He said: “Our vision is to substantially enhance the economic wellbeing, liberty and safety of our people. It is my earnest hope that the period of recess just concluded has afforded us all more opportunity to reflect on this enormous task ahead as we now enter into the business end of delivering on our agenda.
Distinguished colleagues, 2016 must be the year of transparency and delivery. We must demonstrate to the Nigerian people who put us in office that we are working in their interest to ensure a progressive and inclusive national development plan. The overarching objective of our agenda remains, to work with the Executive arm to find solutions to economic stagnation, wastefulness, discrimination, unemployment, insecurity, corruption and impunity.”
While acknowledging recent successes recorded by the military in its fight against the Islamic terrorist group Boko Haram, the Senate President expressed the readiness of the red chamber to work with the executive in bringing the hostilities to an end.
“Never again shall we be held hostage and our territory annexed to terror. This Senate will be working together with the the Executive to begin the process of rebuilding the Northeast and rehabilitating the traumatized victims of terrorism in our country,” he said.
Speaking further on areas that will be focused on, he said: ”The challenges we face require that our sleeves are rolled up. Let me urge you to oblige us with more of your time, sacrifice and dedication as we have a host of critical matters to consider in this session. I have no doubt in my mind that we are fully kitted for the task ahead.
“Though the problems we face today bite painfully, I firmly believe that they present us a unique opportunity to rebuild and transform our economy into a diversified, modernized and competitive economy. It all starts with the 2016 budget and the priority bills we have resolved to pass.
“You would recall that I had on the occasion of the laying of the 2016 budget by Mr. President, reiterated my conviction that for a budget to play its role as a primer of the economic policy of any administration, its process must tick the boxes on efficiency, transparency, and public resources fairly allocated and judiciously implemented. We must therefore adopt going forward stronger measures to ensure that the 2016 budget is thoroughly interrogated, swiftly considered to ensure prudence, fairness, integrity and timeliness.
“Distinguished colleagues, as you already know, our priority bills have been carefully chosen and adopted to enable us lay out the legal, institutional and regulatory frameworks that would plug leakages in the revenue system, create jobs, expand economic opportunities, diversify the economy and make Nigeria a key investment destination of choice for investors.
“We must on our part deliver on these priority bills that will impact on these sectors that are the engine of growth. We must also show a sense of urgency on these bills. We must have a business-like approach to our deliberations. We must treat statutory reports more seriously by ensuring that we fully consider them as required by law.”
Saraki lauded the recent reversal of the foreign exchange policy by the Central Bank of Nigeria (CBN). He said the move was a step towards a more vibrant forex market that will help businesses in the country.
“As I have recently commented, part of our agenda for economic renewal and development must also include relaxing today’s strict Foreign Exchange policy. I am happy to note that the Central Bank has moved quickly to review and relax some of these restrictions. We must continue to engage our critical institutions and proffer constructive opinions that would help improve performance. The CBN has taken the right steps towards a more vibrant forex market in order to keep the confidence of the market… This will in no small way improve the current challenges small businesses already face as a result of the rapidly declining oil prices and access to foreign exchange.
“I know many global financial institutions support this move, as well as the introduction of a greater range of low interest loans for SMEs. We must find ways to encourage entrepreneurship, not hold it back. Connected to this is the broader issue of devaluation. The Central Bank must broadly consider carefully its measures on this matter,” Saraki stated.
