Senate President, Dr Bukola Saraki, has urged the Federal Government to diversify the Nigerian economy and focus on other revenue sources like taxes, agriculture, manufacturing, tourism, and solid minerals.
Saraki stated this during Senate plenary in Abuja on Wednesday, after the passage of a resolution summoning Central Bank of Nigeria (CBN) Governor, Mr Godwin Emefiele, to appear before the senate for a briefing on the economy and Naira’s status.
The resolution followed a two-prayer motion moved by Sen. Nazif Suleiman (APC Bauchi North) who had urged the government to put in place measures that would stabilize the Nigerian economy.
The Senate President commended Sen. Suleiman for the motion, stressing that the senate, and indeed all Nigerians, must contribute in the defence of the Naira against all other currencies.
Saraki who said that some policies may adversely affect Nigerians, urged all citizens to exercise patience, noting that good economic policies would be of immense benefit.
He said: “The naira is being subjected to speculations and the only way to defend it is to know that government policy makers are firm in the defence of the naira.
“It will not be easy because speculators are relentless, but if we give all the support and stay on course, our naira will indeed stabilise.
“Nobody would have believed that we could stop the importation of cement; I think we can do that for rice, palm oil, wheat, and other products that we can produce in Nigeria.”
Earlier in his remarks, Sen. Suleiman, expressed concern over the continuous depreciation of the Naira in the last few months, especially due to activities of speculators.
According to him, illicit money flow and laundering in the country contribute to the problems and called for a review of CBN’s foreign exchange processes.
Also contributing, Sen. Usman Nafada (APC- Gombe North), observed that the depreciation of the Naira was due to pressure arising from expenditure on imported products.
Nafada said that the amount of dollars stashed away by some people in their houses and farms also increased the pressure on the naira.