Senate Approves Yuguda For CBN Deputy Governor Role

The Nigerian Senate has confirmed Lamido Yuguda as Deputy Governor of the Central Bank of Nigeria, following his screening and subsequent clearance by the Senate Committee on Banking, Insurance and Other Financial Institutions.

According to Ireporter Online, the confirmation comes weeks after Bola Ahmed Tinubu approved Yuguda’s appointment in March, subject to legislative endorsement, in line with provisions of the Central Bank of Nigeria Act 2007. The presidency had formally transmitted the nomination to the Senate for consideration.

Further reports indicate that Yuguda’s nomination followed the redeployment of Bala Bello, the former Deputy Governor, who was appointed as Special Adviser to the President on Political Economy.

During his screening, Yuguda was granted the Senate’s customary “take a bow and go” privilege, a gesture typically reserved for nominees with an established record of public service. The Chairman of the committee, Adetokunbo Abiru, had initially suggested that the nominee respond to questions on monetary and fiscal policy due to the strategic importance of the role. However, this position was set aside following a motion by Osita Izunaso, who advocated adherence to the Senate’s tradition for experienced and previously screened candidates.

The motion, seconded by Sarafadeen Alli, highlighted Yuguda’s extensive track record, including his previous role as Director-General of the Securities and Exchange Commission Nigeria and his involvement in the central bank’s monetary policy framework. Lawmakers noted their familiarity with his performance and integrity in prior national assignments.

Following a voice vote, the committee unanimously endorsed the motion, paving the way for his confirmation by the Senate.