President
of the Senate, Dr. Abubakar Bukola Saraki, has stated that the contrary
to wrong interpretations on a recommendation by the Senate Committee on
Works, the proposed National Road Fund Bill would not lead to any
increase in the current price of fuel.
Speaking
with reporters in Ilorin on Saturday after the breaking of fast, Saraki
also said the Senate would this week discuss a motion on the interest
rates being charged by commercial banks on loans to customers,
particularly entrepreneurs who need borrowed funds to stay afloat and
contribute to the Gross Domestic Product (GDP).
He
said the report of the Senate Committee which worked on the National
Road Funds Bill came from deliberations during a public hearing in which
all stakeholders made different suggestions on how to generate funds
for maintenance of the nation's road network but that there was a
consensus on the desirability of the Fund and the need to ensure that
the money to be generated from sale of fuel for the fund should be
accommodated within the current price regime.
“This
is an opportunity to clarify the inaccurate reporting. There is a Bill
called the National Road Funds Bill. Our roads around the country are
not adequately funded. If we are banking on the appropriations process,
we will not be able to adequately fund and refurbish our roads.
“Anybody
that read the full report would have known that after the public
hearing, which involved stakeholders from the road and transport
industry, it was recommended that N5.00 (five naira) from each litre of
petrol should be channeled towards our roads. However, this is not going
to be additional five naira, but five naira out of the present price of
N145 that Nigerians are currently paying at the pump,” the Senate
President said.
“The
recommendations came from the engagement with stakeholders at the
public hearing on the bill. One of the conditions attached to the new
charges by all stakeholders was that this five naira should not be an
increase, but come from what is already existing. It is believed that
the existing charges in the present price regime would be reduced to
accommodate the five naira Road Fund bill.
“Nigerians
should be reassured that although we have not even debated these
recommendations, the committee's report came with a clear proviso that
the five naira should come from a restructuring of the existing
template, which is reshuffling the taxes in the current N145 — so that
five naira out of this will always be pushed to develop existing roads
and build new ones", he said.
He
added that this week, the Senate would discuss and take a decision on
the interest rates being charged by commercial banks as he said the
prevailing rates were too high and discouraging to genuine
industrialists and entrepreneurs who need to accommodate the cost of
money alongside other costs to fix prices of goods and services.
"If
we genuinely want to stimulate local manufacturing and development of
the small and medium enterprises so as to generate employment and help
our national economy to recover from recession, then people must be able
to borrow money at reasonable interest rates. It is difficult for
manufacturers to survive while borrowing at about 28 per cent," he said.
Speaking
on the journey thus far, after being at the helm of the Senate and the
National Assembly as a whole for the past two years, the Senate
President said: “I am comfortable with the support that I have received
from my colleagues. One thing that makes the 8th Senate different is
that we take initiative.
"For
example, a bill like the PIGB would have been easier to pass as an
executive bill — however, based on how united we are and focused on the
greater good , the passage of the PIGB goes to show Nigerians the
competencies of the Senators of the 8th National Assembly.”
Saraki
said the 8th Senate has scored many firsts since its inception and that
it has fulfilled its mandate through the passage of several critical
economic reform bills, opening of the National Assembly's budget, and
its investigations that have helped in the fight against corruption.
“We
are a focused Senate. We are also a people-oriented Senate. We are a
Senate of many firsts, if you look at the passage of the Petroleum
Industry Governance Bill, the opening of the National Assembly Budget,
the passage of Bills like the Ports and Harbors Reform Bill and the
Credit Bureau Scheme, you will see that we take governance very
seriously.
“Over
time, through our work like the Treasury Single Account (TSA)
investigation; the NEITI Report investigation; and the North East
Humanitarian Response investigation, we have shown that this is a Senate
that does not sweep things under the carpet. We are working to pass
Bills, enshrine transparency, and do things that matter to everyday
Nigerians", the Senate President said.
“This
is because we know what families across the nation are going through
and we are working to try to create more opportunities for them.”
Saraki
also said: “Over the last two years, our focus has been on the economy,
the economy, and the economy. You will soon see how the ‘Made in
Nigeria’ amendment to the Public Procurement Act will open more
opportunities for Nigerians.
"Additionally,
starting with the implementation of the 2017 budget, the Senate will be
defending Nigerian businesses by letting them know that if they find
any government ministry, department or agency that is not patronizing
‘Made in Nigeria’ as a first option, they should let us know, and we
will take appropriate action.”
When
asked why the Senate decided to pass the governance aspect of the
Petroleum Industry Bill first, the Senate President said: “One of my
first meetings after becoming the Senate President was a meeting with
consultants and stakeholders to find out why the Petroleum Industry Bill
had always failed to pass in the past.
"When
the reason became clear, we decided to take the first part of the Bill
that has to do with governance, transparency and accountability in order
to make the system more efficient for the country.
"By
doing this, we have sent a message to international investors who have
been previously unsure about what laws govern our petroleum industry
that the country is truly ready for more investment in this sector.”
Speaking
on the recent passage of the Nigerian Football Federation Bill by the
8th Senate, the Senate President described it as “A very important Bill
that will transform the administration of football in the country. It is
very personal to me because as a club owner, I am happy that this Bill
will make the administration of football to be in-line with
international best practices.”
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