A joint National Assembly resolution has suggested that 10 per cent of Nigeria’s annual budget be devoted to developing the nation’s agriculture and solid mineral sectors.
The legislators also held that President Buhari should consider the establishment of Council of Economic Advisers made up of experts in economic management.
This council, according to the lawmakers would proffer advice on the initiation and co-ordination of economic policies, in order to restore confidence in the conduct of government business.
The legislators noted that the fiscal and monetary authorities must meet to harmonize all policies that lower interest rates for genuine investors in the real sector as well as medium and small scale farmers and processors.
They also urged that government should as a matter of urgency re-negotiate the terms of engagement with our Joint Venture partners in relation to production cost and profit sharing favorable to Nigeria.
According to the recommendation made by the Senate on 27th September which was adopted last Thursday by the House of Representatives, the legislators resolved that the executive arm of government should immediately prepare an Economic Stimulus Bill containing all the fiscal stimulus packages, investments, and incentives designed to pull the country out of recession, to the National Assembly for accelerated consideration and passage.
The recommendation also suggested that the Executive Secretary of the Financial Reporting Council of Nigeria should brief the National
Assembly on the recovery fund. At the same time urged government to re-negotiate the terms of engagement with our Joint Venture partners in relation to production cost and profit sharing favourable to Nigeria.