₦airaland Forum

•Seek dialogue with Niger Delta militants •Redeploy Adeosun, Udoma, Ekweremadu tells Buhari •Kwakwanso asks for increment in workers’ salary

SENATORS were, on Wednesday, divided over the appropriate model that could see Nigeria out of the current economic doldrums.

The lawmakers, who began a debate on the ways out of the recession, sharply disagreed on the propriety or otherwise of the need to sell national assets to shore up the foreign reserves.

On Tuesday, Senate President, Dr Bukola Saraki, had advocated the sale of national assets to shore the nation’s foreign reserves, adding that such a step would encourage investors and calm currency speculators.

But at the Wednesday’s sitting, the lawmakers were divided on the idea. While some agreed with the idea postulated by the Senate president, others disagreed and insisted that national assets should be kept sacred.

Some of the senators who spoke against the sale of national assets the organisations could end up in the hands of persons who had illegally acquired money.

Canvassing for the sale, on Tuesday, Saraki had said “the measures should include part sale of n of government share in upstream oil joint venture operations; sale of government stake in financial institutions, e.g. Africa Finance Corporation; and the privatisation and concession of major/regional airports and refineries.”

Deputy Senate President, Ike Ekweremadu, on Wednesday, led the pack of those who spoke against the sale of national assets, adding that doing so would impose more economic woes on the people.

“[b]I have heard about the issue of selling our assets. I need to caution that other countries are not doing the same. The United Arab Emirates does not even allow people to have access to their oil wells, let alone selling them. And, of course, a country like Saudi Arabia, their budget each year is run by investments from their oil revenue, not even the earnings from other sources.

“So, while other countries are investing and we are planning to sell the investments we have, we have to be careful because I am not sure we will be fair to the next generation. If we must sell, we have to sell the non-performing assets so that people can turn them around and create employment,” he said.

Former governor of Benue State, Senator George Akume, also opposed the sale of national assets, adding that those canvassing the sale could be personhe sale could be persons with deep pockets and eyes on the assets.

“Our assets must remain for us: even Saudi Arabia didn’t sell part of their national assets as alleged. There are other areas that we can tackle,” he said.[/b]

Senator Bukar Abba Ibrahim, also a former governor, however, supported the suggestion that national assets could be sold, adding that the sale appeared the most viable option before the country at the moment.

In his further contributions, Senator Ekwermadu asked President Muhammadu Buhari to immediately redeploy the Finance minister, Mrs Kemi Adeosun and her Budget and National Planning counterpart, Senator Udoma Udo Udoma, to other ministries, to enable fresh hands to work on the economy.

Ekweremadu insisted that the president needed to look at his cabinet and put square pegs in square holes.

According to him, while Udo Udoma is well known to him as an accomplished lawyer, he believed that the former senator could do better in a ministry like Trade and Investment rather than Budget.

“At this critical time, we need somebody who is more experienced to man the ministry of finance, so that he can be able to coordinate the strategies for this recovery,” he said.

Ekweremadu also asked the president to deliberately release funds into the economy, especially funds already recovered through the anti-corruption war.

“Yes we are saying there is no money; the oil price had dropped but we were also told that through the TSA, we have about N3 trillion somewhere. We were also told that the former Minister of Petroleum returned $20 million. We were also told that politicians have returned several billions of Naira, dollars and pounds.

“It is either that this is not true or that the money is somewhere and if it is not true, someone needs to apologise to us and state the correct thing. And if it is true, this money has to be released to contractors so that they can be able to go to work and those in the construction industries will be paid and then they will pay the school fees of their children and money will circulate.

“If we have money in the economy, I am sure that shortly, we will also find some reliefs,” he said.

Other senators who contributed to the debate on Wednesday also canvassed the injection of money into the economy and massive investments in agriculture, as well as diversification of sources of foreign exchange as some of the ways out of recession.

Senator Mathew Urhoghide said government must urgently enter into dialogue with Niger Delta militants to stabilise oil production in the area.

In his contribution, former Kano State governor, Senator Rabiu Musa Kwankwaso, supported the idea of dialogue with Niger Delta militants, adding that other security challenges like kidnapping, incessant clashes between farmers and herdsmen, as well as cattle rustling should be tackled.

