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Recession: Senate Concludes Debate On Way Out
Having concluded the two-day debates on the way out of the nation’s ailing economy of the Nigerian Senate recently constituted a six man ad hoc committee headed by Senator Abdulahi Yahaya to harmonise the strategies raised during the debate by the lawmakers
The committee is to also make concrete recommendations to President Mohammadu Buhari on how to get the economy out of the woods.
In his remarks at the end of the debate , the President of the Senate ; Senator Bukola Saraki commended the Senators for being extremely non political .
Saraki said that was the reason the lawmakers were able to capture the real essence of the exercise and made such far reaching recommendations having been able to intelligently unravel fundamental causes of recession and the way out of it.
The Senate President listed other members of the committee. They include Ben Bruce, John Enoh, Hassan Mohammed, Barau Jibril and Rafiu Ibrahim.
According to Saraki the recommendations of the six man ad hoc committee would be adopted by the Senate thereafter for onward passage to President Buhari.
The emotion filled debate has so far recorded a lot of findings and strategies to end the current recession within a short time .
Many of the law maker are of the opinion that the Senate should from the basis of the debate prepare an Economic Stimulus Bill for President Buhari to sign into law.
Senator Ahmed Lawan and many others rejected the sale of National Assets to boost economy .
He pointed out that the last privatisation exercise should have taught Nigerians enough lessons.
Senator Chikwuka Utazi emphasised that while government should set the necessary policies, business should be private sector-driven for maximum profit but discouraged the sale of National Assets even those still doing well to businessmen who may monopolize the sector and still milk Nigerians dry.
Senator Utazi, however noted that no business or investment can thrive in Nigeria if it fails to fix its power problems .
He advised the Federal Government to prioritise electricity, pointing out that when power supply is achieved, the business environment would have a smile, foreign investments would accelerate along local industries.
and recession would be a thing of the past .
The call for investment in the agricultural sector was overwhelming with Senators calling for improved budgetary allocation to the sector.
Senators also stressed the need to review the Treasury Single Account policy of the federal government
Nneka Amaechi-Nnadi
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