…Says 2025 is another year of opportunities
The Leader of the Senate, Senator Opeyemi Bamidele, has revealed that the next few weeks in the year 2025 will be devoted to the scrutiny of the Appropriation Bill, 2025 and the Tax Reform Bills, 2024 by the National Assembly.
In a new year message to Nigerians on Wednesday, released in Abuja by the Media Office of the Senate Leader, other issues that will receive the attention of the National Assembly are: investigation of economic sabotage in the petroleum industry, amendment of the Constitution of the Federal Republic of Nigeria, 1999 (as amended) and key economic reform initiatives that have been in the pipeline to open up Nigeria for real businesses that would throw up limitless opportunities.
Also, the lawmaker said that the hallowing socio-economic challenges faced by Nigeria in the year 2024, actually brought out the best of the National Assembly towards tackling the situation, expressing optimism that the new year, 2025, would be another year of opportunities for the nation’s apex legislative institution to achieve greater feats in addressing these teething challenges in order to serve Nigerians better.
He observed that the excruciating economic hardship in the country in 2024, really provoked public discontent nationwide, as Inflation, driven by foreign exchange instability, was a major concern with its attendant consequences upon the purchasing powers of most Nigerians.
The politician who represents Ekiti Central Senatorial District posited that the multifarious problems in the polity inspired the National Assembly to work together and promote diverse initiatives aimed at addressing the roots of the country’s
socio-economic challenges, noting that the initiatives have already started redefining the business environment rapidly, boosting investors’ confidence in our domestic economy and creating limitless opportunities for compatriots across the strata.
The statement reads: “2024 has finally rolled into the archive of history. It was quite a challenging year dotted with tough economic realities that triggered public discontent nationwide.
“Inflation, driven by foreign exchange instability, was a major concern with its attendant consequences upon the purchasing powers of most Nigerians. All these realities, among others, are no doubt a real test of our resolve as representatives of the people to decisively, effectively and efficiently respond to issues of strategic national interests.
“This time, though challenging and tough, truly brought the best out of the National Assembly. It inspired us all to work together and promote diverse initiatives aimed at addressing the roots of our socio-economic challenges.
“The initiatives have already started redefining our business environment rapidly, boosting investors’ confidence in our domestic economy and creating limitless opportunities for compatriots across the strata.
“And with all these reforms, Nigeria will definitely record greater opportunities this year. So far, I can confidently say Nigeria is gradually becoming more stable, fiscally and monetarily.
“With the multi-tiered interventions by the Presidency and National Assembly, for instance, Dangote Refinery and Petrochemicals commenced operations within the 2024 fiscal year. Likewise, Port Harcourt Refining Company and Warri Refining & Petrochemicals Company are now back to operations after almost two decades of dysfunction.
“The operations of these refineries are a testament to the political will of the government of All Progressives Congress to reverse all negative trends that plague our economy and polity.
“Beyond the downstream petroleum sector, the National Assembly has leveraged its multi-tiered interventions in virtually all strategic sectors to reverse the regression that the country recorded at different times between 2011 and 2023.
“The approach has spurred steady growth in our gross domestic products all through 2024. It has sustainably translated to 2.98% growth in the first quarter; 3.19% in the second quarter; 3.46% in the third quarter and may be as high as 4% in the fourth quarter.
“Also, our debt-service-revenue ratio has shrunk from 97% in June 2023 to 65% in November 2024, and I believe the margin will further shrink in the new year we began on Wednesday.
“Each of these records is indeed a great leap forward, and our parliamentary agenda that emphasises strategic collaboration among government arms without prejudice to our constitutionally guaranteed independence has made it obviously attainable.
“All these outcomes simply mean Nigeria is now out of the vicious cycle of fuel importation that cost her $600 million, which annually translates to $7.2 billion. It also means the operations of these refineries will significantly reduce undue pressure on the Naira; guarantee stability in the foreign exchange market and trigger an unprecedented crash of the consumer price index, often used to measure inflation. For me, these are signs of a greater tomorrow that awaits our compatriots regardless of their economic, political or social status.
“No doubt, the outcome of the multi-tiered initiatives has been impressive and stimulating. But that does not suggest that the National Assembly will now rest on its oars and go to bed. Never!
“Rather, as an institution, we duly appreciate the tasks before us. We also understand the urgency of providing decisive institutional responses that will guarantee the stability of our fatherland, whether economically or politically, culturally or socially.
“For this reason, we will dutifully sustain its drive to deepen global best practices in the country’s petroleum industry. This is the rationale behind the Senate Ad-hoc Committee to Investigate Alleged Economic Sabotage in the Nigerian Petroleum Industry.
Considering the significance of the Committee, the National Assembly has initiated the process of constituting a joint committee of the Senate and House of Representatives to look more decisively and incisively into diverse issues spurring infraction and sabotage in the petroleum industry.
“Now, the previous year has successfully paved the way for 2025, another year that presents boundless opportunities and cautious optimism, clear direction and strategic engagement, relentless pursuit and remarkable turnaround. We look forward to highly challenging sessions that will be devoted to pursuing our collective aspiration of a greater Nigeria.
“We recognise that a number of unfinished tasks are currently pending before the two chambers of the National Assembly. But consistent with the principles of rational choice, we address each of these tasks in order of national priority or significance.
“Consequently, the new few weeks will be devoted to the scrutiny of the Appropriation Bill, 2025; Tax Reform Bills, 2024; investigation of economic sabotage in the petroleum industry, amendment of the Constitution of the Federal Republic of Nigeria, 1999 (as amended) and key economic reform initiatives that have been in the pipeline to open up Nigeria for real businesses that will throw up limitless opportunities.
“Can we achieve any of our priorities with the support of the key actors, largely the people and civil society, the media and religious institutions, the private sector and government agencies, the international community and key social institutions?
“Obviously, we cannot do it alone. We are representatives of the people, who convincingly employed us through the ballots. Our effectiveness, therefore, is purely dependent on the extent to which we cultivate and sustain collaboration with our employers to promote our collective interests.
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