From Kenneth Udeh, Abuja

Admist the skyrocketing prices of food and goods in the country a bill aimed at reducing inflation rate to not more than 18.60% by the end of 2026 has passed first reading at the Senate on Wednesday.

The bill was sponsored by the Chairman, Senate Committee on Banking, Insurance and other Financial Institutions, Senator Mukhail Adetokunbo Abiru.

According to the bill’s explanatory memorandum made available to the Sun, it is proposed that inflation rate can be reduced through the raising of a minimum of $30 billion over a period of 24 months in the proportion of 70% foreign currency and 30% in local currency.


More details of the Lagos East Lawmaker’s bill stated that provisions will be made for the proceeds to be primarily used to clear the outstanding ways and means of N30 trillion in the records of the Central Bank of Nigeria.

It read partly; This will have the effect of positioning the Central Bank of Nigeria to discharge its mandate of maintaining price stability more effectively as well as ushering in economic conditions necessary for the implementation of the government’s 8-point agenda consistent with the National Development Plan.

Leader of the Senate Michael Opeyemi Bamidele introduced the bill while the clerk of the Senate Mr. Chinedu Akubueze read its short title.

The bill subsequently scalded first reading after it was adopted by the Senators after it was put to a voice vote presided by the President of the Senate, Senator Godswill Akpabio.

https://sunnewsonline.com/moves-to-reduce-inflation-begins-at-senate-as-bill-scales-first-reading/?amp

If you can be able to provide yourself daily meal, well-done, forget Nigeria governance.

Naijadaily:
From Kenneth Udeh, Abuja

Admist the skyrocketing prices of food and goods in the country a bill aimed at reducing inflation rate to not more than 18.60% by the end of 2026 has passed first reading at the Senate on Wednesday.

The bill was sponsored by the Chairman, Senate Committee on Banking, Insurance and other Financial Institutions, Senator Mukhail Adetokunbo Abiru.

According to the bill’s explanatory memorandum made available to the Sun, it is proposed that inflation rate can be reduced through the raising of a minimum of $30 billion over a period of 24 months in the proportion of 70% foreign currency and 30% in local currency.


More details of the Lagos East Lawmaker’s bill stated that provisions will be made for the proceeds to be primarily used to clear the outstanding ways and means of N30 trillion in the records of the Central Bank of Nigeria.

It read partly; This will have the effect of positioning the Central Bank of Nigeria to discharge its mandate of maintaining price stability more effectively as well as ushering in economic conditions necessary for the implementation of the government’s 8-point agenda consistent with the National Development Plan.

Leader of the Senate Michael Opeyemi Bamidele introduced the bill while the clerk of the Senate Mr. Chinedu Akubueze read its short title.

The bill subsequently scalded first reading after it was adopted by the Senators after it was put to a voice vote presided by the President of the Senate, Senator Godswill Akpabio.

https://sunnewsonline.com/moves-to-reduce-inflation-begins-at-senate-as-bill-scales-first-reading/?amp

Is he planning to pull $30 billion out of his ass?

Main question is what are the state governors, senators and house of representatives doing exactly for their State? Were they elected to sit like dumb Barbie while eating like glutton?

The State governors, senators and representatives are the ones who should take advantage of these dollars to naira rates by investing more in the combination of mechanized farming and agro industries in the state, thereby leading to more exports for the state. Thus keying into the advantage of the increase in dollar rates. Because that means more money coming into the country through exports.

People should simply face their state governors, senators and representatives. They're not elected to be to dumb Barbie or to be eating like gluttons.

In fact , more reason why regionalism need to return. A regional system will ensure a regional head of a region can easily oversee every nooks and crannies of the states under him while also sanctioning the state governors et al to do more in their state for the economy growth of the region. We have 6 geopolitical regions. So it should be 6 regional heads for 6 geopolitical regions! As a matter of fact, regionalism was a major highlight of the country. A retun back to Regionalism!

Hi

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And the country is burning