Apparently feeling the heat of the economic recession in Nigeria,
member countries of the Economic Community of West African States
(ECOWAS) yes- terday bemoaned the economic conditions in the country,
blaming it on the sharp drop in the price of crude oil, as well as what
it described as the never ending attack on Nigeria’s oil facilities by
agitated youths in the Niger Delta region of the country.
The community’s parliamen- tarians expressed these concerns during
the 2017 1st Extraordinary Session of the 4th Legislature holding in
Abuja.
The ECOWAS Parliamen- tarians also joined millions of Nigerians as
well as well-wishers around the world to pray for the health and speedy
recovery of Nigeria’s President, Muhammadu Buhari.
The Speaker of the ECOWAS Parliament, Moustapha Cisse Lo said: “I
learnt that President Muhammadu Buhari is currently in London, Great
Britain for health reasons, I wish him, on your behalf, a quick
recovery.
“On the economic front and as it concerns Nigeria, our host country,
has been suffering since 2015, particularly from the fall in the price
of barrel of crude oil and the never-ending attacks of its oil
installations by rebel groups, resulting in revenue loss for the
government, a high inflation and shortage of foreign currencies.
“The decrease in petroleum revenue lays bare the real fragility of the budget.”
He however, appreciated Nigeria for all her support in ensuring that
the parliamentarians are comfortable and are able to carry out their
functions in a peaceful and secured environment.
Cisse Lo, also commended his colleagues for their indefatigable
support in ensuring that the agenda for 2016 were achieved particularly,
the adoption of the Supplementary Act which is being considered as a
major landmark towards the full integration of the region.
“But the year 2016 was particularly the year during which the
adoption process of the Supplementary Act enhancing the powers of the
Parliament, set in motion by the previous legislatures, was accelerated.
According to him: “It is now for each and every one of us to
consolidate on this achievement and work harder in ensuring improvement
in democracy in our community.
“Therefore, we must summon up the courage, perseverance and
determination to pursue and intensify reforms aimed at boosting the
input of Parliament in the integration process.”
Earlier, President of the ECOWAS Commission, Marcel de Souza
disclosed that in pursuant of institution reforms called by the
Chairperson of the Authority of ECOWAS Heads of State and Government,
Ellen Johnson Sirleaf, the Commission was able to save about $12 million
in operational costs of its institutions in 2016.
The president who was represented by his Vice, Ed- ward Singhatey,
said that the efficient cost control measures had been implemented to
make the organization more effective and credible.
“The cost cutting measures were put in place by the new management
when we took over office in March 2016. There was an urgent need for
those measures to be put in place because when we assumed the role of
management; we found out that the commission was in a precarious
financial situation.
“We had to look at the financ- ing that was available vis a vis the
projects and activities we were supposed to implement and rationalize
them; we had to prioritize them and rationalize our expenditure.
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