Business, Economy

Lack of quorum threatens MPC sitting

The next Monetary Policy Committee, MPC, of the Central Bank Of Nigeria, CBN, may not hold because new members have not been confirmed for the vacant positions in the bank.

The first for this year, is expected to hold with the next two weeks.

THISDAY reports that since last November eight positions on the 12-member committee were vacant, making it impossible for the committee to form a quorum.

Should the MPC fail to meet in the next two weeks, not only will this hamper the ability of the CBN to perform one of its most important roles – setting interest rates and formulating monetary policies – to ensure price stability and engender growth at a time inflation is likely to inch up over the fuel shortages and resultant hike in transport fares, it would cause untold embarrassment for the country.

The President had in October nominated Aisha Ahmad as Deputy Governor of the CBN to replace Sarah Alade, who retired from the Bank last June.

He also nominated Adeola Festus Adenikinju, Aliyu Rafindadi Sanusi, Robert Chikwendu Asogwa and Asheikh A. Maidugu as members of the MPC to fill the positions of four others whose tenure expired at the end of last year.

Similary, the President had nominated five non-executive directors for the CBN, who have also not been confirmed by the Senate.
Meanwhile, Suleiman Barau, another deputy governor of the central bank, who is also a member of the committee, retired last month.
The president is yet to name a replacement for him.

This impasse is a fallout of President Buhari’s refusal to replace Ibrahim Magu as Chairman of the Economic and Financial Crimes Commission Crimes Commission (EFCC) and the Senate insisting that they will not confirm him.

According to the report, the Upper Legislative Chamber is seeking legal advise concerning a statement credit to Vice President Yemi Oshibajo that the position of the EFCC chairman does not require the confirmation of the Senate, as it was not specified in the constitution. Government agencies like CBN, FIRS, NCC, and others.

But in the meantime, the lawmakers decided to suspend all the confirmation of all nominees from the Federal Government till they have obtain legal clarification on the matter.

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