heart is to enable Monetary Policy Committee, MPC, of the CBN continue to direct the affairs of the apex bank and for it to meet this month.

"I believe that it is important that we make this exception so that our economy will not collapse and the worldwide community will continue to have confidence in our economy".

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