The Senate after its two (2) months vacation resumed plenary sitting on Tuesday, 20th September, 2016. The Senate chamber was full as expected as the Senate president, Dr Bukola Saraki (APC:Kwara) gave his welcome remarks. He welcomed colleagues from the long break and charged them on the need for cooperation considering the task ahead. He shared his personal experience of interactions with citizens in his constituency and their displeasure and sufferings due to the current harsh economic situation. Dr. Saraki urged senators to make solution driven presentations during the debate, void of any political orientation. He underscored the fact that the major concern of citizens is not the political affiliation of any senator but on how the leadership can resolve hunger, loss of jobs and business collapse across the country. The outcome of the debate on the state of the economy is also expected to produce actionable recommendations that can tackle Nigeria’s economic challenges in the immediate, mid-term and long term.
Expressing hope that the current challenges will pass, he stated that it was imperative for the legislature to work in concert with the Executive. He also noted the Senate’s readiness to pass legislation which will aid economic growth. He said further that the Senate had made inroads in this regard with the passage of some key priority legislation which include the Procurement Act (Amendment) Bill, Electronic Transactions Bill, Railway Bill, Bankruptcy and Insolvency Act (Amendment) Bill and the Commercial Agriculture Credit Scheme Bill.
Dr. Saraki called on the Executive to take critical steps in the following areas:
- Partnership with the private sector towards economic revival.
- Raising capital through sale of assets to shore up foreign reserves, discourage currency speculation and stabilize the economy.
- Part sale of NLNG Holdings; reduction of government share in upstream oil joint venture operations; sale of government stake in financial institutions e.g Africa Finance Corporation; and the privatization and concession of major/regional airports and refineries.
- Align pension funds policy with international best practice to accommodate investment in infrastructure and mortgages.
- Agreement and harmonization of the Executive and CBN on monetary and fiscal policy to attain economic recovery.
- Resumption of the Export Expansion Grant (EEG) and introduction of export-financing initiatives.
- Dialogue with aggrieved groups in the Niger Delta to avoid escalation of conflict.
- Release funds to ensure implementation of 2016 budget.
- Support to agro-allied businesses to boost value and job creation.
- Immediate strategies to ease the suffering persons in IDP camps.
- Accelerate interim measures to provide social safety to citizens.
He decried the non-passage of the Petroleum Industry Bill and stressed the need to accelerate passage to stimulate new investment and boost oil revenue. Legislators were also called upon to accelerate the passage of critical reform Bills such as the Nigerian Ports and Harbours Authority Act (Amendment) Bill, 2016; National Road Fund (Establishment, etc); National Transport Commission Act 2001; Warehouse Receipts Act Bill 2016; Review of the companies and Allied Matters Act (CAMA); Investment and Securities Act, Customs and Excise Management Act; Federal competition Bill 2016 and the National Road Authority to boost the economy.
The Senate President concluded his speech by urging Senators to think outside the box and outside the comfort zone by making immense sacrifices and pursue ways to fast track passage of bills.
The senate thereafter adjourned plenary to Wednesday 21st September, 2016 to commence debate on the state of the economy.
