Economy: Nigerians in serious pains – Senate

The Senate on Tuesday said it has acknowledged Nigeria’s share of difficult times as a result of global economic downturn due to fall in oil prices.

The statement follows the appearance of the Central Bank Governor and his economic team before the Senate on Tuesday.

According to the statement issued by the Senate Leadership immediately after the meeting, the Senate, however, absolved the federal government of any anti-people policy in the last one year, but posited that it was a global challenge.

The Senate further commended the Central Bank of Nigeria for its effort in job creation, Commonwealth safeguards, and expansion of economic growth in Nigeria.

“Part of the statement reads: “The Senate acknowledge that these are indeed difficult times all over the world and not only Nigerians”.

“The Senate would like to commend and support CBN policies because they are geared towards increasing local production, creating jobs, safeguarding our Commonwealth and expanding opportunities and growth in Nigeria”, the statement said.

The statement was in reaction to CBN Governor’s brief on challenges facing the economy which he said they were strenuously working to address.

Part of those challenges, he pointed, were sharp decline in commodity prices, tightening of monetary policies of the United States of America and reduction of over 70% of oil prices.

“I want to draw linkages of these occurrences with the Nigerian economy, especially with respect to the over 70% decline in oil prices from about $116 per barrel in June, 2014 to about $30 per barrel earlier in the year”, the CBN Governor said.

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