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Nigerian Senate moves to interrogate officials on economic crisis

Xinhua, September 14, 2016 Adjust font size:

The Nigerian Senate has resolved to interrogate officials in charge of the nation's economy as a measure aimed at finding solution to the current crisis crippling the economy.

Senate President Bukola Saraki on Wednesday told reporters the probe will begin next week, when the National Assembly will resume sitting after a six-week recess.

"We need to know why the promises of external borrowing have not materialized, why devaluation has not helped to strengthen the naira, why inflow of foreign currency has continued to dry up and interest rate is still very high," the Nigerian Senate leader said.

According to Saraki, by taking this step, the Senate can make tough recommendations to President Muhammadu Buhari on needed changes and help in formulating necessary legislative framework for economic recovery.

Nigeria entered a recession on Aug. 31, when figures released by the National Bureau of Statistics showed the second quarter Gross Domestic Product fell 2.06 percent year on year, after slipping 0.4 percent in Q1.

The West African country's present economic situation has already been described, both by government and financial experts, as "the worst possible time ever", with many predicting that this recession may take up to three years before the country can come out of it.

Saraki said while playing its constitutional role of providing the necessary legislative framework for the revival and growth of the economy in the interest of the people, the Senate would take the lead in encouraging a collaborative approach with stakeholders in the private sector to ensure it collates a broad spectrum of opinions while formulating ideas to stimulate the economy.

"In every crisis, there is always an opportunity for positive reforms. In this regard, in order to solve this crisis, all hands must be on deck. Ideas should be sourced from all quarters. All arms of government, people of different political beliefs, from all socio-economic backgrounds and every part of Nigeria must work together at this time," he added. Endit