Concerned about the recent decline of the Naira against major foreign currencies, the Senate, through its Committee on Finance, is actively considering various policy options to alleviate the impact of the currency’s devaluation and promote economic stability in Nigeria.

In a statement released on Sunday and signed by its chairman, Senator Sani Musa (APC Niger East), the committee outlined several measures aimed at addressing the currency’s depreciation. These measures include stringent oversight of fiscal policies, engagement with relevant stakeholders, and the development of targeted interventions to support critical sectors of the economy.

Musa emphasized the urgency of addressing the current economic challenges and the imperative of concerted efforts to combat the instability and continuous devaluation of the Naira. He expressed hope that economic managers would adhere to the administration’s standards to achieve the desired economic growth and prosperity for Nigeria, reaffirming the National Assembly’s support for the executive branch in achieving these goals.

While acknowledging the uncertainties facing the economy, Musa urged Nigerians to remain vigilant and resilient, emphasizing that collective efforts can overcome the challenges and lead the nation toward prosperity for all.

The statement, titled ‘State of the Nation Economy and Naira Depreciation,’ highlighted the significant challenges facing the Nigerian economy, both internally and externally. Despite efforts to stabilize economic growth, the persistent depreciation of the Naira against major foreign currencies remains a pressing concern.

The committee underscored the need for proactive measures to safeguard the stability and resilience of the currency. It pledged to closely monitor the situation and collaborate with relevant stakeholders to implement effective policies and strategies. Additionally, it emphasized the importance of addressing the root causes of Naira depreciation, including fluctuations in global oil prices, fiscal deficits, and structural imbalances in the economy.

The President of the Economic Community of West African States (ECOWAS) Commission, Omar Alieu Touray, has dispatched a team of 40 observers to Togo to oversee the legislative and regional elections scheduled for April 29, 2024.

In a statement released by the regional bloc on Sunday, it was mentioned that this mission aligns with Article 12 of the ECOWAS Supplementary Protocol on Democracy and Good Governance, demonstrating the organization’s commitment to assisting its Member States in conducting elections. Leading the mission is Mrs.

Fatoumata Jallow-Tambajang, the former Vice-President of The Gambia. The team comprises Ambassadors from ECOWAS Member States, representatives from the ECOWAS Court of Justice and Parliament, Civil Society Organizations, media professionals, and election observation experts from the West African region.

This deployment follows the recommendations of a pre-election fact-finding mission that assessed the preparatory phases of the elections in Togo from April 15 to April 20, 2024. Throughout their time in Togo, the observation mission will engage with key stakeholders in the electoral process and closely monitor the voting procedures until April 29, 2024.

Candidates of Peoples Democratic Party, PDP, have won all the chairmanship positions in Saturday’s local government election in Oyo State.

DAILY POST reports that there are 33 local government areas in the state.

Our correspondent reported that the Oyo State Independent Electoral Commission, OYSIEC, conducted the election on Saturday.

OYSIEC on Sunday declared PDP candidates as winners of the election in all the 33 LGAs.

The results were announced at OYSIEC’s office in Ibadan, the state capital.

Details later.

CREDIT: DAILY POST