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Live Reports: The Senate on Thursday [update completed]
Senate Adeyeye says there should be higher interest rates to stabilize the Naira by getting Nigerians to have confidence in the banking sector.
Senator Adeyeye says all Zonal Intervention Projects must be implemented for Govt. presence everywhere. He kicks against Estacode payments.
Senator Monsurat says there’s the need for special intervention funds. She asks about the state of our Exports.
Senator Monsurat says people don’t trust Government even as Corruption which is endemic needs to be tackled.
Senator Sunday Ogbuoji says the current recession is a blessing in disguise as there’s an element of good in it to rethink things.
Senator Ogbuoji as well supports Senator Adeyeye on restructuring and devolution of powers. He bemoans policy inconsistency.
Senator Ogbuoji proffers a ‘cure for the systemic corruption in our policies’.
Deputy Senate Leader Bala Ibn Na’Allah now takes the floor. He opens by defining and characterizing ‘recession’!
Senator Na’Allah says his approach is a very practical one: funds in TSA should be made available for genuine businesses.
Senator Na’Allah say the Banking Sector is most affected by funds mopped up into the TSA with no alternative arrangement for those old accounts of MDAs thus leading to the sack in the Banking Industry as the staff had to be let go.
Senator Na’Allah say President Buhari means well for the Country but the current circumstances make it look otherwise.
Senator Na’Allah also says there’s a need for a redistribution of the Country’s resources.
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Senator Na’Allah says food is not available and Govt should make provisions for food via legitimate means for a temporal period.
Senator Ben Murray Bruce takes the floor. He gives statistics of increasing prices of rice & garri while minimum wage was static.
Senator Murray Bruce bemoans the poor transportation network and cost leading to increased prices of agricultural products.
Senator Murray Bruce says the Minister of Agriculture should look into the cost of transport of agricultural & food products.
Senator Murray Bruce says money will only go to where there is peace. He adds ‘currency is running away from Nigeria’.
Senator Yayi Adeola now takes the floor. He tasks the economic team of the President to start speaking with one voice.
Senator Yayi Adeola says it’s not that Nigerians just want the assets sold but some of these assets are actually moribund and unused.
Senator Yayi Adeola says there should be a debt buy-back factor for nonperforming loans, banks should be made fluid and SMEs encouraged.
Senator Yayi Adeola also says a Commodity and Exchange Commission for Agricultural Products should be established.
Senator Jonah Jang now takes the Floor. He says Commercial Agriculture needs to be encouraged.
Senator Jang says an economic policy body should be set up across all differences to put forward economic policies for the Country.
Sen. Yahaya Abdullahi now speaks on #SenatePlan. He posits that the current financial crisis is peculiar as oil prices may not pick up soon.
Senator Abdullahi says Government has to do more for the people, allow private sector take care of business and realign fiscal policies.
Senators Hope Uzodinma & Clifford Ordia comment on the crisis in the Niger Delta. They ask the FG to immediately dialogue with the militants.
Senator Ordia adds that the Local Content Act must be fully implemented &Govt should stimulate the economy via money injection.
Senator Ahmad Lawan now takes the Floor. He speaks passionately about the work of the legislature in dire times like this.
Senator Lawan says the Legislature needs to pull down the constitutional barrier & sit down with the Executive to get out of the recession.
Senate Leader moves a motion that the Senate suspend its relevant rules and sit beyond 2pm. The Minority Leader seconds.
Senator Ahmed Lawan continues on #SenatePlan. He says Nigeria should borrow from external sources to shore up revenue deficits.
Senator Lawan says that there is a need to sit down with Stakeholders in the Niger Delta to ensure better output.
Senator Lawan adds that strategies for production, processing and sales of food & agricultural products need to be put in place.
Senator Lawan says he has fears about selling national assets but then some assets can be sold to make funds available.
Senator Chukwuka Utazi now takes the floor. He appreciates Senate President Bukola Saraki for his opening speech on #SenatePlans.
Senator Utazi speaks about the lack of infrastructure and the need to rebuild them.
Senator Misau now speaks that Govt should provide alternatives before stopping imports & identify how we entered recession.
Senator Misau adds that the management of corruption issues matters and that Nigerians need to promote the image of the Country.
Senator Misau adds that funds be targeted at sectors with potential to recalibrate the economy such as Agric, Manufacturing, etc.
Senator Misau says Govt should borrow a leaf from the US by injecting emergency funds into critical sectors like Education.
