The upper chamber of the National Assembly on Tuesday lamented the state of the nation with over $14billion revenue gap and an unwholesome overdependence on oil.
The Senate made this known on Tuesday when it resumed plenary
In his welcome address, the President of the Senate, Ahmad Lawan said that there is need to work with relevant stakeholders to prevent the economy from going into recession.
He said: “We were confronted with an over $14billion revenue gap and the grim reality of an unwholesome overdependence on Oil. We cannot overemphasize the need to focus on other important sectors like Agriculture, Solid Minerals, and Steel Development and manufacturing, with a view to diversifying our economy.
“We need to work with relevant stakeholders to prevent our economy going into a recession, stimulate the economy, save and create more jobs through a sustainable multiplier effect.”
Lawan revealed that the Senate will dedicate the month of October for budget defense by Ministries, Departments and Agencies.
He also revealed that the Senate will expedite action on the Constitution review, electoral reform and provide necessary legislative intervention to address the security challenges in the country.
He said: “The Senate will provide a one month window for Budget defense by Ministries, Departments and Agencies. Like last year, the month of October, 2020 will be dedicated for this exercise. Subsequent months of November and December will be dedicated to the internal processing of the Budget by NASS.
“The various MDAs are therefore advised to ensure that they avail themselves the opportunity of the Budget defense window to appear with all the relevant and necessary information to defend their Budget Estimates.
“Our 1999 Constitution as amended needs to be reviewed from time to time to improve the quality of governance and ensure stability in our polity.
“The Senate Committee on the Review of the Constitution has already invited Memoranda from citizens and organisations alike. The Senate will ensure speedy work on the review exercise.
“Also the Electoral Reform Amendment Bills will be treated with despatch. We must ensure that we make amendments that will enhance free, fair, transparent and credible elections in our country.
“Distinguished Colleagues, the security situation in our country is not what we want it to be. We want a security situation that guarantees protection of lives and property of citizens.
“Today, our country is bedevilled by multifaceted security challenges. We therefore need to continously seek enduring measures to arrest the situation. In this regard, the Senate will continue to provide the necessary legislative intervention at all times to improve the situation. There can never be any more important government function than the protection of lives and property of it’s citizens.”
Meanwhile, President Muhammadu Buhari on Tuesday sought the approval of the Senate to reimburse five states with the sum of N148.14 billion for road projects executed on behalf of the federal government.
The five states are; Bayelsa, Cross River, Ondo, Osun and Rivers.
While Rivers is getting the sum of N78.95billion as reimbursement from the federal government, Bayelsa would get the sum of N38.4billion, Cross River, N18.39billion, Ondo, N7.82 billion and Osun, N4.56billion.
The request of approval from President Buhari was contained in a letter he sent to the upper chamber of the National Assembly and read on the floor during plenary session by President of the Senate, Ahmad Lawan.
According to the letter, the states sought reimbursement from the federal government on road projects executed on its behalf.
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