Tinubu Begs Senate to Confirm Cardoso as MPC Chairman

By Adedapo Adesanya

President Bola Tinubu has sought the confirmation of the Senate for the appointment of a chairman and members Monetary Policy Committee (MPC) of the  Central Bank of Nigeria (CBN) ahead of its first rate-setting meeting in seven months later this month.

Mr Tinubu’s request was conveyed in a letter addressed to the Senate President, Mr Godswill Akpiabio, and read at plenary on Wednesday.

The President in the letter titled Constitution of Monetary Policy Committee for the Central Bank of Nigeria (CBN) said, “In accordance with the provisions of section 12 of CBN Act 2007, I am pleased to present for confirmation by the Senate the confirmation of the under listed 12 persons as Chairman and members of the Monetary Policy Committee of the Central Bank of Nigeria.”

He listed the 12 persons to include Mr Olayemi Cardoso, CBN Governor (Chairman); Mr Muhammad Abdullahi, CBN Deputy Governor (Member); Mr Bala Bello, CBN Deputy Governor (Member); Mrs Emem Usoro, CBN Deputy Governor (Member); and Mr Philip Ikeazor, CBN Deputy Governor (Member).

Others are Mr Lamido Yuguda, the Director General of the Securities and Exchange Commission (SEC) (Member); Mr Jafia Lydia Shehu, the Permanent Secretary in the Federal Ministry of Finance (Member); Mr Muritala Sabo, a CBN Director (Member); Mr Aloysius Uche (Member);, Mr Agu Paulin (Member); Mr Mustapha Akinwumi (Member); and Mr Bamidele Amon (Member).

“While hoping that the request will receive the expeditious consideration of the Senate, please accept the distinguished Senate President, the assurance of my highest regards,” President Tinubu said.

Mr Akpabio thereafter referred the request to Committees on Finance Banking, Insurance and Other Financial Institutions for further legislative inputs and report back to plenary in one week.

The confirmation, by the timeline, should be done ahead of the MPC meeting scheduled for February 25-26.

Business Post reports that according to Section 12 sub-section 2 of the CBN Act 2007, the MPC comprises 12 members of the CBN Governor, the four Deputy Governors of the CBN, two members of the bank’s board, three members appointed by the President, and two members appointed by the CBN Governor.

In a related development, President Tinubu has asked for the confirmation of the Senate for Mr Kelechi Ohiri’s appointment as the Director-General of the National Health Insurance Authority (NHIA).

His request was conveyed in another letter addressed to Mr Akpabio, saying it is in line “with the provisions of section 40, sub-section one of the National Health Insurance Authority Act 2022.

“While hoping that the request will receive the expeditious consideration of the Senate, please accept the distinguished Senate President, the assurance of my highest regards,” Tinubu said.

Mr Akpabio thereafter referred to the request to Senate Committees on Health, for further legislative inputs and report back to plenary in one week.