On Wednesday the Speaker of the House of Representatives, Femi Gbajabiamila urged his colleagues to help strip restrictive regulatory activities.
Gbajabiamila opined that the country cannot deny young people the opportunity to open new frontiers.
This decision is coming on the heels of the recent ban by the Central Bank of Nigeria (CBN) on Cryptocurrencies.
The Apex bank’s decision on cryptocurrency generated uproar on social media, with the policy tagged as an attempt to curb innovation in the Fintech sector.
Gbajabiamila on Wednesday in his welcome back address said the House will focus on stripping away such restrictive regulations.
“In the 2021 legislative year, we will focus the attention of the House of Representatives on bills and motions that improve ease of doing business and unlock economic potential by stripping away restrictive regulation and ending predatory regulatory practices that deprive our young people the opportunity to conquer new frontiers. In this age of technology and innovation, of daring and enterprise, we cannot risk implementing policies that handicap our ability as a nation to participate in new markets and profit from emerging industries.”
Also, he urged his colleagues to stop the proliferation of institutions and MDAs. It’s worth noting that lawmakers are fond of sponsoring bills to establish institutions and agencies as a means of creating employment.
According to him, the country is struggling with meeting its financial obligations due to the increment in recurrent expenditures.
“At a time of reduced revenue, with preexisting and worsening infrastructure deficits requiring significant investments, we cannot afford to keep establishing more institutions that impose a permanent liability on government income.”
The House has now adjourned to the 16th of February as part of new measures against COVID19.