The Senate Tuesday said it is considering the removal of fuel subsidy and the devaluation of the Naira as part of measures to stem the looming...
The Senate Tuesday said it is considering the removal of fuel subsidy and the devaluation of the Naira as part of measures to stem the looming economic devastation caused by the spread of the Corona virus on the country’s economy.
The Joint Committee was tasked with the “need to assess, examine and suggest to the Senate the urgent steps to be taken on the economic situation of the sharp drop in oil prices and other economic issues caused by the outbreak of the deadly Corona virus and the uproar between the governments of Saudi Arabia and Russia.”
“The reality of the current situation of the government in terms of number of agencies and parastatals of the government putting into perspective the Oronsanye panel report. “That the revenue generating agencies must be alive to their responsibility in line with the Fiscal Responsibility Act passed by the National Assembly and other relevant laws of the National Assembly.”
“This will address the issue of cost of production and gas flaring where the country’s resources are going down the drain and other issues that might affect the petroleum sector.” “Allowing funds taken out of the country to be returned back into the economy without destroying the anti-corruption war of the president by providing legal instrument to ensure the return of this funds.
Senate President, Ahmad Lawan, noted in his comments that the country is really in a very challenging period. “But before then, now that we know that it is difficult or even impossible to get the foreign loans that we had built our hopes and implementation of our capital budgets on, I think we have to be very ingenious as a country.
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