THE SEEDS OF CHANGE

Sanni Onogu writes that the Senate has performed creditably in the last two years

Two years in the life of any administration is significant. This is especially so when the life span of that organisation is just four years. Two years is equal to halftime. And half time in a game of football is a sure time to reflect on whether a team is getting it right and if not, to adopt new strategies to enable it up its game. Fortunately, for the 8th Senate, the last two years has been like 10 considering the milestones it has attained through the focus and determination of its leadership to restore the legislature’s lost glory.

Its president, Dr. Abubakar Bukola Saraki had clearly set the tone for the many innovative interventions by the Senate when he told his colleagues, during one of its plenary sessions that the Senate would not abdicate its responsibility to other arms of government under any guise. “Let me also state clearly that we shall not hide under the cloak of partisan solidarity to abdicate our constitutional responsibility under the principles of checks and balances,” he said. “We shall make critical interventions whenever they become necessary and undertake emergency actions whenever they are required, within the confines of the constitution.”

While some may argue that legislation and oversight is the de facto mandate of any legislature, it cannot be said that the use of motions and critical interventions to respond to emerging national emergencies is obligatory. Notwithstanding, the 8th Senate in the last two years has raised motions and used interventions as veritable instruments to aid the government, prevent monumental loss of revenue, rally support for security and humanitarian emergencies, protect the people from exploitation, curb corruption and to ensure the economic viability of the country.

It must be said that the most lofty and peoplefriendly intervention of the 8th Senate has been its resolve to help uplift the economy through relevant legislations. In line with this, the Senate at inception fashioned a comprehensive agenda, which put the nation’s economy at the centre of its legislative business. To achieve this, the Senate under the visionary leadership of Dr. Saraki, commissioned a team of experts to work with the National Assembly to research and review all institutional, regulatory and legislative instruments operational in the country, identify their impact on the ease of doing business in the country and to come out with a way forward.

The technical team led by Professor Paul Idornigie, included development partners like DFID ENABLE project, the Nigeria Economic Summit Group (NESG), the Nigerian Bar Association Session on Business Law (NBA, SBL). The report of the committee led to the novel convocation of the National Assembly Business Environment Roundtable (NASSBER), where the recommendations of the committee were critically scrutinised and consensus reached on the way forward.

According to the committee, the laws which needed to be enacted or reviewed to make Nigeria an investment destination of choice included legislations on business competition, ease of doing business, roads, rail and maritime infrastructure, public-private partnerships, taxation, finance and investment, arbitration and dispute resolution, e-business and intellectual property and constitution review. It is to the satisfaction of Nigerians that most of the laws recommended by experts to lay a solid foundation for economic growth have since been passed by the 8th Senate while others are at the verge of being passed.

It is to the credit of the 8th Senate that some of the laws recommended for passage by NASSBER, like the Secured Transactions in Movable Assets Act, 2017 (otherwise known as Collateral Registry Act) and the Credit Reporting Act, 2017, have not only been passed but now confer advantages capable of revolutionising the operations of micro, small and medium enterprises (MSMEs) in the country by putting them on high pedestal of profitability, ensure growth and create jobs. The two bills were recently signed into law by Acting President, Yemi Osinbajo.

The benefits of the bill are monumental. For instance, while “The Collateral Registry Act” provides that MSMEs and individual start-ups can register their movable assets such as motor vehicles, equipment and accounts receivable with the National Collateral Registry, and use same as collateral to secure loans, “The Credit Reporting Act” provides for credit information sharing between credit bureaus and lenders (such as banks), as well as other institutions that provide services on credit like telecommunication companies and retailers.

A credit bureau is defined as a company that collects information relating to the credit ratings of individuals and makes it available to financial institutions which need such information to determine an individual’s credit worthiness and whether or not to approve the loans request of such individuals or body corporate.

It must be noted that in a bid to make the economic recession challenge the shortest ever in the history of the country, the Senate President, had in September last year, presented a 14-point plan to his colleagues for deliberation, adoption and subsequent transmission to the executive to aid it in rebooting the economy.

While the Senate has kept its promise by passing major landmark legislations to support the economic revival strategies of the federal government like the PIGB, Ports and Harbours Bill, Railways Act amendment, Public Procurement Act amendment, Federal Competition Bill and the National Road Authority Bill, to mention but a few, the executive has since adopted some of the recommendations of the Senate principally which is the robust engagement with stakeholders in Nigeria that has resulted in cessation of hostilities by Niger Delta militants, increased crude oil production and more revenue to the federal government.

Most of the recommendations have also been accommodated in the Economic Recovery and Growth Plan recently launched by the Federal Government. President Muhammadu Buhari in his speech before presenting the 2017 budget, openly acknowledged and thanked the National Assembly for its resolutions on how to exit the recession and grow the economy. “Let me, Mr. Senate President, Right Hon. Speaker, here acknowledge the concerns expressed by the National Assembly and, in particular, acknowledge your very helpful resolutions on the state of the economy, which were sent to me for my consideration,” Buhari said. “The Resolutions contained many useful suggestions, many of which are in line with my thinking and have already been reflected in our Plan. Let me emphasise that close cooperation between the executive and the legislature is vital to the success of our recovery and growth plans.”

In addition, the Senate through a landmark motion, during its early days, exposed the fraud inherent in the implementation of the Treasury Single Account (TSA) policy of the federal government and through painstaking investigation, helped the country to prevent the loss of N20 billion - monies that were being fraudulently siphoned through a negatively skewed commission parameter in favour of the software company engaged to operate the scheme by government.

Senate intervention also led to the review of Central Bank of Nigeria’s (CBN) forex policy to enable small business owners and individuals access required foreign exchange to keep their import businesses afloat and to meet the educational requirements of their wards in foreign academic institutions respectively. In this wise, many business that hitherto would have been asphyxiated were rejuvenated while parents at the verge of cutting short their children’s educational voyage abroad were re-empowered to continue.

The parlous power situation in the country and the fleecing of the ordinary Nigerians by some electricity companies also witnessed Senate’s immediate response. Through a motion, the 8th Senate mandated the Nigerian Electricity Regulatory Commission, (NERC) to immediately abolish fixed electricity charges hitherto paid by electricity consumers, which runs into billions of naira annually, and the stoppage of bulk metering of villages and communities. Even though, some electricity companies have not fully complied with the resolutions of the Senate that all household be appropriately metered to save Nigerians from paying for power not consumed, the fixed charge of N700 - N800 which consumers were made to pay on a monthly basis has since been abolished.

Apart from constantly speaking out against the many acts of terrorism and insecurity in the country, the Senate led the way in reaching out to beleaguered people of the North-east region following years of heinous attacks by the Boko Haram insurgents. Separate Senate delegations led by Saraki and his deputy, Senator Ike Ekweremadu, visited Borno, Adamawa, Yobe, etc, in solidarity with the government and affected communities, conduct on the spot assessment, rekindle hope and resolve what needs be done to ameliorate the deteriorating humanitarian conditions.

Onogu is the Chief Press Secretary to the Senate President