The Senate recently reeled out a 20-point
agenda to assist the Federal government
in addressing the economy. MBACHU
GODWIN NNANNA dissects the issue.


Disturbed by the dwindling economic
recession facing the country, the upper
legislative chamber recently came up with
what it called a 20-point solution agenda
to assist the executive arm of
government in addressing the challenge.
The debate was however, predicated on
the lengthy speech read on the floor of
the Senate by the Senate President, Dr.
Bukola Saraki as an address of welcome
to his colleagues, in which he raised 14
point recommendations on how to find
immediate solutions to the current
economic challenges in the country.
In one of the recommendations, Saraki
enjoined the executive arm of government
to increase the dwindling foreign reserve
by selling some important national assets
including part sale of the Nigeria Liquified
Natural Gas (NLNG) Holdings and other
resources.


The Red chamber had in a two days
robust debate on the state of the
economy rejected the proposed sale of
national assets by the Federal
government as an option. Leading debate
against the sale of national assets,
deputy senate president , Ike Ekweremadu
and former Benue State governor and
senator representing Benue North West,
George Akume had argued that the
country is not bankrupt and wondered
why anybody should contemplate selling
the nation’s assets as an option.
Ekweremadu said, “I have heard about
the issue of selling of our assets. I need
to caution that other countries are not
doing the same. United Arab Emirates
does not even allow you to the oil wells
talkless of selling them. And of course a
country like Saudi Arabia, their budget
each year is run by investments from
their oil revenue while other countries are
investing.


Senator Akume also kicked against the
recommendation by Saraki for government
to sell some national assets.
He said, “we are making a mistake here.
What we are intending to do is to very
unpatriotically ensure that those who are
within the bracket of the stolen dollars
will still come to buy. I believe that this is
not the time to strip these assets.
The senate in its unanimous resolution to
distance itself from any idea of sale of
nation’s assets, said it was totally
against the move and advised the
executive to look in wards.


Reading the recommendation of the
senate adhoc committee on harmonisation
of contributions by senators, chairman of
the committee sen Abdulahi Yahaya (APC
Kebbi) noted that the senate has made
some recommendations which according
to him will be useful to the executive in
addressing the economic recession.
Deputy Senate President, Ike Ekweremadu,
in an additional prayer called for the
senate to urge the Federal Government to
renegotiate terms of cost of production &
profit sharing for Joint Ventures.
Speaking after deliberations on the report,
Senate President, Bukola Saraki who
disclosed that the recommendations of
the senate will be handed over to the
president, Muhammadu Buhari for further
consideration and implementation. said:
“Democracy is in action we will monitor
the recommendations, we will do
oversight & pass necessary bills on our
own part. We have done our own parts in
setting the agenda & our commitment to
work with the executive on the 20 points
agenda.”


Part of the senate recommendations
include: “that government should engage
in constructive dialogue with the militants
who are making oil production difficult.
Any positive move to restore peace in the
restive Niger Delta region as well as
increase the nation’s ability to earn more
money at this point will enjoy the support
of the Senate. We need to earn more
foreign exchange and inject more money
into the system through the funding of
development projects to reflate our
economy and put more people to work”.
The Senate had in its recommendations
also asked the President Muhammadu
Buhari to appoint a Special Adviser that
would lead the government engagement
team in dialogue with the aggrieved Niger
Delta Militants to ensure the protection of
Nigeria’s oil and gas assets.


In the 20-point solution, the Senate
stated: “This team should include
Senators from the zone, and should
oversee and advice on all the
interventions and negotiations that are
necessary to bring peace and stability to
the Region”.


It tasked the Federal Government to
ensure that all cases of unwholesome
practices in the export of crude oil are
vigorously pursued and dealt with
decisively. It further mandates the
Federal Government to ensure that all
cases involving unaccounted oil exports
are pursued with vigour and culprits
brought to book.


According to the Ad-hoc committee set up
by the Upper Chamber of the National
Assembly to har > We don’t have to keep
a mole in APC; we need to weed them out
immediately monize the two-day debate
by members on the economic crisis, it
urged the Federal Government to among
other things, “engage in meaningful and
inclusive dialogue with the aggrieved
Niger Deltans to avoid an escalation of
the conflict in the region, ensure
protection of the Nigeria oil pipelines and
the resultant increase in oil production,
sales, and economic boost”.


The report of the ad-hoc committee
stated that the engagement of the
militants in dialogue is necessary because
of the falling oil revenue from an average
of about $110 in 2014 to $30 in January,
2016 and $46 today.


Accordingly, the report said, “this fall in
revenue was further exacerbated by the
vandalization of the nation’s oil asset in
the Niger Delta region that nearly halved
the nation’s oil production and export
from 2.1 million barrels per day to just
about 1 million barrels per day.


“All this was happening in the absence of
any saving from the high oil prices of the
last decade that saw the nation’s foreign
exchange reserves plummeting from more
than $60 billion dollars in 2007 to about
$24 billion.”


In recommending dialogue, the Senate
said that it is necessary, “In order to
shore up our foreign reserves, Government
should explore every avenue to restore the
oil production target of 2.2 million barrels
per day.


“Peaceful means should be immediately
crafted and adopted to stop the
vandalization of petroleum and gas assets
in the Niger Delta Region. Government
must engage in meaningful and inclusive
dialogue with the aggrieved Niger Delta
Militants to avoid an escalation of the
unrest in the region and ensure protection
of our Nation’s oil and gas assets to
facilitate increase in oil production and
boost revenue there from”,
Similarly the senate in its
recommendation asked the president to
review its controversial treasury single
Account (TSA) policy as well as rejig its
economic team.


As the senate moves to proffer solution
on the economic recession faced by the
country, it remains to be seen how the
presidency will harness such views in
tackling the challenge, although some
political pundits have expressed the
opinion that given the intervention of the
senate, the country will overcome the
recession.

http://leadership.ng/news/555135/recession-senate-and-its-20-point-solution-agenda

Senate?

In one of the recommendations, Saraki
enjoined the executive arm of government
to increase the dwindling foreign reserve
by selling some important national assets
including part sale of the Nigeria Liquified
Natural Gas (NLNG) Holdings and other
resources.

ladies and gentlemen, these guys are working in cahoot!

agenda in their pockets, not for the masses

The baboons

The first thing in dia agenda should be how to cut cost by reducing dia own salaries and allowances, this will go a long way in showing they mean well for the nation but I doubt if they will do that, they are all bunch of buffoons