Breeze Reporters

Senate Masterminding Another Economic Recession – BYO Raises Alarm

Buhari Youth Organisation, Lagos State Chapter says the Nigerian Senate under the leadership of Senate President Bukola Saraki is masterminding another economic recession due to the non passage of the 2018 Appropriation Bill six months after the President presented it to the legislators.

The non-governmental organisation accused the Senate of reducing ”the Budget to a political tool for negotiation rather than a live wire of the economy and means of survival for Nigerians.

In a statement jointly signed by the State Coordinator of the BYO; Abdulwaheed Odunuga and the state scribe of the organisation; Rasaq Aderibigbe, the group described the delay by lawmakers as ”disheartening’ and an ”insult to every living Nigerian.

”It is disheartening that after 6 months of presentation of 2018 Appropriation Bill, the National Assembly has reduced the Budget to a political tool for negotiation rather than a live wire of the economy and means of survival for Nigerians. It is an insult to every living Nigerian in the country that the leadership of the National Assembly have expressed no signs of urgency in ensuring the 2018 appropriation bill is passed in order to stimulate the economic activities while improving the standards of living, the statement reads.

BYO said the delay in Budget passage has adversely affected the manufacturing sector.

“Various organisations are currently recording huge receivables while manufacturing industries are not able to take advantage of the huge market share capacity to maximize production and revenue but are limited to constraints of incapacitated propensity to consume or purchase by Nigerians.

”In the midst of all these chaos, the law-making chambers have been looking on while prioritizing other political related matters like election date reordering and stressing on widening gap between the Legislative arm and the Executive arm with effrontery to dare any petitioning at the expense of the masses who are dying by the day due to hunger, anger, hatred killings when income is not being redistributed accordingly.

BYO therefore urged all Nigerians to be prepared to start recalling their representatives who are not showing any emotional concern for the delayed passing and purported efforts to serve our interests if we do not get any official communication and apology for their direct and indirect actions and inaction that is hindering the implementation of the Budget in the interest of the nation for our good.

”We do not want to experience any other Recession that will cripple the economy and send our foreign investors out of the country again. We are holding the leadership of the National Assembly responsible for any defects or demerits that is and will be connected to this foremost bill. The bill must receive prompt action and resolution that will amount to enabling and presentation for Presidential assent in this first week of May 2018 being the fifth month of financial year.

Adeyemi Olalemi

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