Asks FG for Economic Stimulus Bill
Recession, opportunity to develop other sectors – Ambode
By Ezrel Tabiowo, Taiye Odewale, Abuja and Tope Musowo, Lagos
The Senate, yesterday, rejected the planned sale of national assets to raise capital to shore up foreign reserves, and by extension, bail out the country from the current economic recession.
President of Dangote Group, Alhaji Aliko Dangote and Senate President Bukola Saraki, had at different fora proposed the sale. And not long after, the National Economic Council, comprising members of the federal cabinet and state governors among others, ratified same after receiving the report of the Economic Management Team.
Rejecting the proposal, however, the Senate said, rather than thinking of selling off the assets, the executive should seek ways of protecting the national patrimony.
The recommendation was contained in the report submitted by the six-man ad- hoc committee, set up by the Senate last week for harmonisation of submissions by senators during their general debate on the economic recession and possible way out.
This was even as the Senate, in line with recommendations to that effect, called on President Muhammadu Buhari to, as a matter of urgency, prepare an Economic Stimulus Bill containing all the fiscal stimulus packages, investments, and incentives designed to pull the country out of recession, to the National Assembly for accelerated consideration and passage.
Rejecting the proposal, the committee in its recommendation, said, “Being a sensitive issue, it should be approached from a commitment to protecting the common patrimony of Nigerians by preventing the assets from falling into the hands of sharks, assets strippers and cannibals, while also guarding against the fuelling of further inequities in the society and polity.”
Other salient recommendations adopted by the Senate include; urging 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 also recommended that the 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 there from.
Consequently, the Upper Chamber asked the president to, as a matter of urgency, appoint a Senior Special Assistant who should lead a team that coordinates the government’s engagement with all stakeholders in the region, specifying that the team should include
senators from the zone.
The lawmakers also adopted the recommendation urging the President Buhari to
reconstitute the Board of Central Bank (CBN) and all other critical agencies in order that they operate in accordance with the enabling laws.
To solve the age-long problem associated with saving for the rainy day by the federal government, the Senate adopted recommendation seeking amendment of Section 162 of the Constitution to make it possible for the federal government to save money to that effect, etc.
In ensuring that the recommendations get to the president on time, the Senate also resolved that the 22-point recommendations should be personally delivered to him by the Senate President.
After the adoption of the resolutions, the Senate Whip, Senator Olusola Adeyeye (APC Osun Central), rose through Order 43, to emphasise that “resolutions now adopted represent the Corporate Decision of the Senate as against individual submissions made by senators, last week, during the general debate.”
However, the Lagos state Governor, Mr. Akinwunmi Ambode, has noted that the current economic recession could be a blessing if concerted efforts were made to harness other critical sectors such as tourism.
Ambode, who stated this at the National Tourism Conference held at Eko Atlantic City (EAC) in Lagos, in commemoration of the World Tourism Day, said the current economic situation offered an opportunity for the country to re-order its economic priorities and develop other revenue-generating channels.
He said the conference, which was organised by the Federal Ministry of Information, Culture and Tourism, was a necessary and strategic decision that would enhance the prospects of diversifying the revenue generation channels of the country for the development and growth of national economy.
The governor, who was represented by his Deputy, Dr Idiat Oluranti Adebule, said there were component states blessed with natural tourism sites which could be developed to harness opportunities that would generate wealth and create jobs for the people.
He alluded to a recent study by the World Travel and Tourism Council (WTTC), which projected that the travel and tourism industry in Nigeria would contribute 1.6 per cent, (representing in absolute terms N1.366 billion and 1,194,000 direct employment), directly to the nation’s Gross Domestic Product (GDP) by 2024, the governor advocated the development of framework for the industry, “especially the creation of incentives for investors.”
“The potentials of this sector can only be harnessed if we create the right environment for investment to thrive. We must open up the sector through incentives, attractive policies as well as the provision of world class infrastructure,” the governor said.
On his part, the Minister of Information, Culture and Tourism, Alhaji Lai Mohammed, commended former Governors of Lagos state – Asiwaju Bola Ahmed Tinubu, Mr. Babatunde Fashola, and the incumbent for the vision to commence and continue the EAC Project which had the capacity to accommodate 450, 000 residents and 300, 000 commuters upon completion.
According to him, the project has all it takes to drive tourism in the country, and that the city is not just the future of Africa, but the world.
