Senate To Screen Buhari's Nominee For CBN Deputy Governorship Office

Mindy Sparks
March 14, 2018

The Senate has chose to reverse its earlier decision not to confirm any nominee from President Muhammadu Buhari, whose office is not expressly stated in the Constitution.

The upper chamber had in January embargoed subsequent confirmation of nominees from the presidency pending when the impasse on whether or not it has certain constitutional powers to confirm some nominees was resolved.

The Upper Legislative Chamber reached the resolution after considering and adopting a motion sponsored by Senator Rafiu Ibrahim, representing Kwara south on the platform of the All Progressives Congress, APC.‎.

‎"I rise to ask that the Senate do consider the possibility of us taking the very important aspect of the economy which is the Monetary Policy Committee".

"This has also affected foreign investments into the country and has not made the CBN seat to make monetary decisions to propel the economy", the Senator said.

The central bank was unable to hold its first MPC meeting in January because they could not form a quorum as a result of non-confirmation of members of the committee.

On July 4, the senate said it would suspend all executive confirmation requests until Ibrahim Magu is removed as the acting chairman of the Economic and Financial Crimes Commission (EFCC).


"The MPC is a creation of the CBN Act, which is autonomous".

"As it is today, It's already affecting the foreign direct investment in Nigeria". Some foreign portfolio investors are already leaving, some that are supposed to come are not coming.

Also contributing, Deputy Senate President, Dr Ike Ekweremadu, said: "A wise man is a man who has to change his mind if he has to".

"Thank you for bringing that up". For all it takes, we will continue to ensure that we see the best in the ease of doing business and promoting confidence. Let us make an exception on the issue of MPC.

"Inasmuch as we continue to defend the institutions and democracy and the Constitution that we have all sworn by, it is time to also 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.

Other reports by Iphone Fresh

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