SENATE INVITES BUHARI OVER RECESSION

• Agrees with Reps on state of economy

The Senate has okayed House of Representatives' resolution to invite President Muhammadu Buhari to address a joint session of the National Assembly on plans to bail out the country out of the economic recession.

The Lower Legislative Chamber had on September 22, 2016, resolved to invite Buhari to intimate members on Federal Government's plans to rescue the country.

The House had taken the decision after debating on a motion on: 'Urgent Need to Address the Economic Downturn in Nigeria,' sponsored by Hon. Mukaila Olayiwola Kazzim (APC, Ogun).

The Senate motion, titled "Concurrence to House resolution", the motion seeks to "invite the President Commander-in-Chief to address a Joint Session of the National Assembly to intimate it on plans to get the country out of recession to enable the House take further legislative action."

Although the motion was not debated, Senate President Bukola Saraki, however, sought the approval of the lawmakers to concur with the House's resolution. The adoption of the resolution was unanimous.

There is, however, no date fixed yet for the briefing. This may be as a result of the necessity to consult with President Buhari and other relevant stakeholders on a convenient date.

Last week, the Senate submitted 20-point resolutions to Buhari on how to get the country out of the woods. Saraki personally submitted the resolutions of his colleagues to Buhari in line with the position of the Upper Chamber.

Part of the submissions to the President was the resolution of the Senate that the proposed sale of some national assets should be jettisoned

The Senate, in its recommendations, had also "urged the executive to ensure constant meeting of fiscal and monetary authorities for harmonisation of all policies, particularly lower interest rates for genuine investors in the real sector as well as medium and small-scale farmers and processors.

It said that "government must engage in meaningful and inclusive dialogue with the aggrieved Niger Delta militants to avoid escalation of the unrest in the region and ensure protection of Nigeria's oil and gas assets to facilitate increase in oil production and boost revenue therefrom.

"That the President should as a matter of urgency appoint a Senior Special Assistant who should lead a team that will coordinate the government's engagement with all stakeholders in the region, specifying that the team should include Senators from the zone.

"The President should reconstitute the Board of Central Bank of Nigeria (CBN) and all other critical agencies in order for them to operate in accordance with the enabling laws."

"The government should solve the age-long problem associated with saving for the rainy day." The Upper Chamber adopted the recommendation seeking for the amendment of Section 162 of the Constitution to enable the government save money for the rainy day.

The Senate asked the Ministry of Finance and the CBN to harmonise the government's financial and monetary policies as one of the ways to bail out the country from recession.

The Upper Chamber also urged the executive to urgently negotiate external concessionary borrowing to finance aspects of deficit in the 2016 Appropriation Act.

It further said: "The fiscal and monetary authorities must harmonise all policies that lower interest rates for investors in the real sector and small/medium-scale farmers.

"The Federal Government should negotiate foreign concessionary borrowing agreements to cover shortfalls in the 2016 budget and the government's accelerated infrastructural development programme."

Meanwhile, the House of Representatives yesterday announced its concurrence with the Senate's position on the state of the economy.

The House unanimously passed the motion sponsored by the Majority Leader Femi Gbajabiamila, seeking the formal backing of the resolutions by the Senate on the way out of the recession.

Speaker Yakubu Dogara who presided over plenary, rejected a move to amend the motion ensuring it was swiftly passed.

The Senate had on September 27, adopted a Report of its Ad Hoc Committee on State of Economy, resolving not to support the sales of National Assets.

The Senate also urged the government to re-negotiate the terms of engagement with our Joint Venture partners in relation to production cost and profit sharing favourable to Nigeria;

The Legislative Chamber resolved that in order to shore up our foreign reserves, government should restore the oil production target of 2.2 million barrels per day. It said peaceful means should be immediately crafted to stop the vandalisation of petroleum and gas assets in Niger Delta.

-Sun