President’s anti-corruption war scares investors –Bruce Senators oppose sale of national assets \The Senate, yesterday, concluded debate on the state of the economy with senators calling on President Muhammadu Buhari to reverse some of his policies that indirectly helped to plunge the economy into recession. Some of the senators, who spoke on the way out of the economic recession, observed that some of the policies of President Buhari were negative, as they created fears in Nigerians and investors from within and outside the country. More senators also urged the president to revisit the Treasury Single Account (TSA) policy, where most of the country’s revenues are lodged, lamenting that it made it impossible for money to circulate for investors to access funds to invest. Also, senators joined the opposition to the proposal by the Federal Government and even the President of the Senate, Bukola Saraki, that some of the national assets should be sold to generate funds to finance the economy and also boost the foreign reserves. Senator Ben Murray- Bruce, in his contribution, said that Buhari’s anti- corruption policy was harsh and crumbling the economy by threatening Nigerians and creating fears in potential investors. He said: “Buhari’s approach to anti-corruption is wrong. Let us forget the foreign investors; what about the local investors? Nobody is investing anything anymore because nobody is buying anything; everybody is terrified to spend money. “If people are afraid, they will not invest; fear will not be a policy to grow the economy. Money is a coward; it only goes to places where there is peace and tranquility. I have a friend who told me that he did business and was paid legitimate N50 million in his account and the Economic and Financial Crimes Commission (EFCC) came and picked him up; a legitimate transaction. “We cannot be afraid to be Nigerians; we cannot be afraid to live in our country. Obasanjo fought corruption and got some money back, but nobody was terrified; I support Buhari’s policy, but let us change the approach. If we do not want to invest in our country, foreigners will not invest in our country.” Senator Bala Na’Allah, in his submission, said that Buhari had good intentions in the implementation of the TSA policy, but regretted that it was done without providing alternative policy to redistribute money into the system, resulting in unemployment and hunger in the country. He pointed out that there were 15 other countries facing recession as Nigeria, but never faced hunger and starvation as Nigerians were currently undergoing at the moment. The lawmaker also expressed concern that although the president meant well for the country, he was surrounded by ministers and advisers who did not have the interest of the country at heart. “Government should reconsider its TSA policy because it was put in place without alternative policy to redistribute money into the system for businessmen to access funds to run their business. So, government must find a way to redistribute the money in TSA so that genuine businessmen can access funds for their business. “Again, I believe that the president has good intentions, but has people working with him who are not thinking correctly. I recalled when I complained when the CBN stopped operation of domiciliary accounts within and outside Nigeria and many people pulled out. So, these two decisions must be revisited and redirected to ensure that there is a platform for redistribution of income,” he said. Senator Sonni Ogbuoji, however, opined that the economic recession was a blessing in disguise for the country because it had now propelled the government and Nigerians to start thinking on how to do things differently in order to enjoy a better future. On how to tackle the problem, Ogbuoji stressed that the issue of restructuring the nation’s federalism must be given serious attention, particularly with a view to strengthening the states and local governments to be productive and work towards financial autonomy. He also kicked against the sale of national assets. He said: “Those who are canvassing that we should sell our assets are getting it wrong; we have sold some of them, yet we are still here.” Ogbuoji noted that the only way to get out of the present economic woes was by drastically tackling the endemic corruption in the system. “If we do not cure the systemic corruption, we would not go anywhere, but we should not be portrayed as thieves. Corruption is not peculiar to Nigeria. In fact, it was imported into Nigeria, there is corruption everywhere in the world, they only manage their corruption,” he said. Senators Andy Uba and Ovie Omo-Agege also expressed opposition to the idea of selling some national assets, stressing that it was not the solution to the problem and that the nation would have nothing remaining for the future if sold now. On his part, the Chief Whip of the Senate, Olusola Adeyeye insisted that one pragmatic means of addressing the current problem was to cut cost of governance and also reduce estacode for public office holders. He said: “We must reduce the cost of governance. Nigeria’s estacode is the highest in the world and we must cut it. Obafemi Awolowo tried to reduce it in 1978, but now it has risen by five times. “All of you with houses in Maitama and Asokoro and you don’t pay tenement rates, you are part of the problem. We should restructure the nation and the state should not be coming to Abuja to collect handouts,” he said. Also, Senators Jonah Jang, Clifford Ordia and Barau Jibrin harped on the need for President Buhari to release the money in the TSA into the economy so that the hunger and unemployment would be addressed in the short run, while long- term strategies were being put in place. Senator Ahmad Lawan urged the Federal Government to emulate the former President of the United States who approached the US Congress to pass the Economic Stimulus Act of 2008, to tackle recession, suggesting that the Senate should engage the executive in a roundtable discussion in order proffer lasting solution to the problem. At the end of the debate, the President of the Senate, Bukola Saraki, commended his colleagues for taking the debate seriously and suppressing partisanship in their contributions. He then set up a six-man adhoc committee to articulate the various recommendations of the senators and come up with a report to be adopted by Tuesday during plenary. The committee is headed by Senator Abdullahi Yahaya from kebbi State. The members of the committee include Jibrin, Murray-Bruce, Rafiu Ibrahim, Mohammed Hassan, and John Enoh.

osinbanjoisaliar:
It beats me why Nigerians have not yet violently toppled this governmeny.

yekparikpa:
Let's forget about these wailers /Zombies nonsense and put Nigeria first. Nigeria is on the brink! Both the so called wailers and zombies are suffering as a result!

sarrki:


Comfirmed Wailer spotted


Did I ear you say topple ?

The clueless govt of Gej was not toppled

Nigerians are not violent in nature

We are law abiding citizen

Apart from ipob terrorist & criminal followers


Pmb is love by all

God bless the peoples president

God bless Nigeria