September 25, 2021

NEWS AGENCY OF NIGERIA

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Our focus is to keep Nigeria from recession – Senate

By Naomi Sharang

The President of the Senate, Ahmad Lawan, said the Senate would focus on how to keep Nigeria’s economy from going into recession.

Lawan made the pledge in his message on the 1st anniversary briefing of the 9th Senate during plenary.

“The 10th of June, 2020, marked our one year anniversary. So, today (Thursday) is the beginning of a new year for us in the 9th Senate. We have every reason to thank the Almighty God for His blessings,” he said.

According to him, in the next one year, we should focus on how to keep our economy from going into recession.

“This entails working together with the executive arm of government to implement the Economic Sustainability Plan of the Federal Government.

“We have to ensure that the economy remains afloat, provides for our citizens sustainable means of livelihoods.

“Our business concerns need intervention to keep them viable in order to protect jobs.

“We need to ensure that the various fiscal and monetary interventions provided in the revised 2020 budget, and particularly, the economic sustainability plan component are implemented fully.

“Our priorities should continue to be on growth-enhancing, pro-poor expenditures and social sector investments,” he said.

The president of the Senate noted that the red chamber in the period under review passed a total of 450 Bills.

“Some of these Bills have already been signed into law and the remaining are in different stages of legislative processing.

“The Senate has passed the request of the executive on the Revised Budget 2020. The review of the Budget 2020 is largely due to the adverse impact of COVID-19 pandemic on our revenues.

“As an oil dependent economy, the slump in the price of crude oil in the world market means that the revenues we earn cannot meet the planned expenditure,” he said.

He further said that the Senate had approved foreign loans of about 28 billion dollars for government in the last one year in order to support and enable it raise the necessary funds for national development.

Meanwhile, the Senate has adjourned sitting to Tuesday, June 23.

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