Economic Recession In Nigeria: Senate Moves To Offer Solution

The President of the Senate of the Federal Republic of Nigeria, Dr. Abubakar Bukola Saraki commenced proceedings for the new legislative day today, Wednesday 21st September, 2016 in the Senate of the Federal Republic of Nigeria.
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The President of the Senate of the Federal Republic of Nigeria, Dr. Abubakar Bukola Saraki commenced proceedings for the new legislative day today, Wednesday 21st September, 2016 in the Senate of the Federal Republic of Nigeria.

The official prayer was taken by Senate President, Bukola Saraki while Senator Abdulfatai Buhari moves the motion for the approval of the Votes & Proceedings of Tues 20th Sept., 2016 and seconded by Senator Sani Abubakar.

Senator Danjuma La'ah raised a Point of Order based on Personal Explanation on the Earth Tremor that occurred recently in his Constituency and the issue was duly acknowledged by the Senate President as an important one and stated that a motion will be taken in respect of it.

Senate Leader Ali Ndume announced the demise of the son of Senator Stella Oduah and the daughter of Senator Foster Ogola which occurred recently. He asked that a one Minute Silence be observed in honour of the departed children of the Distinguished Senators. Senate President Bukola Saraki prayed that the Good Lord will grant the Oduah and Ogola families the fortitude to bear the losses.

Senator Isah Misau raised a Petition on the Floor of the Senate and it was referred to the Senate Ethics, Privileges and Public Petitions Committee while Senate Leader and Clerk of the Senate, moved for the presentation of bills for first reading.

1. Chartered Institute of Stock Brokers Act CAP C9 LFN 2004 (Amendment) Bill 2016 HB. 242 by Senate Leader Ali Ndume

2. Treaty to establish African Economic Relating to Pan African Parliament (Accession & Joint Solution) Act CAP T25 LFN 2004 Bill 2016 HB. 243 by Senate Leader Ali Ndume
3. Utilities Charges Commission Act CAP U17 LFN 2004 (Amendment) Bill 2016 HB.244 by Senate Leader Ali Ndume

4. Petroleum Products Pricing Regulatory Agency (Establishment) Act CAP P43 LFN. 2004 (Amendment) Bill 2016 HB. 245 by Senate Leader Ali Ndume
5. Endangered Species (Control of Int'l Traffic and Traffic) Act CAP E9 LFN 2004 (Amendment) Bill 2016 HB. 249 by Senate Leader

Senate moves to the presentation of reports.
1. Report of the Auditor General of the Federation on the Audited Accounts of some Federal Government Parastatals.
The report is laid.

2. Report of the #PovertyAlleviationCtteeon the Nat'l Poverty Eradication Commission (Est. Etc.) Bill 2016 SB. 23
The report is laid.

3. Report of the AdHoc Cttee on North East Development Commission Bill 2016 SB. 163
The report is laid.

Senate moves to the consideration of the confirmation of the nomination of the Board of the Niger-Delta Development Commission NDDC.

The Executive communication on the NDDC Board is in accordance with Section 2 (2) (a) of the NDDC Act 2000. The Senate subsequently refers the confirmation of the nomination into the NDDC Board to the Senate #NigerDeltaCttee.

The Senate Leader moves that the Senate commences deliberations on the State of the Economy. The Motion is seconded by the Minority Leader. The Senate now deliberates on the economic challenges of the Country with a view to recommend appropriate measures to address the issue. Senate President Bukola Saraki charges his Colleagues not to do the blame game but to proffer solutions to the current economic challenges.

Senate Leader Ali Ndume now takes the floor. He reels out statistics on GDP Growths around the Developed and Developing World. Senator Ndume points out that Oil Dependency and the subsequent Oil Price Collapse has led Nigeria to the current economic challenges. Speaking further, Senator Ali Ndume says the 2015 Political Climate which lead to low Foreign Direct Investments affected the Country. He pointed out that he is not debating but actually setting the tone towards proffering the way forward.

Deputy Senate President, Ike Ekweremadu now takes the Floor. He charges @NGRPresident to look inwards into his cabinet and put square pegs in square holes. Senator Ekweremadu says the strategies for fighting corruption needs to be reviewed adding that the Country is indeed very divided at the moment.

Senator Shehu Sani now speaks that the key towards getting out of the recession is the export of goods. He bemoans the current 'federalism'. Senator Sani further stated that removing the Finance Minister will not get us out of the current economic challenges and recession. Senator John Owan Enoh applauds the initiative of the Senate on the #StateOfTheEconomy. He says ''we need to put politics aside and think''. Senator Enoh commented on the lack of trust in the Banking Sector and the challenges brought about by the Exchange Rates.

