ASABA: CHAIRMAN, Senate Committee on Reparation and Repertration, Senator Ned Nwoko, People Democratic Party,(PDP) Delta North has asked the Federal Government to implement his bills and motions holistically in order to achieve a better Nigeria
He claims that even if the federal government began implementing his bills and motions in Nigeria gradually but carefully, it is now necessary for the administration led by President Bola Tinubu to adopt a comprehensive approach to them.
Nwoko, a solicitor for the Supreme Court of England and Wales, stressed in a statement he personally signed on Sunday that, in his capacity as a senator, he has sponsored rich legislative bills that effectively address every issue relating to his call for the bills’ implementation as well as other challenges faced by the general population.
He also added that, should the bills come up for public hearings, they will be given the full support they deserve. Senator Nwoko declared, “My proposed policies are being embraced by the federal government bit by bit.
In January, through a press statement titled “Urgent Call for the Use of Naira as the Only Legal Currency in Nigeria and to End Other Policies That Unfairly Disadvantage the Naira,” I outlined critical measures that should be considered by the federal government and the Central Bank of Nigeria in the fight against dollarization and to stabilize the Naira.
“In that statement, I emphasized the need to end all dollar transactions in Nigeria, particularly the payment of foreign workers in dollars.
This practice not only undermines confidence in our domestic currency but also widens socioeconomic disparities within the country. Additionally, I urged that all domiciliary account holdings be converted to Naira.
“I also stressed that, despite our limited volume of exports on the global market, Nigeria’s role as a major crude oil exporter means it is crucial to mandate that sales of crude oil and other exports be conducted in Naira only.
This would encourage buyers to seek out Naira, leading to its appreciation through increased demand and scarcity. I stated that we must make conscious efforts in stimulating demand for Naira.
“Furthermore, I argued that the federal government must abolish the parallel market, which legalizes illegality and has led commercial banks to engage in round-tripping, making substantial illegal profits and abandoning traditional lending, thus hindering a credit economy.
“In addition, I proposed that the “foreign” reserve policy be reconsidered. Maintaining reserves in foreign currencies, known as “foreign reserves,” is counterintuitive to Nigeria’s economic sovereignty and should be reevaluated.
“Several moves have been taken to enhance the value of the Naira since the news item became public and dispersed. These include new rules mandating BDCs to announce the source of foreign exchange and electronically transmit more than 70% of FX sales, a warning from the EFCC to businesses not to charge for services rendered in foreign currencies, and a requirement for banks and IMTOs to pay all diaspora remittances in Naira.
The selling of crude oil to Dangote Refinery and other local refineries in Naira instead of dollars were most recently authorized by the federal government.
“Although I support these steps, I implore the federal government to take a comprehensive strategy and execute all suggested policies as they have shown to be successful. The effect of these measures on the value of the Naira will be lessened by their fragmented implementation.
