The President of the Nigerian Senate, Godswill Obot Akpabío on Thursday said the Russian-Ukraine war was putting pressure on the economy.
He spoke at an interactive session on the 2024-2026 Medium Term Expenditure Framework and Fiscal Strategy Paper, stressing that The 2024-2026 MTEF/FSP is being considered at a time when events at the global scene and locally are putting massive negative financial and socio-economic pressure on Nigeria.
Senior government functionaries, and top echelons of various Ministries, Departments and Agencies (MDAs) of the federal government were among those who attended the event.
Akpabio said he was presiding over MTEF and FSP for the first time, adding that the 2024-2026 economy was strategic to the development of the nation.
He said: “The session that we are having at this time is a landmark one as it is the first of such in the life of the new administration of President Bola Ahmed Tinubu, GCFR.
“The timing and expected urgency of proceedings is also pursuant to the goal of keeping to the re-established January- December budget cycle, which this 10th Senate is committed to maintain in its constitutional role of appropriation.
“Internationally, the intractable Russian-Ukraine war and the sudden Israeli-Palestine war are having international economic repercussions that have consequences for our economic outlook.
“In addition, we are in the throes of the immediate effects of needed reform in our foreign exchange system and the equally needed removal of subsidy on petroleum products.”
According to him, there was a need to boldly take steps to solve security challenges and stimulate employment and economic growth in the interest of the nation.
Akpabio admitted that Nigerians were passing through economic hardship but expressed hope that the 2024-2016 MTEF would be an ameliorative measure.
“While we acknowledge that the majority of our people are going through very difficult times in their daily lives at present, we are very hopeful that in the medium term and the long run, Nigethe rian economy is bound to rebound for relief to the majority of our people.
“In pursuant of this goal, I want to encourage frank discussions of all the parameters and indices contained in the 2024-2026 MTEF/FSP. We must not shy away.”
Russian-Ukraine war putting pressure on Nigeria’s economy – Senator Akpabio