Senator Dino Melaye now takes the Floor. He opens by saying 'this Bolekaja approach to the Bojuboju Economy' will not work. Senator Melaye proffers attracting Foreign Direct Investments, blocking leakages, pacifying Niger Delta Avengers and banning some food and clothing imports as solutions. Senator Melaye says the Nigerian Senate President Bukola Saraki should personally submit resolutions of the #StateOfTheEconomy #SenateEconomyPlan #SenatePlan Debate to @NGRPresident @MBuhari.

Senator George Akume takes the floor. He says the blame game cannot end yet as we need a sense of history to move ahead. Senator Akume speaks on the efforts during the tenure of former President Obasanjo. He also advises against the sale of Government Assets. Senator Akume further makes case for Technological Transfer and asks that Senators forget about political differences to work for the Country. Senator Sam Anyanwu says 'We are the Government and we must find solutions to the current challenges'. Senator Anyanwu says the body language of the @NGRPresident @MBuhari to business concerns and businessmen must change to the positive.

Senator Mohammed Hassan now takes the Floor. In his contribution, he bemoans the lack of a framework to support policies that can grow businesses and impact the economy. Senator Hassan also comments on the Sovereign Wealth Fund, the Misery Intent and the possibility of investing pension Deductions to finance the deficit budget. Senator Rabiu Musa Kwankwaso now takes the Floor. He says the Federal Government should liaise with States and Local Governments and he task Government on providing Farming Inputs. Senator Kwankwaso also tasks the Federal Government to communicate policies early enough and review WAEC, NECO and JAMB Fees. He commends the Military on efforts to so far on security.

Senator Isiaka Adeleke now speaks on the #SenatePlan. He charges that an Emergency Funding Template be put in place. He advocates that the Executive should carry the legislature along in policy formulation and Implementation. Senator Emmanuel Bwacha recommends economic diversification and proposes a 10% budgetary allocation to Agriculture. Senator Adamu Aliero advocates the need for establishment of refineries to conserve foreign exchange. He also speaks against rice importation adding that the Solid Minerals Sector needs to be revamped and underscores the need to invest Pension Funds in the Economy. Senator Aliero further speaks against Medical Tourism and discourages sending of Nigerian Students abroad for Education.

Senator Danjuma Goje advocates the need to encourage Rice Farming and adequate provisions of Fertilizers in the 2017 Budget. Senator Goje supports the sale of FG Assets and speaks strongly on the need to establish an Agriculture Intervention Fund. Senator Peter Nwaoboshi now speaks on the #SenatePlan. He advocates a dialogue with Militants in the Niger Delta. Senator Nwaoboshi asks that President Muhammadu Buhari should develop a better body language & further asks Nigerians to patronize Made in Nigeria goods.

Senator Shaaba Lafiagi now speaks on the need to revamp factories and industries. He task Govt on exploration of Solid Minerals. Senator Barnabas Gemade speaks on the need to suspend parts of the Procurement Laws as drastic times calls for drastic actions. Senator Bassey Akpan speaks on the lack of confidence in the Nigerian Economy by local and Int'l organizations/institutions.

Senator Matthew Urhoghide speaks on what has brought Nigeria to the current circumstances. Senator Fatimat Raji Rasaki as well speaks on the need to revamp the Nigerian Economy and get the Country out of recession. Senator Kabiru Marafa now takes the Floor. He says the Executive Arm should forward a bill on #ChangeBeginsWithMe to the Legislature. Senator Marafa says the #ChangeBeginsWithMe Bill should mandate public office holders to send their wards to public institutions. Senator Marafa says he looks forward to a Bill where everyone will feel the pinch of lack of water and power supplies and advocates that Nigerians should go back to the old days, values and culture.

Senator Olanrewaju Tejuoso now speaks on the #SenatePlan. He speaks on the fiscal and monetary policies of the Central Bank. Senator Olanrewaju Tejuoso also dvocates that the Senate put the dwindling economy in prayer. Senator Sam Egwu now takes the Floor. He speaks on the breakdown of roads and infrastructures. Senator Francis Alimikhena speaks strongly on how the last administration 'shared' all the resources amidst themselves. Senator Alimikhena adds that Agriculture needs time to yield results but an immediate solution is dialogue with militants.

Senate President @bukolasaraki appreciates all Senators for their contributions on the #SenatePlans. He says they will continue tomorrow. Senate Leader Ali Ndume now moves for an adjournment of proceedings to Thursday 22nd September 2016. The Minority Leader, Senator Godswill Akpabio seconds. Senate President @bukolasaraki adjourns plenary deliberations on the #StateOfTheEconomy #SenatePlans #SenateEconomyPlans to Thursday 22nd September, 2016.
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