To underscore the urgency required to fix the economy, the Nigerian Senate on Tuesday ratified the nomination of Olayemi Cardoso for the position of Central Bank Governor and four others as his deputies. It was the first major assignment undertaken by the Senate after its resumption from a two-month recess.

Other nominees who were confirmed as Deputies to Olayemi are: Emem Usoro, Muhammad Abdullahi-Dattijo Philip Ikeazor and Bala Bello.

On September 15, President Tinubu approved the nomination of Dr. Olayemi Cardoso to serve as the new Governor of the Central Bank of Nigeria (CBN). He and the others assumed duty acting capacity pending their screening and expected confirmation by the Senate.

The nominees were subjected to series of questions from the Senators who did not hide their annoyance at the parlous state of the economy which has given them cause for worry. Some of the Senators also offered their suggestions to the new CBN team on how restore the economy.

Topping the Senators list of worries was the Naira free fall. Mr. Cardoso emphasized that the CBN will apply all the relevant laws especially CBN amendment Act 2007 to restore normalcy to the economy. He said the CBN under him would enforce compliance with rules and regulations. “I believe that the Central Bank under our watch will have no choice but to embrace a culture of compliance,”

The nominees took turn to introduce themselves and gave their opinions on the task ahead of them at the CBN. The CBN Governor said he would require the support of members of the hallowed Senate Chamber to ensure the Bank’s oversight function over the banking sector in the areas of reforms. “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,”

The Senators prodded to know the mindset of the new CBN leadership on the role of the CBN in the economy and especially on how to ensure its autonomy. Some Senators queried what the CBN refers to as profit.

Some other Senators were worried that the CBN has deviated from its primary goals and has been doling monies into different sectors of the economy directly instead of channeling the resources to strengthen institutions like the Bank of Industry, Agriculture Bank and so on.

Senator Adams Oshiomole from Edo state advised the new team to think out of the box in order to revive the economy noting that the economy has not responded to conventional textbook solutions.

Senator Ishaku Abbo from Adamawa state wanted to know what the team would do with the last audited report issued by the CBN which he described as an embarrassment because it did not comply with international standards of presenting such reports.

The new CBN helmsman and his Deputies attempted to give satisfactory responses to the questions asked after which they were asked to take their exit.

The Senators in plenary later confirmed the CBN governor and the four deputies.