Saraki advices CBN to review forex policy

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The Senate President, Bukola Saraki has implored the Central bank of Nigeria to review some of its forex policies that has crippled some manufacturing firms in the country.

Saraki gave this advice while meeting with the Managing Director of the International Monetary Fund, Christine Lagarde at his office yesterday. He said, “After series of engagements with SME owners who are affected by the current CBN policy on forex, the Senate has advised CBN to review the policy,” he said.

“Engaging with our people the issues we strongly made here of forex – to do business. This is expected – what IMF can do to bridge the gap.

He said the present administration has put in place mechanism towards blocking identified legal loopholes on revenue leakages and expanding our tax base.

He told the visiting IMF boss that the effect of the low oil prices on government revenue has challenged the government to think out of the box in funding the repair of infrastructure, boosting employment, and providing security.

“Our economic fundamentals remain robust and the economy is resilient to absorb the current oil price shock. The situation is bringing out the entrepreneurship in us,” the Senate President stated.

Saraki said the government has also set in motion activities towards reforming Nigeria’s oil and gas industry sector through legislative initiatives in order to meet international best practices.

“The purpose of our legislative agenda is to enable us focus our lawmaking in areas that will help create jobs, expand our infrastructure base and make our economy work for the benefit and happiness of the majority of our people.

“In collaboration with major stakeholders, the 8th Senate is presently signing a memorandum of understanding on ‘Enhancing Nigerian Advocacy for Better Business Environment Project’, a National Assembly business and investment roundtable initiative, with developmental organizations.”

Saraki assure the IMF that the national assembly is committed to working closely with the executive in addressing the challenges facing the Nigerian economy. “Diversifying and modernizing our economy; we will support the executive with legislation where necessary to give confidence to investors.

“Conducive business environment: We are giving priority to legislation aimed at providing a more conducive business environment in general and reducing the cost of doing business in Nigeria; and