The Nigerian Senate has confirmed the appointment of Yemi Cardoso as the Central Bank of Nigeria (CBN) governor and four others as deputy governors of the apex bank.
Their appointment was confirmed after their screening by the upper legislative body Tuesday, September 26. The deputy governors who were confirmed are Emem Nnana Usoro, Muhammad Sani Abdullahi Dattijo, Philip Ikeazor, and Bala Bello.
“The nomination of Olayemi Cardoso is hereby confirmed as governor of the Central Bank of Nigeria (CBN),” Senate President Godswill Akpabio said.
Also read: Tinubu nominates Cardoso as CBN Governor, Usoro and others as Dep Governors
Before their confirmation, the nominees had answered questions on matters related to economic and other policies. During the screening, Cardoso promised to embrace compliance, assuring that under his leadership, the apex bank would remain apolitical.
In answering questions bordering on inflation, Dr. Cardoso promised to put measures in place to address the issues.
“I know that you all see your various constituents regularly, you’ll be hearing a lot of complaints. Again, there are long-term measures, there are medium-term measures and I believe that some of those measures are being taken already on the fiscal side to at least address a lot of the things that had happened in the past.
‘‘You look at the removal of oil subsidy, you look at the tightening up on payments being made by on taxes and a whole host of other areas,” he said.
“I believe that the Central Bank under our watch will have no choice but to embrace a culture of compliance. We will not wait for oversight to come and tell us what to do. We will ensure that by the time the system is passing through us, we catch it and we deal with it,” said Cardoso who promised zero tolerance for abuse of compliance. That is a cultural shift, a change in mindset, but we will make sure it happens,” Cardoso said.
During his screening, the lawmakers asked him several questions regarding inflation, fiscal and monetary policies, foreign exchange and how he would as a CBN governor grow the economy of Nigeria.
Dr. Cardoso also promised that the CBN under his leadership would enact policies that would be economically friendly and make the Naira stable.
“Our growing Country’s foreign debt is alarming, will work out friendly policies that will promote local production. We will work with relevant stakeholders to our Naira is stable,” Dr Cardoso said.
After hours of questioning, the Senate confirmed Cardoso as the 11th Governor of the Central Bank of Nigeria.
The Red Chamber also confirmed the nomination of Emem Nnana Usoro, Muhammad Sani Abdullahi Dattijo, Philip Ikeazor and Bala Bello as Deputy Governors of the Apex Bank.
Cardoso succeeded Godwin Emefiele, who was suspended from office in June and subsequently tendered his resignation to President Tinubu.
The Tuesday plenary Started in the afternoon with the Business of Day which is the Presentation of the Bills, 16 in number to the house.
The Central Bank of Nigeria Act, Amendment Bill 2023, Fiscal Responsibility Act, Amendment Bill 2023, and Student Loans Access to Higher Education Act Amendment Bill 2023 among others were read by the Clack of the National Assembly, all still in the first reading, were taken by the House for consideration.
The Nigerian Senate is resuming for another session of plenary after a week’s break.
