The green chamber of the National Assembly has observed what it described as “excruciating hunger” in the country and condemning “the depreciating welfare of the Nigerian masses.”
The House is calling on the Federal Government to hasten up in funding the manufacturing sector through the Central Bank of Nigeria.
The lawmakers advised the Central bank to enforce the statutory requirement that 10 per cent of banks’ profits should be used to finance and lend to the manufacturing sector to promote economic growth.
The lawmakers assessed the economic situation of the country during a debate on a motion on ‘Need to Address the Excruciating Hunger, Hardship and Depreciating Welfare of the Masses of the Nigerian People’ on the floor of the House in Abuja.
The motion, moved by a member from Kogi State, Mr. Karimi Sunday, also called for the establishment of a commodities and exchange commission and farm produce board to promote the export of Nigerian agricultural products.
The Speaker of the House, Mr. Yakubu Dogara, directed that the motion was good enough to be included in the House’s upcoming “sectorial debate.”
The debate is meant to look into issues on all the sectors of the economy and will call upon ministers and heads of agencies to address the legislature.
The lawmakers, however, called on governments of the 36 states to “enter into strategic alliances that will boost agricultural development in their states.”
Part of the motion reads, “The House observes that the catalyst for economic recovery remains reduction of imports, development of small and medium scale enterprises and diversification from an oil-based economy.”