Urges states to settle N4bn WAEC debt
The House of Representatives has disclosed that it will
consider debating legislation to mandate multinationals in the oil and gas, and
telecommunications sectors to list certain percentage of their value on the
Nigerian Stock Exchange (NSE).
The Speaker of the House of Representatives, Hon. Yakubu Dogara, speaking when he received
members of the Nigeria-United Kingdom Capital Market Project on a courtesy
visit in Abuja yesterday, said such legislation would help deepen the market.
He lamented that multinational firms have refused to list on
the NSE, noting that there is no justification for the refusal.
“Apart from capital inflow being sought, the market needs to
be deepened, as most of the big international companies in Nigeria are not
participating in the Nigerian Stock exchange. This is sad because these
companies account for a huge percentage of revenues in oil, communication and
energy etc.,”
Dogara also gave the assurance that the lower chamber would
provide legislation into areas of value added partnership directed at wealth
increase, wealth redistribution, employment generation and economic
diversification.
Speaking earlier, President Nigeria Stock Exchange, Mr.
Aigboje Imoukhuede, said the aim of the Nigeria- UK Capital Market Project is
to ensure the increase in capital flow between the capital markets for mutual
development.
Co-Chairman of the project, Sir Rogers Gifford, said Nigeria
is one of the most exciting markets to work with, with a study currently being
done to improve market structure.
In another development, members of the House of
Representatives have called on President Muhammadu Buhari to declare an
emergency in the labour sub-sector of the economy in view of the high rate of
unemployment in the country, particularly among young Nigerians.
The resolution was reached during plenary on yesterday, after
a motion was moved by Hon. Kingsley
Chinda (Rivers PDP) who also sought the convening of a national summit on
unemployment.
The resolution did not elicit much debate as members agreed
it was a matter of urgent public importance.
Chinda also prayed that the lower chamber direct the
Committee on Labour and Productivity (when constituted) to request for and
review the federal government’s blueprint on generation of 3,000,000 jobs per
annum, analyse same and report back to it within four weeks for further legislative action,
recalling that several young people lost their lives in a stampede where they
had gathered to write tests for recruitment into the immigration service.
Chinda noted that unemployment is a time bomb whose results can be disastrous
for the nation if not death with.
“If urgent steps and pragmatic steps are not taken to address
this problem, the country would be at risk at a high risk of unrest and vices
which could, in the long term lead to a breakdown of the social and economic
order in the country to the detriment of livelihood pattern,” he said.
The motion was unanimously passed following a voice vote.
The House members also urged debtors to settle the N4 billion
owed to the West Africa Examinations Council by the 19 states of the
federation, after the examination body threatened to withhold the results of
about 600,000 students whose state governments promised to settle their
examination bills.
Hon. Linus Okorie (Ebonyi PDP) raising the motion under
matters of urgent public importance, recalled that the examination body had
said its operations are being affected by the debt which was incurred by the
states.
Credit: Thisday
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