The senator also suggested that workers’ minimum wage should be increased, to reduce the plight of the workers.

“The current minimum wage is no longer realistic, due to rise in prices of commodities and services such that today, the minimum wage of N18,000 can hardly buy a bag of rice.

“It is, therefore, only logical for a review of such minimum wages and demand for higher productivity from the workers,” he said.

He also insisted that the government must pursue areas of affordable power to jumpstart the economy and ensure diversification.


http://tribuneonlineng.com/recession-senators-disagree-sale-national-assets/

So people that have been on reces for 7 weeks are taking down at those who have been working?

Clowns

Nigerians are not ready for change. Until we stop ranting on Internet and take a bold step to face these idiots that's when we are ready.

Mynd44:
So people that have been on reces for 7 weeks are taking down at those who have been working?

Clowns

LIKE SERIOUSLY?

So being in recess means they seized to be Nigerians?

Hmmmm.

idensko:
LIKE SERIOUSLY?

So being in recess means they seized to be Nigerians?

Hmmmm.

The president sent two executive bills to thee people since January, they have not even gone through first reading.

They should pass the PIB. No? Everyday it is drama like some dumb Telemundo

Mynd44:
The president sent two executive bills to thee people since January, they have not even gone through first reading.

They should pass the PIB. No? Everyday it is drama like some dumb Telemundo

Will the PIB solve all our problems?

Just like one of the Lawmakers said

The Government archaic and careless economic policies is what drove us into this kind of recession.

Yes there will be recession but not this kind.

TSA alone withdrew 3.4trn from our Economy

Forex fixed policy created panic and drove dollar exchange 2 d sky and that triggered panic which led to massive capital flights from NSE & Economy in General.


Or should I talk about Buhari divisive comments in the international media (5% & 97%) that not only emboldened the NDA but also emmassed them with supporters.

Buhari terming Nigerians as Corrupt pple and not standing up against british PM affirmed that we re all curropt and that alone decreased foreign investment confidence in Nigeria

Exactly my thought. Minimum wage should be increased. Our problem is foreign currency, not local currency. Increase the minimum wage let the local currency circulate in the system...pending when you can pacify our forex.

I knew they will disagree.
Which country sells its assets just to curb recession with wrong economic policies?.

Deputy senate president, Ike Ekweremadu spoke well.

They should just sell us all to the British colonial master, so they can have enough for their selfish interest!












www.jobandschool.com

Let them sell off presidential jets, cut all political office holder(president, vp, senate, hor, governors, vice governors, chairmen) salaries & allowances by 90% and be left with 10%. scrap lifetime pension for ex-president, ex-governor.

Mynd44:
So people that have been on reces for 7 weeks are taking down at those who have been working?

Clowns

Did the recess remove their sense of reasoning?.

otitokoroleti:
Let them sell off presidential jets, cut all political office holder(president, vp, senate, hor, governors, vice governors, chairmen) salaries & allowances by 90% and be left with 10%. scrap lifetime pension of ex-president, ex-governor.

Where is the bolded done?.
They're properties of the State and are entitled to pensions.

herbie27:
Where is the bolded done?.
They're properties of the State and are entitled to pensions.

because they already earn enough to take them for the rest of their lives.

Ekweremadu is just a tribalist who thinks always blaming others is the right thing to do. The immediate cause of our current economic problem is the inadequacy of foreign exchange earnings. Calling for the sack or redeployment of the finance and budget ministers without calling for the outright sack of Emefiele who is personally responsible for managing the forex is disingenuous and not in good faith. This is not the time to trade blames but the time for everybody to work together. Calling for the redeployment of ministers at this point in term is just an unnecessary distraction.

idensko:
1. Will the PIB solve all our problems?

Just like one of the Lawmakers said

The Government archaic and careless economic policies is what drove us into this kind of recession.

2. Yes there will be recession but not this kind.

3. TSA alone withdrew 3.4trn from our Economy

4. Forex fixed policy created panic and drove dollar exchange 2 d sky and that triggered panic which led to massive capital flights from NSE & Economy in General.


