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Senate Makes U-Turn: Reverses Decision Not To Screen CBN Board

BY OUR REPORTERS—(ABUJA) The Senate has reverse its earlier decision not to confirm any nominee from President Muhammadu Buhari, whose office is not expressly stated in the Constitution.

At legislative proceedings, the Senate decided to make concessions by screening for confirmation nominees for the position of Deputy Governor of CBN and members of the Monetary Policy Committee of the CBN.

This is coming on the heels of  an appeal made by a Federal Lawmaker Senator Rafiu Ibrahim,  to the lawmakers to confirm the nominees for the position of Deputy Governor of CBN and members of the Monetary Policy Committee of the CBN.

According to him the MPC has been unable to hold its meeting because it does not have the required number of members to form a quorum and this has had adverse effects on the economy.

It would be recalled that the CBN could not hold the meeting in January this year, due to the Senate’s refusal to approve the critical committee needed to form a quorum as stipulated in the CBN Act of 2007.

However, the CBN governor, Godwin Emefiele, said last month that the CBN may reduce its benchmark from a record-high 14 percent before July if inflation drops closer to single digits.

But economist are of the view that that this can only be achieved until  the Senate approves four nominees to the MPC, submitted last year to the National Assembly.by President Muhammadu Buhari.

 

 

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