Nigeria is facing worst economic crises ever – Sen. Abdullahi

Elizabeth AtimeNovember 22, 20233 min

Senator Abdullahi warned against legislative actions that may compound the already precarious economic situation in the country.

The Chairman of the Senate Committee on National Planning and Economic Affairs, Senator Yahaya Abdullahi (APC, Kebbi North) has said that Nigeria is facing the worst economic crisis in the history of its existence. 

Senator Yahaya asserted this at the joint inaugural meeting of the Senate and House Committees on National Planning held on Wednesday, in the National Assembly.

He said it has become necessary for the National Assembly, represented by the two Committees, to sit with the executive arm of government to work out ways of getting the economy back on track again. 

He further enjoined both Committees to ensure that they collaborate in the next four years to achieve the set target of turning around the nation’s economy, just as he advised the Executive on the way forward. 

The lawmaker also warned against any mistake on the part of the legislature that may compound the already precarious economic situation in the country, adding that it must be able to guide the executive on how to get out of the quagmire. 

“The Committees will soon convene a joint meeting of both Committees to enable them to discuss their agenda in the overall interest of the country.” 

Also Speaking, the Chairman of the House Committee on National Planning, Hon Ibrahim Ayokunle Isiaka, said the Committees can only succeed in their assignment if they work together and reinforce one another as a team.

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Isiaka also drew attention to the fact that National planning involves the process of setting goals, developing strategies, and outlining tasks and schedules to accomplish the national goals while stressing the need for members of the committees to “roll our sleeves and tighten the belts for the tasks ahead in the spirit of nationalism and patriotism.”

He added, “The Committee will join hands with all well-meaning stakeholders to create and bequeath indicators that will be judged one of the best in this 10th Assembly. It will embark on Inter-Governmental and Budget Reforms of the multi-faceted and interlinked nature of sustainable development, which calls for interventions to be tackled simultaneously through a coordinated approach for reversing the declining economy, stabilizing the polity and integrating the various societal interests all to enhance national development.

“There is a mixed reaction among various stakeholders including scholars, the media, and some members of the private sector but, our Committee would do its best to bridge the gaps between the euphoria and skepticism about this concern. 

“For all of us as a committee, the executives and bureaucrats, our Cooperation Framework shall detail not only how we can work together but, we shall work together”.

Elizabeth Atime

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