The Senate on Wednesday put forward 13 recommendations for the President Muhamamdu Buhari-led federal government on probable ways of reviving the ailing economy.
The senators made the recommendation at plenary when it commenced deliberation on the economic challenges of the country.
This is contained in a statement issued on Wednesday by the Head, Press and Public Relations of the Senate, Charles Akpan.
In its recommendation the upper chamber also rejected calls for the sale of the country’s oil assets as it called for a review of the interest rates.
The recommendations include:
1. The summary of today’s presentation by the Senators include the release of looted funds to boost the economy.
2. Cabinet reshuffle: Suggested that the Finance and Budget and National Planning Ministers should be replaced with competent brains who can provide solution to the crumbling economy.
3. The Federal Government should renegotiate the price of crude oil with the oil majors. The present contract does not favor the country.
4. The Government should build confidence in our people. A situation in which our people are seen as corrupt cannot help investment.
5. Machinery should be put in place to make corruption impossible rather than trying to stop corruption.
6. Redistribution of income
7. Revamping the agricultural sector.
8. Rejects proposal to sell oil assets.
9. TSA must be revisited; Interest rate by banks must also be revisited.
10. Body language of Mr. President must change. His body language discourages investment.
11. Plea bargaining must be encouraged. People are afraid to plea bargaining as they are afraid they may be persecuted.
12. Sovereign wealth fund should be given legal backing by the National Assembly.
13. The economy must be diversified.