President Bola Tinubu has requested the Senate’s confirmation for the appointment of a chairman and members to the Central Bank of Nigeria’s (CBN) Monetary Policy Committee (MPC).

Tinubu’s formal request was delivered in a letter titled “Constitution of Monetary Policy Committee for the Central Bank of Nigeria (CBN)”, addressed to the Senate President, Godswill Akpiabio, and presented during the plenary session on Wednesday.

The letter cites compliance with section 12 of the CBN Act 2007 and the nomination of 12 individuals for confirmation as chairman and members of the MPC. The chairman of the committee is Olayemi Cardoso, the CBN Governor, with the remaining members including senior officials from CBN and other relevant institutions.

Tinubu emphasized the urgency of Senate’s consideration for the request. Consequently, the Senate President referred the letter to the Committees on Finance and Banking, Insurance, and other Financial Institutions, for further review and legislative processing. A report is expected to be presented back to the plenary within one week.