Bukola Saraki, Nigerian Senate President, has noted that Nigeria can get out of the current economic recession in the shortest possible time if political office holders, lawmakers and economic experts can work together and synergise to end it.

Saraki who observed on Tuesday in his welcome speech, during the resumption of the Senate plenary session, after its annual recess, emphasised that all political office holders and lawmakers must work together, so as to bring the nation out of the current economic woes.

According to him, “The condition of the economy is biting harder and we cannot afford further distractions here. We can make this the shortest possible recession ever and move out of it greater.”

He equally tasked his colleagues in the Senate to be prepared for more tasking legislative activities, saying that “Nigerians are not interested in who brought us into the chamber but how to get out of the economic challenges. This is why we have to be more serious about our legislative business.”

While lamenting further in his speech, Saraki said: “It is clear to me that when people are desperately hungry, what they need is leadership with a clear vision; leadership whose daily actions reflects the very urgency of the people’s condition. Therefore, our response to the current challenge must be dictated by the urgency of the hardship that the people suffer on a daily basis.”

Saraki added: “I say this to urge us that we must have an urgent debate on the way forward. But in having this debate we must resist the temptation of drowning the debate with apportioning blames that will neither bring solutions to the problem or reduce the cost of rice, maize or oil in the market. Rather, this debate must be solution driven; it must be people oriented and less political.”

Majority leader, Senator Ali Ndume, during the plenary announced that the Senate will begin a debate on the economic challenges and recession on Wednesday, September 21.

The debate will likely centre around the 14-point plan Saraki, in his address, earlier presented to the Federal Government on how to quickly end the recession.

The recommendations include the following:

•The executive must immediately put in place leadership-level engagement platform with the private sector.

•Government must raise capital from asset sales and other sources to shore up foreign reserves.

•Consider tweaking the pension funds policy within international best practice safeguards to accommodate investment in infrastructure and mortgages.

•The Federal Government and Central Bank of Nigeria (CBN) must agree on a policy of monetary easing to stimulate the economy and harmonise monetary and fiscal policies until economic recovery is attained.

•Re-tool its export promotion policy scheme with incentives such as the resumption of the Export Expansion Grant (EEG), and introduce export-financing initiatives.

•Engage in meaningful dialogue with those aggrieved in the Niger Delta and avoid an escalation of the conflict in the region.

•Consider the immediate release of funds to ensure the implementation of the budget for the near short term to inject money into the economy.

•Similarly, the agricultural sector and agro-allied businesses should be directly supported to boost value addition and jobs creation.

•While government works on the medium to long-term plans, immediate strategies must be devised that would ease the suffering of the ordinary people across the country.

•The legislature and executive must co-operate to ensure the passage of the Petroleum Industry Bill (PIB) into law as soon as possible to stimulate new investment and boost oil revenue.

Saraki added that while the executive is working on the recommendations enumerated above, the National Assembly should support it with the necessary legislations and oversight activities such as:

•Accelerate bills aimed at reforming the mortgage sub-sector for growth and accessibility in a manner that deepens people’s access to housing, jobs and economic activities.

• Work on the National Development Bank of Nigeria (Establishment) Bill 2015 which will provide long term cheaper source of funds to the private sector.

•Quickly commence work on the amendment of the Nigerian Ports and Harbours Authority Act (Amendment) Bill 2016; National Road Fund (Establishment, etc); National Transport Commission Act 2001; Warehouse Receipts Act Bill 2016; Review of the Companies and Allied Matters Act (CAMA), Investment and Securities Act (ISA) and Customs and Excise Management Act; Federal Competition Bill 2016; and the National Road Authority. These bills and some of the other economic reform bills will be considered in the coming days.

•Explore the possibility of backing certain key government policies with legislations that have time limitations. This will help give confidence to investors to go into certain areas of the economy and invest without the fear that such policies will suffer reversals and loss of investment.

•Photo shows Senate President Saraki.

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