The Speaker of the House of Representatives, Hon. Tajudeen Abbas, confirmed on Tuesday that Nigerians are facing difficult times as a result of the removal of fuel subsidies announced by President Bola Ahmed Tinubu during his inaugural speech on May 29, 2023.
The Speaker, who expressed the concern while delivering his welcome address titled: ‘In the People’s House for the People’s Mandate’ on resumption from the Sallah holiday, acknowledged that members of the 10th Assembly were“ called to serve at one of the most challenging times for our constituents and nation.
The present administration, which we are part of, is challenged by many economic issues, which include a huge debt profile, a volatile international oil market, rising unemployment, hyperinflation, a high poverty rate, infrastructure deficit, de-industrialization, and many more.
This calls for our immediate attention and action.
I need not remind us that our constituents are going through so many difficulties following the stoppage of government subsidies on petroleum products.
Though taken in the nation’s best interest, this singular action has occasioned increased commodity prices, transportation, and operational costs for businesses and the general cost of living.
As the Executive comes with policies and programs to alleviate the impact of the subsidy removal, we must be ready to respond with the necessary legislative actions in this regard.
There is no gainsaying the fact that the House of Representatives and indeed, the National Assembly, plays a vital role in this country’s economic trajectory.
Consequently, we must proffer legislative reforms to unlock Nigeria’s economic growth and development of our vast human and natural resources. To achieve this, we must focus on opening bottlenecks in critical sectors of the economy through appropriate legislations positioning for emerging industries that will attract foreign and domestic investors and, in turn, create sustainable economic development.
Colleagues, our economic challenges are aggravated by the parlous security situation in the country despite the very commendable efforts and tremendous sacrifices of our security personnel. The relationship between the economic crises and the precarious security situation leaves the country in a quagmire as both are fallouts from each other and reinforce themselves, he noted.
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