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Senate lists measures to exit economic recession

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senate• Urges dialogue with Niger Delta agitators
• Reps mourn colleagues, padding saga resurfaces

To take the country out of economic recession, the Senate has 14 proposals for the Executive.The upper legislative chamber yesterday said the Executive arm of government should note that “when people are desperately hungry, what they need is leadership with a clear vision; leadership whose daily actions reflects the very urgency of the people’s condition. Therefore, our response to the current challenge must be dictated by the urgency of the hardship that the people suffer on a daily basis.”

The Senate vowed to invoke its constitutional powers to facilitate the country’s early exit from recession in a manner devoid of political partisanship.
In a 26-paragraph address read to senators on resumption from its 62- day end-of-session recess, Senate President Abubakar Bukola Saraki warned the lawmakers against allowing their political interests to becloud national interest.

He said: “The Executive must begin to take the following needful steps to show Nigerians, the international community and investors, both local and foreign, that we are ready to reform and do business.”According to him, the Executive must immediately put in place “leadership-level engagement platform” with the private sector. “This must be one that is pro-business and shows unequivocally that government is ready to partner the private sector towards economic revival. This is a critical signpost towards market confidence which is a key ingredient to help us revamp the economy out of recession.”

The Senate also wants the Executive to “raise capital from asset sales and other sources to shore up foreign reserves”, pointing out that “this will calm investors, discourage currency speculation and stabilise the economy.” The measures should include part- sale of NLNG Holdings; reduction of government share in upstream oil joint venture operations; sale of government stake in financial institutions, for example, Africa Finance Corporation; and the privatisation and concession of major airports and refineries.

Also, the Executive and CBN must agree on a policy of monetary easing to stimulate the economy and harmonise monetary and fiscal policies until economic recovery is attained. The Executive must re-tool its export promotion policy scheme with export incentives such as the resumption of the Export Expansion Grant (EEG). The lawmakers want export-financing initiatives introduced.

The senators called for meaningful dialogue with those aggrieved in the Niger Delta to avoid an escalation of the crisis in the region, promising to
play any role in the process and offer ideas on approaches that would deliver quick win-win in order to move the region and the economy forward.

The Executive was advised to consider an immediate release of funds to ensure the implementation of the budget as a way of injecting money into the economy. The agricultural sector and the agro-allied businesses should be directly supported to boost value addition and job creation.

Also yesterday, members of the House of Representatives reconvened after a two-month recess. At about 11:12 a.m., Speaker Yakubu Dogara was ushered into the hallowed chamber of the House by the sergeant-at-arms. He briefly exchanged banters with some of his colleagues before taking his seat ‎to oversee the affairs of the day.

Dogara who was not expecting rancour over the “budget padding” issue, adjourned within 30 minutes of proceeding to enable the lawmakers to use the rest of the day to mourn three of their colleagues who passed on recently.

Prayers were offered in both Islamic and Christian ways for the repose of the souls of the deceased lawmakers. The speaker, decked in a white agbada and a cap to match, later called on the House Leader, Mr. Femi Gbajabiamila to move for the adjournment of proceedings to today in honour of the deceased.

The deceased lawmakers include Adewale Elijah Oluwatayo (Ifako/Ijaiye: Lagos) and Alex Ike Eze (Nsukka/Igbo-Eze south: Enugu).Among lawmakers who attended the plenary session were the former chairman of the House Committee on Appropriation , Dr. Abdulmumini Jibrin who later briefed reporters, reiterating his call on Dogara to step down and pave the way for the emergence of a speaker pro-tempore that would order the probe of the budget padding saga.

Reacting, spokesman of the House , Mr. Abdulrazak Namdas said: “ Let him come to the floor of the House and raise the issue through a motion. This is not for the newspapers. It is all about numbers and we would see who would have his way on the issue.”


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9 Comments
  • Bukola Saraki is a jester. He leads a group of jesters and hypocrites. It is surprising that he was giving the executive suggestions to get out of recession which includes selling public assets, NLNG shares etc. But the wily senator did not including reducing their own salaries and obscene allowances as a way of getting out of recession. They do not want to be inconvenienced or make any sacrifice for Nigeria. These are the jokers, palace jesters making laws for us.

