From Kenneth Udeh, Abuja
Admist the skyrocketing prices of food and goods in the country a bill aimed at reducing inflation rate to not more than 18.60% by the end of 2026 has passed first reading at the Senate on Wednesday.
The bill was sponsored by the Chairman, Senate Committee on Banking, Insurance and other Financial Institutions, Senator Mukhail Adetokunbo Abiru.
According to the bill’s explanatory memorandum made available to the Sun, it is proposed that inflation rate can be reduced through the raising of a minimum of $30 billion over a period of 24 months in the proportion of 70% foreign currency and 30% in local currency.
More details of the Lagos East Lawmaker’s bill stated that provisions will be made for the proceeds to be primarily used to clear the outstanding ways and means of N30 trillion in the records of the Central Bank of Nigeria.
It read partly; This will have the effect of positioning the Central Bank of Nigeria to discharge its mandate of maintaining price stability more effectively as well as ushering in economic conditions necessary for the implementation of the government’s 8-point agenda consistent with the National Development Plan.
Leader of the Senate Michael Opeyemi Bamidele introduced the bill while the clerk of the Senate Mr. Chinedu Akubueze read its short title.
The bill subsequently scalded first reading after it was adopted by the Senators after it was put to a voice vote presided by the President of the Senate, Senator Godswill Akpabio.