Abuja – The Senate on Tuesday resolved to screen President Muhammadu Buhari’s nominees for the post of Deputy Governors of the Central Bank of Nigeria (CBN).
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.
The non-confirmation of the nominees has hindered the bank’s Monetary Policy Committee (MPC) meeting due to lack of a quorum as required by law.
The MPC as structured by law carries out the review of economic and financial conditions in the economy, as well as determining appropriate stance of policy in the short to medium term.
It could be recalled the Committee was reported to have put off its January meeting due to its inability to form a quorum, as a result of the Senate’s refusal to confirm nominees for the 12-man Committee.
Arguing his motion on the matter on Tuesday, Senator Ibrahim said the failure of the MPC to meet has affected foreign direct investment to Nigeria.
He said: “I rise on the issue pertaining to a very significant aspect of the country’s economy knowing from inception of the 8th Senate that the eight Senate is pro-economy, pro-foreign direct investment, pro-foreign controlling investment.
”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. The MPC is made up of 12 members; about seven from the private sector and five inside the Central Bank.
”As at today, only three of them are valid. Almost all other members, their tenure expired in December last year and culminated into the MPC meeting not being held in January (22nd and 23rd) and the next meeting is March 19 &20.
“I want to appeal to our colleagues, we have three requests regarding the Board of the Central Bank – two deputy governors who are also members of MPC and MPC members who are majorly in the private sector.
“MPC is a creation of the CBN Act which is autonomous. It is not run by the board of Central Bank but each meeting is very important to the economy.
“As it is today, it’s already affecting the foreign direct investment in Nigeria. Some foreign portfolio investments are already leaving, some that are supposed to come, are not coming,” he said.
The post Senate To Screen Buhari’s Nominee For CBN Deputy Governorship Office appeared first on Independent Newspapers Nigeria.
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Author: Ahmed Musa