    • Dewon

      Honestly, I share your view. I would not read the measure to end recession Nigeria from the Senate on a good day. I had to read it may be they will make sense this time around.
      Thought I will see that “let us decrese our salaries and crazy monies by a certain percentage”. Not knowing they will be discussing some academic excersice.

    • Basil Ogbanufe

      But the executive has not reduced theirs. In fact the executive should reduce theirs first and NASS will follow. The executive loots more than NASS. In fact there are more looters in the executive branch.

  • Basil Ogbanufe

    1. “when people are hungry, what they need is leadership with a clear vision……..”. Could this be a vote of no confidence?

    2. “raise capital from asset sales and other sources to shore up foreign reserve”.
    Shoring up foreign reserve should not be the objective of “asset sales” but self-sufficiency of Nigeria. The “asset sales” should be by outright privatization through the NSE (Nigeria Stock Exchange) by way of IPO (Initial Public Offer) so that most Nigerians, if not all, will benefit.

  • agbobu

    HEAR SARAKI YOU WANT NIGERIA TO SELL HER OIL ASSETS, SO THAT YOU CAN
    SQANDER THE MONEY ON YOURSELVES, BY PAYING YOURSELVES VERY OBSCENE
    SALARIES AND WAGES AND AT THE SAME TIME CLAIMING VERY REDICULOUS
    ALLOWANCES AND BENEFITS. I CAN NOT BELIEVE THAT WHAT I AM READING IS
    WHAT I AM HEARING. SARAKI HAVE YOU ASKED YOURSELF, IF THE SEVICESES YOU
    RENDER TO US, MERIT THE VERY FABULOUS MONEY WE PAY TO YOU IN RETURN?
    WHETHER WE ARE CHASING BAD MONEY WITH GOOD MONEY? SARAKI WHY NOT
    RECOMMEND THAT NIGERIA, CAN BE BETTER OFF WITH ONLY ONE NATIONAL
    ASSEMBLY AND THEIR SALARIES AND WAGES DRASTICALLY REDUCED. SARAKI WHY
    NOT
    ADVICE THAT THE VERY HUGE NUMBERS OF ASSISTANTS TO MEMBERS OF THE
    NATIONAL ASSEMBLY BE DRASTICALLY REDUCED. SARAKI WHY NOT SAY THAT IF
    THERE IS GOING TO BE A SECOND CHAMBER, THAT THEY MUST BE ON PART TIME BASES
    AND ONLY DISTINGUISHED PERSONALITIES, WHO HAVE SERVED NIGERIA VERY
    CREDITABELY IN THE PAS,T WITH VERY DISTINGUISED RECORDS SHOULD
    CONSTITUTE THAT SECOND CHAMBER. SARAKI WHY NOT SAY THAT ANY PERSON FOUND GUILTY OF OFFICIAL CORRUPTION, SHOULD BE EXCUTED OR AT THE VERY LEAST,
    SENTENCED TO LIFE IMPRISON AFTER VERY THROUGH, VERY DILIGENT, VERY FAIR
    AND VERY VERIFIABLE LEGAL PROCESS, SARAKI WHY NOT SAY THAT THE MEMBERS
    OF THE STATE ASSEMBLIES AND LOCAL GOVERNMENTS SHOULD BE REDUCED AND TO
    BE ON PART TIME BASISES EXCEPT THE PRINCIPAL OFFICERS. SARAKI WHY NOT
    TELL NIGERIANS THAT THE PECENTAGE OF OUR REVERNE WE SPEND ON RECURRENT
    EXPENDITURE ABOUT 84% OF OUR ANNUAL REVENUE IS TOO MUCH, INSANE AND NOT
    SUSTAINABLE. SARAKI WHY NOT TELL US THAT A COUNTRY WITH A MONO OR ONE
    PRODUCT ECONOMY IS PURE AND UTTER MADNESS. THE LISTS GO ON AND ON.
    UNTILL NIGERIA AND THOSE LIKE YOU IN OFFICE ADDRESS THESE FUNDAMENTALS,
    NIGERIA WILL NOT MAKE ANY PROGRESS AND DESERVES TO MAKE NO PROGRESS

  • real

    There are some good ideas and the lawmakers should be working on creating an environment that would allow the economy to thrive. Here are the 4 major things that need to be focused, and these things would grow the economy. invest in steady adequate electricity. invest in food importation reduction and increased processing. secure the nations to allow investment and business to thrive, finally improve transportation with better road, railway, mass transit.

