Section 12: Establishment of Monetary Policy Committee.

(1) In order to facilitate the attainment of the objective of price stability and to support the economic policy of the Federal Government, there shall be a Committee of the Bank known as the Monetary Policy Committee (in this Act referred to as "the MPC").
(2) The MPC shall consist of-
(a) the Governor of the Bank who shall be the Chairman;
(b) the four Deputy Governors of the Bank;
(c) two members of the Board of Directors of the Bank;
(d) three members appointed by the President; and
(e) two members appointed by the Governor.
(3) The MPC shall have responsibility within the Bank for formulating monetary and credit policy.
(4) The appointment of a member of the MPC pursuant to Sub-section 2 (d) and (e) of this section, the remuneration, filling of temporary vacancies, qualification, tenure of office and disqualification shall be subject to the same terms as are stipulated for a Director under sections 10 and 11 of this Act.
(5) The provisions of the Second Schedule to this Act shall have effect with respect to the proceedings of the MPC.