Still on her working visit to Nigeria, the Managing Director of the International Monetary Fund (IMF) Christine Lagarde has met with leaders of the National Assembly.
The lawmakers, who are currently on recess, were represented by the Senate President, Bukola Saraki and some lawmakers from the two Chambers of the National Assembly.
The Chairmen of the Senate Committee on Finance, Senator John Eno and that of Appropriation, Senator Danjuma Goje were also at the meeting.
The Senate President told the IMF boss that Nigeria is experiencing challenging times due to low oil prices and insurgency in the Northeast.
“The effect of the low oil prices on government revenue is challenging us to think out of the box in funding the repair of infrastructure, boosting employment, and securing our borders and people,” Saraki said.
However, he added that Nigeria is resilient and would surmount these challenges.
“Our economic fundamentals remain robust and the economy is resilient to absorb the current oil price shock. The situation is bringing out the entrepreneurship in us,” he added.
“Our private sector is also rising to the challenge. We assure you we will use this occasion to build a new economy diversified away from the perennial effects of oil price shocks.”
Saraki further noted that the National Assembly has a key role to play in ensuring that the government’s policies are sustainable.
“The Nigerian legislature strongly believes that having a collaborative working relationship with the Executive Branch of government brings development closer to the people,” he added.
“Since the advent of the new administration, we have worked closely to stabilise the economy and steady the fiscal environment. This, we have indeed demonstrated by the speedy passage of the Medium Term Expenditure Frame Work (MTEF) and recently in the postponement of our recess in order to receive President Muhammadu Buhari to present the 2016 Appropriation Bill.
“We have also set in motion activities towards reforming our oil and gas industry through legislative initiatives in order to meet international best practices.”
In her response, Lagarde told the lawmakers that Nigeria must move swiftly, even though the decisions before the country are tough ones to make.
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