The Senate
yesterday deepened the debate on the way out of the current economic
crisis Kickstarted by the Senate President, Dr. Abubakar Bukola Saraki
in his speech on Tuesday.
At Wednesday
plenary which was dedicated wholly to the debate, 24 Senators gave their
opinions on how to exit the harsh economic realities.
Among the far
reaching short and long term solutions proffered by the Senators
included power devolution, granting of autonomy to states and local
government, sale of non-performing assets, renegotiation
of agreements with oil majors to free resources for development,
confidence building to attract Foreign Direct Investments (FDIs),
restructuring of the polity, direct engagement of the people by
President Muhammadu Buhari as against the town hall meetings
being held by ministers, cabinet reshuffle and Constitution amendment
to empower the Federal Government to save a percentage of the nation's
revenues against raining days.
Other
suggestions are full diversification of the economy, encouragement of
small and medium scale industries to thrive and produce for export,
increase spending by government, reduction of interest
rates, provision of guarantees to safeguard bank deposits by the
Federal Government, creation of new sources of forex earnings,
constitution of boards of federal agencies, blocking leakages in the
system, pacification of Niger Delta Militants through CBN,
ban of some food items that can be locally produced, deployment of
recovered funds to finance the 2016 budget, investment in agriculture,
revisiting the Treasury Single Accounts (TSA), borrowing on the short
term to stabilize the economy, provision of Legal
backing for the sovereign wealth fund and the recently launched 'change
begins with me' campaign by President Muhammadu Buhari.
The training and
empowerment of youths and women, supply of farm inputs like fertilizers
and seeds as a way of encouraging return to the land by the people,
addressing multiple taxation, review of
the minimum wage and demand of higher productivity from civil servants,
improvement in the security situation and care for Internally Displaced
Persons (IDPs), using 10 per cent of the national budget to finance
agriculture, increasing the petroleum refining
capacity of the nation through establishment of modular refineries,
reform of health and education sectors to discourage medical and
educational tourism, strengthening the rule of law and the justice
system, revisiting the cut in the amnesty budget for ex-militants,
balancing of imports with local production to grow local businesses,
spending on infrastructural development, stoppage in tax increases,
boosting local production and proper planning to aid development also
formed part of the lawmakers prescriptions.
Senate Leader,
Senator Ali Ndume had opened the debate by giving his colleagues a
general overview of the recession malaise, pointing out that the
recession affect most countries that depend largely
on oil revenue for their sustenance and not peculiar to Nigeria alone.
On his part,
Deputy Senate President, Senator Ike Ekweremadu said that recession
simply means that there is poverty in the land.
As a short term
measure to redress the recession, Ekweremadu called on the Federal
Government to consciously release money into the economy to stem the
financial decline. He said the Federal Government
could inject recovered funds put at about N3trillion to finance the
capital component of the 2016 budget.
He also called
on President Buhari to reshuffle his cabinet with a view to putting the
right caliber of persons in the right places. He further said it had
become imperative for the federal government
to renegotiate its agreements with oil majors with a view to increasing
what accrues to the government from their operations.
He said the
federal government needs to build confidence by not blowing the war
against corruption out of proportion thereby discouraging potential
investors who wants to establish businesses in the
country.
"We need to prevent corruption and not wait for it to take place first before fighting it," he said.
On the long term
solutions, according to the Deputy Senate President, there is need to
restructure the country by devolving powers to the states and local
governments and that the President should
takes steps to unify the nation by making his voice heard across the
country through visit to states instead of ministers organizing town
hall meetings.
He also stated
that Federal Government should sell off non-performing assets as well as
amend the constitution to give the federal government the legal backing
to save some percentage of the nation's
revenues against the raining day.
Senator Shehu
Sani in his contribution said there is need to chart a new national
direction. He decried over-dependence on one source of revenue for too
long saying there is need for urgent diversification
of the economy.
Sani said it is
time to cut interest rates and also support small scale industries to
produce goods for exports, adding that the "sharing formula federalism"
led the nation to the dire situation confronting
Nigerians today.
Senator John
Enoh called on his colleagues to put politics aside and think for the
country on how to solve the recession through new direction and
initiatives.
He said the
recession was painful as it is provides an opportunity for the country
to re-strategize and move forward. "Let government increase spending.
The economy has contracted but deficit spending
will make sure the economy do not suffer," Enoh said.
The lawmaker
further called on the federal government to provide guarantees for
depositors funds in the various banks to prevent Nigerians from running
to the banks to withdraw their deposits due
to lack of confidence.
He called for
board of federal government agencies to be immediately constituted by
the executive as a confidence building measure.
On his part,
Senator Dino Melaye noted that hunger and poverty do not recognize nor
respect political parties or religious affiliations. "Let us put
politics aside because ourbolekeja approach
to this boju-boju economics will not help us," he said.
The Kogi West
lawmaker called for more concerted efforts to attract Foreign Direct
Investments (FDIs), blocking of leakages and dialogue with the Niger
Delta Avengers. Senators Peter Nwaoboshi, Francis
Ailimikhena and Mao Ohunabunwa also agreed with Melaye in the
employment of dialogue to rein in the Niger Delta militants who are
destroying pipelines and thereby drastically reducing the revenue inflow
to the federal government.
Melaye further
reiterated the need for strategic ministries and agencies of government
to be manned by competent and experienced Nigerians.
He called on the Senate President to personally take the resolutions of the Senate after the debate to the President.
Senator George
Akume cautioned against the calls for the sale of federal government
assets "since the Governor of the Central Bank of Nigeria (CBN), Mr.
Godwin Emefiele has said the country would
come out of recession in the fourth quarter."
He urged the
Federal Government to recover the over $50billion foreign reserve
accumulated by ex-President Olusegun Obasanjo but which was allegedly
looted during the last administration.
Other senators
who contributed included Senators Sam Anyanwu, Mohammed Hassan, Rabiu
Musa Kwankwaso, Isiaka Adeleke, Emmanuel Bwacha, Adamu Aliero, Danjuma
Goje, Peter Nwaoboshi, Shabba Lafiaji, Barnabas
Gemade, Albert Bassey, Matthew Urhoghide, Fatimat Raji-Rasaki, Kabiru
Marafa, Lanre Tejuoso, Sam Egwu, Francis Ailimikhena and Mao Ohuanbunwa.
Senate
President, Dr. Abubakar Bukola Saraki thanked his colleagues for being
nationalistic and patriotic in their contributions and said the Senate
will further take a look at the recommendations
after conclusion of debate before coming up with a formal resolution
today (Thursday).
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