Osinbajo, Adeosun, others for Reps summit on recession

The two-day House of Representatives summit on economic recession which will have in attendance Vice President Yemi Osinbajo, Finance Minister, Kemi Adeosun and her Budget and National Planning counterpart, Senator Udoma Udo Udoma, will open on November 6, at the International Conference Centre, Abuja.

Other dignitaries expected at the legislative economic summit are Senate President, Bukola Saraki, Speaker Yakubu Dogara, Minister of Agriculture, Audu Ogbeh and Governor Aminu Tambuwal of Sokoto State.

These dignitaries are also expected to make presentations at the summit with the theme: “Legislative framework for economic recovery and sustainable development”.

Speaking on the objectives of the summit, Chairman, House Tactical Committee on Economic Recession, Rep. Bode Ayorinde, expressed optimism that the summit will afford policies makers, members of parliament at both federal and state levels,

captains of industries, the academia, organised labour, civil society and non-governmental organizations, the opportunity to interface and proffer lasting solutions to the economic downturn in the country.

According to him, the House Tactical Committee was constituted to amongst others, monitor various steps and policies of government, interact with various ministries and agencies relevant to overcoming the economic challenges

and liaise with the Manufacturers Association of Nigeria (MAN), the Nigeria Labour Congress (NLC) and civil society organizations considered relevant in the bid to arrest the recession and return the economy to the path of growth and stability.

“The House of Representatives is particular that this process will result in a connected set of legislative framework that will promote transparency, contain robust governance mechanisms,

clearly define roles, provide a standardized and acceptable framework for financial management efficiency, regulate and maximize the potentials of various policy strategies and positively promote the realization of sustainable economic development and community benefits while setting the template for economic recovery,” Ayorinde said.

He also underscored the need to put in place economic laws and policies that will mitigate or prevent the threatening economic challenges associated with economic activities for growth and development with a view to harnessing them as a matter of necessity.

“The House is concerned that as a result of the economic recession, commercial banks recently reviewed upward interest paid on credits, to the effect that consumers of bank credit facilities now pay higher

while the exchange rate between the naira and the dollar has not only been viewed as unstable, but highly polarized and progressively depreciating against the dollar.

“Today’s multifaceted economic crises and fast changing world calls for a close partnership and active collaboration between the National Assembly and other arms of government as well as international organizations, the civil society groups, academia and the media.

“The House is completely deposed to embrace any form of partnership that will help deliver on the objectives of this summit,” Ayorinde stressed.

Also, Oracle Chukwudi Nwala, the summit coordinator said that various technical sessions were designed to discuss and reel out innovative templates that will address issues on economic recovery and sustainable development in Nigeria,

including economic diversification through agriculture and solid mineral development, as part of development of non-oil sector.