Reps support Senate against sale of national assets

The House of Representatives on Thursday supported the recent resolution of the Senate kicking against the sale of national assets to address prevailing recession in the country.

The support expressed through a resolution by the lower chamber followed the adoption of a motion moved by the Deputy Leader of the House, Buba Jibril.

Moving the motion, Jibril stated the need to align with the Senate in asking the executive arm of government to prepare an Economic Stimulus Bill designed to pull the country out of the recession.

It would be recalled that some prominent Nigerians had in the past weeks advocated the sale of some public assets to pull the country out of economy recession.

But, the Senate during plenary on Sept. 27, passed a resolution calling on the Federal Government to jettison the idea of selling national assets as a way out of recession.

In its resolution, which was wholly supported by the lower chamber, the Senate urged the government to explore other avenues and restore oil production in the country at an average production of 2.2 million barrels per day.

It also called for renegotiation of the terms of engaging joint venture partners in relation to production cost and profit to favour Nigerians and to commit 10 per cent of national budget to agriculture and solid mineral sectors.

The lawmakers further urged the Federal Government to release funds for critical sectors, reduce vandalism of oil facilities in the Niger Delta and put up social safety nets in the country.

The resolution also called for a wider stakeholders meeting with Niger Delta elders and other interest groups in the region as a way out of vandalism of oil facilities.

Other recommendations included payment of contractors who had completed their contractual obligations and payment of all salaries and outstanding pension liabilities.

The lawmakers also called for the reconstitution of the Board of Central Bank of Nigeria (CBN) and other critical agencies in order to ensure that they operated in accordance with enabling laws.

The government, according to them, should amend Section 162 of the 1999 Constitution to make it compulsory to save part of the money in the Federation Account.

In addition, the legislature called for the completion of Ajaokuta Steel Complex and other critical infrastructure by the Federal Government.

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