Lawmakers Decry Nigeria’s Worsening Economy

Chairman of the Senate Committee on National Planning and Economic Affairs, Senator Yahaya Abdullahi said on Wednesday that Nigeria was facing the worst economic crisis in the history of its existence.

Senator Yahaya who spoke at the inaugural meeting of the House Committee on National Planning said there was the need for the National Assembly, represented by the two committees to sit with the executive arm of government to work out ways of getting the economy back on track.

He said the committees of National Planning in both Houses should ensure that they work hand in hand in the next four years to achieve the set target of turning around the nation’s economy, while advising the Executive on the way forward.

He warned against any mistake on the part of the parliament that may compound the already precarious economic situation in the country, adding that the parliament must be able to guide the executive on how to get out of the quagmire.

Senator Abdullahi said further that both committees will soon convene a joint meeting of both committees to enable them discuss their agenda of working together in the overall interest of the country.

Also Speaking, Chairman of the House Committee on National Planning, Hon Ibrahim Ayokunle Isiaka said the committees can only succeed in their assignment if they work together and reinforce one another as a team.

He drew attention to the fact that National planning involves the process of setting goals, developing strategies, and outlining tasks and schedules to accomplish the national goals.

He said there was the need to “roll our sleeves and tighten the belts for the tasks ahead in the spirit of nationalism and patriotism,” adding that the Committee will join hands with all well meaning stakeholders to create and bequeath indicators that will be adjudged one of the best in this 10th Assembly.

He said the Committee will embark on Inter Governmental and Budget Reforms of multi-faceted and interlinked nature of sustainable development, which calls for interventions to be tackled simultaneously through a coordinated approach for reversing the declining economy, stabilising the polity and integrating the various societal interests all with a view to enhancing national development.

He disclosed that currently, there is a mixed reaction among various stakeholders including scholars, the media and some members of the private sector but, “our Committee would do its best at bridging the gaps between the euphoria and scepticism about this concern.”

He said, “For all of us as a committee, the executives and bureaucrats, our Cooperation Framework shall detail not only how we can work together but, we shall work together.”