The Nigerian Senate has granted approval for the appointment of a 12-member Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN), as proposed by President Bola Tinubu.
The confirmation follows a thorough assessment by the Senate’s Committee on Finance, Banking, Insurance, and other Financial Institutions, which deemed the nominees fit for their respective roles.
The approval by the Senate signals the green light for the newly- appointed members to commence their duties within the apex bank’s monetary policy committee.
Led by Yemi Cardoso, the Governor of the Central Bank, the committee comprises 11 other distinguished members drawn from various sectors.
Among the appointed members are Muhammad Abdullahi, Bala Bello, Emem Usoro, and Philip Ikeazor, all serving as Deputy Governors of the Central Bank.
Additionally, Lamido Yuguda, Director General of the Security and Exchange Commission (SEC), and Jafia Lydia Shehu, Permanent Secretary of the Federal Ministry of Finance, have been enlisted as members.
Completing the ensemble are Muritala Sabo and Aloysius Uche, both from the CBN, along with Agu Paulin, Mustapha Akinwumi, and Bamidele Amon, rounding out the committee’s diverse composition.
President Bola Tinubu’s formal request for Senate confirmation, submitted through a letter addressed to Senate President Godswill Akpiabio, underscored the importance of constituting a robust MPC to oversee Nigeria’s monetary policy framework effectively.
This development comes in the wake of recent changes within the MPC, including the cessation of payments to external members, which was interpreted as their effective dismissal.
The appointment of a new MPC signals a fresh chapter in Nigeria’s monetary policy landscape, with the upcoming MPC meeting slated for February 26th and 27th poised to be the first under the leadership of Mr. Yemi Cardoso and his team.
During its last session, the MPC decided to elevate the interest rate to its current level of 18.75 per cent, reflecting the committee’s proactive stance in addressing prevailing economic challenges and steering Nigeria towards sustainable growth.
