What Senate Plans to do About Economic Recession NTA NEWS

Senate President, Dr. Abubakar Bukola Saraki,
said that the time for identifying the cause of
the economic recession and those responsible
was over and that all political leaders should

start working together to find a solution.
This was stated in a press release issued by the
Special Adviser (Media and publicity) to the
Senate President, Yusuph Olaniyonu on Tuesday.
According to Olaniyonu, Saraki said this in an
interactive press briefing with media
correspondents in Kwara State, after observing
the Eid-el-Kabir prayers in Ilorin on Monday.
He also said that Saraki said the Senate, on
resumption will respond to the economic crisis
with a number of measures which include getting
managers of the economy to give account to the
people, making tough recommendations to the
President on needed changes, formulating
necessary legislative framework for economic
recovery and wide consultations across the
private sector.
Olaniyonu said that the Senate President
reiterated his call for a broader and bolder
economic plan with input from both legislative
and executive arms of government, the private
sector, professional groups.
All the groups, he said, must work together to
put in place interventions that will create more
jobs, strengthen the Naira, bring more investment
into the country, and diversify the economy.
Saraki, who served as a Special Assistant to the
President on Budget Matters during the Obasanjo
administration and Chairman of Governors Forum
said the economy will be the focus of the
Senate when it resumes plenary and throughout
its remaining session.
“We are going to have an exhaustive and
comprehensive debate on fixing the country’s
economy when we resume next week. We
understand the pains that Nigerians are feeling
and we do not take this for granted.
“Additionally, the Senate intends to invite
everybody involved in the management of the
economy to address the Nigerian people through
the parliament on the steps that are being taken
to get us out of this mess. We fully intend to
hold all those involved in the economic
management of the country accountable –
However, we will do so in a manner that is
transparent and there will be no cover-up. We
will make tough recommendations as necessary”,
Olaniyonu quoted Saraki.
The Senate President said it was equally
important to begin to interrogate what happened
to the measures aimed at cushioning the effect
of the recession built into the 2016 budget and
why they have not been implemented.
“We need to know why the promises of external
borrowing has not materialised, why devaluation
has not helped to strengthen the Naira, why
inflow of foreign currency has continued to dry
up and interest rate is still very high. Doing this
will help us to understand where we are, so that
we can determine where exactly we want to go
from here.
“In every crisis, there is always an opportunity for
positive reforms, in this regard, in order to solve
this crisis, all hands must be on deck. Ideas
should be sourced from all quarters. All arms of
government, people of different political beliefs,
from all socio-economic backgrounds and every
part of Nigeria must work together at this time”
he said.
He said the Senate will meet with stakeholders in
the private sector to ensure it collates a broad
spectrum of opinions while formulating ideas to
stimulate the economy.
He said all political leaders should be worried
about the suffering that the ordinary people are
going through and that it is necessary for leaders
to further empathise with the people. He
commended the people for their perseverance
and understanding.
While calling on the people to exercise patience
and know that political leaders are genuinely
concerned about their plight, Saraki said: “The
positive attitude demonstrated by our people
during the Eid-el-Kabir festival gave me hope
that we in the leadership of the country should
move swiftly to tackle this economic crisis. We
have no option and this we must do without
delay. I commend and praise our people for their
perseverance and understanding”, he said.
Saraki also appealed to newsmen and women
around the country to play a more positive role in
reporting on issues that are important to the
development of the country, highlighting that the
fourth estate has to work harder to inform the
public based on facts.
“I want to use this opportunity to advise those
politicians who specialise in causing division
between the executive and legislature for their
personal benefit to know that this is not the right
time for them to ply their trade. We need all
arms and levels of government to work together
with the people because we are in an economic
emergency and all h