“Ending recession requires dialogue and cooperation”

Senate President (Dr.) Bukola Saraki said, “ending the recession requires dialogue and cooperation from Nigeria’s national leaders.” The Senate President’s comments were in response to repeated questions about his recent meetings with President Muhammadu Buhari and the Senate’s votes to return the President’s Mid-Term Economic Framework (MTEF) and $29.9 billion loan request pending the submission of supporting documentation.

“Reports of rising tension between lawmakers and the president are overblown,” Saraki stated. “The MTEF and the loan request were returned to the executive because both submissions lacked the supporting documentation necessary to conduct due diligence and oversight” he said. “The real concern should be the length of time it will take to receive the requested documentation and the time lost toward beginning the 2017 budget process.”

The Senate President explained that the 1999 Constitution of the Federal Republic of Nigeria gives the National Assembly (NASS) the power to approve federal appropriations. This mean the annual budget, appropriations bills and loan requests must be passed by the NASS.

“What the media is now covering and what the public is witnessing is not political gamesmanship” Saraki observed. “This is the discourse that must occur if we are to figure out the best way to tackle the recession. The growing cooperation between the executive and legislative branch is the only way to move Nigeria forward.”

Both the National Bureau of Statistics and Bloomberg Markets reported today Nigeria’s inflation rate rose in October from 17.9 per cent to 18.3 per cent. Increases in the inflation rate of housing, electricity, water, lubricants for personal transport and education were leading sub-index sectors driving the inflation rate. Additionally, food inflation rose from 16.6 per cent to 17.1 per cent led by increases in the price of bread, cereal, fish and meat.

He further stated, “at the end of the day we as elected leaders must listen to the testimonies of the people and understand the level of despair in the country.” “I am confident that by working together we can overcome the recession and address the needs of so many in meaningful ways.”