INTERVIEW: We Will Exercise Our Power To Ensure AMCON N6 Trillion Debt Is Recovered – Legislator

Yesterday, January 2016, the Senate Committee on Banking, Insurance and other Financial Institutions met with the first set of invited institutions to appear before her for interactive sessions. In this interview, our reporter, who had a tête-à-tête with the Chairman of the committee, Senator Rafiu Ibrahim, digs out salient issues most particularly matters surrounding AMCON Trillions Debt.

READ THE FULL INTERVIEW BELOW:

How can you approach the economic problem facing Nigeria at present?

The major problem of the country is the dwindling revenue of the nation, which the main source is oil. Everyone knows that globally, the price of commodities is going down. This however, is simply determined by demand and supply. The CBN is concentrating on managing the demands because the supply is sliding down. So they have to manage the demands. By so doing, they are doing demand management.

At our own end, we will support them. But on every support we’re giving any of these agencies, the Nigerian people, the Nigerian public, and businesses: small, medium and micro are number one.

What does the Senate intend to arrive at by the meeting with these institutions?

Our main objective is to have an in-depth analysis of what their experience has looked like over the years of operation, and what are they thinking going forward and the level of spirit of change in them –doing things better. We want to know what they think the senate can do to help them in all of their modus operandi. That’s the major objective. We want to identify their major challenges and how they think those encounters can be confronted, and what do they think is our roles. We have opened to them that they have to be proactive in engaging with us, informing us of every development before it escapes to the public domain so that once we’re carried along, we would be able to give them supports where needed.

What power exactly do you think the legislature has in helping the country solve its economic challenges?

For any economic challenge, the major problem is always the legal framework. If its not watertight, people have a way to identify the loopholes and take advantage of them. The objectives of whatever policy put in place no matter how fantastic, as a matter of the loopholes, would never be achieved. The executive therefore must work hand-in-glove with the legislative arm to be able to achieve the objectives of any policy. The power of law enactment and oversight functions is ultimate and highly needed to change the face of this country for better, as far as democracy is still the practice.

In such a case where the judiciary, as alleged by AMCON, is shielding these debtors, how can you challenge the judiciary?

It’s very simple. The law is the superior. That would be easily achievable by legislation. In our meeting with the institutions, we have asked them to call on us if they need any constitutional review. Because this senate is passionate about the progress of this country and we believe the leadership of President Muhammadu Buhari is determined to do everything to ensure things are not only brought back to normalcy but also done properly. The government is resolute in the fight against corruption, both in the public and private sector. From what we have been able to discover from our interrogation with AMCON, I’m so sad to note that there’s massive corruption in the private sector, which is aided, directly or indirectly, by the judiciary.

How fast can you assure Nigerians of this recovery?

It depends on the speed at which AMCON goes. Our doors are open and we’re very much at work. Like I said earlier to them, if they could bring bills tomorrow morning seeking amendment of their acts to give them more power to be able to recover very faster, or even to the extent of constitutional amendments, I can assure you the work would be given flying acceleration by us immediately. You can see the President of the Senate assuring Nigerians at the inauguration of the Constitution Amendment Committee where he promised we would finish by June. What that means is that if they could bring their proposals forward now, by June they will have an amendment in their constitution and see themselves empowered with whatever is required to help them do their job efficiently.

About N6tr is locked up. At this moment of economic decline, this myriad amount of money is important to this county as water is to life. In jugular, litigation, conflict and courts, we need to support these institutions to recover the debt without further hesitation. People are actually not denying these debts, but after negotiating they still negotiate and re-negotiate again. You can imagine a negotiated judgement!