Senate President Bukoka Saraki has urged the relevant committees in the senate to fast-rack the passage of 11 economic reform bills in order to have them submitted to the executive along with the 2017 budget.
He said this in his welcome address to Senators on resumption from their Christmas and New Year holidays.
The economic recovery bills include: the Petroleum Industry Governance Bill, National Development Bank of Nigeria Bill, National Road Fund Act (Amendment) bill, Federal Roads Authority Act (Amendment) bill, Customs and Excise Reform Act, National Transport Commission Act (Amendment) Bill.
All the bills have passed Committee Stage and the relevant panels are expected to submit their reports anytime from now.
“We promise to pass our priority economic reform bills to help aid our economic recovery. This is a promise we must keep” Saraki said.
He said the passage of the bills is important because the 11 priority economic reform bills will help create 7.5million jobs and reduce poverty by 16.4 percent.
“Over the projected 5-year period, it is suggested that the reforms, which these bills would engender, may add an average of N3.76 trillion to National incomes, equivalent to 4.39% of 2014 figures. These statistics make the delivery of these bills imperative and confirm evidently that we have got our priorities right so far. It is hoped that as we begin to turn our focus now towards the passage of the 2017 budget, these bills will be implemented simultaneously with the budget to enable us exit the recession quickly.”
Saraki also disclosed that after discussions with stakeholders in the power sector, the senate has come to the conclusion that there has been errors in the privatisation process which needs to be corrected.
“There had been errors in the privatisation process and the model by which the power sector is being operated—whether at generation or distribution—will never take us where we need to be.”
“It has failed and nobody appears willing to tackle the issue head-on towards a permanent resolution. I have mandated the Senate Committee on Power to continue the consultation with the relevant parties to forge a path to solving our crippling power deficit. After all, if we are going to drive Nigerian industry, we need to resolve this and fast,” Saraki said.
But Saraki also lamented that the issue of policy inconsistencies continues to challenge the nation’s business environment and reiterated his view that “for a private sector-led economy to thrive, we need to reform our policy environment to give investors and our businessmen and women ample adjustment time to make informed investment decisions rather than have uncertainties.”
He advised that the commence an open and meaningful dialogue with the Niger Delta militants in order to stabilize the petroleum industry and take advantage of rising crude prices in the international community to turn around the fortunes of the nation’s economy.
Giving its agenda for 2017, Saraki stated that the 2017 to 2019 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) would be debated and passed this week while the consideration on the 2017 budget would occupy the three legislative sittings of next week but also urged urged all heads of Ministries, Department and Agencies (MDA) to ensure timely submission of their annual budgets within the current budget cycle or risk waiting for the next fiscal cycle if they fail.
He assured that the senate will work towards the passage of the Medium Term Expenditure Framework (MTEF) by the end of the week.
“It is our hope that we will with this budget begin the implementation of the report of the Committee on Budget Reforms, which has since submitted its report.”
“This will enable more Nigerians participate in the budget consideration process, deepen the review and create the necessary efficiencies we expect from our budget implementation,” Saraki said.
While noting that 2016 was a “very challenging year” for Nigerians, Saraki assured lawmakers that the work the Senate has done is gradually setting the stage for a greater and better 2017.
“It is already historic that within the last quarter, which incidentally is the second quarter of this session, we all rolled up our sleeves, with sweat on our brows and successfully passed 49 bills through 3rd Reading and 68 bills through Second Reading.
“This is a record setting feat, which has never been matched in the history of the National Assembly. That within a period of four months in the middle of the term of any past National Assembly, 49 bills are passed in a single quarter”.
He stressed the importance of the 2017 budget in helping the economy to exit recession and urged his colleagues to double up efforts to get the passed budget to the executive for implementation within the shortest possible time.
“As you may be aware, based on the recommendations of the Budget Reform Committee, we are working towards ensuring that budgets are prepared and submitted timely, so that implementation will follow a regular fiscal circle.”
He emphasised the need for the National Assembly to pursue and conclude the ongoing constitutional review process by the end of March and said “We must do this to ensure that our people begin to enjoy the benefits of the intended reforms which will help strengthen our unity, increase our prosperity and opportunity as we as expand our liberty and happiness across the country”.
He said the Senate would henceforth not spare any organization that trample on the rights of consumers in the country by paying keen attention to the “protection and preservation of consumer rights” adding that the “current situation where consumers’ rights are violated and treated with indignity must stop.”
