The Nigerian Senate has passed for second reading, a bill seeking to establish the council for economic diversification.
The Council, according to the bill sponsored by Senator Aliyu Sabi Abdullahi, will be self funding after take off grant of N1.618 billion for the first year.
Senator Abdullahi in his lead debate on the piece of legislation titled: “A bill for an Act to establish the Nigerian Economic Diversificaton Council and to provide for comprehensive framework, structures, programmes and schemes for strengthening capacity development in that direction” said the new approach would be a departure from policy pronouncements of the past to required legal instrument.
“Specifically the objectives of this Bill is to have a legislative framework for diversification of the Nigerian economy.
“It includes the establishment and maintenance of programmes for the overall development of the Nigerian economy, more especially, to encourage the growth of Nigerian industries, services, technologies in order to diversify the Nigerian economy and raise the standard of living of persons living in Nigeria to a reasonable level.”
“Nigeria need to move away, and very quickly too, from over-reliance on the unstable petroleum revenue to a well-focused diversified economy where the key sectors of the economy like the ICT, Solid minerals, health, manufacturing, power, agriculture and maritime sectors will be productively utilized to provide sources of sustainable revenues for the economy”, he stressed.
He explained that despite various loans, reforms and policies by both present and past governments, millions of Nigerians continue to remain impoverished.
“It is even more crucial now, given the slower global economy and the pressing need in many developing nations to boost revenue,” he said.
The proposed law, he added, makes for inter-sector synergies among the key sectors of the economy, as well as the creation of a Council to ensure strict implementation of its provisions.
The bill after exhaustive debate by Senators and passed for second reading, was thereafter referred to the Committee on National Planning and Economic Affairs for further legislative work.
The committee is to report back to the Senate in plenary within four weeks.
Confidence Okwuchi
