•Nigerian Senate
The Senate would upon resumption starting January 14, begin investigation of alleged economic sabotage in the petroleum industry, the amendment of the 1999 constitution, and key economic reform initiatives by the President Bola Tinubu led administration.
The Leader of the Senate, Senator Opeyemi Bamidele (APC: Ekiti Central), yesterday said that the red chamber would also devote the next few weeks to scrutinise of the Appropriation Bill 2025 and the contentious Tax Reform Bills, 2024, in order to open up the country “for real businesses that will throw up limitless opportunities,” reports Daily Independent.
In a statement ahead of the new legislative calendar, Senator Opeyemi noted that the preceding 2024 was marked by tough economic realities that triggered public discontent nationwide.
Senator Opeyemi said, “Inflation, driven by foreign exchange instability, was a major concern with its attendant consequences upon the purchasing powers of most Nigerians. All these realities, among others, are no doubt a real test of our resolve as representatives of the people to decisively, effectively and efficiently respond to issues of strategic national interests.
“This time, though challenging and tough, truly brought the best out of the National Assembly. It inspired us all to work together and promote diverse initiatives aimed at addressing the roots of our socio-economic challenges. The initiatives have already started redefining our business environment rapidly, boosting investors’ confidence in our domestic economy and creating limitless opportunities for compatriots across the strata. And with all these reforms, Nigeria will definitely record greater opportunities in this year. So far, I can confidently say Nigeria is gradually becoming more stable, fiscally and monetarily.”
The Leader of the Senate further revealed, “With the multi-tiered interventions by the presidency and National Assembly, for instance, Dangote Refinery and Petrochemicals commenced operations within the 2024 fiscal year. Likewise, Port Harcourt Refining Company and Warri Refining & Petrochemicals Company are now back to operations after almost two decades of dysfunction. The operations of these refineries are a testament to the political will of the government of the All Progressives Congress to reverse all negative trends that plague our economy and polity.
“Beyond the downstream petroleum sector, the National Assembly has leveraged its multi-tiered interventions in virtually all strategic sectors to reverse the regression that the country recorded at different times between 2011 and 2023. The approach has spurred steady growth in our gross domestic products all through 2024. It has sustainably translated to 2.98% growth in the first quarter; 3.19% in the second quarter; 3.46% in the third quarter and may be as high as 4% in the fourth quarter. Also, our debt-service-revenue ratio has shrunk from 97% in June 2023 to 65% in November 2024, and I believe the margin will further shrink in the new year we began on Wednesday.
“Each of these records is indeed a great leap forward, and our parliamentary agenda that emphasises strategic collaboration among government arms without prejudice to our constitutionally guaranteed independence has made it obviously attainable. All these outcomes simply means Nigeria is now out of the vicious cycle of fuel importation that cost her $600 million, which annually translates to $7.2 billion. It also means the operations of these refineries will significantly reduce undue pressure on the naira; guarantee stability in the foreign exchange market and trigger an unprecedented crash of consumer price index, often used to measure inflation. For me, these are signs of a greater tomorrow that await our compatriots regardless of their economic, political or social status.
“No doubt, the outcome of the multi-tiered initiatives has been impressive and stimulating. But that does not suggest that the National Assembly will now rest on its oars and go to bed. Never! Rather, as an institution, we duly appreciate the tasks before us. We also understand the urgency of providing decisive institutional responses that will guarantee the stability of our fatherland, whether economically or politically, culturally or socially.
“For this reason, we will dutifully sustain its drive to deepen global best practice in the country’s petroleum industry. This is the rationale behind the Senate Ad-hoc Committee to Investigate Alleged Economic Sabotage in the Nigerian Petroleum Industry. Considering the significance of the committee, the National Assembly has initiated the process to constitute a joint committee of the Senate and House of Representatives to look more decisively and incisively into diverse issues spurring infraction and sabotage in the petroleum.”
He continued, “The previous year has successfully paved the way for 2025, another year that presents boundless opportunities and cautious optimism, clear direction and strategic engagement, relentless pursuit and remarkable turnaround. “We look forward to highly challenging sessions that will be devoted to pursue our collective aspiration of a greater Nigeria. We recognise that a number of unfinished tasks are currently pending before the two chambers of the National Assembly. But consistent with the principles of rational choice, we address each of these tasks in order of national priority or significance.
“Consequently, the new few weeks will be devoted to the scrutiny of the Appropriation Bill, 2025; Tax Reform Bills, 2024; investigation of economic sabotage in the petroleum industry, amendment of the constitution of the Federal Republic of Nigeria, 1999 (as amended) and key economic reform initiatives that have been in the pipeline to open up Nigeria for real businesses that will throw up limitless opportunities.”
