A Motion on the need to check the continuous devaluation of the Naira by the Lawmaker representing the Federal Constituency, Ogo Oluwa / Surulere,(Oyo State) Honourable Hon Odebunmi Segun Dokun Speaker and Honorable colleagues, the continuous devaluation of our currency has not only being tending towards a worrisome situation but has also become one of the major factors that has been responsible for the retrogressive change which has been facing our economy. And in order to demonstrate our desire to restore the economy back to its booming status with the use of legislative apparatus, so that Nigerians can enjoy the benefit of a working economy. Pertinently Speaking, Mr. Speaker and Hon. Colleagues, it is general accepted that legislators cannot rise up in their chamber and fix the exchange rate of its local currency to a particular amount, but we can legislate to make law for a better environment that will add more value to our currency. It is on this note, I decided to come up with this motion so that Nigerians will see that we did everything in our reach to add value to our currency as a basis for the revival of our economy. Mr. Speaker and my Hon. colleagues, it is a natural fact that money is not a living creature but it keeps changing along with the society and its economic condition. One naira in 1980 is not the same as one naira as of today, talking in term of its purchasing power, you will agree with me that value of our nation currency is determined by certain economic policies e.g imports and exports, interest rate, employment and trade deficit. Mr Speaker sir, higher demand of imported goods will definitely increase the demand for foreign currencies and weaken our local currency. Nigerians should be encouraged to patronize our locally made products in order to add value to our currency, a nation that export more goods and services to foreign market than what she imported will have more foreign currencies coming into the country than what she pays out for importation, the implication is that the Nation will have a stronger local currency and having it the other way round will weaken the local currency. Mr Speaker, it is high time we declare a state of emergency on the industrialization of our country which will create jobs for our youths and also to increase our exportations. The issue of refinery should be critically look into, a situation where by we are saying that a personality is about to establish a refinery is uncalled for, what we need is a policy that will allow investors both indigenous and foreigners to invest in the sector. As a legislator and representative of the people, we should not allow this trend to continue because of its implication on our economy in particular, and the future of our great nation. The House resolved to mandate the house Committee on Finance, Banking and Currency and National Planning to invite the Central Bank Governor and the Coordinating Minister of Economy to brief the house through them, on what they are doing to prevent continuity of this ugly situation and report to the house within 6weeks. Segun Odebunmi. Oct 2013
Posted on: Wed, 23 Oct 2013 16:00:40 +0000
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