Economic Recession: Senate Hits Buhari, Makes Drastic Recommendations

In line with the charge by the President of the Senate of the Federal Republic of Nigeria, Dr. Bukola Saraki, that drastic measures must be taken to get the country out of its current economic woes, Senators have accused President Muhammadu Buhari of scaring invested from the country with his body language.

According to them, “body language of Mr. President must change. His body language discourages investment.”

This was even as the Senate passed a vote of no confidence on two of President Buhari’s Ministers, recommending their replacement with Nigerians with brains that can bring the country out of its economic meltdown.

buhariSpecifically, singled out the Minister for Finance as well as the Minister for Budget and National Planning Ministers, saying suggesting that they “should be replaced with competent brains who can provide solution to the crumbling economy”.

These were part of the presentations at plenary on Wednesday as the Senate began discussing Nigeria’s economic woes under the All Progressives Congress (APC) controlled leadership in the country.

The Senators today commenced deliberation on the economic challenges of the country with a view to recommending appropriate measures to address the issue.

Other recommendations in a summary of  presentation by the Senators include the release of looted funds to boost the economy and the need for the the Federal Government to renegotiate the price of crude oil with the oil majors as the present contract does not favor the country. 

Also, the Senators were of the view that the Federal Government should build confidence in Nigerian people, observing that a situation in which the citizens are seen as corrupt cannot help investment.

According to the Senators, machinery should be put in place to make corruption impossible rather than trying to stop corruption, just as they recommended redistribution of income in the country to save the economy and fight hunger currently ravaging many families since the last one and half years of the APC-led Federal Government.

Bukola-Saraki-Senate-President-NigeriaWhile rejecting a proposal for the sale of the country’s oil assets, the Senators suggested a revamping the agricultural sector as a way out from the present economic crunch.

The much celebrated Treasury Single Account (TSA) and interest rate by banks, the Senators argued, must be revisited.

The Street Reporters can report that the blanket implementation of the TSA has removed all Federal Government income from the commercial banks, leaving them with no funds to lend to manufacturing sector. 

As part of measures to increase liquidity and speed up loot recovery, the Senators suggested that Plea Bargaining must be encouraged, arguing that people are afraid to plea bargaining as they are afraid they may be persecuted.

The Senators recommended that the idea of a Sovereign Wealth Fund initiated by the former Minister of Finance and Coodinating Minister, Dr. Ngozi Okonjo-Iweala be given legal backing by the National Assembly.

The Senators also harped on the need for economy diversification as against the current dependent on oil.

More drastic recommendations are expected as the debate continues on Thursday.



About James Ezema

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