The Lagos State House of Assembly has expressed concern over the ongoing depreciation of the Naira, urging the federal government, the Central Bank of Nigeria (CBN), and the Ministry of Mineral Resources to initiate public awareness campaigns regarding their measures to stabilize the country’s currency.
This plea was voiced during a session when Hon. Obafemi Saheed raised the issue as a matter of urgent public importance, highlighting that market forces were exerting pressure on the currency.
Speaker of the House, Rt. Hon. Mudashiru Obasa, stressed the need for CBN regulation and called for collaboration between the Ministry of Mineral Resources and the Federal Government, following discussions by members on the Naira’s decline.
Saheed, who brought up the matter, pointed out various factors contributing to the currency’s strain, including food imports, fuel prices, dollar transactions, and payments of international students’ fees in foreign currencies.
Echoing his colleagues’ sentiments, Deputy Majority Leader Hon. Adedamola Kasumu urged the government to enhance the non-oil sector to support the local currency.
Hon. Age Sulaimon emphasized the global significance of the dollar, highlighting challenges in managing reserves effectively, while Hon. Afinni Olanrewaju called for increased transparency within the Nigerian National Petroleum Corporation.
Additionally, the Lagos State House of Assembly endorsed the recommendations of the Committee on Lands regarding a petition titled “Invasion of Magodo GRA Phase II by the Omo-Onile,” aiming to mitigate security risks in the area.
This decision followed a directive from Speaker Rt. Hon. (Dr.) Mudashiru Ajayi Obasa to investigate the matter and report findings accordingly. Chairman of the Committee, Hon. Kazeem Olayinka, revealed that the government had acquired land from the original owners for public interest but failed to fulfill the intended purpose, compensating them with alternative land instead.