Senator Duro Faseyi now takes the Floor. He speaks on salient things Government needs to do.
Senator Fatai Buhari now takes the Floor.
He says recession is a global phenomenon that several countries have pass through.
Senator Buhari charges Govt to look at examples of these Countries & domesticate the best fit methods for Nigeria to get out of recession.
Senator Ubali Shittu now takes the Floor. He bares his mind on his fears on the sale of Government assets.
Senator Abdullahi Gumel now speaks on #SenatePlan. He tasks Govt to open the borders temporarily to allow food imports.
Senator Gumel harps on the need to encourage modern agriculture with needed inputs such as Fertilizers.
Senator Danjuma La’ah now speaks on SenatePlan . He says dialogue with the Niger Delta Militants is necessary & also speaks about Herds men.
Senator Ibrahim Gobir speaks on need to explore the Solid Minerals Sector.
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Senator Suleiman Adokwe says that our economy is driven by foreign exchange and petro-dollars.
Senator Adokwe says it might be necessary to sell some assets in times like this but shares his sincere fears.
Senator Adokwe charges President Buhari to come out with initiatives to take Nigeria out of the recession.
Senator Ali Wakili now speaks on #SenatePlan.
He commends all of his colleagues for their contributions towards strengthening the economy.
Senator Wakili recommends increased diversification into agriculture and an improvement in power.
Senator Gershom Bassey says Govt should look into local content in all Sectors and an improved ease of doing business index.
Senator Bassey says Govt. must distinguish btw performing assets and non-performing assets in deciding to sell assets or not.
Senator Ibrahim Kurfi now takes the Floor. He disagrees with the sale of Government assets.
Senator Gbolahan Dada now speaks on #SenatePlans. He runs an analysis of foreign reserves during the Obasanjo, Yar’Adua & Jonathan tenures.
Senator Dada charges CBN not to over-regulate the banking industry.
Senator Theodore Orji now takes the floor. He commends Senate President Bukola Saraki for his #SenatePlan address.
Sen. Orji says he will be frank in saying that @NGRPresident should do a nationwide address on the economy as soon as he’s back from New York.
Senator Orji says Farm Settlements be revamped and VP Prof Osinbajo should summon a meeting with high profile investors on way forward.
Senator Abu Kyari now takes the Floor.
He says there is hunger in the land with his state, Borno actually being in depression for 6 years.
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Senator Joshua Chibi Dariye (Plateau Central) decamps from the People’s Democratic Party to the All Progressives Congress at today’s sitting
Senator Yusuf Abubakar also speaks on the #SenatePlan to revamp the economy.
Senators Abdulaziz Nyako and Hunkuyi Suleiman also give solutions to the current economic debacle.
Senator Abdulaziz Nyako says there should be a focus on priorities and the legislature should support the Executive.
Senators Jeremiah Useni and Joshua Dariye as well speak on the #SenatePlan
Senator Dariye points out that the zero based budgeting was used in 2016 and speaks against medical tourism.
Senator Dariye says Govt should look at public procurements and solid minerals. He argues that toll gates on federal roads should return.
Senator Phillip Aduda now speaks lastly on the #SenatePlan. He says history will judge SP Bukola Saraki well for his efforts.
Senator Aduda asks “how did we get here? When we had money, budget was N4Tr but when we didn’t have money, budget now N6 trillion. We got ambitious”
Senator Aduda adds that Govt should look at Social Safety Nets and ensure funds are released to boost the economy.
Senator Phillip Aduda also says “We must encourage the local sector and states must diversify and prioritize to pay salaries”.
“It is useless if you can’t pay salaries but you are doing contracts” – Senator Phillip Tanimu Aduda concludes.
Senate President Bukola Saraki now rounds off the #SenatePlans debate. He appreciates all who spoke especially those who waited beyond 4pm.
SP Bukola Saraki says an Ad Hoc Committee will work in the next 3Days on the #SenatePlans and Senate would pass as resolutions next week
Members of the Ad Hoc Committee on #SenatePlan include Senators Hassan, Enoh Barau, Ben Murray Bruce, Rafiu Ibrahim & Yahaya Abdullahi as Chairman
Senate President Bukola Saraki appreciates all pressmen, journalists and cameramen for their support and staying till the evening.
Senate President Bukola Saraki then announces the decamping of Senator Joshua Dariye of Plateau Central from PDP to APC.
Senate President Bukola Saraki now adjourns sitting to Tuesday 27th September, 2016.
Gavel bangs!
Continued…
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