Senate Describes Exit From Economic Recession As 'Weak'
Nigeria may have come out of economic recession, but the Senate sees a 0.55% margin exit as weak.
A need to ensure that the slim progress is not lost to circumstances has been emphasised by a Senator, who moved a motion on the economy at resumption of plenary on Tuesday.
Senator Yahaya A. Abdullahi thanked the economic team but also had a new task for them.
While presenting the motion, he observed that the economy's exit out of recession was largely made possible by a very favourable combination of improved national and international economic factors.
“Relative peace and stability in Niger Delta region, favourable international oil prices, relatively stable exchange rate, rise in foreign exchange reserve among others contributed to the growth,” he said.
According to him, there is the need for the “national economic managers to remain focused and ensure that the current weak growth of a mere 0.55% is built upon and to increase stability in the months and years to come”.
He also highlighted that the fiscal and monetary authorities should come together and harmonise policies with a view to reducing high interest rates.
Senator Abdullahi also wants the fiscal authorities to drastically reduce the accumulation of domestic debt and attract investors.
Senator Na’Allah commended the Executive and called for immediate implementation of the budget.
“We must awaken our consciousness to the fact that we need to work on our economy, if we are out of recession why are we incapacitated in funding the 2017 budget,” Senator Dino Melaye.
The Senate President, Bukola Saraki, thanked the mover of the motion and the Executive arm of government, but emphasised that there is still a lot to be done.
“We are moving in the right direction and we have economic bills that have to be fast tracked.
“Government needs to do more on our infrastructures,” he added.