PIC.34. MEMBERS OF HOUSE OF REPRESENTATIVES AT A SPECIAL SITTING TO MARK END OF THE 2ND YEAR 

OF THE 7TH ASSEMBLY IN ABUJA ON THURSDAY (6/6/13).

Recession: Reps Reject Sale Of National Assets

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 The House of Representatives yesterday joined the Senate in rejecting the sale of national assets as a way of the country getting out of recession after it adopted the position of the Senate Ad-Hoc Committee on the State of the Economy.

 The Senate last week unanimously opposed the proposed sale of national  assets by the federal government, as a way of addressing the current economic recession faced by the country.

 Similarly, the House in a motion titled Concurrence with the Senate

 Resolution on the State of Economy, unanimously passed resolution of the Senate.

The resolution held that the executive should, as a matter of urgency, 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 resolutions also suggested that government should urgently negotiate foreign concessionary borrowing instruments to provide funds to cover revenue shortfalls to ensure the full implementation of 2016 budget.

 According to the motion, 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.

 The motion stated further that government should explore every avenue to restore the oil production target of 2.2 million barrels per day, in order to shore up foreign reserves.

 This suggested that a peaceful mans should be immediately crafted and adopted to stop the vandalisation of petroleum and gas assets in the Niger Delta region

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