Senate has relaxed its embargo on further confirmation of appointment nominees from the presidency.
Senate made the U-turn to allow a proper composition of the Monetary Policy Committee (MPC) ahead of its next meeting scheduled for March 19 and 20.
The Senate’s decision followed a point of order from Senator Rafiu Ibrahim drawing attention to how the committee has been unable to meet because it lacked the quorum following Senate’s refusal to confirm presidential nominees for MPC.
Three requests for appointment into the board of the central bank; two deputy governors, who are also members of MPC and MPC members majorly in the private sector are currently pending in the Senate.
MPC is a creation of the Central Bank of Nigeria Act established to formulate the country’s momentary and credit policies.
The MPC is made up of 12 members, seven from the private sector and five from the central bank.
At the moment, only three members are valid.
The tenure of other members expired December last year, making it difficult for the MPC to hold in January.
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 upper legislative chamber subsequently resolved to reconsider its stance when it asked its committee on banking to begin the process for the confirmation of the two deputy governors and other members of the MPC.
