Reps seek quick-win out of lingering socio-economic challenges

…as organised labour seeks wage review to cushion effects of recession

The House of Representatives is seeking quick-win out of the lingering socio-economic challenges bedeviling the country.

Speaker Yakubu Dogara who inaugurated the Tactical committee on economic recession, chaired by Bode Ayorinde, stressed the need for implementation of various policies and programmes initiated by the present administration.

Peter Ozo-Ezon, General Secretary of Nigeria Labour Congress (NLC) who was part of the partnering stakeholders, emphasised the need for upward review of the national minimum wage in the bid to boost the purchasing power of an average worker.

According to him, the Congress had set up a tink-tank committee comprising of seasoned economists which drafted position paper on various sectors of the Nigerian economy.

“Almost two years ago, we called for necessity for government to put concise plan for recovery, but we can see government has put it together, but we need to see whether that can work.

“As workers, unfortunately we are not just in recession, we are actually in star-inflation situation, that even in recession prices are going above the roof as inflation is escalating. With that therefore, the real income of workers have been eroded.

“Of course, when you are in recession if you do not have the purchasing power you can’t get out of recession. So our expenditure pattern including minimum wage and review should be done,” the NLC scribe told BusinessDay at the sidelime of the inauguration.

According to the Speaker, the 16 erudite professionals drawn from various professions were saddled with the responsibility of monitoring various steps and policies of the government aimed at taking Nigeria out of recession.

Dogara said the technical committee of the House will craft “enduring legislative tools to be deployed in helping policy makers and implementors adhere to timelines in their drive to exit recession and return Nigeria to sustainable economic growth and prosperity.”

“Today, some of our people can no longer afford to feed. Some school children are dropping out of school due to inability of parents to pay school fees. Transportation, power, healthcare are difficult for the ordinary citizen. There is general anguish on the faces of Nigerians due to poverty and hunger.

“We cannot, however, continue to lament. The problems are well known. At this point in time, it is the solutions that matters more and that is what should engage our attention. As a parliament, we are committed to ensuring that the sufferings experienced by ordinary Nigerians are alleviated. These challenges may appear too difficult to surmount but the good news is that they are surmountable. Other nations have surmounted greater economic challenges in the past and Nigeria’s case cannot be different,” he noted.

The Speaker who expressed optimism that various socio-economic challenge facing Nigeria are surmountable, pledged the resolve of the Legislative arm of government towards actualisation of President Muhammadu Buhari’s policies and programmes.

“We in the National Assembly have aligned with the executive arm of government to turn around the economy by focusing on priorities that will make maximum impact on economic recovery and respectable growth. As partners in progress, the National Assembly had in 2016 offered wide ranging legislative and other economic ideas and solutions to the Executive in a concurrent Resolution of both Chambers.

“Indeed our major legislative initiative was to support diversification of Nigeria’s economy to foster its development from mono product economy to an economy with a diversified base.

“To this end, we introduced Sectoral Debate on various aspects of the economy as a legislative initiative to address the national economic problems.

On his part, Bode Ayorinde, chairman of the committee assured that the committee within the three month timeframe will “interact with relevant agencies of government to provide quick wins that will contain the nuisance of the economic recession and particularly provide long term solutions that would return the economy of Nigeria into stability, sustainable growth and development.”

Ayorinde who decried the state of the Nigerian economy, noted that Nigeria is a!Tray witnessing all the signs of economic recession which include: “contraction in business cycle and general slowdown in economic activities. When a nation experiences a recession in its economy, factories shut down, stock turnover decline, unemployment increases, debtors default and there is severe hunger in the system. It is sad to note all these signs are already manifesting inmour baton today,” he lamented.