Senate Makes U-Turn On Presidential Nominees

Senate Makes U-Turn On Presidential Nominees

"We have three requests regarding the Board of the Central Bank of Nigeria; two deputy governors who are also members of MPC and MPC members who are majorly in the private sector."It is important that we consider our stand in respect of our earlier resolution of confirmation".

Lawmakers in Nigeria'sSenate said details of the nominees had been formally referred to the Committee on Banking.

Also to be screened are nominees for membership of the Monetary Policy Committee (MPC) sent to the upper parliament for confirmation.

Nigeria's Senate plans to start screening new members of the central bank's interest rate committee after it held up some of President Muhammadu Buhari's nominees in a political spat.

He further explained that the upper chamber resolved that it would consider the confirmation of members of the Monetary Policy Committee (MPC).

It also noted that now, only three of them were valid, since the tenure of others expired last December. The MPC is made up of 12 members; about seven from the private sector and five inside the Central Bank.‎. This happened since previous year.

Senate is disturbed that the impasse is having a toll on the Nigerian economy with significant damage on Foreign Direct Investment (FDI) and foreign portfolio investments exiting the country.

The lawmaker called for a concession in order to do the confirmation process for the two deputy governors and four other members of the MPC.

Seconding the motion, the Deputy Majority Leader, Senator Bala Ibn Na'Allah, said he was happy that the Senate had the commitment to cooperate fully with the Federal Government on everything relating to the economy and good governance of the country.

In his remarks, the senate president, Dr. Bukola Saraki said the Upper House would always give priority to the nation's economy and urged Senator Ibrahim led committee to ensure a speedy completion of the confirmation process.