Following the rising inflation and falling of naira, which have made life more unbearable for the citizens, the House of Representatives, has suggested a Special Economic Roundtable as a panacea to tackle the upsurge.
The lawmakers opined that the roundtable will proffer holistic and workable solutions to the falling naira and rising inflation in Nigeria.
These resolutions were reached following the unanimous adoption of a motion titled ‘Need to Address the Fall of the Naira and the Worsening Rate of Inflation in the Country.
“The House is alarmed that the bourgeoning rise in inflation rate in the country has led to astronomical rise in food prices, taking them virtually out of the reach of the middle and lower classes.”
While also calling on the Federal Ministry of Agriculture and Natural Resources to come up with urgent emergency plans to expand the economy, especially in the areas of entrepreneurial and agricultural training.
The lawmaker further urged the Federal Ministry of Commerce, Trade and Investments to deploy intervention strategies to ameliorate the current economic situation and checkmate the food crisis in the country.
According to the lawmakers, the ever-recurring policy challenges, corruption and the over-reliance on crude oil, if not urgently addressed may lead to a dangerous cauldron of ethnic tension, youth, discontent and criminality, which threatens to spread more poverty and violence in the country.
The House further notes that insecurity is a major impediment to economic growth, which has cost Nigeria over $10.3bn in 2020, an amount more than the Federal Government’s total revenue for the same year.
Also, the lawmakers attributed the growing case of insecurity in the land as a factor affecting agricultural production, as farmers can no longer go to the farm, and traders can no longer travel for fear of being kidnapped, abducted or killed, adding that unless urgent and decisive steps are taken to ameliorate the worsening situation, it may degenerate into social decay and crises in homes that may increase the suicidal tendencies and statistics in Nigeria.
The motion was sponsored by Messrs Shehu Kakale, Julius Ihonvbere, Mukhtar Dan-Dutse, Amiru Tukur, Amos Gwamna, Jatau Mohammed, Benjamin Mzondu, Ahmed Zanna and AbianteAwaji-Inombek.
Moving the motion, Kakale said that the economic situation in the country is deteriorating at a worrisome rate as insecurity, hyperinflation, massive unemployment and underemployment pervades all sectors of the economy, thus promoting social pressures and general dissatisfaction.