The Vice President, Prof. Yemi Osinbajo, Chief Justice of Nigeria (CJN), Justice Walter Onnoghen, Dr Alex Otti, the Finance Minister, Kemi Adeosun and Minister of Budget and National Planning, Udoma Udo Udoma are expected to attend the Legislative Economic Summit organized by the leadership of House of Representatives.
The two-day summit with the theme: ‘Legislative Framework for Economic Recovery and Sustainable Development’, is scheduled to hold on November 6 and 7 at the International Conference Centre, Abuja with the Senate President, Bukola Saraki; Speaker Yakubu Dogara; Audu Ogbeh, Tunde Fowler and Governor Aminu Waziri Tambuwal of Sokoto State all expected to deliver presentations.
Bode Ayorinde, chairman, Tactical Committee on Economic Recession, while speaking on the aims of the summit expressed optimism that it will afford policy makers, members of the parliament at both federal and state levels, captains of industries, the academia, organised labour, civil society and non-governmental organizations the opportunity to interface and proffer lasting solution to the economic downturn in the country.
He noted that the Tactical Committee was constituted to amongst other things, monitor various steps and policies of government; interact with various Ministries and agencies relevant to overcoming the challenges and liaise with the Manufacturers Association of Nigeria (MAN), the organised labour, the CSOs and other bodies considered relevant in the bid to arrest the recession and return the economy to the path of growth and stability.
He said: “The House of Representatives is particular that this process will result in a connected set of legislative framework that will promote transparency, contain robust governance mechanisms, clearly define roles, provide a standardized and acceptable framework for financial management efficiency, regulate and maximize the potentials of various policy strategies and positively promote the realization of sustainable economic development and community benefits while setting the template for economic recovery.”
He also stressed the need to put in place economic laws and policies that will mitigate or prevent the threatening economic challenges associated with economic activities for growth and development with a view to harnessing them as a matter of necessity.
“The House is concerned that as a result of the economic recession, commercial banks recently reviewed upward interest paid on credits, to the effect that consumers of bank credit facilities now pay higher while the exchange rate between the naira and the dollar has not only been viewed as unstable, but highly polarized and progressively depreciating against the dollar.
“Today’s multifaceted economic crises and fast changing world calls for a close partnership and active collaboration between the National Assembly and other arms of government as well as the international organizations, the civil society groups, academia and the media. The House is completely deposed to embrace any form of partnership that will help deliver on the objectives of this Summit”, he said.
Summit Coordinator, Oracle Chukwudi Nwala, explained that various technical sessions were designed to discuss and reel out innovative templates that will address issues of economic recovery and sustainable development in Nigeria, including economic diversification through agriculture and solid mineral development, as part of development of non-oil sector.
“Experts drawn from various fields are expected to bring to fore some issues relating to how fiscal regime and monetary policy impact on the economy and other emerging issues.
“We will also look at such issues as leadership and legislative innovation, economic threat and reform process in Nigeria, domestication of multilateral agreements and best practices relating to economic development in Nigeria; emerging issues in economic recovery and radical shift to private sector led economy, among others,” he added.
According to the organizers, in line with the mandate given to the Tactical Committee on economic recession by the House, the summit will provide enabling environment for all participants including 300 economic experts, financial analysts, professionals, investors, research institutes and other private sector players to interface.
“Under the auspices of the legislative action plan on industry reform called LAPIN-Reform, the Summit forms part of the initiative conceived by the House that seeks to develop composite legal framework that supports government approach to overcoming economic recession. ”This means, that the exercise will offer legislators as well as relevant stakeholders opportunity to do real-life and real-time legal policy work covering the entire spectrum of the economy.”
Recall that the committee is holding the summit in spite of an already elapsed one-week ultimatum given by Speaker Dogara for submission of all pending reports by standing and ad hoc committees, failure of which would attract loss of powers to continue the assignments.