Senate President, Bukola Saraki, has highlighted the challenges facing the nation, admitting that the country has failed to take necessary steps in policy making and legislation to develop the economy.

Saraki spoke on Thursday in his special address on the first anniversary of the 8^thSenate of the National Assembly. He pointed out that “for decades, we have talked about the need to diversify our economy, but we have failed to take the necessary steps in policy and legislations that would set us on the path to developing the kind of economy that we desire.”

He stressed that the Ease of Doing Business Report that ranks the country 167 out of 189 countries is not likely to attract business into the economy. While saying that the Senate understands the situation, he stressed that the support from international development partners and the organised private sector must be reviewed and brought in line with international best practices, in order to open up the economy for private investments and businesses.

He further said: “Every generation of Senators will face its peculiar challenges. The task we set for ourselves and our understanding of our roles as Senators must, therefore, reflect a robust understanding of the challenges that we face as a law making body at this time in our history.

“This is the reason why the Legislative Agenda of the 8^th Senate is anchored on three cardinal objectives of improving governance, improving business and, improving livelihood. We believe that legislative activities that sustainably improve on these three key indicators will improve the economy and ultimately guarantee a better life for our people.”

Continuing, he lamented that the collapse in oil price has, without doubt, brought huge shock to the economy on a scale that has never been experienced before, noting that there was a need to develop creative strategies that would stimulate business and investments into other sectors.

Speaking on growing security challenges being witnessed in the Niger Delta area of the country, Saraki urged the warring militants to embrace the country’s democratic institutions and channel their grievances through appropriate quarters, “as we can ill afford further damage to the ecosystem of this all important region and any more disruptions in the system.”

Saraki equally encouraged government to adopt dialogue and engagement as a more lasting option towards resolving this challenge and also called on leaders in the area to play their part and ensure, through mediation that the menace is comprehensively quelled.

•Photo shows Saraki.

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