Senate Approves Bala Yuguda as Deputy Governor of CBN

The Senate on Wednesday approved Lamido Yuguda as Deputy Governor, Central Bank of Nigeria (CBN).

This was after he was screened and confirmed by the Senate Committee on Banking, Insurance and Other Financial Institutions.

Recall that President Bola Tinubu had in March approved the appointment of Yuguda as Deputy Governor of the Central Bank of Nigeria (CBN), subject to Senate confirmation.

The appointment is in conformity with Section 8(1) of the Central Bank of Nigeria Act, 2007.

Yuguda’s nomination follows the appointment of the former Deputy Governor, Mr. Bala Bello, as Special Adviser to the President on Political Economy, a statement by the Special Adviser to Tinubu on Information and Strategy, Bayo Onanuga, said.

Later, the President asked the lawmakers to confirm Yuguda.

Senate Committee reportedly gave Yuguda the privilege of a “take a bow and go” during his screening on Wednesday morning, before the commencement of plenary.

The chairman of the committee, Senator Adetokunbo Abiru had earlier hinted that the nominee should be grilled on monetary and fiscal policy in view of the strategic nature of the office.

But this was overtaken by a motion moved by Senator Osita Izunaso, who urged the panel to respect the long-standing Senate tradition for well-known and previously vetted nominees.

Izunaso who was seconded by Senator Sarafadeen Alli (Oyo South) said Yuguda had been screened severally in the past for critical national assignments including his role as Director-General, Securities and Exchange Commission (SEC) and member of the CBN’s monetary policy structure.

“The nominee has a history of competency and integrity in previous positions,” he said.

He said that the lawmakers were already aware of his track record.

The committee voted by voice vote, and it was unanimous for the motion, and so cleared Yuguda for confirmation.