The Senate has praised the federal government for disbursing a significant amount of ₦4.83 trillion out of the ₦30 trillion ways and means acquired from the Central Bank of Nigeria (CBN). They noted that the influx of foreign direct investments is steadily increasing.
The Senate also commended the Central Bank of Nigeria (CBN) for resolving $7 billion in valid foreign exchange backlogs.
In a statement on Wednesday by Senator Opeyemi Bamidele, the Senate leader from APC, Ekiti Central, he expressed confidence that with these developments, the consumer price index, which gauges inflation, will noticeably decrease by mid-year as efforts to promote economic and fiscal stability continue.
He emphasized that the National Assembly remains dedicated to providing essential parliamentary support to key public institutions to effectively fulfill their mandates in accordance with the provisions of the 1999 Constitution of the Federal Republic of Nigeria.
In his Eid-el-Fitr message, Bamidele urged Nigerians to uphold the teachings of Ramadan fasting. He expressed joy for the Muslim community as they celebrate Eid-el-Fitr, marking the conclusion of the 2024 Ramadan fasting period, which commenced on March 10 and ended on April 9. During this time, valuable lessons were learned, particularly given the current state of the nation.
Bamidele emphasized that Ramadan serves as a reminder of the importance of forgiveness, compassion towards the less fortunate, respect for human dignity, promotion of peaceful coexistence, and adherence to integrity and piety in all aspects of life. He stated that all Nigerians should embrace these principles regardless of ethnicity or religion.
He stressed that these lessons, extending beyond the Ramadan period alone, should guide Nigerians’ lives, business operations, the nation-building process, and governmental decisions at all levels.
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As Ramadan concludes, Bamidele urged that these lessons reflect in the manner citizens support the government in addressing the nation’s internal challenges, sustaining economic stability, and maintaining political cohesion. Additionally, they should influence business practices, governance, and civic responsibilities.
He highlighted the positive outcomes of implementing pro-people macroeconomic policies under the current administration, noting a significant improvement in economic and fiscal stability. For instance, the value of the Naira has appreciated from ₦1,900/$ in February 2024 to ₦1,117.5/$ as of Wednesday, representing a gain of about 42% within two months.