Senator Uba Sani warns against de-marketing of Nigeria’s economy

Senator Uba Sani warns against de-marketing of Nigeria’s economy

  • The lawmaker representing Kaduna Central senatorial district at the Senate, Uba Sani, has advised Nigerians to stop criticising the country's economic policy
  • Sani, who admitted that Nigeria is facing some challenges, said that the policy makers need encouragement not criticisms now
  • The senator, however, urged support the governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, in reviving the Naira

FCT, Abuja - Senator Uba Sani, the chairman of the Senate committee on banking, insurance and other financial institutions, has cautioned against persistent criticisms of fiscal and monetary policies of the Central Bank of Nigeria (CBN).

Legit.ng's regional reporter, Nasir Dambatta reports that the senator said such criticism was sending out wrong signals about the nation’s economy at a time Nigeria desperately needs trust and deeper collaboration with local and international investors and development partners.

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Senator Uba urged support for the CBN
Senator Uba Sani has warned Nigerians against de-marketing the economy of the country. Credit: Uba Sani.
Source: Facebook

Senator Sani, who represents Kaduna Central in the upper chamber of the National Assembly, dismissed as highly exaggerated claims in some quarters that Nigeria’s economy is on the verge of collapse.

He said:

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“It is true that our economy is suffering some strains. But it is a global phenomenon that was largely engendered by the COVID-19 pandemic. COVID-19 is a natural disaster that was not foreseen by anyone or any government. So, the global economy is slow and Nigeria’s economy can not be an exception in an era of globalisation. We are witnessing a 'Force Majeure' situation globally.
“It is not helpful heaping all the blames on the CBN or even precisely, on the CBN governor, as some people are currently doing. I don’t think traveling that route all too often, is helpful at all. We should stop the blame game and let all of us, all concerned persons do what we must do to help Nigeria’s economy recover fully from the very devastating effect of the COVID-19 pandemic."

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The lawmaker disclosed that the president of the Senate, Ahmed Lawan has strongly admonished the necessary committees in the Senate, including the committee on banking, insurance and other financial institutions, that he chairs, to offer the CBN, Ministries, Department and Agencies (MDAs) all the legislative support that is within their competences and powers, in the bid to strengthen the Naira and the nation’s economy at large.

Sani added:

“As you may be aware, the National Assembly, especially the Senate is fully set to receive the 2022 budget from Mr. President. In fact, I believe that this budget would be presented to us in the next one or two weeks. In the Senate, we have resolved to approach the 2022 budget differently. This is not the time for bogus or outlandish projects or programmes.
"We intend to streamline the 2022 budget to meet our needs not our wants. These are desperate times and desperate measures are needed to help our economy recover. We will not join the blame game; rather we are determined to help the CBN, the federal ministry of finance, the budget office of the federation and other MDAs in a consistent manner."

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He contended that managing the economy of any nation is like an orchestra, where several members of the group must play their roles consistently and seamlessly.

According to him, no matter how perfect any policy of the CBN is, the complementary efforts of other agencies of government would be needed to achieve the desired gain or goal.

Sani noted that a policy is a journey and not a destination, saying that if the CBN introduces a wonderful fiscal or monetary policy today and that the policy does not enjoy complementary backing from critical MDAs like the federal ministry of finance, federal ministry of agriculture, ministry of petroleum resources, NNPC, EFCC, ICPC, NFIU, the police, customs and so on, it would amount to nothing at the end of the day.

He called on Nigerians to stop heaping all the blames on the CBN and the CBN Governor, urging good working relationships to achieve full recovery of the economy which was messed up by the pandemic.

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The senator similarly likened the management of a nation’s economy to a football team.

Senator Sani said:

“The forward line, that is the strikers must strive to score goals; but for them to score goals, the midfielders must supply them with balls as accurately and consistently as possible. And for any football team to win, the defenders must ensure that the opponent does not outscore the team.
"They must defend efficiently and the goalkeeper must have the agility and reflexes of a cat. So, one person can not be a striker, a defender, midfielder, and goalkeeper at the same time. Let us stop the blame game and the de-marketing of our economy. Rather, let us roll our sleeves and do the needful to help our economy rebound."

He recalled that several Nigeria had commended the same CBN for its decisive interventions in the aftermath of the COVID-19 pandemic.

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The lawmaker further said that he is aware that the CBN created credit facilities for the healthcare; targeted credit facility and manufacturing sector, adding that these interventions, prevented the country from sliding into a long recession.

Meanwhile, Legit.ng had previously reported that the Peoples Democratic Party (PDP) demanded the immediate resignation and prosecution of the governor of CBN, Godwin Emefiele.

It was reported that the demand was made by the main opposition party on Thursday, September 23, in Abuja by its spokesman, Kola Ologbodiyan.

Ologbodiyan said the call was based on allegations by the All Progressives Congress (APC) that Emefiele superintended over massive looting of funds in the CBN.

Source: Legit.ng

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