The House of Representatives continued deliberation on
possible economic measures the nation could adopt to come out of its
technical economic recession. On the second day of the debate which
commenced on Tuesday, September 22, 2016, the House suspended all other
business slated on the Order Paper to allow for adequate attention to
the issue of tackling the economic recession. Hon. Chris Azubogu in a
motion of matter of urgent public importance called for revitalization
of core industrial sectors in the country. Urging that effort should be
made by the present administration to put workable policies in place
that could create an enabling environment for industrial activities to
thrive, adding that this will in turn stimulate economic reactions and
productivity needed to pull the nation out of the current recession.
Hon.
E. J Agbonimha made allusion to the fact that Nigeria is not broke but
rather money meant to boost economic activities are being kept by few
unpatriotic people. He alleged that in 2014 over $17 billion crude oil
and liquified gas was stolen by some notorious Oil Companies and
Government Agencies. He called for a full scale investigation into the
matter particularly now that the nation is in dire need of funds to pump
into the economy to get the nation out of economic recession. Hon. T. J
Yusuf suggested for emergency measures to be taken including
reconciling bogus Foreign exchange rates and reducing the import duties
and levies at the ports. He implored that government policies that have
resulted to capital flight must be relaxed.
In
his own opinion, Hon. Sunday Karimu suggested that an intervention fund
be created and devoted to stimulating businesses in the Agricultural
sector. Hon. Zakari Muhammed added that the remote cause of the economic
recession should be critically examined and consciously tackled so that
the situation does not repeat any time soon in the history of the
country. Hon. Leo Ogor decried the over dependence on oil at the expense
of other sectors like the solid mineral. He noted factors such as lack
of good monetary policy, inconsistencies in policy implementation and
negative branding to be partly responsible for the recession. Adding
that effort should be made to chart national development blueprint to
drive sustainable development strategies and projects.
Other
Lawmakers who spoke during the debate advised that the textile and
manufacturing sectors be developed and empowered to operate in full
capacity. Hon. Nkiruka Onyejiocha warned against concession of the
Nation's Airports and sale of assets as has been suggested in some
quarters. She rather urged that rather than opening another opportunity
for ill-intentioned people to rip-off the nation of its recuperating
valves, it would be wise to seek external assistance via borrowing. The
House is to wrap up the debate on the state of the nation's economy this
Thursday and then come up with a harmonized position which it intends
to present to the Executive as its recommendations on way out of
economic recession. Meanwhile, the Speaker of the House, Rt. Hon. Yakubu
Dogara has called for President Muhammadu Buhari to address a joint
session of the National Assembly on government's plan to get the economy
out of recession.
0 comments: