Senate Ready To Work With CBN To Address Economic Woes - Sen. Rafiu Ibrahim

The Chairman, Senate Committee on Banking, Insurance and Other Financial Institutions, Senator Rafiu Ibrahim has observed that the devaluation of the Naira and introduction of strict importation policy by the Federal Government among other factors contribute to the worsening economic situation of the country.

The Kwara South Senator, Dr Rafiu Ibrahim made this observation on Thursday 1st of November, 2018 while declaring open the statutory briefing of the Senate Committee by officials of the Central Bank of Nigeria (CBN), which held at Oriental Hotels, Victoria Island, Lagos.

The lawmaker noted that the importation policy which was introduced by the government as a way to stem the level of importation of goods into the country constitutes a major economic challenge as Nigeria does not yet have a vibrant manufacturing sector to balance the import substitution strategy.

He also decried the accumulation of unpaid salaries to workers in different states of the country, stressing that this had caused negative impact on the workforce as they do not have enough money to spend in the midst of current economic hardship.

The Senator also highlighted other factors affecting the country’s economic development to include underdevelopment of human resources, high rate of unemployment, high inflation rate, poor economic planning, high interest rate, power sector failure and decaying infrastructure especially in the transport sector.

He, however, said the Senate was ready to work with CBN in proffering solutions to the various economic problems facing the country by amending existing legislative frameworks governing the dynamics of the Nigerian economy.

Senator Rafiu had earlier disclosed that the briefing was part of the oversight functions of the Senate on the CBN, adding that the event would allow the CBN brief the Senate on its activities and performances. 

Members of the Senate Committee who were at the briefing include Vice-chairman Senate Committee on Banking,  Insurance and other Financial Institutions, Sen. Sam Anyanwu, Sen. Abubakar Ahmed Mollahyidi, Sen. Adesoji Akanbi, Sen. Philip Gyunkpa, and Sen. Umar Kurfi.

Others are Sen. Tijjani Yahaya Kaura, Sen. Peter Nwabuoshi, Sen. Fatima Raji Rasaki and Sen. Prince Gbolahan Dada.

Officials of the CBN present at the briefing are Mr. Edward Adamu, (Dep. Gov. Corporate Services), Mr Folashodun A. Shonubi (Dep. Gov., Operations), Mr Isaac Okorafor, (Dir. Communication), Dr. A.E Ikeokwu (Dir. Fin. Market) among others.