Vice President Yemi Osinbajo, Justice Walter Onnoghen, Chief Justice of Nigeria (CJN) and Uzoma Udo Udoma, Minister of Budget and National Planning are expected to attend the Legislative Economic Summit organized by the leadership of House of Representatives.
Senate President, Bukola Saraki; Speaker Yakubu Dogara; Kemi Adeosun, Minister of Finance; Audu Ogbeh, Minister of Agriculture and Rural Development and Governor Aminu Tambuwal of Sokoto State are also expected to make presentations at the two-day summit with the theme: ‘Legislative framework for economic recovery and sustainable development,’ is scheduled to hold on Monday, 6th and Tuesday, 7th November, 2017 at the International Conference Centre, Abuja.
Speaking on the objectives of the summit, Bode Ayorinde, chairman, Tactical Committee on economic recession, expressed optimism that the summit will afford policies makers, members of the parliamnent at both federal and state levels, captains of industries, academia, organised labour, civil society and non-governmental organizations to interface and proffer lasting solution to the socio-economic and infrastructural challenges facing the country.
According to him, the Tactical Committee was constituted to amongst others, monitor various steps and policies of government; interact with various ministries and agencies relevant to overcoming the challenges and liaise with the Manfacturers Association of Nigeria (MAN), Nigeria Labour Congress (NLC); the CSOs and other body considered relevant in the bid to arrest the recession and return the economy to the path of growth and stability.
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“The House of Representatives is particular that this process will result in a connected set of legislative framework that will promote transparency, contain robust governance mechanisms, clearly define roles, provide a standardized and acceptable framework for financial management, efficiency regulate and maximize the potentials of various policy strategies and positively promote the realization of sustainable economic development and community benefits while setting the template for economic recovery,” Ayorinde said.
He also underscored the need to put in place economic laws and policies that will mitigate or prevent the threatening economic challenges associated with economic activities for growth and development wit the view to harness them as a matter of necessity.
“The House is concerned that as a result of the economic recession, commercial banks recently reviewed upward interest paid on credits, to the effect that consumers of bank credit facilities now pay between 27% and 30%, while the exchange rate between the naira and the dollar has not only been viewed as unstable, but highly polarized and progressively depreciating against the dollar.
“Today’s multifaceted economic crises and fast changing world calls for a close partnership and active collaboration between the National Assembly and other arms of government as well as the international organizations, the civil society groups, academia and the media. The House is completely deposed to embrace any form of partnership that will help deliver on the objectives of this Summit,” Ayorinde stressed.
On his part, Oracle Chukwudi Nwala, Summit Coordinator explained that various technical sessions were designed to discuss and reel out innovative templates that will address issues on economic development in Nigeria, including economic diversification through agriculture and solid mineral development, as part of development of non-oil sector.
“Experts drawn from various fields are expected to bring to fore some issues relating to how fiscal regime and monetary policy impact on the economy and other emerging issues.
“We will also look import of leadership and legislative innovation, economic threat and reform process in Nigeria, domestication of multilateral agreements and best practices relating to economic development in Nigeria; emerging issues in economic recovery and radical shift to private sector led economy, among others,” Nwala told Legislative Correspondents.
According to the organizers, in line with the mandate given to the Tactical Committee on economic recession by the House, the summit will provide enabling environment for all participants including 200 economic experts, financial analysts, professionals, investors, research institutes and other private sector players to interface.
“Under the auspices of the legislative action plan on industry reform called LAPIN-Reform, the Summit forms part of the initiative conceived by the House that seeks to develop composite legal framework that supports government approach to overcoming economic recession.
KEHINDE AKINTOLA, Abuja
