Recession: Senate Begins Public Hearing On Six Economic Recovery Bills

Recession: Senate Begins Public Hearing On Six Economic Recovery Bills

As part of efforts to ensure the nation’s economy does not return to its old ways after learning critical lessons from the economic recession, the Senate will between today and Thursday begin public hearing on six of its what it terms 11 “historic and much needed economic reform package.”
The package- priority economic growth and reform bills, according to a statement by the Office of the Senate President, “includes the National Development Bank of Nigeria Bill which is intended to provide short, medium and long term financing to participating financial institutions for loans to small scale, medium and industrial enterprises in agro allied businesses, manufacturing, mining and the National Road Fund Act to fund the rehabilitation and maintenance of the national road system.”
Another is the Federal Roads Authority Act to manage the federal roads network to ensure safety and efficiency to meet the socio-economic demands of the country. There is also the Customs and Excise Reform Act seeking to reform the administration and management of the Customs Service for greater accountability and revenue generation.
“On December 6, Land and Marine Transport Committee will hold public hearing on the National Transport Commission Act. The legislation establishes a National Transport Commission as an effective, independent and impartial authority in the transport sector.
The Committee on Upstream Petroleum will hold a two-day public hearings on the long awaited Petroleum Industry Governance Bill (PIB) on Wednesday and Thursday. The bill which has remained in the shelf for over seven years to establish a framework for creating a “commercially oriented and profit driven petroleum entities that ensures value addition and the internationalisation of the petroleum industry.”
Once the committees submits the public hearing reports to the full Senate, the legislation undergoes to a third reading, or final passage by members sitting at plenary as a committee of whole.
The statement quoted the Chairman of the Committee on Media and Public Affairs, Sen. Aliyu Sabi Abdullahi as saying the “Senate has been on a steady march to complete passage of the bills which forms our economic growth package before the end of the year. We have maintained all along that we would not rest until we did our part to end the recession, spur economic growth and bring relief to the people.”
Senate President Bukola Saraki had unveiled the Senate’s economic strategy on September 20 as “part of a wider list of recommendations to President Muhammadu Buhari’s administration for how the National Assembly (NASS) could work with the Presidency to end the recession, restore investor confidence and begin to reorient the Nigerian economy. Key to much of the agenda is providing greater space in the economy for private sector participation, support for entrepreneurship and above all job creation.”
Also commenting on the busy week awaiting the Senate, Saraki noted: “this is a very important week for the Senate. We have moved beyond partisanship and we have moved beyond rhetoric. We are now in the realm where we have really worked to deliver something meaningful to the people of Nigeria.”
Agreeing, Senator Abdullahi “People should really pay attention to the work the Senate has produced. The economic crisis provided the opportunity to work for long overdue reforms in government administration and accountability. The Senate seized upon the opening and now the country is on the verge of truly benefitting from the work of the NASS.”