The Chairman House committee on Aids, Loans and Debt Management, Adeyinka Ajayi, has said that the intention of the National Assembly is to ensure that there is good governance in Nigeria, and not the revolution or decrease of political parties.
He said that the House is more concentrated on outstanding business such as the 2014 budget, Petroleum Industry Bill (PIB) and constitutional review. “There is a lot of work and we are trying to ensure that we don’t get distracted by all the political games,”.
Speaking on Channels Television breakfast programme, Sunrise Daily, Mr. Ajayi stated that the leadership of the House is focused on ensuring that there is good governance in 2014 as “the essence of leadership is to lead and Nigerians expect governance at every point in time”.
He said there may be times when there is decrease in governance and this happens when elections are close, but the main focus of the House is to ensure there is governance in the country for it to move forward.
Speaking on the Constitution Review, Mr. Ajayi said that the review is not an “event” but a “process” and so “we are not particular about the time frame but about the substance of what we are doing”.
He explained that there is a committee under the National Assembly that is empowered to undertake the process which will lead to the review of the constitution, which he said is ongoing.
Mr. Ajayi affirmed that they have met with the constituents in their various constituencies and have since given report to the committee set up and comprising of members of both Houses (Senate, House of Representatives). “The committee will report to Nigerians through the House for the final step,” he added.
Nigerian Lawmakers and experts with the Debt Management Office (DMO) have prescribed the development of the real sector as a major solution to the challenge of keeping the nation’s debt within sustainable level.
At a retreat organised to enable the members of parliament and the DMO to rub minds on how to manage Nigeria’s debt situation to fit into the government’s economic transformation agenda, Nigeria’s debt profile was considered, with view to finding a reliable way of cutting it down.
Making a presentation at the 3-day retreat held at the Miccom Golf Hotel, Abuja on Saturday, the DMO Director General, Dr. Abraham Nwankwo, said that lesser government borrowings and creation of opportunities for the private sector to raise long term capital for the development of the real sector and infrastructure would reduce poverty in the nation.
Dr. Nwankwo told members of the House of Representatives Committee on Aids, Loans and Debt Management that Nigeria’s public debt profile as at September 2013 was $8.264 million which he said was 22% of the total GDP just as the Domestic debt profile as at September 2013 was also 7.032 trillion Naira.
However, he maintained that the level of the debt was still sustainable.
All the speakers emphasised the involvement and cooperation of Nigeria’s corporate businesses, as the sector could guarantee sustainability of the nation’s debt by leveraging on the existing sovereign benchmark to raise long term capital in the domestic market for the development of the real sector.
It is expected that the ideas that have been exchanged by the parliamentarians lead by Honourable Adeyinka Ajayi and the DMO, on the importance of debt management to the economic wellbeing of the nation, would help in solving Nigeria’s debt challenges.
Lawmakers in Nigeria have ordered investigation into the alleged expenditure of 634 billion Naira (about 4.064 million dollars) to subsidise kerosene in the last three years.
The order came after a member of the House of Representatives, Honourable Adeyinka Ajayi, moved a motion urging the house to look into the amount, which has drawn conflicting claims between the Minister of Finance and the management of the Nigerian National Petroleum Corporation.
A Committee in charge of Petroleum Downstream is to investigate the issue.
The house committee is expected to establish the actual amount spent on kerosene subsidy from 2010 to 2013 and the source of the money used in financing the subsidy.
Its report is expected to submitted to the house in the next four weeks.