Senate elated at improvement in nation’s economy

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Members of the Nigerian Senate at a plenary

The Senate, on Tuesday, expressed delight at the report by the National Bureau of Statistics (NBS) that Nigeria’s economy was bouncing back.

A statement issued in Abuja by the Senate Spokesperson, Sen. Sabi Abdullahi, said it was commendable that the economy grew by 0.55 per cent in the second quarter of 2017 after five consecutive quarters of contraction.

Abdullahi also said that the improved performance of the trade, manufacturing, agriculture and oil sectors were indications that with carefully aligned policies and legislative interventions, Nigeria’s economy could thrive beyond current forecasts and expectations.

”The Senate received second quarter economic report with great excitement.

”We are delighted that government’s response to the economic recession has begun to yield tangible results.

”The public will recall that in the days following the announcement of the 2016 recession, the senate initiated steps and tabled 21 recommendations that it submitted to the executive for immediate action.

”We also listed out economic priority bills, many of which have now been passed, or at the final stage.

”We are also happy to note that many of the economic recommendations, specifically in the areas of re-tooling our agriculture and trade policies were adopted.

”This shows that the ‘all hands on deck’ approach was necessary from both branches on government,” he stated.

According to Abdullahi, although the nation was out of the recession, the senate remained committed to seeing that the unemployment rate and high cost of living in the country was brought down.

”The rising unemployment in the country is an issue that is of much concern to all of us.

”Additionally, the rising cost of food prices and basic services in the country still affects millions of households.

”We will continue to work on our laws, specifically in the areas of access to credit to promote more opportunities for small business owners and opening up of more sectors to private sector participation.

”We will also continue to work with the executive to ensure that our policy and legislative objectives, specifically as they relate to the economy, are well aligned.,” he said.