Senate Leader Canvasses Legislative Measures To Stem Naira Devaluation

Senate Leader Canvasses Legislative Measures To Stem Naira Devaluation

The Senate Leader, Sen. Opeyemi Bamidele, has urged federal lawmakers to come up with creative legislative frameworks and provide robust oversight support that could guarantee the appreciation and stability of Naira.

He made the call in a statement by his Directorate of Media and Public Affairs in Abuja on Friday.

The directorate quoted Bamidele to have made the suggestion in a speech he delivered at the ongoing  two-day retreat on Fiscal Policy and Tax Reforms organised for senators by the National Institute for Legislative and Democratic Studies (NILDS) at Ikot Ikpene, Akwa Ibom.

Bamidele also recommended regular parleys between federal lawmakers and all members of the Federal Executive Council (FEC).

This, he said should serve as measures to integrate the eight-point agenda of President Bola Tinubu with the programmes of the 10th National Assembly.

Raising further concerns about the weakness of the Naira, the senate leader called for oversight support for the implementation of responsive fiscal and monetary policies.

“This is with a view to rescuing the economy from regression.

“Both chambers of the National Assembly are under obligations to stem the recurring decimal of Naira devaluation and promote economic stability.

“This entails appropriate legislative framework and oversight support for the implementation of responsive fiscal and monetary policy measures.

“Henceforth, developing appropriate legislative frameworks is central to ensuring macroeconomic stability with focus on managing inflation, addressing high interest rates as well as foreign exchange deficit,” he added.

Bamidele equally highlighted diverse antidotes to socio-economic challenges currently confronting the federation, recommending first, the urgent review of the Land Use Act, 1979.
 
This, he said is to redress the current land tenure system and give Nigerians more access to arable farmland nationwide.

He said that ensuring more access to arable farmland would boost agricultural production and guarantee food security, adding that most Nigerians, especially among those in the rural communities who are predominantly farmers.

He also called for the need to prioritise the Small Towns and Village Recovery and Development Bill in order to restore economic fairness to the rural communities in the scheme of national revenue allocations as well as the provision of rural infrastructure.

Bamidele said that the initiative would obviously stem the alarming rate of rural–urban drift and the attendant urban population explosion, urban criminality, environmental degradation and huge gap between available resources and demands in the cities.

The lawmaker also said that effective implementation of the poverty alleviation programme “is fundamental to promoting peace, harmony and sustainable democracy in Nigeria where over 70 percent of the nation’s population is reportedly living below poverty line.”

Pointing out the alarming rate of corruption in the public space, Bamidele warned that the federation should prepare for mass action from the downtrodden, which might manifest in the form of protests.

As a matter of national security, the senate leader tasked the National Assembly to work out preventive measures to address corrupt practices rather than emphasising antidotes to cure them.

Bamidele also urged the Federal Government to discourage selective treatment, executive lawlessness, high-handedness and political persecution of perceived enemies in the fight against corruption.