Nigeria’s Economy And NASS Resumption

After observing
about a two-month recess, the National Assembly, NASS, resumed for normal activities on September 20, 2016. In the face of the current economic recession, expectations are high for the lawmakers to collaborate with the Federal Government to tackle the fast receding economy.
Some Nigerians hold the view that NASS should engage the services of experts on economics to direct the country on what to do and get it out of the current economic hardship. While that may be contemplated, Senators and their House of Reps counterparts must work in synergy with the executive to end the economic recession.
As the lawmakers resume, let them take their oversight duties seriously, particularly in respect of the implementation of the budget. Monitoring the remaining lifespan of the 2016 budget closely should be on the priority list of the returning legislators.
Recently, the Finance Minister, Mrs Kemi Adeosun, told the nation that the federal government would inject another N350 billion into the economy from the capital expenditure component of the budget. As the apex lawmaking body, the NASS has a duty to watch how the money is appropriated to the sectors.
But it is doubtful if these monies are truly released as stated by the authorities. If they are, why are Nigerians not seeing the movements of heavy duty equipment to construction sites? Why can’t anyone sight ongoing projects at various locations? Rather, the construction companies to which the monies are paid claim that such payments were regarded as monies to offset debts owed by the previous administration.
As it commences serious legislative business, the NASS has to look into whether these monies the government promised are actually released into the economy as claimed. If they are, why are Nigerians not feeling the impact? If the capital votes truly get to their destinations, why are we not noticing increased economic activities?
On the strength of what Adeosun said, the Central Bank Governor, Mr. Godwin Emefiele, announced that the economy would get out of recession by the end of the year. While Nigerians may like to be hopeful by that declaration, some economists dissent from Emefiele’s optimism. They have projected next year as the earliest period the country could be free from the recession.
These economists assert that merely pumping money into the economy without the active involvement of the private sector might not achieve the desired goal. In the light of this, our returning lawmakers have a duty here and that is to ensure that they work with the executive and partner with the private sector to actualize the predictions of the CBN governor.
The proposed release of N60 billion of the social intervention fund by the federal government, is another area where the legislators have to set their eyes on. Nigerians have been waiting for a release of this kind to alleviate the prevailing hardship. As representatives of the people, NASS has the obligation to demand the template for the disbursement of this fund.
It is expedient that lawmakers deliberate on the utilization of this fund and how it will be spent. If the fund is properly managed, it will trickle down and unemployed Nigerians will benefit greatly from it. It will also reduce a lot of pressure on the government to meet immediate social needs.
The relevant committees in both Chambers of NASS have to ensure that this money gets to the beneficiaries. President Buhari cannot be everywhere to monitor the implementation of the social intervention fund. That is why the representatives of the people have a duty to see that it is well employed.
Another aspect the NASS needs to focus on as it returns, is the planned sale of what the federal government describes as ‘idle’ assets of the nation. The move was revealed by the CBN governor, who said it was a component of the Economic Stabilization Emergency Powers Bill and would boost Nigeria’s foreign reserve. A proposed $50 billion is envisioned to be earned from the deal.
Good as the idea may be, it is an idea the federal government cannot enforce without the consent of the lawmakers. More so when the nation’s oil and gas assets are involved. Although it is a proposal, the federal lawmakers must examine it squarely whenever it gets to them.
Should the legislators consent to the plan, they must ensure that such critical assets never get into the hands of politicians and their cronies or even persons in government. The nation’s assets should be sold to genuine investors who would make huge economic capital out of them.
Contrary to the way it has always been, the lawmakers should eliminate standards that can easily confer ownership of these critical national assets on the privileged only. Due process has to be followed and the assets to be sold mustn’t be disposed off at prices below their worth.
We must understand that all the privatization exercises the nation has carried out so far have been unsuccessful except NITEL. That is why selling off any national asset at this critical time must be done with care and transparency to avert the situation where public-owned assets are acquired for personal use.
It is usually thought that government is a bad businessman that can hardly run business successfully. If the assertion is correct, that is the reason privatization has to be done with utmost care to get the right persons who would utilize the assets to the benefit of all Nigerians.
Another area of interest for NASS members is the currency business that had taken place in the last few years where over $16 billion was bequeathed to bureau de change by past governors of Central Bank. Since CBN governors don’t enjoy immunity, the lawmakers should inquire about why they have not been questioned and prosecuted all this time. This has contributed greatly to our present predicament.
The local currency, which should symbolize the status of the economy, has been severely desecrated through these reckless financial policies over the years. It is astonishing that despite all the wrongdoings by the CBN, it has not been reprimanded. Is this institution beyond reproach, or can’t it be called to order?
To demonstrate how badly the Naira has taken a plunge, Nigerians who do business in the country are compelled to make payments in foreign currencies. How come a government company or parastatal which transact business in the country does so in dollars or pounds?
Why do school proprietors and airline operators demand payment for services in foreign currencies and not the local one? As answers to the questions remain veiled, NASS must put a quick end to this practice upon resumption. This and other contributions may be their support to end the economic recession.

Arnold Alalibo