Senate’ll pass laws to end recession, says Saraki

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According to reports, the Senate is committed to passing laws that will help end the country’s worst economic recession in decades by attracting private investment in roads, rail and the ports.

saraki-president-of-the-senate

The Senate President, Dr. Bukola Saraki, said this in an interview with Bloomberg at his residence in Abuja on Friday.

“We have 11 bills that we have identified as bills that we need to pass to get the economy up and running. We are looking at how the private sector can take major trunk roads away from the government, and how the railway too can be taken away from the government,” he explained.

He said the monetary and fiscal authorities needed to work together to achieve macro-economic stability and enable a free-floating foreign exchange regime, so that the local currency, which is he noted was “undervalued,” would finds its real value and win investors’ confidence.

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The country is facing its biggest economic crisis in 25 years with the collapse in the prices of crude oil, which provides 70 per cent of government revenue and more than 90 per cent of all foreign income. Dollar shortages have hurt the nation, affecting importers of raw materials and finished goods alike.

With militant attacks in the southern oil-producing region further crippling export revenue, President Muhammadu Buhari’s government is struggling to implement a record budget of N6.1tn planned to stimulate output by investing in infrastructure projects. The International Monetary Fund estimates that the economy will probably shrink by 1.7 per cent this year.

Nigeria will need $3.1tn over the next three decades to cover existing infrastructure deficits, with half of the funding expected from private investors, according to the Ministry of Budget and Planning.

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“It’s clear that government can’t fund them even if the crude price hadn’t dropped this much,” Saraki said, adding, “If we can address the infrastructure shortfall, that way, we’ll bring real productivity to the country.”

Apart from laws to enable private investors to run rail, roads and ports, the legislature is also working on bills to improve the ease of doing business in the country as well as reform the Customs service and the petroleum industry, he said.

“The most important thing is for us to continue to bring confidence back into the economy in the short-term,” Saraki said.

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Resolving the insurgency in the Niger Delta through dialogue and creating a “truly flexible” exchange policy will help boost confidence in the economy, he added.

“The sense of purpose is there, but if we continue to make these kinds of errors, then people will lose confidence and that’s what we can’t allow,” the Senate president added.

4 thoughts on “Senate’ll pass laws to end recession, says Saraki

  1. If the mere passing of laws can end the recession, the Senate ought to have legislated electricity for Nigerians to enjoy long ago. It is apparent the leadership of the Senate is deluded. I have long lost faith in the Senate and the scraping of it is now than ever necessary. At least it will reduce the cost of governance.

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  2. The senate must be scrapped. Nigerians can no longer sustain to keep the overpaid unproductive politicians with outrageous allowances. Saraki &co must go. Both the house and the senate gulp 90% of the national budget What type of legislation will wish away the recession? Only in Nigeria ! !

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  3. The very basis for ending the recession is for the corrupt ones among the senators, starting from Saraki, to refund the public fund they stole
    Besides the cost of running the government is too much, this contributes in no small way to the present economic downturn
    The members of the National Assembly should drastically cut down their salaries and other benefits that comes with the post, including the quite unnecessary personal assistance that is just a silly measure to compensate political associates
    We do not need more than one senator and two members of house of reps from each of these unviable multiple states that was created by the military mainly to spite the Biafrans, to turn the rest of Nigerians against them and to perfect corruption

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  4. They will continue to pursuit shadow an live the substance. Am sure is their resolved to team up touse their stollen money to buy what they are proposing to the detriment of Nigerians. Just watch out.

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