Published: Wed, March 14, 2018
Research | By Jody Lindsey

Senate makes u-turn on confirmation of presidential nominees

Senate makes u-turn on confirmation of presidential nominees

Adeola Adenikinju, Aliyu Sanusi, Robert Asogwa and Asheikh Maidugu were also nominated as members to fill the positions of four others whose tenure were to expire at the end of 2017.

The upper chamber had in January embargoed subsequent confirmation of nominees from the presidency pending when the impasse on whether or not it has certain constitutional powers to confirm some nominees was resolved.

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.

He stated, "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 8th Senate is pro-economy, pro-foreign direct investment and pro-foreign controlling investment".

Senate President Bukola Saraki later put the question and it was unanimously adopted in favour of screening and confirming only the two CBN deputy governors and MPC nominees.

The Senate noted that the MPC was made up of 12 members, comprising seven from the private sector and five inside the CBN.

It also noted that now, only three of them were valid, since the tenure of others expired last December.

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The central bank was unable to hold its first MPC meeting in January because they could not form a quorum as a result of non-confirmation of members of the committee.

The lawmaker added, "I want to appeal to my colleagues".

"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", he said. As it is today, it is already affecting the foreign direct investment into Nigeria. Some foreign portfolio investments are already leaving, some that are supposed to come, are not coming.

At legislative proceedings, the Senate chose 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.

The Senate on Tuesday said there was no date yet for the passage of the 2018 Budget.

Also contributing, Deputy Senate President, Dr Ike Ekweremadu, said: "A wise man is a man who has to change his mind if he has to".

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