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Recession: Senate Kicks Against Sale of National Assets

The Senate, Tuesday, moved against last week’s recommendation of National Executive Council asking the Federal Government to sell the country’s national assets.

President Buhari

The council had recommended the sale of the assets in raising capital to shore up foreign reserves and by extension, bailing out the country from the current economic recession. 

The Senate decision was in line with the recommendations of its ad-hoc committee set up to review its last week’s two-day debate.

The committee in its report submitted in plenary, outrightly rejected the government’s planed action, a decision which ran contrary to the position of the Senate President, Bukola Saraki, who had earlier backed government’s decision. 

The Senate in line with recommendation to that effect, called on President Muhammadu Buhari to as a matter of urgency, prepare an economic stimulus Bill containing all the fiscal stimulus packages, investments, and incentives designed to pull the country out of recession, to the National Assembly for accelerated consideration and passage. 

The committee in its recommendation of the sale of National Assets which was however rejected, said “being a sensitive issue should be approached from a commitment to protecting the common patrimony of Nigerians by preventing the assets from falling into the hands of sharks, assets strippers and cannibalizes while also guarding against the fuelling of further inequities in the society and polity” 

Other salient recommendations adopted by the Senate include; Urging the executive to ensure constant meeting of fiscal and monetary authorities for harmonization of all policies , particularly lower interest rates for genuine investors in the real sector as well as medium and small scale farmers and processors. 

It also recommended that the Government must engage in meaningful and inclusive dialogue with the aggrieved Niger Delta militants to avoid escalation of the unrest in the region and ensure protection of Nigeria’s oil and gas assets to facilitate increase in oil production and boost revenue there from. 

To this end, the recommendation added, that the President should as a matter of urgency, appoint a Senior Special Assistant who should lead a team that coordinates the government’s engagement with all stakeholders in the region, specifying that the team should include Senators from the Zone. 

The Upper Chamber also adopted recommendation, urging the President to reconstitute the Board of Central Bank, CBN, and all other critical agencies in order that the operate in accordance with the enabling laws. 

To solve the age long problem associated with saving for the rainy day by the federal government, the Senate adopted recommendation seeking for amendment of section 162 of the constitution to make it possible for federal government to save money to that effect. 

In ensuring that the recommendations get to the President on time, the Senate also resolved that the report of all the 22-point recommendations should be personally delivered to the President by the Senate President. 

After adoption of the resolutions, the Senate Whip, Senator Olusola Adeyeye (APC Osun Central) rose through order 43 to emphasise that resolutions now adopted represents the Corporate Decision of the Senate as against individual submissions made by Senators last week, during the general debate.


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