Senate confirms 7 member CBN Monetary Policy Committee

By Ikechukwu Okaforadi

The Senate on Wednesday, confirmed the nominations of seven members of the Monetary Policy Committee of the Central Bank of Nigeria (CBN).

The confirmation of the nominees followed the consideration of a report by the Committee on Banking, Insurance and Other Financial Institutions.

The report was laid and presented by the Chairman of the Committee, Senator Uba Sani (Kaduna Central).

President Buhari, in the letter addressed to the Senate President, Ahmad Lawan, and dated 23rd February, 2022, explained that the confirmation and membership renewal request was made pursuant to Section 12(4) of the Central Bank Act, 2007.

Those confirmed by the Senate include Professor Mohammed Adaya Salisu and Dr. Mo’Omamegbe – both of whom are new appointments.

The other five Members of the Committee for renewal are Professor Michael Obadan, Prof. Festus Adeola Adenikinju, Prof. Aliyu Sanusi Rafindadi, Dr. Robert Asogwa and Alhaji Aliyu Ahmed.

Senator Uba Sani, in his presentation, said the nominees posses the academic qualifications, technical knowledge and professional experience to be Members of the Monetary Policy Committee of the Central Bank of Nigeria.

He disclosed that the Senate Committee on Banking did not receive any petition against their nominations, adding that the nominees were all cleared by the Nigeria Police Force, Department of State State Services (DSS) and possess the Code of Conduct Acknowledgment Slip.

He stated that one of the nominees, Alhaji Aliyu Ahmed is the Permanent Secretary, Federal Ministry of Finance, Budget and National Planning and will serve as the representative of the Ministry in the Monetary Policy Committee (MPC).