Abuja — The Chairman, Senate Committee on Banking, Insurance and other Financial Institutions, Senator Uba Sani, has said that the Senate under the leadership of Senator Ahmad Lawan will give absolute support to President Muhammadu Buhari's administration in its determination to reinvigorate the nation's economy.
The senator, who represents Kaduna Central senatorial district in the Red Chambers, stated this while interacting with journalists in Abuja yesterday.
He also commended the Central Bank of Nigeria's (CBN)'s recent decision to implement the cashless policy in the money market, saying the major goal of the policy is to curb corruption, counterfeiting of notes, black economy/parallel economy, money laundering, act of terrorism and tax evasion.
He added that President Buhari's recent constitution of an inclusive and highly competent Economic Advisory Council is a clear indication that he is committed to bequeathing a strong and virile economy to Nigeria and Nigerians.
"The president has just passed a strong message that we need to reinvigorate our economy. We need to grow our economy because economic growth means an increase in real GDP.
"Increase in real GDP means there will be an increase in the value of national output/national expenditure. The benefits of economic growth are huge; they include higher average incomes, which enables consumers, especially the poor to enjoy more goods and services and enjoy better standards of living; it also means that there will be lower unemployment.
"And with advanced output and positive economic growth, firms will employ more workers, creating more employment, and it also helps to reduce government borrowing; increase tax revenues and with this, the government can spend more on public services, such as health, education and good roads and others", he explained.
The former presidential adviser during former President Olusegun Obasanjo-led government added that for a developing economy like Nigeria, economic growth will help the country to tackle poverty.
As a practical expression of the Senate's support for Mr. President's economic revitalisation programme and to make good his promise to take millions of Nigerians out of poverty, the Senate, he said, will fast-track the passage of the 2020 Appropriation Bill.