The Council made the confirmation at its emergency meeting at the Presidential Villa, Abuja on Wednesday.
It was the first meeting of the Council presided over by President Muhammadu Buhari.
Apart from the confirmation of the new INEC chairman, the Council also approved the appointment of five new national commissioners for the electoral body.
They are: Amina Zakari, northwest; Anthonia Okoosi-Simbine, north central and Baba Shettima Arfo, northeast.
Others are: Soyebi Adedeji Solomon, southwest and Mohammed Mustafa Lecky from the South-South.
Mrs. Zakari, now a national commissioner was appointed acting chairman of the commission on June 30 shortly after the former Chairman, Attahiru Jega, completed his five year tenure.
Before his new appointment, Mr. Yakubu, a professor of history and international studies, was the executive secretary of Tertiary Education Trust Fund.
He was also a member of the 2014 National Conference.
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