Senate backs Oronsanye report to save economy, revenue shortfall

Senate backs Oronsanye report to save economy, revenue shortfall

Senate backs Oronsanye report to save economy, revenue shortfall. The Senate said on Wednesday that it was in favor of implementing the Oronsanye Report’s recommendations for streamlining government operations in order to prevent the country’s economic collapse and declining income profile.

In order to further diversify the nation’s economy away from crude oil, the upper legislative chamber called for the revitalization of cocoa, groundnut, rubber, and palm oil plantations.

During the second day’s interactive session with the federal government’s ministries, departments, and agencies, MDAs, on the 2023–2025 Medium Term Expenditure Framework and Fiscal Strategy Paper, MTEF–FSP, Senator Solomon Adeola (APC Lagos West), chairman of the Senate Committee on Finance, made the call.

The execution of the Oronsanye report, according to Senator Adeola, will improve the nation’s poor income condition.

He emphasized that the nation’s declining income profile has made it vital to diversify Nigeria’s economy away from crude oil and toward other agricultural commodity items.

The federal government’s ministries, departments, agencies, and MDAs must come up with fresh ideas to boost the country’s income profile, according to the chairman of the committee.

He said that in the past, cocoa, groundnuts, rubber, and palm oil were significant sources of foreign money for Nigeria and that the current focus was on how to increase foreign exchange earnings.

In order to increase Nigeria’s foreign exchange earnings, he said: “We are experiencing deficiencies in daily crude oil output, therefore we must move quickly to bring back the groundnut, cocoa, rubber, and palm oil products.”

The chairman declared that the Senate was dedicated to seeing that the necessary regulatory bodies were established to promote the development of the common goods.

Senator Adeola further requested that the Cocoa Research Institute of Nigeria provide pertinent information on the monthly and yearly production and sales of cocoa.