Abbas: Economic Challenges Facing Nigeria Require Urgent Attention

Adedayo Akinwale in Abuja 

The Speaker of the House of Representatives, Hon. Abbas Tajudeen, has said that the economic challenges facing the nation require urgent legislative action.

To this end, he said the House was committed to passing laws that drive recovery, attract investments, create jobs and provide immediate relief through targeted social welfare programmes.

Abbas, who stated this on Wednesday at the plenary following their resumption from the  annual recess, added that the country’s economy has demonstrated resilience and potential for recovery despite facing inflationary pressures and a high cost of living.

He noted that the nation achieved a commendable 3.19 per cent GDP growth in the second quarter of 2024, with robust contributions from sectors like services and financial institutions, according to reports from the National Bureau of Statistics (NBS). 

The Speaker stressed that this growth occurred in a challenging global economic environment and underscores the efforts to improve the economy. 

He said while unemployment and currency depreciation remain concerns, international organisations like the International Monetary Fund (IMF) have acknowledged Nigeria’s efforts to diversify its economy and improve fiscal stability, signalling optimism for sustainable growth in the coming years.

He added that the green chamber would support vulnerable populations by advancing youth empowerment and ensuring access to education through the Student Loan Scheme. 

He noted that the House cannot ignore the devastating security incidents that have afflicted various communities in recent months. 

The Speaker recalled the Boko Haram attacks in Gamborou-Ngala, Borno State, to the tragic massacre of innocent people in Ndun village, Tangur District in Plateau State, and the heart-wrenching killings in Maigora, Katsina State.

He said others included the violence in One-Man Village, Nasarawa State, the attacks in Sabon Tasha, Kaduna State, Guma in Benue State, the brutal killing of the District Head of Gobir by kidnappers, the abduction of healthcare workers and patients in Birnin Gwari, Kaduna State, and the multiple raids in Anka and Shinkafi in Zamfara State.

Abbas stated: “Security challenges remain a significant concern, particularly in the North. However, substantial progress has been made in combating insurgency, with military operations successfully neutralising over 150 terrorists and major bandit kingpins, according to recent reports from the Nigerian Armed Forces.

‘‘International bodies like the United Nations and the African Union have recognised Nigeria’s continued efforts to enhance regional stability. 

“These security gains, alongside increased collaboration with neighbouring countries and improved intelligence sharing, demonstrate the government’s commitment to restoring peace. While challenges persist, these efforts are gradually contributing to a safer environment for all Nigerians.”

The speaker said as legislators, they are key architects in shaping Nigeria’s future, adding that while undertaking their constitutionally assigned roles, they must remain mindful that the progress they aspire to could only be realised through strong collaboration with the Executive.

He reiterated that while safeguarding the independence as a legislative body, they are committed to working in harmony with the Executive for the greater good of Nigeria.

Abbas noted that their joint efforts are vital to securing economic stability, enhancing security, and fostering national development, stressing that partnership is anchored on mutual respect, transparency and a shared vision for the future of Nigeria.

He said: “The economic challenges facing our nation require urgent legislative action, and the House is committed to passing laws that drive recovery, attract investments, create jobs and provide immediate relief through targeted social welfare programmes. We will support vulnerable populations by advancing youth empowerment and ensuring access to education through the Student Loan Scheme.”

The Speaker commended President Bola Tinubu and the Federal Executive Council (FEC) for approving the Economic Stabilisation Bills, which offer tax relief for businesses generating employment, personal income relief for workers, and suspend burdensome taxes on small businesses and vulnerable groups.

He said the House was fully prepared to receive these bills and expedite their passage to ensure timely implementation and economic stability.

Abbas noted that the House would hold a high-level Legislative Security Summit in the final quarter of the year. 

He said the summit would address Nigeria’s urgent security challenges by bringing together key stakeholders, including the executive, security agencies, policy experts and civil society organisations. 

The Speaker said the focus would  be on legislative reforms to strengthen the capabilities of the  security institutions, improve inter-agency collaboration and optimise the use of intelligence in tackling insurgency, banditry, and other security threats.

In the second session (2024-2025), the Speaker said the House would focus on key areas, including the full digitisation of legislative records, further promotion of gender equality, and robust security sector oversight. 

He said the House would also promote legislative frameworks that support economic diversification and energy infrastructure.

“The House will prioritise several key bills to address critical national issues across security, governance and environmental protection. The Armed Forces Act (Amendment) Bill and the Police Act (Amendment) Bill focus on strengthening Nigeria’s security apparatus by enhancing the operational efficiency of the military and reforming the police to improve internal security, including through community policing and potential state police reforms. At the same time, the National Electoral Offences Commission Bill aims to uphold the integrity of elections by prosecuting electoral malpractice,” Abbas said.