Senate President, Bukola Saraki has advised the Federal Government on necessary steps to be taken to end the current recession.
Saraki gave the advice on Tuesday, September 20, when the Senate resumed its activities after a long recess.
The steps are:
1. The executive must immediately put in place leadership-level engagement platform with the private sector.
2. Government must raise capital from asset sales and other sources to shore up foreign reserves.
3. Consider tweaking the pension funds policy within international best practice safeguards to accommodate investment in infrastructure and mortgages.
4. The federal government and CBN must agree on a policy of monetary easing to stimulate the economy and harmonise monetary and fiscal policy until economic recovery is attained.
5. Re-tool its export promotion policy scheme with incentives such as the resumption of the Export Expansion Grant (EEG), and introduce export-financing initiatives.
6. Engage in meaningful dialogue with those aggrieved in the Niger Delta and avoid an escalation of the conflict in the region.
7. Consider immediate release of funds to ensure the implementation of the budget for the near short term to inject money into the economy.
8. Similarly, the agricultural sector and the agro-allied businesses should be directly supported to boost value addition and job creation.
9. While government works on the medium to long-term plans, immediate strategies must be devised that would ease the suffering of the ordinary people across our country.
10. Consider immediate release of funds to ensure the implementation of the budget for the near short term to inject money into the economy.
11. The agricultural sector and Agro-allied businesses should be directly supported to boost value addition and job creation.
12. Both legislature and executive must co-operate to ensure the passage of the Petroleum Industry Bill (PIB) into law as soon as possible to stimulate new investment and boost oil revenue.”