Since the return to democracy in 1999, Nigeria has enjoyed average annual economic growth of about 7% but this year, the country has slid into recession. During the first half of this year, Nigeria has suffered two successive quarters of negative growth, so the National Assembly is asking President Buhari to come and address it on the matter.
House of Representatives speaker Hon Yakubu Dogara has announced that the lower chamber begun liaising with the Senate to invite President Buhari to address a joint session on the recession. He revealed this yesterday while ruling on a motion on the economic downturn by Olayiwola Kazzim (APC, Ogun).
Hon Kazzim blamed the recession on the federal government’s monetary and economy policies. He noted that as a result of the crash of crude oil prices from over $120 per barrel in the last quarter of 2014 to about $45, Nigeria had been witnessing a dramatic reduction in oil earnings.
Minority leader Hon Leo Ogor identified lack of clear policies and inconsistency in government policies as being responsible. Hon Nkeiruka Onyejiocha (PDP, Abia), the chairman of the House Committee on Aviation said the effect of the recession on the aviation sector was massive and called on the federal government to consider the possibility of declaring an emergency in the sector.
Hon Dogara said the membership of the ad hoc committee that will meet with the Senate would be constituted next week. Once they do, a date will be fixed for when President Buhari will be invited to appear before the joint session.
Comments
Post a Comment