The senate has voted against the sales of National Assets in tackling the current economic recession ravaging the country.

‎The senate took the decision, following a motion by Minority Leader, Senator Ali Ndume, urging the upper legislative chamber to reject the proposal for the sale of the nation’s assets.

Ndume said,“I move that ‎the senate oppose the sale of national assets to shore up our reserves.”
Senate President Bukola Saraki put the motion to a voice vote to which “the ayes had it.”

Recall that the senate had last week, debated on ways to get the economy out of recession.

The Senate President had in a 14-point statement, recommended the sale of national assets to shore up the nation’s reserves.

The Senate had debated on how to addresss the economic crisis.

The Senate President had recommended that the Executive must immediately put in place leadership-level engagement platform with the private sector including raising capital from asset sales and other sources to shore up foreign reserves.

Other recommnations included tweaking the pension funds policy within international best practice safeguards to accommodate investment in infrastructure and mortgages; the Federal Government and CBN to agree on a policy of monetary easing to stimulate the economy and harmonise monetary and fiscal policy until economic recovery is attained and re-tooling its export promotion policy scheme with incentives such as the resumption of the Export Expansion Grant (EEG); and introduce export-financing initiatives.

They also recommended the following:
*Engage in meaningful dialogue with those aggrieved in the Niger Delta and avoid an escalation of the conflict in the region.

*Consider immediate release of funds to ensure the implementation of the budget for the near short term to inject money into the economy. Similarly, the agricultural sector and the agro-allied businesses should be directly supported to boost value addition and job creation.

*While government works on the medium to long-term plans, immediate strategies must be devised that would ease the suffering of the ordinary people across our country.

*Consider immediate release of funds to ensure the implementation of the budget for the near short term to inject money into the economy.

*The agricultural sector and Agro-allied businesses should be directly supported to boost value addition and job creation.

* Both legislature and executive must co-operate to ensure the passage of the Petroleum Industry Bill (PIB) into law as soon as possible to stimulate new investment and boost oil revenue.