Concerned by the worsening conditions of Nigerians as a result of the economic recession, the President of the Senate, Dr. Bukola Saraki, said tuesday in Ilorin that the Senate upon resumption next week, would probe the cause of the recession, stating that it was necessary to know why in spite of budgetary provisions, many more citizens have receded below poverty line.
“The Senate on resumption will respond to the economic crisis with a number of measures including getting managers of the economy to give account to the people, making tough recommendations to the president on needed changes, formulating necessary legislative framework for economic recovery and undertaking wide consultations across the private sector,” he told journalists at his residence during the Eid-el-Kabir celebrations.
Worries about the ailing economy were shared also by a former Minister of Finance, Dr. Ngozi Okonjo-Iweala, who offered some tips on the way out of the woods, saying effective handling of spiralling inflation, foreign exchange problem, fiscal deficit and debts control were key to resolving the current economic crisis.
Okonjo-Iweala who spoke on Aljazeera TV programme, The Stream, said focusing on the basic issues of macroeconomic stability was crucial to fixing the country’s economic challenges.
Saraki, in his intervention, explained why the legislative interrogation of the executive management of the economy had become necessary: “We need to know why the promises of external borrowing have not materialised, why devaluation has not helped to strengthen the naira, why inflow of foreign currency has continued to dry up and interest rate is still very high? Doing this will help us to understand where we are, so that we can determine where exactly we want to go from here.”
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