Lagos State House of Assembly has called on the Federal Government, the Central Bank of Nigeria (CBN) and the Ministry of Mineral Resources to commence sensitisation of Nigerians concerning their efforts to strengthen the naira.
The call was made during a Plenary session on Tuesday where Hon. Obafemi Saheed raised a ‘Matter of Urgent Public Importance’ stating that the market forces were working against the naira.
Hon. Saheed noted many factors contributing to the pressure on the local currency, including the importation of food, the pump price of fuel, having transactions in dollars and payment of international students school fees in foreign currencies.
While aligning with the prime mover, the Deputy Majority Leader, Hon. Adedamola Kasumu, urged the Government to boost the non-oil sector to promote local currency.
Hon. Age Sulaimon while lending his voice said: “The dollar is a global currency and that cannot be exempted. We have different reserves that are individually owned which can not be accounted for. This makes it difficult to reap the best of revenue.”
In his submission, Hon. Afinni Olanrewaju urged more transparency for the Nigerian National Petroleum Corporation Limited.
“We should be able to balance exportation with importation,” he said.
In his contribution, Hon. Ladi Ajomale said that the infrastructure, education and health sectors will not be more dependent on the dollar if such services are rendered with the naira.
Hon. Abiodun Tobun, in his opinion, stated that the falling value of the naira is as a result of some people trying to sabotage the efforts of the President.
In his position, the Speaker, Rt. Hon. Mudashiru Obasa, said: “Everybody wants to make money but citizens also have a role to play by prioritising products and consumption on locally made goods and reducing reliance on importation.”
He further stated that it is surprising that the increment in the prices of local food is being attributed to the rise in the value of dollars.
“People travel everyday using foreign currency. Most especially with the Lesser Hajj and Christian pilgrimage that is forthcoming.
“We cannot over emphasise the need for the creation of State Police.
“We need to commend the Central Bank of Nigeria, CBN for what they have been doing and efforts they are putting even though the impact has not yet been felt.
“Religious leaders and importers need to be engaged and made to understand the situation we found ourselves,” he said.
To this end, Dr. Obasa has called on the CBN to regulate the system and also called on the Ministry of Mineral Resources and the Federal Government to work together in this regard.
