As NASS Resumes: Whither Nigeria?

AS NASS RESUMES: WHITHER NIGERIA?

       It’s, no doubt, a thing of joy that the National Assembly (NASS) resumed penultimate week, precisely on Tuesday 20^th September 2016, having observed eight-week-long recess. The NASS had on July 20, 2016 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 last time I checked, the legislature of any country remained its integral part when it calls for politics and governance among other issues pertaining to polity, thus the Nigeria’s NASS isn’t an exception. This is the reason, whenever all hopes seem to have been lost, everyone tends to beckon to the legislators, which is not unconnected with the oversight functions invariably enjoys by the said group. Indeed, an oversight function, which is constitutionally recognized, is good enough to bring a total turnaround when the anticipated destination linked with an odyssey becomes a mirage.

       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’s not anymore news that the acclaimed giant of Africa is currently ongoing recession, 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, currently, the destination in question is seemingly a mirage, it’s needless to state that everyone sees the NASS as a messiah. The ongoing predicament is glaring, so are the remedies; hence, the NASS need not seek a consultant toward doing the needful. Inviting Mr. 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 15^th September 2016, the deteriorating economic condition is having a toll on the teeming Nigerian consumers as overall confidence outlook in third quarter (Q3) 2016 remained 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. This implies that the country yearns for improved income of an average Nigeria. At the moment, the government needs to capture the heart of an ordinary Nigerian, else, crime rate is liable to excalate in the nearest future; and, depression might also set 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’s obvious that there’s no money in circulation, perhaps because the 2016 budget is yet to be implemented. Obviously, the FG lacks the required funds to do so. This is why the government intends to auction/sell the national assets. ‘Auctioning’ the assets wouldn’t be the remedy to the plight. 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 FG can encourage self-reliance or entrepreneurship by taking the power sector seriously. The said sector, alongside the education sector, needs to be treated as priority. The proposed borrowed funds ought to be channeled to these sectors, among others, that could yield a complete turnaround. Towards boosting the power sector, let’s harness all the available energy sources to include solar, wind, coal, biomass, in addition to the ongoing hydro-power generation. Hence, we must involve the cognoscenti.

      Among all, the CBN must as well reduce the interest rates to the barest minimum to enable every intending SME investor assess loans at ease. Also, for the time being, the Treasury Single Account (TSA) can be suspended, so that, the various commercial banks can boast of sufficient funds to service their activities. The banks are presently in bondage; they need to be liberated. This would equally help to pump more money in circulation. We must do everything humanly possible to avoid emergence of the foreseen 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 would have enough to export, thereby reducing the current alarming demand for our foreign reserve. And, the parallel market should be meant to be answerable to the CBN at all times, no matter whose ox is gored. I’m fully not unaware that some rent-seekers are controlling the unofficial market, thus it’s high time the government displeased them in order to please Nigeria. If the present administration is really out to tackle corruption headlong, then this mustn’t be overlooked.

       It’s equally obvious that a few rent-seekers are interested in the quest to sell our hard earned treasure. We can’t allow them to succeed in such act of insensitivity. The NASS must not fail us in this regard. In respect to the ongoing budget padding scandal in the NASS’ lower chamber, Mr. Speaker must step aside to aid the awaited investigation. Above all, isn’t it time we merged the two NASS chambers toward curtailing excesses, especially now we earnestly seek for frugal expenditure? Think about it!

Comr Fred Doc Nwaozor

(TheMediaAmbassador)

-Public Affairs analyst & Civil Rights activist-

Chief Executive Director, Centre for Counselling, Research

& Career Development - Owerri

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frednwaozor@gmail.com

 Twitter: @mediambassador