- The federal lawmakers have confirmed the list which makes up the seven members of the CBN monetary policy committee
- This confirmation was followed up through a report by the committee of financial institutions in the country
- The Senate revealed the nominees were all cleared by the Nigeria Police Force and the Department of State State Services
On Wednesday, March 23, the Senate confirmed the nominations of seven members of the Monetary Policy Committee of the Central Bank of Nigeria.
In a statement signed and issued by Dr. Ezrel Tabiowo, special assistant (press) to President of the Senate, and seen by Legit.ng, the confirmation of the nominees followed the consideration of a report by the Committee on Banking, Insurance and other Financial Institutions.
The report was laid and presented by the chairman of the committee, Senator Uba Sani (Kaduna Central).
Buhari, in the letter addressed to the Senate President, Ahmad Lawan, and dated February 23, 2022, explained that the confirmation and membership renewal request was made pursuant to Section 12(4) of the Central Bank Act, 2007.
PAY ATTENTION: Subscribe to Digital Talk newsletter to receive must-know business stories and succeed BIG!
Those confirmed by the Senate include;
- Professor Mohammed
- Adaya Salisu
- and Dr. Mo’Omamegbe – both of whom are new appointments.
The other five members of the Committee for renewal are;
- Professor Michael Obadan,
- Prof. Festus Adeola Adenikinju,
- Prof. Aliyu Sanusi Rafindadi,
- Dr. Robert Asogwa and
- Alhaji Aliyu Ahmed.
Qualifications of the nominees
Senator Uba Sani, in his presentation, said the nominees possess the academic qualifications, technical knowledge and professional experience to be Members of the Monetary Policy Committee of the Central Bank of Nigeria.
He stated that one of the nominees, Alhaji Aliyu Ahmed is the Permanent Secretary, of the Federal Ministry of Finance, Budget and National Planning and will serve as the representative of the ministry in the Monetary Policy Committee.
CBN Insists on giving loans to Nigerian despite IMF's warnings
The Central Bank of Nigeria has insisted that its credit interventions are supporting the Nigerian economy, saying it will continue issuing credit facilities to Nigerians as that is a way to bolster the economy.
This is despite the warnings by the International Monetary Fund (IMF ) that the apex bank should scale back on its interventions as that is unhealthy to the economy.
The CBN Governor, Godwin Emefiele, in a communique said this at this year’s maiden edition of the Monetary Policy Committee (MPC) meeting in Abuja on Monday, March 21, 2022.
He was reacting to the IMF’s recent report on Nigeria which asked the CBN to bring down its intervention programmes because they may cause market distortions.
Banks to start paying customers in coins, as lawmakers, tell CBN to reinforce its use as legal tender
In what can be seen as a curious move, on Tuesday, March 22, 2022, the House of Representatives requested the Central Bank of Nigeria to reinforce the use of coins as legal tender and guarantee that banks fully comply with the directive.
This is the sequel to the adoption of a motion moved by Muda Umar from Bauchi at plenary, BusinessDay reports.
According to him on February 28, 2007, Nigeria spent so much to introduce the use of coins under the economic reforms of the former Governor of the Central Bank of Nigeria, Sanusi Lamido Sanusi.
IMF raises concern on Nigeria's 2022 fiscal year, warns trouble ahead over debt servicing, weak revenue
Legit.ng has reported that the International Monetary Fund (IMF) has said the Federal Government could spend as much as 92.6 per cent of its revenue on debt servicing this year.
This is a significant increase from the 85.5 per cent debt servicing-to-revenue ratio it projected in 2020, The Guardian reports.
IMF projection is contained in its 2021 Article IV, which was released on Monday, 7 February 2022.