Kudos for the Senate - Esesien Ita

 The Nigerian Senate must be congratulated in its genuine effort to improve on the present gains in the economy. The upper chamber expeditiously passed the Medium Term Expenditure Framework (MTEF) submitted to it by the Ministry of Finance. Before doing that they had to look at details in the light of current economic reality and cut petrol subsidy from N200bn to N100bn, and kerosene subsidy from N91.08bn to N45.52bn. The Senate said the cut was in consonance with the fall in oil prices, and charged its various Committees to monitor and ensure full implementation of the decision. Senate President, David Mark praised his colleagues and said such quick acts of the house is what is needed to build the nation. He also expressed the need to cut expenditure on the three arms of government in line with the current reality.

We are happy with the decision of Senate and pray that the implementation be monitored to ensure compliance by all players, especially dealers in petroleum products. Nigeria’s economic woes most often come from those who do the trading at the lower rung of the ladder. We inflate prices which only impinge on the so-called common man on the street, not the policy makers whose guarantee of getting the product at controlled price is sure.

President Jonathan has earlier promised to cut the cost of governance. Here the Senate President is reiterating that position. It has been alleged that more than half of the national budget is used to service the National Assembly. We are not calling for a confirmation or refuting of the allegation, but we support a cut in expenditure, especially as it affects salaries, allowances and DTAs. The reform going on in the economy is encouraging but its effect can only be felt if the income generated is judiciously used and our reserve boosted. This can strengthen our naira and further boost our economy.

Many oil producing nations of the world are presently making sacrifices to salvage their countries from the effect of the global fall in oil prices. In those countries opposition do not make political capital of reverses. They team up with government to get their countries out of the woods first. We need similar understanding in Nigeria. We gain nothing by multiplying our woes and thinking that we would be applauded by such unpatriotic, if not sadistic, position. Let us team up and build our nation.

We commend our government for promising to take steps to cushion the effect of the present economic challenges occasioned by the oil glut. It can even be said that this administration has foresight and worked hard on the agricultural sector prior to the oil prices fall. The transformation in Agric sector has effectively reduced our food import by increasing local content. Many other reforms are going on which effect can be felt by the person on the street only if there is sincerity in implementing their gains. Let us therefore stop vandalizing power installations and oil pipes. Let us stop other acts of sabotage capable of countering the good effects of government effort. Let workers’ and retirees’ due be given them at the right time. Let us support government’s good intentions for our cooperate good. God bless Nigeria.