ABUJA – Senate yesterday, summoned the Central Bank Governor, Godwin Emefiele to appear before it in order to enlighten the senate on the state of the country’s economy.
This is even as they refered loan facility approval being sought on behalf of Edo State government by President Mohammadu Buhari through a letter to the National Assembly was referred to the Senate Committee on Local and Foreign Debt (yet to be constituted).
Also, the Senate urged the federal government to act through the ministry of works and the federal road maintenance agency (FERMA) to undertake immediate rehabilitation of all roads in the country.
The summon on the CBN governor was sequel to a motion by Sen. Nazif Suleiman (Bauchi North) who expressed serious concern on the state of the country’s economy especially the depreciating Nigeria currency, the naira. According to the senator, the naira has been depreciating rapidly in the last two months more than it appreciated in the past two years.
The senator further decried the secret foreign exchange deals, which he said has been illicit thereby affecting the country’s economy. “The banking industry may be currently defaulting in the global economy and that is sending a bad signal and bad image about the Nigerian economy. This resultant speculation is resulting to a huge capital flight with its attendant inflationary consequence which will affect an average Nigerian on the street. The illicit fund flows and money laundering going through Nigerian financial system contributes in weakling the value of the naira, which has led to recent decisions of the CBN to increase its vigilance to ensure that Nigerian banks are not used as conduit for illicit funds flow and money laundering in foreign currencies”, he continued.
In his contribution, Ali Ndume (APC, Borno South) pointed out that the government has failed in the management of the country’s economy over the years.
He s aid, “We are not supposed to lament here. We know the problem and we are here to solve the problem. ” He added that the senate has the mandate to assist the government to change the deplorable economic situation in the country.
He however blamed the import nature of the economy for the unfavorable economic environment. “Before we embark on any legislation, we need to bring urgent measures to reverse existing situation. To Senator Gbolahan Joseph Dada (APC Ogun APC), the country must urgently make laws to tackle fraud. Gbolahan blamed the collapsed manufacturing sector, which has made the country, an import-driven economy. The senate president, Bukola Saraki while ruling on the motion urged the federal government to be firm and to rise up to defend the naira.
He said it is clear to everyone on the harm currency speculators are doing to the country’s currency. “We will do all we can to defend the naira. The need to diversify the economy is key but if we stay on course and give all the support to the government, it is achievable.
We can be firm and consolidate as the government did in the past on the issue of cement.” They also tasked the government and its agencies to dualise all major highways across the country. The prayer was based on the motion brought to the floor on the senate by senator Dino Melaye (APC, Kogi West) titled Collapse of road infrastructure in Nigeria. The motion which was supported by 90 senators listed over 50 major roads across the country. The senate blamed the poor roads on poor management. The senate resolved by advising the federal government to look for new ways to raise finances to enable it tackle road infrastructure in the country.
