Lagos Assembly Decries Continuous Free Fall Of Naira

Lagos State House of Assembly has decried the continuous free fall of the Naira, enjoining the federal government, the Central Bank of Nigeria (CBN) and the Ministry of Mineral Resources to commence sensitisation of Nigerians on their efforts to strengthen the nation’s currency.

The call was made during a plenary session when Hon. Obafemi Saheed raised the issue under ‘Matter of Urgent Public Importance’ stating that the market forces were working against the currency.

Speaker of the House Rt. Hon. Mudashiru Obasa reiterated that  CBN should regulate the system and also called on the Ministry of Mineral Resources and the Federal Government to work together after members took their turns to express views on the free fall of the Naira.

Shaheed who raised the matter noted that there are many factors contributing to the pressure on the local currency, including  importation of food,  pump price of fuel, having transactions in dollars and payment of international students’ school fees in foreign currencies.

Corroborating his colleagues,  the Deputy Majority Leader, Hon. Adedamola Kasumu, urged the government to boost the non-oil sector to promote local currency.

Hon. Age Sulaimon while lending his voice said: “The dollar is a global currency and that cannot be exempted. We have different reserves that are individually owned which can not be accounted for. This makes it difficult to reap the best of revenue.”

In his submission, Hon. Afinni Olanrewaju urged more transparency for the Nigerian National Petroleum Corporation .

Meanwhile,  the Lagos State House of Assembly has adopted recommendations of the Committee on Lands on a petition titled: ‘Invasion of Magodo GRA Phase II by the Omo-Onile – A call to avert security threats to lives and property in Magodo GRA Phase II’.

The adoption it would be recalled was based on a mandate given to the committee by Speaker, Rt. Hon. (Dr.) Mudashiru Ajayi Obasa to look into the matter and report its findings to the House accordingly.

Chairman of the Committee, Hon. Kazeem Olayinka, stated that the government had acquired the expanse of land from the original land owners for overriding public interest and reneged on the purpose of acquiring the land.

He added that the state government had compensated the original land owners (Omo-Onile) with the low land at the back of Magodo Estate.