Senator Uba Sani warns against de-commercialization of Nigerian economy Nigeria news

  • Legislator representing the Kaduna Central senatorial district in the Senate, Uba Sani, advised Nigerians to stop criticizing the country’s economic policy
  • Sani, who admitted Nigeria faces some challenges, said policymakers need encouragement, not criticism now.
  • The senator, however, urged support for Central Bank of Nigeria (CBN) Governor Godwin Emefiele in reviving the Naira.

FCT, Abuja – Senator Uba Sani, chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, warned of continued criticism of the fiscal and monetary policies of the Central Bank of Nigeria (CBN).

Legit.ngNasir Dambatta’s regional reporter reports that the senator said such criticism is sending the wrong signals for the country’s economy at a time when Nigeria is in desperate need of trust and closer collaboration with local and international investors. and development partners.

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Senator Uba called for support for the CBN
Senator Uba Sani warned Nigerians against de-commercializing the country’s economy. Credit: Uba Sani.
Source: Facebook

Senator Sani, who represents Kaduna Central in the upper house of the National Assembly, has rejected highly exaggerated claims in some quarters that the Nigerian economy is on the verge of collapse.

He said:

“It is true that our economy suffers from certain tensions. But it is a global phenomenon that was largely spawned by the COVID-19 pandemic. COVID-19 is a natural disaster that was not predicted by anyone or by any government. Thus, the world economy is slow and the Nigerian economy cannot be an exception in the era of globalization. We are witnessing a ‘Force majeure’ global situation.

“There is no point in throwing all the blame on the CBN or even precisely, on the governor of the CBN, as some people are doing now. I don’t think traveling this route too often is helpful. We need to stop the blame game and let all of us, all concerned, do what we need to do to help the Nigerian economy fully recover from the very devastating effect of the COVID-19 pandemic. “

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The lawmaker revealed that Senate Speaker Ahmed Lawan strongly rebuked necessary committees in the Senate, including the Committee on Banking, Insurance and Other Financial Institutions, which he chairs, to offer to the CBN, to ministries, departments and agencies (MDA)) all legislative support that falls within their competence and powers, with the aim of strengthening the Naira and the national economy as a whole.

Sani added:

“As you may know, the National Assembly, in particular the Senate, is fully prepared to receive the 2022 budget from the President. In fact, I think this budget will be presented to us within a week or two. In the Senate, we have resolved to approach the 2022 budget differently. Now is not the time for bogus or wacky projects or programs.

“We intend to streamline the 2022 budget to meet our needs, not our wants. We are living in desperate times and desperate measures are needed to help our economy recover. Ministry of Finance, Federation Budget Office and other MDAs in a coherent manner. “

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He argued that running the economy of any nation is like an orchestra, where several band members must play their roles in a coherent and transparent manner.

According to him, however perfect any CBN policy may be, the complementary efforts of other government agencies would be necessary to achieve the desired gain or goal.

Sani noted that a policy is a journey and not a destination, saying that while the CBN introduces a wonderful fiscal or monetary policy today and the policy does not have the additional support of critical MDAs like the Federal Ministry of Finance, the Federal Ministry of Agriculture, Ministry of Petroleum Resources, NNPC, EFCC, ICPC, NFIU, police, customs, etc., it would ultimately be pointless.

He called on Nigerians to stop blaming the CBN and the governor of the CBN, urging a good working relationship to achieve a full recovery of the economy which has been disrupted by the pandemic.

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The senator also compared the management of a country’s economy to a football team.

Senator Sani said:

“The front line, that is to say the attackers, must try to score goals; but in order for them to score goals, midfielders need to provide them with balls as accurately and consistently as possible. And for a football team to win, defenders must make sure that the opponent does not overtake the team.

“They have to defend effectively and the keeper has to have the agility and reflexes of a cat. Thus, a person cannot be attacker, defender, midfielder and goalkeeper at the same time. marketing of our economy. On the contrary, let’s roll up our sleeves and do what is necessary to help our economy rebound.

He recalled that several Nigerians had congratulated the same CBN for its decisive interventions in the aftermath of the COVID-19 pandemic.

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The legislator further stated that he was aware that the CBN had created credit facilities for health care; targeted credit facility and manufacturing sector, adding that these interventions have prevented the country from sliding into a long recession.

During this time, previously reported that the People’s Democratic Party (PDP) demanded the immediate resignation and prosecution of CBN Governor Godwin Emefiele.

It was reported that the request was made by the main opposition party on Thursday September 23 in Abuja through its spokesperson, Kola Ologbodiyan.

Ologbodiyan said the call was based on allegations by the All Progressives Congress (APC) that Emefiele oversaw the massive looting of funds in the CBN.


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