The House of Representatives has called on President Muhammadu Buhari, to address a joint session of the House of Representatives and the Senate and explain the policy direction of government as well as articulate governments economic agenda in view of the current economic recession. The call was made as members resumed discussions on a motion titled ‘‘ Urgent Need to Address the Economic Downturn in Nigeria’’ moved by Hon. Mukaila Olayiwola Kazzim (APC: Ogun) on Thursday 22nd September 2016.
Hon. Kazzim gave a vivid description of the reduction in revenue available to government to finance its expenditure due to a drop in crude oil earnings. Loss in confidence in the nation’s economy was also noted to have had negative impact with an outflow of business from Nigeria worth more than four (4) Trillion Naira. The lending rate of banks was identified as a huge discouragement to Small Medium Enterprises (SMEs) and counterproductive to the economy.
Hon. Members debated the motion and gave recommendations on possible solutions to Nigeria’s economic crisis. Some of these recommendations include:
- Diversification of the economy into areas such as Agriculture, Solid Minerals and Entertainment;
- Partnership with international agencies to invest in mining sector;
- On agriculture it was recommended that about 80% of constituency funds be channeled to agriculture as well as the establishment of an Agricultural Fund;
- Passage of relevant legislation such as the Petroleum Industry Bill;
- Negotiation with militants in the Niger Delta with a bid to addressing their concerns;
- Investments in Manufacturing sector and reviving the Ajaokuta Steel company;
- Harnessing opportunities in the communication industry;
- Replacement, redeployment or sack of Cabinet ministers whose performances have not inspired confidence;
- Reduction in lending rate;
- Expend funds on major capital projects;
- Improvement of steady power supply;
- Constitutional amendment by divesting mineral resources vested in the Federal Government to states;
- Synergy between Executive and Legislature
- Consistency in policy formulation and implementation;
- Positive information about Nigeria to attract investors;
- Import substitution and change in consumption pattern and lifestyle ;
- Change in mind set and attitude of persons in Ministries, Department and Agencies;
- Budget proposals to align with citizens needs;
- National development plan and its implementation;
- Economy reflation through government borrowing and spending.
Members shared divergent views on proposals to sell off government assets, while some of the members noted that such sales might have a rebound effect on the economy, others were vehement on the sale of the assets as a way of revamping the economy. An amendment to add that the Treasury Single Account (TSA) policy and its operations be reviewed was eventually withdrawn as members could not come to a harmonious position on the matter.
Following exhaustive debate on the motion which was adopted, the House adjourned to Tuesday, 27th September, 2016
