Senators deliberate on cabinet reshuffle, economic situation.

ABUJA (National Assembly Report)- The Senate has commenced deliberation on the economic challenges of the country with a view to recommending appropriate measures to address the issue.

This is contained in a statement released to the press by the office of the Senior Special Assistant to the President on National Assembly Matters on Wednesday, September 21, 2016. The summary of presentation by the Senators include the release of looted funds to boost the economy.

According to the release, the senators also deliberated on cabinet reshuffle, redistribution of income, revamping the agricultural sector.

"The Federal Government should renegotiate the price of crude oil with the oil majors. The present contract does not favor the country. The Government should build confidence in our people. A situation in which our people are seen as corrupt cannot help investment," the statement read.

The Senate also suggested that machinery should be put in place to make corruption impossible rather than trying to stop corruption.

Other deliberations made by the Senate were: Rejection of proposal to sell oil assets; Sovereign wealth fund should be given legal backing by the National Assembly; TSA must be revisited. Interest rate by banks must also be revisited.

The statement further stated that plea bargaining must be encouraged, saying that people are afraid to plea bargaining for fear of being persecuted.

The Senators also encouraged President
Muhammadu Buhari to come up with policies that will encourage investment, while insisting that the economy must be diversified.

The release disclosed that the Senators will continue their debate on Thursday, September 22, 2016.

About Nigeria

Nigeria, commonly known as the giant of Africa with more than 150 million people is the most populous country in Africa. With one of the biggest democracies in the world and a presidential system of government, it has a dual economy, based on its rich natural resources, traditional agriculture and the trade sector.