It is also to screen and confirm the nomination of four other members of the CBN’s Monetary Policy Committee (MPC).
The resolution followed a motion of urgent national importance by Senator Rafiu Ibrahim (Kwara South).
The motion was promptly supported by Deputy Senate President Ike Ekweremadu and Deputy Senate Leader Bala Ibn Na’Allah who asked the Senate to go ahead and consider, screen and confirm the nominees in the interest of the economy.
Ibrahim, relying on Order 42 and 52 (matter of urgent national importance), underscored the necessity for the Senate to look beyond its resolution on confirmation of presidential nominees to screen and confirm the CBN board members.
He said, “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 and pro-foreign direct investment.
“We are all aware that in January, because of the resolution of this Senate that all confirmation according to all Acts of the National Assembly pending with us should be suspended forthwith.
“I rise to ask that the Senate do consider the possibility of us taking the very important aspect of the economy which is the Monetary Policy Committee. The MPC is made up of 12 members; about seven from the private sector and five inside the Central Bank of Nigeria.
“As at today, only three of them are valid. Almost all other members, their tenure expired in December last year and culminated into the MPC meeting not being held in January (22nd and 23rd) and the next meeting is March 19 &20.
“I want to appeal to our colleagues, we have three requests regarding the board of the Central Bank; two deputy governors who are also members of MPC and MPC members who are majorly in the private sector.
“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. As it is today, it’s already affecting the foreign direct investment in Nigeria. Some foreign portfolio investments are already leaving, some that are supposed to come, are not coming.
Senate President Bukola Saraki directed the Chairman, Senate Committee on Banking, Insurance and other Financial Institutions, Rafiu Ibrahim, to screen the nominees and present a report to the Senate for the confirmation of the nominees.