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Thursday, 6 October 2016

State of the Economy: Senate Agrees With Reps To Invite Buhari

The senate has agreed the house of representatives to invite the president to brief both chambers on the state of the economy.

The federal lawmakers in the upper chamber came to this resolution through a voice vote.

They claimed that there is a need for President Muhammadu Buhari to clarify the actual state of the economy, in view of alleged conflicting signals, coming from different officials of the administration, especially on the steps to getting Nigeria out of recession.

The House of Representatives had earlier said it is imperative that President Buhari addresses a joint session of the National Assembly to outline plans to pull Nigeria out of recession.

The lawmakers reached the resolution on Thursday after a debate that spanned two days at the floor of the Lower Chamber in Abuja, the nation’s capital.

To indicate how important the situation was, the Minority Leader of the House, Toby Okechukwu as well as some other lawmakers, Leo Ogor and Oluwole Oke, outlined the factors they believe led to the recession.

Most of them identified the Treasury Single Account policy, Foreign Exchange policy and the structure of Nigeria as some of the issues that need to be addressed.

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