  • agbobu

    DO YOU MEAN RE-JIG OR YOU SHOULD ASK YOUR PDP GANG OF VERY MASSIVE
    LOOTERS TO RETURN ALL THE MONEY AND WEALTH THEY VERY SHAMELESSLY AND
    VERY RECKLESSLY LOOTED. YOUR GROUP IS PART OF THE PROBLEM AND SO YOU
    CAN NEVER BE PART OF THE SOLUTION. YESTERDAY IT WAS SARAKI WHO WANTS
    NIGERIA TO SELL HER OIL ASSETS, SO THAT YOU CAN SQANDER THE MONEY ON
    YOURSELVES, BY PAYING YOURSELVES VERY OBSCENE SALARIES AND WAGES AND AT
    THE SAME TIME CLAIMING VERY REDICULOUS
    ALLOWANCES AND BENEFITS. I
    CAN NOT BELIEVE THAT WHAT I AM READING IS WHAT I AM HEARING. SARAKI HAVE
    YOU ASKED YOURSELF, IF THE SEVICESES YOU RENDER TO US, MERIT THE VERY
    FABULOUS MONEY WE PAY TO YOU IN RETURN? WHETHER WE ARE CHASING BAD
    MONEY WITH GOOD MONEY? SARAKI WHY NOT RECOMMEND THAT NIGERIA, CAN BE
    BETTER OFF WITH ONLY ONE NATIONAL ASSEMBLY AND THEIR SALARIES AND WAGES
    DRASTICALLY REDUCED. SARAKI WHY NOT ADVICE THAT THE VERY HUGE NUMBERS OF
    ASSISTANTS TO MEMBERS OF THE NATIONAL ASSEMBLY BE DRASTICALLY REDUCED.
    SARAKI WHY NOT SAY THAT IF THERE IS GOING TO BE A SECOND CHAMBER, THAT
    THEY MUST BE ON PART TIME BASES AND ONLY DISTINGUISHED PERSONALITIES,
    WHO HAVE SERVED NIGERIA VERY CREDITABELY IN THE PAST WITH VERY
    DISTINGUISED RECORDS SHOULD CONSTITUTE THAT SECOND CHAMBER. SARAKI WHY
    NOT SAY THAT ANY PERSON FOUND GUILTY OF OFFICIAL CORRUPTION, SHOULD BE
    EXCUTED OR AT THE VERY LEAST, SENTENCED TO LIFE IMPRISON AFTER VERY
    THROUGH, VERY DILIGENT, VERY FAIR AND VERY VERIFIABLE LEGAL PROCESS,
    SARAKI WHY NOT SAY THAT THE MEMBERS OF THE STATE ASSEMBLIES AND LOCAL
    GOVERNMENTS SHOULD BE REDUCED AND TO BE ON PART TIME BASISES EXCEPT THE
    PRINCIPAL OFFICERS. SARAKI WHY NOT TELL NIGERIANS THAT THE PECENTAGE OF
    OUR REVERNE WE SPEND ON RECURRENT EXPENDITURE ABOUT 84% OF OUR ANNUAL
    REVENUE IS TOO MUCH, INSANE AND NOT SUSTAINABLE. SARAKI WHY NOT TELL US
    THAT A COUNTRY WITH A MONO OR ONE PRODUCT ECONOMY IS PURE AND UTTER
    MADNESS. THE LISTS GO ON AND ON. UNTILL NIGERIA AND THOSE LIKE YOU IN
    OFFICE ADDRESS THESE FUNDAMENTALS, NIGERIA WILL NOT MAKE ANY PROGRESS
    AND DESERVES TO MAKE NO PROGRESS

  • Cheta God

    Gentlemen, let us discuss issues and not personalities. This is not PDP or APC matter. The country is in a terrible mess. All hands must be on deck. The era of trading blames is over. The Govt MUST be made to wake up and fulfill its numerous promises.

  • Cheta God

    The Senate & House of Assembly were established based on the constitution. Agbobu will like you to make suggestions. We are tired of theses repetitive words: looter, corruption, etc. We should move on. The Masses are hungry and angry.