Home » Headline » National Assembly key to IMF’s success- Saraki….asks CBN to review Forex policy
National Assembly key to IMF’s success- Saraki….asks CBN to review Forex policy

National Assembly key to IMF’s success- Saraki….asks CBN to review Forex policy

Senate President, Dr. Abubakar Bukola Saraki has stated that the National Assembly is vital to the success of the International Monetary Fund (IMF)’s policies and programmes not only now but in the future. While also revealing that the Senate has asked the Central Bank of Nigeria to review its Forex Policy

Dr. Saraki made this assertion during his address at the meeting the visiting IMF Managing Director, Madame Christine Lagarde had with principal officers of the National Assembly on Wednesday.

The Senate President noted that Madame Lagarde’s visit was a testament of the importance she attaches to the role of the legislature in the attainment of economic development policies. Adding that her visit in this New Year was very auspicious especially as the National Assembly begins to deliberate on the 2016 Appropriation Bill as the world economy rebalances in response to falling commodity prices, in particular oil.

According to the Senate President “This National Assembly congratulates you and appreciates the new IMF recognition of the pivotal role parliamentarians could play in forging sustainable development policies for the attainment of the IMF mandate. To me this is critical to minimizing the erroneous perception on IMF policy prescriptions and conditionalities that have been entrenched over the years especially in Africa.

“As legislators, we play an important role in making our people understand IMF advice, policy trade-offs, consultations and other engagements, so that ownership, transparency and accountability are brought to bear in economic policy choices.

 “Since the year 2000 when the IMF/World Bank Group founded the Parliamentary Network which is an independent, non-governmental organisation, participation in the programmes has been on the rise by legislators from all over the World. We commend the initiative. This outreach to legislators is a win-win situation”
“After a series of engagements with SME owners who are affected by by the current CBN policy on Forex, the SEnate has advised the CBN to review.
Saraki who expressed confidence in Nigeria to pull through its current economic downtown noted The effect of the low oil prices on government revenue is challenging us to think outside the box in the repair of infrastructure, boosting employment and securing our borders and people…these are no mean tasks….the situation is bringing out the entrepreneurship in us”

Although the lawmakers are currently on recess, the Senate President, Bukola Saraki and some lawmakers from the two Chambers of the National Assembly were on ground to receive the IMF boss. Madame Lagarde called for a review of Nigeria’s tax regime and also advocated for a removal of fuel subsidy.

In another meeting with the Central Bank Governor, Ms Largade called for increased funding for the nation’s real sector.

The former French Finance Minister, who spoke with journalists after the meeting expressed optimism that increased funding of the critical sectors of the economy, such as agriculture and the Small and Medium Enterprise, remain key to the nation’s development.

She expressed confidence in the Nigerian economy but says she expects more stability in the system.

“Nigeria faces some tough choices going forward. Nigerians, however, are well known for their resilience and strong belief in their ability to improve their nation and lead others by example.

“I firmly believe that Nigeria will rise to the challenge and make the decisions that will propel the country to greater prosperity”, she said.

Leave a Reply

Your email address will not be published.

%d bloggers like this: