By Fred Nwaozor

IT is, no doubt, a thing of joy that the National Assembly (NASS) resumed penultimate week, precisely on Tuesday, September 20, having observed an eight-week-long recess. The NASS had on July 20 adjourned plenary to September 13, but was forced to postpone its proposed resumption date by one week owing to the Eid-el-Kabir celebration.
The legislature of any country is an integral part of its governance.  Nigeria’s NASS is not an exception. This is the reason that whenever all hopes seem lost, everyone beckons to the legislators, especially in relation to their oversight function. Indeed, the oversight function when properly performed can bring a total turnaround in some situations.
In other words, as the NASS resumes, the mindset of every rational being in the country is bound to be occupied with the above phrase – ‘whither Nigeria?’ It is no more news that the acclaimed giant of Africa is currently in recession, which simply defined as a period of time when production rate declines and more people become unemployed, thereby causing extreme hunger. In a layman’s   understanding, famine is another suitable term for recession.
Right now, anyone who means well for Nigeria is deeply concerned about the route needed to be taken by the country’s economic drivers towards arriving at the desired destination. Since the destination in question is seemingly a mirage, it is needless to state that everyone sees the NASS as a messiah.
The ongoing predicament is glaring, so are the remedies; hence, the NASS needs not seek a consultant before doing the needful. Inviting the President to the Senate isn’t the remedy; rather, let’s invite each of the ministers to tender account of their stewardship so far.
According to the Consumer Expectation Survey (CES) of the Central Bank of Nigeria (CBN) released on Thursday 15th September 2016, the deteriorating economic condition is taking a toll on teeming Nigerian consumers. The overall confidence outlook in the third quarter (Q3) of 2016 remains downbeat, as it has been since Q3, 2011.
It further disclosed that ‘at 28.2 index points, consumers’ confidence dipped further by 26.3 points below the level achieved in the corresponding quarter of 2015’. The scenario is apparently occasioned by the ongoing soaring inflation in our various markets coupled with the decreased income rate among the citizenry. We need to address the situation before crime rate escalates and depression sets in. We can only achieve this by reviving the labour market, encouraging self-reliance, as well as rescuing the money market.
The labour market can only be improved by pumping money into circulation. It is obvious that there is no money in circulation, perhaps because the 2016 budget is yet to be implemented. Obviously, the FG lacks the funds required to do so.
This is why the government intends to auction/sell the national assets. ‘Auctioning’ the assets wouldn’t be the remedy this problem. Rather than doing this, the government should consider borrowing internally and ensure that the borrowed funds are channeled aptly. There are several genuine prospective indigenous donors and/or lenders. Let’s partner with them.
The government can encourage self-reliance or entrepreneurship by taking the power sector seriously. The said sector, alongside the education sector, needs to be treated as a priority. The proposed borrowed funds ought to be channeled to this sector and other critical ones, to achieve a complete turnaround.
Towards boosting the power sector, let’s harness all the available energy sources including solar, wind, coal and biomass, in addition to the ongoing hydro-power generation. Hence, we must involve the cognoscenti.
Among all, the CBN must also reduce interest rates to the barest minimum to enable every intending SME investor access loans with ease.  Also, for the time being, the Treasury Single Account (TSA) can be suspended, so that the various commercial banks can have sufficient funds to service their activities. The banks are presently in bondage; they need to be liberated. This will help to pump more money into circulation. We must do everything humanly possible to avoid a depression.
As regards rescuing the money market, if we adhere to the above, the naira will definitely bounce back in the long run.
Once there’s sufficient production, we will have enough to export, thereby reducing the current alarming pressure on our foreign reserve. And, the parallel market should be made answerable to the CBN at all times, no matter whose ox is gored. Some rent-seekers are now controlling the unofficial market.
It is high time the government displeased them in order to please Nigeria. If the present administration is really out to tackle corruption headlong,   this must not be overlooked.
It is equally obvious that a few rent-seekers are interested in the quest to sell our hard-earned national assets. We must not allow them to succeed in such act of insensitivity.  The NASS must not fail Nigeria in this regard. With respect to the ongoing budget padding scandal in the NASS’ lower chamber, the Speaker must step aside to aid the awaited investigation. The newly inaugurated in-house ad-hoc committee would be incapacitated if the Speaker remains in charge.
Above all, isn’t it time we merged the two NASS chambers to curtail their excesses, especially now that we are earnestly seeking ways of cutting costs?

Related News

Nwaozor writes from Owerri