The House of Representatives has taken steps to address the fall of the Nigerian currency, naira and the worsening rate of inflation in the most populous black nation.
The Green Chamber therefore urged the Federal Government to convey a special economic roundtable to proffer holistic and workable solutions to the situation.
It also asked the Federal Ministry of Agriculture and Natural Resources to come up with urgent emergency plans to expand the economy especially in the areas of entrepreneurial and agricultural training.
The House further urged the Ministry of Commerce, Trade and Investment to deploy intervention strategies to ameliorate the current economic situation and checkmate the food crises in the country.
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The Lower Chamber of the National which reached these resolutions, following the adoption of a motion sponsored by Shehu Kakale from Sokoto State and eight others, mandated the Committee on Finance and Commerce to ensure implementation.
Presenting the motion, Kakale said the economic situation in the country is deteriorating at a worrisome rate as insecurity, hyperinflation, massive unemployment and underemployment pervades all sectors of the economy, thus promoting social pressures and general dissatisfaction.
He noted that with the ever-recurring policy challenges, corruption and the over-reliance on crude oil, if not urgently addressed may lead to a dangerous cauldron of ethnic tension, youth, discontent and criminality, which threatens to spread more poverty and violence in the country.
The lawmaker said insecurity is a major impediment to economic growth, which has cost Nigeria over $10.3 Billion in 2020, an amount more than the Federal government’s total revenue for the
same year.
Kakale said he was: “Aware that the growing case of insecurity in the land has badly affected agricultural production as farmers can no longer go to the farm, and traders can no longer travel for fear of being kidnapped,
abducted or out-rightly killed.
“Further aware that unless urgent and decisive steps are taken to ameliorate the worsening situation, it may degenerate into social decay and crises in homes that may increase the suicidal tendencies and statistics in Nigeria.
“Alarmed that the bourgeoning rise in inflation rate in the country has led to astronomical rise in food prices, taking them virtually out of the reach of the middle and lower classes”.
