The Senate on Wednesday confirmed the appointment of Lamido Yuguda as deputy governor of the Central Bank of Nigeria (CBN).
The upper chamber confirmed the nominee after considering a report by its Committee on Banking, Insurance and Other Financial Institutions, presented by the committee chairman, Adetokunbo Abiru.
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Mr Abiru, the senator representing Lagos East Senatorial District, said the nominee had been screened and cleared by the committee earlier in the day.
He noted that Mr Yuguda was found suitable for the position based on his knowledge and extensive work experience, in line with Section 8(1) of the CBN Act.
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The senator added that the nominee demonstrated considerable financial expertise during the screening, which satisfied committee members.
The committee chairman, therefore, urged the Senate to confirm Mr Yuguda’s appointment, referencing his expertise and the absence of any petitions against him.
Debate
Many senators who contributed to the debate supported the nominee’s confirmation.
Danjuma Goje, the senator representing Gombe Central Senatorial District, seconded the motion for Mr Yuguda’s confirmation as Deputy Governor of the CBN.
Mr Goje, a former governor, said President Bola Tinubu made the right choice in appointing Mr Yuguda to the position.
Thereafter, Senate President Godswill Akpabio put the confirmation to a voice vote, with the majority of senators voting in support.
How the screening was conducted
The committee-level screening, held before plenary, was presided over by Mr Abiru.
President Tinubu appointed Mr Yuguda as deputy governor in March and transmitted his nomination to the Senate for confirmation last Wednesday, in accordance with constitutional provisions.
During the screening, committee members did not subject Mr 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 questioning.
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Although the committee chairman attempted to encourage members to question the nominee, they declined to do so.
Specifically, Osita Izunaso, senator representing Imo West, moved the motion that the nominee be allowed to “take a bow and go,” while Sarafadeen Alli, senator representing Oyo South, seconded it.
The CBN has faced mounting pressure in recent years over inflation, exchange rate instability, foreign exchange backlogs, banking sector reforms, and monetary policy challenges. As a result, appointments to its top leadership are often closely scrutinised because deputy governors play strategic roles in shaping monetary regulation, financial system stability, and currency management.
The National Assembly frequently applies its “take a bow and go” tradition to nominees considered experienced public officials or politically connected, often bypassing rigorous questioning. While this practice is common, it has repeatedly drawn criticisms 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.
The CBN is central to economic management. Senators could have used the screening to seek Mr Yuguda’s stance on inflation control, naira stability, banking reforms, and financial inclusion. This opportunity was largely missed.
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