The Senate has confirmed the appointment of Lamido Yuguda as Deputy Governor of the Central Bank of Nigeria, filling a critical position at an institution facing mounting pressure over inflation, exchange rate volatility, and monetary policy credibility. The confirmation followed a voice vote after the Committee on Banking, Insurance and Other Financial Institutions presented a report endorsing the nominee.
Committee chairman Adetokunbo Abiru, senator representing Lagos East, told the chamber that Yuguda was found suitable based on his extensive knowledge and work experience, in line with Section 8(1) of the CBN Act. He noted that the nominee demonstrated considerable financial expertise during screening and that no petitions were received against his nomination. Senator Danjuma Goje, a former governor representing Gombe Central, seconded the motion for confirmation, describing Yuguda as fully qualified, highly experienced, and trustworthy.
President Bola Tinubu had appointed Yuguda as deputy governor in March and transmitted his nomination to the Senate for confirmation last Wednesday, in accordance with constitutional provisions. The appointment followed the reassignment of former Deputy Governor Bala Bello as Special Adviser to the President on Political Economy.
During the committee-level screening, lawmakers did not subject Yuguda to detailed questioning about his new role. Instead, they asked him to take a bow and go, a parliamentary tradition that allows certain nominees to avoid extensive scrutiny. Although Abiru attempted to encourage members to question the nominee, Senator Osita Izunaso moved the motion for the bow and go treatment, which Senator Sarafadeen Alli seconded.
A Career Bridging the CBN and SEC
Yuguda brings over four decades of experience in Nigeria’s financial sector. He began his career at the CBN in 1984 as a senior supervisor in the Foreign Operations Department and rose through the ranks to become Director of the Reserve Management Department before retiring in 2016. He also worked as an economist in the Africa Department of the International Monetary Fund from 1997 to 2001. Most recently, he served as Director-General of the Securities and Exchange Commission from 2020 to 2024.
President Tinubu urged Yuguda to carry out his duties with renewed dedication, professionalism, and commitment to Nigeria’s economic stability and growth. Senate President Godswill Akpabio described him as a square peg in a square hole.
Oversight Concerns Amid Monetary Pressures
The Central Bank has faced mounting pressure in recent years over inflation, exchange rate instability, foreign exchange backlogs, banking sector reforms, and monetary policy challenges. Deputy governors play strategic roles in shaping monetary regulation, financial system stability, and currency management.
The National Assembly frequently applies its bow and go tradition to nominees considered experienced public officials or politically connected, often bypassing rigorous questioning. While common, this practice has repeatedly drawn criticism from governance advocates who argue that it weakens legislative oversight. By allowing the nominee to bypass substantive questioning, the Senate may be seen as failing in its constitutional responsibility to scrutinise appointments to sensitive national institutions thoroughly. Senators could have used the screening to seek Yuguda’s stance on inflation control, naira stability, banking reforms, and financial inclusion, an opportunity largely missed.
