House of Representatives yesterday killed a motion that sought to urge the Federal government to take necessary steps to stabilize the Naira
The motion was sponsored by honourable Beni Lar, PDP Plateau
The motion beyond seeking the authorities to stabilize the Nigeria currency, as part of its prayers was to mandate the committee on Banking and Currency if constituted today to ensure compliance and report back to plenary within 3 weeks for further legislative action
According to Honorable Lar, in the lead debate, the Naira has been on a steady decline against the Dollar, Euro and Pounds Sterling over time, this leading to hike in price of goods and services, resulting to worsening inflation, high cost of doing business and living by Nigerians
She further noted in her debate of the general principles and objectives of the motion titled: ” Need to Stabilize Nigeria’s Foreign Exchange Rate” that Nigerians were suffering by the day due to the high cost of living and getting goods and services because of the devalued Naira . For instance, she cited the impact of the unified exchange rate on Nigerian students abroad which has led to increment by 60 percent of their school fees resulting to insufficient funds in their various bank accounts as a result of the devalued Naira which the motion sought to cure but refused by the lawmakers
Similarly Lar noted in her motion the inability of the country to grow her own food, manufacturer her products, goods and services for export to earn foreign exchange and boost the economy and the country’s foreign reserve
She said” Note that in July 1980, the exchange rate was $1 to 0.80kobo, in July 2022, the rate was $1to N670, while in July 2023, the exchange rate is now N815, shortly after the new administration had promised during campaign and upon inauguration to stabilize Nigeria’s exchange rate”
Containing she said” Further notes that in the 80s , most food and products consumed were grown or produced in Nigeria, but today, the Nigerian economy is mainly dependent on importation which is the cause and source of the terrible exchange rate we are now experiencing”
She lamented that even where opportunities abound to promote and pateonize locally manufactured products like Innosons vehicles and computers made in Nigeria, the lust for foreign goods has beclouded us.
According to the female law maker, there is a looming danger if the trend is not reversed and the authorities sit up to stabilize our currency.
Such catastrophy ,.she reiterated could result to the Dollar exchanging for N1000 by the end of the year and further worsening the already bad Nigeria economy by triggering a spiral inflation that may again throw the country into economic recession and depression
However, contributors during debate of the motion were divided on party lines and affiliation. Honourable Ahmed Jaha, Shettima, Ade Kuye,Leke Abegunde, who spoke against the motion, were all full of praises for President Ahmed Bola Tinubu for removing fuel subsidy and called for time to allow the President settle down to do more
But speakers in support of the motion,like Bagos Datum, Ahmed Jami, and the minority leader, Kingsley Chinda , drew the attention of the House and those praise -singing Mr President over fuel removal in his several ‘point of order’ to direct the house on practice direction and to the objectives of the motion which is to call the authority to stabilize the Naira, all to no avail.
Even the presiding deputy speaker, Ben Kalu was also enmeshed in party emotions, and often displayed it in his interjections while the motion was debated
At the end of contributions by the various members who spoke for and against, the question was put for the Ayes and Nays.
The Ayes had it by the voice vote but the deputy speaker lowered the gavel in favour of the Nays, resulting to mild rowdy session, where some members called for a division of the House, and almost obstructed the commencement of debate of the next motion which is item No 5 on the Order Paper,” Need to compel the International Oil Companies Operating in the Niger Delta Region to Comply with Niger Delta Development Commission Act, sponsored by Hon. Donald Kimikanboh Ojogo
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