This budget amendment swiftly approved the aforementioned amount to enhance the “working conditions” of newly elected lawmakers, while also allocating N500 billion to assist Nigerians in mitigating the impact of fuel subsidy removal.

Critics argue that this decision by the lawmakers demonstrates a lack of transparency and sincerity, particularly during a critical period of post-Covid recovery and unfavorable macroeconomic conditions.

The rising cost of governance, characterized by high personnel and overhead expenses, is already straining the country’s finances.

However, Benjamin Kalu, the Deputy Speaker of the House of Representatives, has countered these criticisms by stating that the N70 billion allocation is intended for the infrastructure of the parliament, rather than for the lawmakers themselves.

In a conversation with reporters on Thursday, Kalu clarified that the funds are not intended as palliative measures for the members of the National Assembly, but rather for addressing the infrastructure needs of the parliament.

The confirmation of second terms came a few days after they were screened by the senate committee on banking on the request of the President.

The request is in line with the provisions of section 8(1) of the Central Bank of Nigeria (CBN) (Establishment) Act 2007 which stipulates that the Governor and Deputy-Governor shall be persons of recognized financial experience and shall be appointed by the President subject to confirmation by the Senate on such terms and conditions as may be set out in their respective letters of appointment.

Speaking during the session, Chairman of the senate banking committee, Uba Sani said that the duo met the requirements expected of them during the screening process.

Aishah Ahmad was first nominated CBN deputy governor in 2017 following a stellar career at key local and international financial institutions.

She has over 26 years combined financial policy and private sector experience, specialising in finance, which she has leveraged to maintain stability in Nigeria’s banking sector during her first term, despite local and international market turbulence.

A CFA charter holder, Ahmad is a graduate of University of Abuja (Bsc Accounting); University of Lagos (MBA Finance); and Cranfield University, UK (Msc Finance & Management). She holds the Chartered Alternative investment Analyst (CAIA)  designation and is a fellow of the Chartered institute of Bankers of Nigeria.

Edward Adamu was first nominated for the CBN deputy governorship role in 2018 after a long career in CBN where he rose to the position of Director HR.

He began his career with the Unified Public Service (UPS) in 1983. He is a graduate of the Ahmadu Bello University, Zaria, Kaduna State where he acquired a BSc. degree in Quantity Surveying.

He is also a fellow of the Nigerian Institute of Quantity Surveyors and the Institute of Credit Administration.