The Leader of the Senate, Senator Michael Opeyemi Bamidele, has urged fellow federal lawmakers to devise innovative legislative strategies and enhance their oversight role to ensure the stability and appreciation of the naira.
Speaking during a two-day retreat for senators held in Ikot Ekpene, Akwa Ibom State, Senator Bamidele emphasized the importance of integrating President Bola Ahmed Tinubu’s eight-point agenda with the National Assembly’s programmes.
The retreat, themed “Fiscal Policy and Tax Reforms in Nigeria'”, was organized by the National Institute of Legislative and Democratic Studies to empower senators to create legislation that promotes peace, sustainable development, and coexistence among Nigerians.
Key figures present at the retreat included Senate President Godswill Akpabio, Speaker of the House of Representatives Hon. Tajudeen Abbas, Deputy Senate President Senator Barau Jibrin, Minister of Finance and Coordinating Minister of Economy Mr. Wale Edun, and other members of the Federal Executive Council.
Senator Bamidele expressed concern over the devaluation of the Naira and called for the establishment of legislative frameworks and robust oversight to implement responsive fiscal and monetary policies aimed at revitalizing the economy. He stressed that both houses of the National Assembly bear the responsibility of preventing the recurring devaluation of the Naira and promoting economic stability.
In his presentation, Senator Bamidele highlighted the need for an urgent review of the Land Use Act of 1979 to reform the land tenure system and grant Nigerians greater access to arable farmland. He argued that improving access to farmland would significantly boost agricultural production and ensure food security nationwide.
Furthermore, Senator Bamidele urged the prioritization of the Small Towns and Village Recovery and Development Bill, aiming to bring economic fairness to rural communities in national revenue allocations and infrastructure provision. He explained that this initiative would counter the issues of rural-urban migration, urban criminality, environmental degradation, and resource demands in cities.
He stressed that the effective implementation of poverty alleviation programs is essential for promoting peace and sustainable democracy in Nigeria, where a large portion of the population lives below the poverty line. To address increasing inequality, he suggested strengthening the National Directorate of Employment through legislative amendments, thereby creating more opportunities for the unemployed.
Senator Bamidele also cautioned against the growing corruption in the public sphere and warned that mass actions in the form of protests could emerge from the discontented. He called upon the National Assembly to focus on preventive measures against corruption rather than just curative remedies.
In addition, Senator Bamidele challenged the federal government to discourage selective treatment, executive lawlessness, high-handedness, and political persecution in the fight against corruption
The Senate Leader also proposed a joint retreat between the executive and legislature to align President Tinubu’s eight-point agenda with the National Assembly’s programs.
This retreat according to him would facilitate discussions between committee chairpersons and ministers, fostering collaboration to implement the Tinubu administration’s agenda.
Senator Bamidele’s recommendations are part of ongoing efforts to address economic challenges and promote legislative synergy in Nigeria.