5. Or should I talk about Buhari divisive comments in the international media (5% & 97%) that not only emboldened the NDA but also emmassed them with supporters.

6. Buhari terming Nigerians as Corrupt pple and not standing up against british PM affirmed that we re all curropt and that alone decreased foreign investment confidence in Nigeria

1. No, the PIB wont solve all our problems but it will take away the mad suggestions that we sell off the NLNG so as to shore up reserves. Silly idea

2. Last quarter, GDP was down 2.1% for a an economy with just one source of trade whose price has crashed. Is that so horrible? Go check out Russia, Venezuale, Brazil and Angola.

3. I thought people were screaming that TSA was an initiative of President Jonathan? TSA made sure all government funds were in ine pocket and it helped plugged holes where public officials steal money. Talking about how it took away money from the economy, blame your banks who rather than do the business of banking decided to be a cash holding centre for government and do nothing else which is why they are not bothered witb fubdibg SMEs and giving then loan because they have government money to charge CoT from hence interest from business loans did not concern them

4. FOREX policies have been effed yes. You are right

5. Please did you listen to that speech well? Did you listen to what he said after he said It wont be fair to treat those who gave him 97% the same way as those that gave 5%. Do you know he went on to say the constitution forbids that hence he will do his best to treat everyone equally? Please, propaganda does not work with me.
Besides, his speech did not spur the NDA, it would have happened anyway judging from the mad hate peddled everywhere

6. He tagged Nigeria as corrupt. Did he lie? You said he did not stand up to the British PM. Did you forget where he said he wont demand an apology from him cos an apology does nothing. It is mere words but instead a returj of stolen funds. That is standing up, an apology just greases your ego

otitokoroleti:
because they already earn enough to take them for the rest of their lives.

True they earn enough, but are still given entitlement cos they're already used to a life of luxury.

@Mod

Mynd44:
1. No, the PIB wont solve all our problems but it will take away the mad suggestions that we sell off the NLNG so as to shore up reserves. Silly idea

2. Last quarter, GDP was down 2.1% for a an economy with just one source of trade whose price has crashed. Is that so horrible? Go check out Russia, Venezuale, Brazil and Angola.

3. I thought people were screaming that TSA was an initiative of President Jonathan? TSA made sure all government funds were in ine pocket and it helped plugged holes where public officials steal money. Talking about how it took away money from the economy, blame your banks who rather than do the business of banking decided to be a cash holding centre for government and do nothing else which is why they are not bothered witb fubdibg SMEs and giving then loan because they have government money to charge CoT from hence interest from business loans did not concern them

4. FOREX policies have been effed yes. You are right

5. Please did you listen to that speech well? Did you listen to what he said after he said It wont be fair to treat those who gave him 97% the same way as those that gave 5%. Do you know he went on to say the constitution forbids that hence he will do his best to treat everyone equally? Please, propaganda does not work with me.
Besides, his speech did not spur the NDA, it would have happened anyway judging from the mad hate peddled everywhere

6. He tagged Nigeria as corrupt. Did he lie? You said he did not stand up to the British PM. Did you forget where he said he wont demand an apology from him cos an apology does nothing. It is mere words but instead a returj of stolen funds. That is standing up, an apology just greases your ego

Is good u mentioned Russia, Venezuale, Brazil and Angola

These country without doubt are in recession too

But can u compare it 2 Nigeria Economy that was formerly forecasted to grow @ the rate 7.2 % for the next 30years just few years ago.

Let me tell u the truth, that Nigerians are suffering is not just because we re in recession but the high inflation which is presently 16.4% according to the Beruau of Statistics.

The depreciation of Naira did not help the inflation too.

Talk about massaging Nigeria Ego!
For you to be a succesful leader, u should also be a Gud politician,

Imagine being a structural engineer And one of your proposed clients was told that u re dubious engineer,

Do u think the cleint will still offer u that contract, even if he does, dre must be skepticism and mistrust.


That is the exact situation Nigeria is in.

Thank u for enlightening me on the 5 & 97% speech.