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Nairaland Forum / Nairaland / General / Politics / COVID-19: Senate May Summon Finance Minister As Massive Job Loss Looms (348 Views)
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COVID-19: Senate May Summon Finance Minister As Massive Job Loss Looms by Oluwamarc(m): 6:46am On May 10, 2020 |
The Senate has said that it is already planning a comprehensive legislative intervention that will ensure that workers in the private sector do not suffer job losses as a result of the outbreak of COVID -19 in the country. The upper chamber , however , promised to unfold its agenda after a robust engagement with the Minister of Finance , Zainab Ahmed , to know the specific plans by government to prevent private firms from collapsing . It appreciated the moves by the Central Bank of Nigeria and the Bankers Committee to save the jobs of workers in the banking industry . The Chairman , Senate Committee on Finance , Senator Solomon Adeola , gave the explanation in an interview with Sunday PUNCH. He said , “ We are planning to invite the Minister of Finance to find out additional measures already put in place to ensure that workers in Nigeria are not laid off . This will guide our line of thought on how we could come up with legislative interventions that can protect the jobs of Nigerians. “ As we all know , the executive arm of government is already trying its best , within the confines of the law . What we , as a legislature , can do is to still liaise with the executive because if we make any pronouncement now , we don ’ t know what the government has done or being done to assist the private firms . “ Before we make a pronouncement from the legislative point of view , we need to know the current state of things with the companies who are planning to lay off staff . We need to know what they are doing with the executive arm of government which has its full responsibility of liaising with them. “ As a Senate , we have to assess the economic situation in the real terms before we make any pronouncement because we need to be guided . “ We are happy that already , the executive is taking the bull by the horns . The Central Bank and the Bankers Committee made a pronouncement that there should be no lay -offs. “ The Federal Government is working round the clock to ensure that the post - COVID -19 fallout does not have an adverse effect on the economy and by extension , on the generality of the people . “ Going forward, we are ready to work closely with the executive on any decision that would be taken to alleviate the sufferings of Nigerians and also by extension , ensure that nobody is laid off from his or her workplace. We are working, watching and looking at all these things . ” Adeola clarified that the National Assembly was still expecting the executive to present to it the amendments made to the 2020 budget . He said the amendments would accommodate the N 500 bn being proposed by the Federal Government as part of its intervention in fighting COVID -19 . He admitted that the federal parliament at the moment did not have the details of the beneficiaries of the N 500 bn intervention fund . He said , “ The N 500 bn intervention fund is still undergoing process. The executive has incorporated it in the proposal they are bringing for amendment to the National Assembly . “ The budget document is still a work in progress . It is still within the executive , it has not been sent to the National Assembly . “ Until it is laid, we don ’ t know the components of the N 500 bn . We don ’ t know what it would be spent on and details of the beneficiaries . “ It is meant to be an intervention fund during the ongoing fight against COVID -19 . ” He added that the Senate was not expecting official communication from the President , Major General Muhammadu Buhari ( retd) on the N 850 bn loan currently being sourced by his regime from the local capital markets . The Chairman of the Senate Committee on Special Duties , Senator Yusuf Yusuf, had said that the upper chamber had yet to receive details of the proposed N 850 bn loan from the President . But Adeola told Sunday PUNCH that the details were already in the 2020 Appropriation Act , passed by the nation ’ s parliament late last year . Adeola said , “We are not expecting details of the N 850 bn loan request from the President because the money is already in the 2020 Appropriation Act passed by the National Assembly . “ It is not a fresh loan request. The capital component of the budget was to be funded with foreign and domestic borrowing . “ 50 per cent was expected from foreign loans and 50 per cent from the local sources. “ While the local sources are being taken care of , access to foreign loans is being hampered by the global pandemic that has taken over the whole world. “ That is why the Federal Government decided to change the strategy by beaming its searchlight on the domestic borrowing arrangement . “ If not for the global pandemic , the Federal Government would have taken the foreign loans , but since that is becoming difficult , it decided to borrow the same amount locally. “ However, to enable the executive do that, they needed the Senate approval to avoid any argument . “ The money would be used to fund the capital projects contained in the 2020 budget . “ It is even cheaper for the country to borrow locally than go after foreign loan because of the exchange rate, ” he added https://citadelng.com.ng/2020/05/10/covid-19-senate-may-summon-finance-minister-as-massive-job-loss-looms/ https://punchng.com/covid-19-senate-may-summon-finance-minister-as-massive-job-loss-looms/
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Re: COVID-19: Senate May Summon Finance Minister As Massive Job Loss Looms by Oluwamarc(m): 6:56am On May 10, 2020 |
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Re: COVID-19: Senate May Summon Finance Minister As Massive Job Loss Looms by duduade: 7:45am On May 10, 2020 |
May So it's not certain Who are these bunch of old scanners decieving Wasn't it the same Access Bank who got raid of major Diamond s Bank liabilities few weeks ago amidst the whole CBN prouncement. It is well. Nigerians in the private sector braze up for the challenges |
Re: COVID-19: Senate May Summon Finance Minister As Massive Job Loss Looms by TANTUMERGO007(m): 7:49am On May 10, 2020 |
My friends just lost their job last week, so painful that this had to happen... |
Re: COVID-19: Senate May Summon Finance Minister As Massive Job Loss Looms by BranddesignerH: 7:51am On May 10, 2020 |
I'm still waiting for the BVN cash transfer Palliative promised by the Honorable minister |
Re: COVID-19: Senate May Summon Finance Minister As Massive Job Loss Looms by simonlee(m): 9:09am On May 10, 2020 |
BranddesignerH:You dey wait for wetin?
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