Lagos assembly moves to revive naira

Following the free fall of the naira which has become worrisome in recent time, the Lagos State House of Assembly has called on the federal government to direct the Minister of Information and Culture, Alhaji Lai Mohammed to embark on sensitisation campaign on the need for Nigerians to patronize locally made goods as this would help the economy consumption shift. 

Hon. Rotimi Olowo who moved the motion noted that the continuous fall in the value of naira against other major currencies in international market, especially the American dollars was due to increasing demands for foreign exchange. “We keep importing toxic and exotic goods because we fail to produce goods for exportation which makes our naira valueless. It is high time we limit ourselves from foreign product to locally made goods so that we can strengthen and upgrade our currency”, he said. 

Contributing, Hon. Tunde Braimoh stated that the fancies and fantasies of foreign made goods led to the devaluation of Naira, adding that a campaign should be launched to encourage Nigerians patronize locally made goods, which according to him, would improve naira strength. The Majority Leader, Hon. Sanai Agunbiade in his contribution lamented the poor power supply bedeviling the country, noting that the economy would have been better if power was stable. “Due to epileptic power supply in Nigeria, many companies have relocated, if our power supply is stable then our productivity will be high; investors will start producing and we will revive our value system that has lopsided.” 

In his remark, the Speaker, Rt. Hon. Mudashiru Obasa said “We have to change our attitude in a way that will affect our economy positively, the federal government must also wake up to its responsibilities by providing qualitative education, well equipped healthcare centers, electricity and good roads so that our people will patronize made in Nigeria goods.”

The House further called on President Muhammadu Buhari to direct the Central Bank of Nigeria, CBN Governor, Mr Godwin Emefiele to enforce compliance with the monetary regulations prohibiting indiscriminate use of dollars for domestic transactions, ostentatious lifestyles and to review fiscal policy as at when due. Similarly, the President was enjoined to direct the Minister of Power, Works and Housing, Mr Babatunde Fashola (SAN) to intensify efforts on improving power supply across the country