Minister of Economy and Minister of Finance, Mrs Ngozi Okonjo-Iweala and Central Bank of Nigeria (CBN) governor, Mallam Sanusi Lamido Sanusi over the continuous devaluation of the naira.
To this end, the House mandated the committees on Finance, Banking and Currency and National Planning and Economic Development to probe the matter and report back to the House within six weeks.
The House resolution was sequel to a motion moved by Honourable Odebunmi Olusegun Dokun entitled “need to check the continuous devaluation of the Naira” where he chronicled how the country’s currency had been devalued over the years.
The lawmaker also noted that devaluation of the naira if not properly checked could put the nation’s economy in serious danger, stressing that, “there has been a continuous decrease in the naira value over the years against major currencies in the world.”
According to him, “a critical look at these last few years, taking the US Dollar as a basis for comparison shows that around 1990 to 1993, it was about N28 to a Dollar; around 1994 to 1996, it was about N40 to a Dollar; around 1996 to 1999, it was about N80 to a Dollar; around 1999 to 2007, it was about N140 to a Dollar; and around 2007 to date, it is about N158 to a Dollar.
“This has shown that a continuous devaluation in Naira without any improvement, and if this downward trend persists, it will affect Nigeria’s economy and the future of the nation in general,” he maintained.
When the motion was put to vote by the Speaker, Honourable Aminu Tambuwal, who presided over the session it was unanimously adopted and referred to the joint committees for further legislative action.
Which yeyeh summon? all na lie.
ReplyDeletewhat should Okonjo iweala do about it? its not just one person's problem. the house have no job.
ReplyDelete