Senate Leader, Ali Ndume in his speech enjoined Senators to be focused on forward looking, noting that the phenomenon was a global one which other countries have successfully overcome.
“The economic recession was not caused by the present government, but a global one and those countries successfully came out of it,” he noted.
Deputy Senate President, Ike Ekweremadu on his part, emphasised on reshuffling of the cabinet by President Buhari to enable him put competent persons I critical sectors.
“Distinguished Senators, look at my friend Senator Udoma Egba, Minister of Budget and National Planning, as a lawyer, what can he do? He can be at his best in a sector related to his area of competence. ”
Ekweremadu added:” The Minister of Finance, Mrs Kemi Adeosun can be assigned to another ministry to give way to a more competent person because of the situation at hand. ”
He, however, cautioned against sales of government assets as being canvassed by some experts, while urging government to learn from Saudi Arabia when they decided to make foreign investors to invest in their assets when they were in recession which eventually paid off.
Proffering solutions further, Ekweremadu called for renegotiation with oil majors on percentages been remitted to government, recalling that late Gen. Sani Apache made them to increase their remittances to government and it worked.
Dino Melaye (APC), Kogi West Senatorial District, on his part called for outright sack of the economic team as well as some Ministers, explaining some have failed the nation.
“Mr Senate President, we have to tell ourselves the truth at this time of the day, some Minister and Buhari’s economic team have failed and they should be sacked,” he insisted.
Senator George Akume (APC), Benue South Senatorial District in his submission recalled that former President, Olusegun Obasanjo consciously saved over $60billion in Nigeria’s foreign reserve between 1999 and 2003, lamenting that that money was stolen by successive administration.
He wondered that when former Central Bank governor, Sanusi cried out that $20billion was missing, government at that time was busy countering, a situation he explained contributed to the present situation.
Shehu Sani (APC), Kaduna Central questioned sharing formula of the federal monthly allocations, saying, it make Nigeria citizens to be lazy.
According to him: “Nigeria has been in recession and what is happening is that the situation has only been aggravated as a result of laziness and corruption by past administrations.”