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Nigerian Senate urges CBN to Relax Forex Policy

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He gave this charge during a meeting with the Managing Director of the International Monetary Fund, IMF, Christine Lagarde, disclosing that small businesses were being made to suffer unnecessarily as a result of the policy.

He called on the apex bank to introduce a more flexible foreign exchange regime and reduce the present restrictions on the autonomous market, which does not allow business men bring in foreign exchange or utilise what they have in their accounts.

The Senate President had equally canvassed a similar view at a private meeting with CBN Governor, Mr. Godwin Emefiele, during which he implored him to consider the effects of the present forex regime on small businesses which were dying, following dwindling crude oil revenue.

Saraki also told Lagarde that “The IMF should support our CBN to bring in low interest loans to SMEs. We need to encourage entrepreneurs and make most of our new graduates job creators rather than job seekers. This is an area where we need the financial support and technical assistance of the IMF.”

He explained that his office had received numerous complaints from small business owners, complaining that their businesses were being threatened by the huge bottlenecks now involved in doing business.

“As legislators, we play an important role in making our people understand IMF’s advice, policy trade-offs, consultations and other engagements, so that ownership, transparency and accountability are brought to bear on economic policy choices.

“The Nigerian legislature strongly believes that having a collaborative working relationship with the Executive Branch of government brings development closer to the people.

“Since the advent of the new administration, we have worked closely to stabilize the economy and steady the fiscal environment. This, we have indeed demonstrated by the speedy passage of the Medium Term Expenditure Frame Work (MTEF) and recently in the postponement of our recess in order to receive President Muhammadu Buhari to present the 2016 Appropriation Bill.

“The purpose of our Legislative Agenda is to enable us focus our lawmaking in areas that will help create jobs, expand our infrastructure base and make our economy work for the benefit and happiness of the majority of our people.

“Pivotal to the attainment of this objective is the state of the Nigerian business environment. In collaboration with major stakeholders, the 8th Senate is presently signing a memorandum of understanding on Enhancing Nigerian Advocacy for Better Business Environment Project, a National Assembly business and investment roundtable initiative, with developmental organizations”, the Senate President said.

The Senate President used the occasion to call on the Central Bank of Nigeria (CBN) to ensure that in reacting to recent developments in the economy, it does not devalue the Naira for the mere sake of devaluation.

 

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Buhari Govt Sold Nigeria’s Future, Says Governor Mutfwang

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“This government inherited an economy where we simply printed money up to the tune of ₦30 trillion and shared. This government inherited an economy where the crude oil we’re yet to take out of the ground has been sold in advance.

“So when you’re talking about the fall of the naira, it’s not rocket time. We sold our future under the last administration. No wonder you’re hearing of riots today, people intercepting food on the way. We are lucky on the Plateau that perhaps we have more food than many other states.

“And I pray that the time will not come on the Plateau that we will see this kind of riot for food, but it means we must roll over our sleeves and get to work. And that is why, for us as a government, when we announced one of the positions that talked about Food Security, people were laughing but it is a serious issue.” -Governor Caleb Mutfwang, Plateau At Swearing-In Of Special Advisers, Heads Of Govt Agencies

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After Meeting NGF Chairman, Akpabio Apologies To state Governors Over N30bn Claim

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The President of the Senate, Godswill Akpabio, has finally apologised to the Nigeria Governors’ Forum (NGF) under the leadership of Governor Abdulrahman Abdulrazaq of Kwara State over his comment on the N30bn allowance allegedly given to them to cushion the effect of inflation in food prices.

This was coming after the Senate President held a meeting with the NGF Chairman and some of his counterparts in Abuja yesterday.

Akpabio had, at a plenary sitting last Tuesday, said an “unverified report” indicated that state governors received N30bn each from the Federation Account to cushion the effect of inflation and the high cost of food prices.

The statement has generated controversies in the public space, with some commentators asking governors to come clean about the money they did not collect.

However, on Monday, Akpabio in a statement by his Special Adviser on Media and Publicity, Eseme Eyiboh, retracted the statement, saying the SP held the governors in high esteem.

The statement reads below:

“During the session, the President of the Senate commented on the payment of an unverified cumulative sum of about N30bn to the sub-national governments by the Federal Government for various interventions to ameliorate the food situation of our citizens at the sub-national governments.

“The unfortunate conjectures to take away the kernel in the material facts of FAAC payment are rather regretted. In considering the well-intended motive of urging state governments to collaborate with the Federal government of President Bola Tinubu to facilitate strategic interventions to mitigate the prevailing economic situation in the country remains the underpinning motivation in the comment.

“The President of the Senate is not oblivious to the fact that state governments are functional partners in all the efforts of the current administration of President Bola Tinubu and are also valuable stakeholders’ in the various legislative engagements of the legislature in creating the nexus between the legislature and the people.”

Eyiboh added that Akpabio has always demonstrated commitment to team building and shall not do less in the circumstance.

He, therefore, urged the sub-national governments not to be distracted by any misunderstanding of the context and true meaning of the statement.

He added, “The President of the Senate recognises and appreciates the current efforts of the governors at ameliorating the adverse effects of the current inclement socio-economic environment and therefore invites more hands on the plow to complement the renewed hope agenda.”

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“I Discourage Young People From Leaving The Country Because Abroad You Get Only 9-5 Jobs, But In Nigeria You Can Wake Up One Day And Become A Minister” — Rotimi Amaechi

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In his words; ‘’I have always discouraged those who want to leave the country. You can always get a 9-5 job when you leave the country but you can never get the opportunity you will get in Nigeria. You can just wake up one day and become a Minister in Nigeria, a governor. It just happens. I don’t know how this country operates. If you are looking for opportunities, please stay back in Nigeria”

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