Senate Mulls Devaluation Of Naira, Budget Reduction - Liberty TV/Radio - News - Voice For All! Vision For Alll!
Publisher (J.T)
March 18, 2020
The Senate is considering options to cushion the impact of the nation’s dwindling revenue. It might reduce the 10.594 trillion naira budget of 2020 and back naira devaluation.
Adopting the report of the joint committee it set upto advise the lawmakers on how to handle the effects of the fall in oil pricescaused by the coronavirus epidemic, the upper legislative chamber hinted thatthe devaluation of the naira might be an option.
The joint committee which was presided over byAdeola Olamilekan, in its report, itemized issues for serious debate as“devaluation of naira; the reality of the current situation of the governmentin terms of number of agencies and parastatals putting into perspective.
The Senate agreed with the committee’s suggestionthat the downsizing of the Appropriation Act 2020 as passed by the NationalAssembly is inevitable. The upper chamber also charged the revenue generatingagencies to be alive to their responsibilities.
The Senate President, Ahmad Lawan, hinted that thebid to secure a foreign loan might have failed, thus necessitating that theFederal Government should source loans or other revenue locally.