The House of Representatives has acknowledged what it termed as “excruciating hunger” in the country, including “the depreciating welfare of the Nigerian masses”.
It called on the Federal Government to vigorously fund the manufacturing sector through the Central Bank of Nigeria.
The lawmakers urged the apex bank to enforce the statutory requirement that 10 per cent of banks’ profits should be used to finance and lend to the manufacturing sector to promote economic growth.
Lawmakers had assessed the economic situation of the country during a debate on a motion on ‘Need to Address the Excruciating Hunger, Hardship and Depreciating Welfare of the Masses of the Nigerian People’ on the floor of the House in Abuja.
The motion, which was moved by a member from Kogi State, Mr. Karimi Sunday, also called for the establishment of a commodities and exchange commission/farm produce board to promote the export of Nigerian agricultural products.
A document detailing the House’s proceedings, indicated that the Speaker, Mr. Yakubu Dogara, directed that the motion was good enough to be included in the House’s upcoming “sectoral debate.”
The sectoral debate will deal with issues on all the sectors of the economy and will involve ministers/heads of agencies coming to address the legislature.
The motion on hunger implored the governments of the 36 states to “enter into strategic alliances that will boost agricultural development in their states.”
Part of the motion reads, “The House observes that the catalyst for economic recovery remains reduction of imports, development of small and medium scale enterprises and diversification from an oil-based economy.
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