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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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“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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No Community Should Be Asked To Pay For Transformers, Cables, Poles -Minister Warns Discos

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“It is the responsibility of the distribution companies to provide transformers, cables and poles to communities so that power supply can improve.

“A situation where communities buy transformers, cables and poles must stop. I know that you have these centers but how effective are they to ensure that customer complaints are attended to?

“As a minister, I don’t want to hear news of communities being asked to purchase electric transformers, cables and poles. If the consumers are paying for the electricity, then it is the responsibility of the distribution companies to provide these items.

“There must be improvement in power supply. That is what the government planned to do. People should not pay for darkness. When people have a 24-hour power supply, they can pay double for electricity because you have saved them the money to power generators.

“We don’t want to hear the news of communities buying transformers, cables and poles for themselves again. The federal government frowns at it. You see what we have done in Kaduna. Service to our people is paramount. It is the responsibility that Mr. President has placed on us. You are not number one, two or three, you are struggling to be number four on the rating.” -Adebayo Adelabu, Power Minister At Meeting With IEDC Mgt

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BREAKING: Abba Yusuf remains duly elected governor of Kano, supreme court rules.

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