Senators on Thursday opposed the Senate President, Bukola Saraki, strongly disapproving his call for the sale of some of the nations asset.

In Mr. Saraki’s opinion, the federal government should sell some assets to raise funds to help the country out of recession.

Majority of the senators who contributed as the debate on the recession in the country continued in the upper chamber, blamed the elite, including some lawmakers, for the economic problems of the nation.

Senator Andy Ubah decried the call for sale of national assets, describing it as wrong.

“If we sell our assets now to recover from this recession, what would we sell in the future if we ever slipped into another recession?

“We must seek an alternative way of recovering from this recession but sale of our assets is not the way out,” Mr. Ubah said.
They further called for the restructuring of Nigeria’s federalism while others called for a review of some fiscal policies, including the Single Treasury Account (TSA).

Deputy Leader of the Senate, Bala Na’Allah, who led the debate called on the government to reconsider its policy on TSA and its policy on domiciliary accounts.

He admitted that though the intention for making the policies may have been relevant, they were unfortunately affecting the country’s economy negatively.

He said that the TSA policy had deterred the banks and as such, money was no longer circulating in the economy through loans, mortgages and other means.

He said; “The President has good intentions but we have a few people who are not thinking correctly.

“I recall that I complained when the CBN stopped operation of domiciliary accounts within and outside Nigeria.

“These two decisions must be revisited and redirected to ensure that there is a platform for redistribution of income.

“The two critical decisions of fighting corruption should be revisited,” he said.

The Majority Whip, Olusola Adeyeye, insisted that the nation must be restructured along the line of true federalism.

According to him, the states cannot keep coming to the federal to collect money while ignoring available resources and potentials in their states.

“Many have asked that we must restructure and I agree that we must restructure.

“If we restructure properly at least there will be a few places where stealing will not be going on at the same time. There will be some modest of exception that we can say what have they done right.

“I want us to look at this current constitutional review, the various exclusive lists and the various concurrent lists; let us look where we have over-burdened the Federal Government.

“If we must revitalise the economy, we must have jobs and projects going in every local government, every federal constituency and every senatorial district of this country.

“Let us begin to implement the zonal intervention projects,” he said, adding that the bitter truth was that people in government also contributed to the problems.

“If we will save Nigeria we must reduce the cost of governance. Nigeria’s estacode is the highest in the world; we must slash it to 50 per cent”.

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