• Home
  • Anti-Corruption
  • Fact-Check
  • Economy
  • National
  • Security
  • Features
  • State
  • Event
  • E-Book
Search
  • Home
  • About
  • Adverts
  • Contact
Sign in
Welcome! Log into your account
Forgot your password? Get help
Password recovery
Recover your password
A password will be e-mailed to you.
PRNIGERIA PRNigeria News
PRNIGERIA PRNIGERIA
  • Home
  • Anti-Corruption
  • Fact-Check
  • Economy
  • National
  • Security
  • Features
  • State
  • Event
  • E-Book
Home Government Economic Recession: Senate President Prescribes drastic action
  • Government
  • National

Economic Recession: Senate President Prescribes drastic action

By
Charles Akpan
-
September 20, 2016
Senate President Bukola Saraki
Senate President Bukola Saraki

senate-1The Senate President, Senator Bukola Saraki today at plenary said that the Senate must do something drastic and quick to restore confidence back into the economy and get people investing and spending again.

In his welcome speech to the Senators of the 8th Senate on their resumption from their annual recess noted that the collapse in oil prices from over $100 per barrel to about $48 recently meant the economy would experience serious challenges.

However, according to him low sovereign savings have compounded the situation with foreign exchange reserves having declined from over $65bn in 2007 to about$30bn by 2015 and subsequently to $24.871bn on September 2016.

According to the Senate President, referring to the report of the National Bureau of Statistics, the economy has drifted into recession and with GDP growth in the second quarter of 2016 at -2.06%following a decline of 0.36% in the first quarter, the economy has had consecutive quarters of economic contraction.

The Senate President said that the response of the Senators to the current challenge must be dictated by the urgency of the hardship that the people suffer on a daily basis. He suggested an urgent debate on the way forward.

He told his colleagues that in having such debate, they must resist the temptation of drowning the debate with apportioning blames that will neither bring solutions to the problem or reduce the cost of rice, maize or oil in the market.

Rather he opined that the debate must be solution driven, people oriented and less political. The simple questions for the debate according to him must be: how do we tame the widespread hunger in the land? How do we save our businesses from collapse? and how do we save jobs for the majority and create even a little more?

For the Senate President, ‘our people don’t care about our politics, they don’t care about our political affiliations, they don’t care if we are APC or PDP, north or south’ What they want according to Senator Saraki is for ‘ us to lead the way out of this crisis and deliver on the promises that we made to them’

The expectation of the President of the Senate is that by the time the debate is concluded, the Senators must have been able to make key actionable recommendations to the Executive on what they noted as the way forward in the immediate, mid term and long term solutions to the economic situation.

Charles Akpan
Head, Press and Public Relations

VISIT OUR OTHER WEBSITES
PRNigeria.com EconomicConfidential.com PRNigeria.com/Hausa/
EmergencyDigest.com PoliticsDigest.ng TechDigest.ng
HealthDigest.ng SpokesPersonsdigest.com TeensDigest.ng
ArewaAgenda.com Hausa.ArewaAgenda.com YAShuaib.com
  • TAGS
  • National Bureau of Statistics
  • Senate President
  • Senator Bukola Saraki
Previous articleWe Are Proud of Paralympics Team- FG
Next articleMilitary Engages Boko Haram Terrorists in Mallam Fatori
Charles Akpan
Charles Akpan
https://prnigeria.com
PRNigeria is the pioneer Press Release Distribution agency in Nigeria. A member of image Merchant Promotions limited, PRNigeria encourages individuals and organisations to be more transparent in their information management. with dedicated Editorial staffs, the PRNigeria ensures that information provided on its platforms are timely, factual and authoritative Read more at: //prnigeria.com/about/
Facebook Twitter

RELATED ARTICLESMORE FROM AUTHOR

ICPC, EFCC, CCB Partner on Commonwealth Anti-Corruption Research Initiative

ICPC), Dr Musa Adamu Aliyu, SAN

ICPC Chairman Advocates Speed, Consistency in Handling Corruption Cases

Convicted Killer, Maryam Sanda and her late husband

Bilyaminu Bello’s Family Condemns Presidential Pardon for Maryam Sanda, Cites “Inexorable Pain”

Kwara Gov’t Disburses N180 Million to Families of Fallen Forest Guards, Vigilantes, Community Fighters

Department of State Security Service DSS

DSS Warns Public Against another Dismissed Officer Impersonating Agency

Trump Arrives in Israel Ahead of Egypt Summit on Gaza Peace Efforts

Information Minister Congratulates Danlami Nmodu on Election as GOCOP President

Nigerian Police Force

Police Reform Deepens as NASS Okays 2 Landmark Bills to Strengthen Force

African body, experts urge leaders to step up countries’ health financing

Scars: Nigeria’s Journey and the Boko Haram Conundrum

Gen. Irabor’s Book Exposes Boko Haram’s Sexual Violence Tactics and Drug Use

IGP Kayode Egbetokun Police Boss

IGP Reassigns Senior Police Officers to FCT, Kogi Commands Pending PSC Approval

Military troops

Army Eliminates Wanted IPOB Commander, 26 Others, Rescue Hostages in Nationwide Operations

LEAVE A REPLY Cancel reply

Log in to leave a comment

Recent Posts

  • ICPC, EFCC, CCB Partner on Commonwealth Anti-Corruption Research Initiative
  • Army Eliminates 12 Bandits, Two Soldiers Injured in Katsina Gun Duel
  • ICPC Chairman Advocates Speed, Consistency in Handling Corruption Cases
  • NAF Invites Applications for Airmen, Airwomen Recruitment 46/2025
  • Bilyaminu Bello’s Family Condemns Presidential Pardon for Maryam Sanda, Cites “Inexorable Pain”
  • Home
  • About
  • Adverts
  • Contact
© 2020 PRNigeria. All Rights Reserved.
Latest News
ICPC, EFCC, CCB Partner on Commonwealth Anti-Corruption Research InitiativeArmy Eliminates 12 Bandits, Two Soldiers Injured in Katsina Gun DuelICPC Chairman Advocates Speed, Consistency in Handling Corruption CasesNAF Invites Applications for Airmen, Airwomen Recruitment 46/2025Bilyaminu Bello's Family Condemns Presidential Pardon for Maryam Sanda, Cites "Inexorable Pain"Kano Police Bust Armed Robbery Syndicate, Arrest 9 Suspects, Recover WeaponsImproving Nigeria’s Digital Safety Through Customs–NCC SynergyKwara Gov't Disburses N180 Million to Families of Fallen Forest Guards, Vigilantes, Community FightersDSS Warns Public Against another Dismissed Officer Impersonating AgencyTrump Arrives in Israel Ahead of Egypt Summit on Gaza Peace EffortsInformation Minister Congratulates Danlami Nmodu on Election as GOCOP PresidentFCT Police Raid Criminal Hideouts, Arrest 52 SuspectsPolice Reform Deepens as NASS Okays 2 Landmark Bills to Strengthen ForceAfrican body, experts urge leaders to step up countries' health financingSoldier, Wife Found Dead at Wawa Cantonment as Army Orders Investigation
X whatsapp