Recession: Swap ministers, senators tells Buhari

President Muhammadu Buhari has been urged to reschufle his cabinet so as to frontally tackle the recession being witnessed by the country.
This counsel came from some senators who deliberated on the state of the Nigerian economy.
They believed that swapijng ministers would ensure that ministers are placed in ministries where their core competences would be more effectively harnessed.
Contributing to debate on the state of the economy yesterday, senators also called on the President to cause the disbursement and utilization of the proceeds from the recovered loots, as well as funds from the Treasury Single Account (TSA) into the economy as part of measures to redress the economic recession.
Deputy Senate President, Ike Ekweremadu who led the pack of the senators that want the President to reshuffle his cabinet, suggested the redeployment of the current minister of budget and national planning, Senator Udo Udoma to the ministry of trade and investment, while the Dr. Okechukwu Enelama takes over from him.
This was also as Ekwermadu proposed that the minister of finance Mrs. Kemi Adeosun should be redeployed to another ministry since she has demonstrated lack of capacity to handle the finance ministry.
“Udo Udoma is my friend, an accomplished lawyer for that matter but in fairness to him I believe he can do better in another ministry especially like trade and investment certain not Budget and Planning.There is need to also make probably the man in budget and planning to make to swap, my friend Udo Udoma. The minister for finance can do much better in another ministry. At this critical time we need somebody who is more experienced to man the ministry of finance so that he can be able to coordinate the strategies for this recovery,” Ekweremadu said.
The Deputy Senate President was backed on this proposal by senators Dino Melaye and George Akume.
On the issue of funds accruing from the TSA and the recovered looted funds, the Deputy Senate President suggested that Government should inject the N3 trillion from the TSA and $20 million alleged to have been recovered from the former petroleum minister, Mrs. Deziani Alison-Madueke, as well as other funds allegedly recovered from politicians by the Economic and Financial Crimes Commission (EFCC) into the economy to breath fresh life into it.

The lawmaker urged that, “These monies have to be released to contractors so that contractors can be able to go to work and those in the construction industries will be paid and then they will pay the school fees of their children and money will circulate. If we have money in the economy am sure that shortly we will also find some relief.”

Recalling what the US did in the 1930s when the country experienced similar economic recess, Ekweremadu said Americans came together irrespective of their political persuation to be able find solutions.

Consequently, the Deputy Senate President urged that, “At this point it does not matter to us whether you are APC or PDP or you are non-align. The important thing is that the President has to look for the best people to come together to proffer solutions, it does not matter which party you belong.”

Senator Akume while opposing the idea of selling some of the nation’s assets, urged that Government should expend efforts at further recovery of stolen funds, which he believed could rise up to $50 billion.

According to him, “From these and from monies going through other sources at least we should be able to recoup over $50 billion
“If we succeed in doing this, do we still have to sell our assets as is being canvassed?

Senator Rabiu Kwakwanso urged the Federal Govt. to liaise with States, Local Governements and other stakeholders in the training and re-training of particularly youth and women in various trades like poultry, horticulture, football making, bee farming, plumbing, mechanic, interior decoration, leather works, butchery, vulcanizing, saloon business, livestock etc.

He said, Government need to create opportunities that will link these trainees with Financial Institutions like Micro-Finance Banks and other financial institutions for possible assistance for start-up capital.

The foregoing, according to the senator is in addition to the provision reliable and affordable source of power, stressing that, “The key driver that will ensure the diversification of our economy is for the Government to ensure the supply of a reliable and affordable power supply.

“Governments should focus more on construction work and agriculture. Government’s spending should be directed at projects like Agriculture and Construction works because these often always have direct multiplying effect on the lives of the citizens.”

For Senator Shehu Sani, the sharing formula federalism has seriously contributed to where we are. He regretted that a situation whereby states come to Abuja every month to collect cheques and go back to execute capital and recurrent expenditure has made it impossible for any form of initiative and ideas to further boost our economy.

While noting that the current situation in the country is not the first time that a nation will be faced with this kind of problem, does not mean that finding scapegoats and shifting blame can solve the problem.

He opposed the call for the sack of some ministers as solution to the present problems, stressing that, “Removing the Minister of Finance will not be able to get us out of this problem because this recession is not Nigeria alone. It is all countries that are dependent on oil revenue.”