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The Senate on Wednesday, approved the appointment of the members of the Monetary Policy Committee (MPC) in the Central Bank of Nigeria (CBN).

This was sequel to the consideration of a report by the Senate Committee on Banking, Insurance and Other Financial Institutes on the confirmation of appointment for members of the Monetary Policy Committee (MPC) in the Central Bank of Nigeria (CBN).

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

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President Muhammadu Buhari had in a letter, dated 23rd February 2022 requested the Senate to confirm appointment of the Members of the MPC of the CBN.

The President explained that the confirmation and membership renewal request was made pursuant to Section 12(4) of the Central Bank Act, 2007.

Buhari requested the confirmation of two new nominees and the renewal of five members of the MPC.

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In presenting the report, Senator Uba noted that their appointment was in accordance with section 12 (2) of the CBN Act 2007.

He further stated that the nominees possessed academic qualifications, technical knowledge, and professional experience to be members of the Monetary Policy Committee of the CBN.

The lawmaker also mentioned that committee did not receive any petition against any of the nominees, adding that they have been cleared by Nigerian Police Force and DSS.

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The two new nominees for confirmation are Prof. Mohammed Adaya Salisu and Dr. Mo’ Omamegbe

Those for renewal include Prof. Michael Obadan, Prof. Festus Adeola Adenikinju, Prof. Aliyu Sanusi Rafindadi, Dr. Robert Asogwa, and Alhaji Aliyu Ahmed.

The Senate adopted the report of the committee accordingly and approved the appointment of the Monetary Policy Committee in the CBN.

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