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2022 Budget: Rep Raji Flays Devaluation Of Naira



Raji devaluation of naira

The member , representing Epe Federal Constituency of Lagos State, Hon  Olawale Raji (APC-Lagos) has described the pegging of N410.15 per US Dollar as exchange rate for the 2022 budget as an  official devaluation of the Naira, which is likely to further impoverish Nigerians.

The Lawmaker who is the Chairman, Committee on House Services made the observation in Abuja on Thursday while contributing to the debate on the general principles of the 2022 budget.

Hon Raji said  that the exchange rate was bound to further impoverish Nigerians as the country “is an import-dependent economy and devaluation of its currency over the years has not benefitted the people in any way.”

According to Raji, the devaluation of the naira “has led to high rate of inflation, drastic reduction in the purchasing power of the citizens, increased cost of doing business, corruption and brain drain particularly among our highly skilled professionals. Rather than this continued devaluation of our currency, I recommend that efforts should be geared towards strengthening of the Naira”

Hon Raji  however commended the Federal Government for the timely presentation of the 2022 budget as it wouldl enable lawmakers to keep to the promise of the passage of the National Budget before the end of every year.

While flaying the devaluation of the naira, Raji, however, commended the timely presentation of the budget.

According to him, “I commend the Federal Government for the giant stride recorded in infrastructural development particularly in Rail transportation sector. The completion of the Lagos-lbadan, Abuja-Kaduna and the ltakpe-Ajaokuta railines is highly commendable.

“Mr. President promised in his budget speech that the Calabar-Lagos coastal

line which is expected to connect the Southern and Eastern States of the country will soon commence. I urge Mr. President to prioritize this projects and ensure completion possibly before the end of the tenure of this administration

“Mr. President also spoke about progress being made on several power generation, transmission and distribution projects. While this is commendable, I urge the Committee on Power to work with the Transmission Company of Nigeria (T CN) to ensure speedy completion of the Omptosho-Epe-Ahah power project which commenced in 2012 and has remained uncompleted nine (9) years after the award of the contract”.

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