Hon Chinedu Obidigwe motion towards Securing the Future of Nigerians

A Federal lawmaker Hon Chief Chinedu Benjamin Obidigwe has moved A Motion On The Need For The Federal Government To Make Conscious And Consented Efforts Towards Securing The Future Of Nigerians.

 

Worried by the poor planning and mismanagement of the Nigerian Sovereign fund , the Member Representing Anambra East and West Federal Constituency at the Green Chambers of the National Assembly, Hon Chinedu Obidigwe raised a timely and urgent needed motion which bothers on the need for the federal government of Nigeria to make conscious and consented efforts towards securing the future of Nigerians by making judicious use of the nation’s sovereign wealth funds.

 

According to Obidigwe, the Nation’s sovereign wealth funds is aimed at the following-:

a. Save money for future generations

b. Provide stabilization of fund to defend the economy against commodity oil prize shock and provide financing for badly needed infrastructure .



Unfortunately, Obidigwe noted that Nigeria with estimated number of over 200 Million people ranks 58 in the sovereign wealth funds ranking which is fore places lower than Angola , an oil producing African country with a population of 32. 87 million people as at 2021 has 3.2billion dollars in assets and this represents a significant contrast to what other oil producers such as Kwaits which has 700 billion dollars life after oil fund different from its 41.7billion oil reserves and Angola with 32billion dollars in assets as at march 2021.

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He observed that the house is concerned that a country such as Kwaits with a population of 4.2 million people with a projected growth of 5.3million by 2050 has a future fund of 700billion dollars to cater for its future population whereas Nigeria with approximately over 200 million people and extimated growth of 401 Million people by the year 2050 has a future generation fund of 2.5 billion dollars.

 

Resulting from the above ugly situation occasioned by poor planning by successive governments, Obidigwe worried that the federal government has spent over 1.8 trillion naira on debt servicing in the first five months in the year 2021 representing approximately 98% of the total revenue generated in the same period which brings the question about where the savings are ?



Based on the above, Hon Chinedu Obidigwe urged the house to resolve as follows;

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Urge the federal government to make conscious and concented efforts to secure the future of Nigerians by

a. Increasing earning and diversification of resources

b. Focusing more on the non oil sector of the economy by adopting alternative sources of revenue generation to enable foreign inflow from oil earning straight to the sovereign fund without affecting budget financing

c. The house urge to adopt a population policy necessary to fix the future population of Nigeria and to always secure the approval of the National Assembly before tampering with the country’s savings.

 

  1. Obidigwe urge the house to Mandate the house committee on legislative complice to ensure implementation of the above critical and constructive recommendation for effective improvement and growth of Nigeria’s economy as well as the welfare of Nigerians .
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