Recession: Reconstitute the Board of the Central Bank- Senate tells President Buhari

As part of resolutions to get out of the current economic recession, the senate yesterday advised President Buhari to reconstitute the board of the Central Bank of Nigeria. The senate also advised President Buhari to appoint a Special Adviser that would negotiate with militants in the Niger Delta. Read the full resolutions as shared by Senate President Bukola Saraki after the cut...


1. The executive should forward an Economic Stimulus Bill containing all the fiscal stimulus packages, investments and incentives which will receive accelerated consideration and passage at the National Assembly.
2. The fiscal and monetary authorities must harmonise all policies that lower interest rates for investors in the real sector and small/medium scale farmers.
3. The government should adopt peaceful means in the Niger Delta to restore Nigeria’s oil production back to 2.2 million barrels per day.
4. The release of low interest funding under the stimulus package should be targeted at the following areas.
Social Safety Programmes
Humanitarian Activities in the North East
Power Generation
Agricultural value chain
Textile manufacturing
National highway network construction and maintenance
Railway construction and maintenance
Motor vehicle assembly plants
Completion and commissioning of Ajaokuta Steel Complex
Arts, Science and Technology
5. The President should appoint a Senior Special Adviser to lead the government engagement with the aggrieved Niger Delta Militants to ensure the protection of Nigeria’s oil and gas assets.
6. The Federal Government should negotiate foreign concessionary borrowing agreements to cover shortfalls in the 2016 budget and the government’s accelerated infrastructural development programme.
7. The Federal Government should restrict and cap the issuance of bonds and treasury bills in order not to crowd-out local investors from the market.
8. The Federal Government should ensure the payment of all genuine domestic debts owed to local contractors who have completed their jobs.
9. The Federal Government should settle all salaries and pension liabilities.
10. The Federal Government should leverage the use of pension and insurance funds to provide long-term capital on lending for agriculture, industry and housing projects.
11. The Executive should reconstitute the Board of the Central Bank of Nigeria (CBN) and all other critical agencies in order to ensure that they operate in accordance to their enabling laws.
12. The Legislature (through law) and the Executive (through policies) must take action to encourage telecommunications companies to float their shares in Nigeria’s stock market.
13. The Fiscal Responsibility Act should be used to encourage States and Local Govenrments to be more prudent and accountable in their revenue and expenditure agreements.
14. Cases involving unaccounted oil exports should be pursued vigorously to logical conclusions.
15. The Federal Government should immediately set-up an ad-hoc committee for the reconstruction of the North-East and the rehabilitation and resettlement of all Internally Displaced Persons.
16. The President should consider establishing a Council of Economic Advisers made up of experts in economic management.
17. The Federal Government should establish a platform for pro-business-oriented leadership-level engagement to boost market confidence.
18. The Federal Government should retool its export promotion policy scheme with export incentives like the Export Expansion Grant (EEG) and the export financing initiatives.

19. The National Assembly will institute a legislative framework with timelines for key government policies in the area of agriculture and solid minerals to boost investor confidence in government - and to protect investors from rapid policy reversals.
The National Assembly will examine, prioritise and fast-track the consideration of the following bills to revive Nigeria’s economy:
Petroleum Industry Bill
National Development Bank of Nigeria (Establishment) Bill
Nigerian Ports and Habours Authority Act (Amendment) Bill
National Road Fund (Establishment) Bill
National Transport Commission Act of 2001
Warehouse Receipts Act (Amendment) Bill
Companies and Allied Matters Act (CAMA)
Investment and Securities Act (ISA)
Customs and Excise Management Act
Federal Competition Bill
National Road Authority Bill
20. The National Assembly will immediately commence sustained oversight to monitor the activities of the Executive in the implementation of the 2016 Budget.
21. The National Assembly will continue to engage the Executive to create the necessary synergy on all economic and social interventions that are capable of bringing succour to Nigeria.