House Of Representatives Call For Joint Session Over Recession


The Nigerian House of Representatives has called for a joint session of the National Assembly.

The House, yesterday, began a debate on the economic crisis in the country.

Speaker of the House, Hon Yakubu Dogara, called for a joint session of the national Assembly to find solutions to the current economic recession.

During the session, the House also contended that there was need to make credit available to entrepreneurs at lower interest rates.

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A motion co-sponsored by Tobby Okechukwu, PDP, Enugu and Olayiwole Kassim, APC, Ogun, sought for lower interest rates for entrepreneurs.

The rep members lamented the decline in the number of barrels of crude oil produced per day, also noting the sharp decline in the manufacturing sector.

Kassim submitted that it was necessary for the government to come up with measures to revamp the economy.

House Calls For Joint Session

He said:

“Nigerian banks are charging the highest interest rates in the world. It is counter-productive.

“We should strive for a sustainable single-digit interest rate.”

In his own submission, Hon Tobby Okechukwu said inconsistency in government economic policies was creating fear and uncertainty.

He noted that there was a lot of capital flight in the country because of inconsistency in government policies.

Hon Okechukwu also added that there was a need for the government to come up with a clear economic direction.

Okechukwu mentioned that unless there was a clear economic focus, the country will not make progress.

According to him, there has to be a convergence of government policies in the country.

Also contributing on the matter, Nnenna Elendu-Ukeje, representing PDP, Abia State, said part of the problem was the lack of synergy by the various government officials managing the economy.

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She stressed that this lack of synergy had created fear in the polity.

She said:

“People in charge of the economy are speaking in discordant tones.

“There is absolutely no synergy in the management of the economy. It is this lack of synergy that has created fear.”

Ukeje challenged the government to come up with a clear road-map on how to move the country out of the current economic recession.

House Leader, Femi Gbajabiamela, advocated a restructuring of the country to operate under true federalism.