The House of Representatives, on Thursday, urged the Federal government to “convoke a Special Economic Roundtable” to proffer holistic and workable solutions to falling naira and rising inflation in Nigeria.
The House also urged the Federal Ministry of Agriculture and Natural Resources to come up with urgent emergency plans to expand the economy, especially in the areas of entrepreneurial and agricultural training.
The House further urged the Federal Ministry of Commerce, Trade and Investments to deploy intervention strategies to ameliorate the current economic situation and checkmate the food crisis in the country.
These resolutions were reached following the unanimous adoption of a motion titled ‘Need to Address the Fall of the Naira and the Worsening Rate of Inflation in the Country.’
The motion was sponsored by Messrs Shehu Kakale, Julius Ihonvbere, Mukhtar Dan-Dutse, Amiru Tukur, Amos Gwamna, Jatau Mohammed, Benjamin Mzondu, Ahmed Zanna and AbianteAwaji-Inombek.
Moving the motion, Kakale decried that the economic situation in the country is “deteriorating at a worrisome rate as insecurity, hyperinflation, massive unemployment and underemployment pervades all sectors of the economy, thus promoting social pressures and general dissatisfaction.”
He said, “The House also notes that with the ever-recurring policy challenges, corruption and the over-reliance on crude oil, if not urgently addressed may lead to a dangerous cauldron of ethnic tension, youth, discontent and criminality, which threatens to spread more poverty and violence in the country.
“The House further notes that insecurity is a major impediment to economic growth, which has cost Nigeria over $10.3bn in 2020, an amount more than the Federal Government’s total revenue for the same year.
“The House is aware that the growing case of insecurity in the land has badly affected agricultural production as farmers can no longer go to the farm, and traders can no longer travel for fear of being kidnapped, abducted or killed.
“The House is further aware that unless urgent and decisive steps are taken to ameliorate the worsening situation, it may degenerate into social decay and crises in homes that may increase the suicidal tendencies and statistics in Nigeria.
“The House is alarmed that the bourgeoning rise in inflation rate in the country has led to astronomical rise in food prices, taking them virtually out of the reach of the middle and lower classes.”