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Recession: National Assembly To Grill Buhari

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By Dipo Olowookere

President Muhammadu Buhari will be invited to address a joint session of the National Assembly on why and what his government was doing about getting the country out of recession.

Speaker of the House of Representatives, Mr Yakubu Dogara, gave this hint while ruling on a motion on the economic downturn by Mr Olayiwola Kazzim, a member of the House.

Mr Dogara also said the House will liaise with the Senate on this.

The Speaker said the membership of the ad hoc committee to meet with the Senate would be constituted next week.

Speaking on the floor of the House, Mr Kazzim blamed the recession on the Federal Government’s monetary and economy policies.

He said as a result of the crash of crude oil prices from over $120 per barrel in the last quarter of 2014 to about $45, Nigeria had been witnessing a dramatic reduction in oil earnings.

Minority leader, Leo Ogor, in hi contribution, identified lack of clear policies and inconsistency in government policies as the cause of Nigeria being in recession.

Chairman of the Committee on Aviation, Mrs Nkeiruka Onyejiocha, in her view, noted that the effect of the recession on the aviation sector was massive.

She urged the Federal Government to consider the possibility of declaring an emergency in the sector.

Mr Buhari is presently not in the country. He is away in New York, USA, where he is attending the 71st United Nations General Assembly.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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