Senate poised to engage FG on its indebtedness to Local Contractors

By: Michael Shaibu

The Nigerian Senate has resolved to engage its Executive counterpart to appraise its indebtedness to the local contractors emphasizing that by so doing, the economy would be boosted and employment further created to cater for the employment need of the teeming Nigeria youths.

The Senators further reaffirmed that at a time when the nation is undergoing hard time like this, the local contractor need to be so well empowered so that they can meet their obligations and further employ Nigerians.

The Senate Resolution at Tuesday plenary emanated from a motion titled “Urgent Need For The Federal Government To Redeem Local Contractors Debts” sponsored by Senator Oluremi Tinubu from Lagos Central and co-sponsored by five other Senators.

While leading debate on the motion, Senator Tinubu noted that the economy is experiencing difficult times caused by a slump in oil prices which led to a negative GDP.

This, she says has increased the rate of unemployment.  She stated that CBN’s report on the Federal Government indebtedness to local economy is alarming and its effects in protracting the current economic situation can only be mitigated by paying Local Contractors.

Senators Magnus Abe. Senator Shehu Sani and Barau Jibrin supported the motion and urged the FG to step in to enable workers return to site.

The Senate further resolved to urged the FG to propose a framework for servicing of the debts.

 

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