THE SENATE PASSED A MOTION ON STABILIZING & SUSTAINING THE POST-RECESSION GROWTH OF THE NIGERIAN ECONOMY TODAY.{PHOTO}.

      Last year, when we resumed from our annual recess, we immediately went to work on the formulation of the National Assembly’s economic recommendations. These suggestions were then forwarded to the executive for implementation.

In this regard, today, the Senate resolved to:

Urge the national economic managers to remain focused and to ensure that the current growth of 0.55% is built upon and increased substantially in the months and years ahead;

Urge the fiscal and monetary authorities to come together to harmonize the fiscal and monetary policies with a view to drastically reducing the high interest rates that have adversely affected borrowing for investment by the real sector of the economy; and

Urge the fiscal authorities to drastically reduce the accumulation of domestic debt in order to free the market for better access by the private sector.

Moving forward, we will continue to work with the Executive to sustain the growth of our economy. On our part, the Senate will continue to work to fast-track critical pieces of legislation that deal with finance and infrastructural development.

As there is a growing concern on the level of borrowing of the government. Government must begin to look at other alternatives to borrowing, as it is beginning to have a serious effect on the fiscal operations of our economy.

On the issue of the implementation of the 2017 budget, in order the ensure that we get to the appropriate GDP growth rate that is needed to sustain the development of Nigeria, the Senate Committees will also be working to ensure that the 2017 budget is properly and expediently executed.