MPC Quorum: Senate Considers CBN Nominees From Buhari

Senate No date yet for budget passage

The pending confirmations are Aisha Ahmad (as Deputy Governor of CBN) and four members of the MPC of the CBN; Adeola Adenikinju, Aliyu Sanusi, Robert Asogwa and Asheikh Maidugu.

On July 4, the senate said it would suspend all executive confirmation requests until Ibrahim Magu is removed as the acting chairman of the Economic and Financial Crimes Commission (EFCC).

The Senate is anxious that most worldwide treaties and conventions entered by the Federal Government over the years do not have the force of law.The upper chamber yesterday said the action was contrary to the provision of the law and insisted, " no treaty between the Federal Government and any country shall have the force of law except to the extent to which any such treaty has been enacted into law by the National Assembly".

The Senate on Tuesday made a u-turn on the confirmation of nominees by President Muhammadu Buhari.

Prior to taking the decision, the Senators had gone into an executive session where the issue was said to have been discussed to save the country from any embarrassment and for the overall interest of the people.

The resolution had affected the confirmation of about 50 nominees of the president.

‎"As at today, only three of them are valid".

The lawmaker added, "I want to appeal to my colleagues. Therefore, the Senate Committee Chairman on Banking, please ensure that you complete that process so that we can give the necessary support in this issue of the Monetary Policy Committee (MPC) and the Deputy Governors of Central Bank".

The meeting scheduled for 22-23 January, did not hold due to the inability of the apex Bank to form a quorum as specified in the CBN Act 2007. It is not run by the board of Central Bank but each meeting is very important to the economy. As it is today, it is already affecting the foreign direct investment into Nigeria. Some foreign portfolio investors are already leaving, some that are supposed to come are not coming.

The Senate disagreed with the president about its powers to confirm - or deny - his nominees to key government posts, a disagreement that has kept several prospective members of Nigeria's Monetary Policy Committee (MPC) from being approved.

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