President to meet Saraki, Dogara

Bill to rescue economy ready

President Muhammadu Buhari will be seeking emergency powers from the National Assembly to push his planned stimulus for the economy.

The objectives of the action-plan on the economy, which is in recession, include shoring up the value of the naira, creation of more jobs, boosting of foreign reserves, reviving the manufacturing sector and improving power.

Government sources said the decision to seek emergency powers for the President was based on a proposal from the economic team headed by Vice President Yemi Osinbajo. The team reviewed the various policies so far introduced and how they have affected the economy.

The economic team, it was learnt, gauged the mood of the polity and decided that unless there is an urgency which some of the extant laws will not permit, “the recession may be longer than expected and Nigerians will not get the desired respite, which is the goal of this government”.

An executive bill titled: “Emergency Economic Stabilisation Bill 2016” is to be presented to the National Assembly when the Senate and the House of Representatives resume from vacation on September 12.

In the bill, the executive will be asking for the President to be given sweeping powers to set aside some extant laws and use executive orders to roll out an economic recovery package within the next one year.

Buhari will be seeking powers to:

abridge the procurement process to support stimulus spending on critical sectors of the economy;
make orders to favour local contractors/suppliers in contract awards;
abridge the process of sale or lease of government assets to generate revenue;
allow virement of budgetary allocation to projects that are urgent, without going back to the National Assembly.
amend certain laws, such as the Universal Basic Education Commission (UBEC) Act, so that states that cannot
access their cash trapped in the accounts of the commission because they cannot meet the counterpart funding,
can do so; and
to embark on radical reforms in visa issuance at Nigeria’s consular offices and on arrival in the country and to
compel some agencies of government like the Corporate Affairs Commission (CAC), the National Agency for Foods
Administration and Control (NAFDAC) and others to improve on their turn around operation time for the benefit of
business.
The extant law on procurement does not allow contract award earlier than six months after decision. Part of this is a mandatory advertisement of the contract for six weeks. The economic team has found this to be unacceptable, given our present circumstance.

Although the president has the power to order the sale or lease of any government asset to raise cash, “the procedure is cumbersome and long”. The draft bill is meant to ease the process. The government source said about nine government assets may be leased or sold to generate around $50billion to shore up the nation’s foreign reserves and the value of the naira against the United States dollar.

The source said: “Nigeria may be broke at the moment but we are not a poor country, given our assets and capability.” About N58 billion is trapped in UBEC’s coffers because the states cannot access it as a result of the key condition, which is the payment of 50 per cent counterpart funding. The government is seeking an amendment to the law so that states will pay only 10 per cent as counterpart funding.

The objective is that state governments will have access to cash to develop education. This will facilitate creation of jobs since contracts will be awarded for the projects.

As for contract awards, the government, by the provisions of the law, cannot mobilise contractors with more than 15 per cent of contract sum. This is considered to be undesirable by the economic team given the pace the government wants to move in turning the economy around and in the provision of critical infrastructure. The bill will seek to allow the government to mobilise contractors with 50 per cent of contract sum.

The move to get government agencies to fast tract their operations is to enable foreign investors to come into the country without the current bottlenecks. Consular offices will now be expected to make visas available within 48 hours and visitors, especially tourists who intend to pick up visas at the entry point, will be able to do so. Time wasting at the airport with duplication of agencies screening incoming passengers is to be eliminated. Those leaving the country should go without hassle.

For the power sector, the government plans to truck gas from source to the power plants to enable them get what they need for generation. A government source said: “This may be more expensive but it is a price to be paid for Nigerians’ comfort”.

It was learnt that President Buhari will engage the leadership of the National Assembly before their resumption to solicit support for the bill’s quick passage.


http://thenationonlineng.net/buhari-seeks-emergency-powers-tackle-economy/

To rescue the economy from who? These guys are just playing ping pong with our economy. Its like a doctor who starts treating a patient with a simple ear infection, mismanages the patient until he starts convulsing due to acute meningitis, then the doctor is now asking the relatives to sign consent for an emergency brain surgery!

1984 rehash

NASS should promptly deny this request. As it stands now the FG wields too much power that needs to be devolved.

Buhari should not be asking for more!

Nigeria needs to be restructured to enable an effective and efficient local government. Governance should not be so far from the people. Development is a collective process and not the sole responsibility of the government especially not the FG and State governments!

thesicilian:
To rescue the economy from who?

To rescue the economy after 16 years of PDP plundering of over 38 Trillion Naira, shamelessly shut down the refineries in order to import fuel, sabotaged the power sector in order to sell diesel and generators, thereby poluting Nigerians health, awarding contracts and sharing the money without doing the contracts, ...the list in endless.

Wait!!! did I just read lease or sell government properties to raise funds. Some bleeping dudes' pocket is about to be enriched again............

Buhari can't work in a civilian rule. He need degree, so national assembly should give him power to do all those things mentioned up there before he can perform well.
Why did he contest election when he knows he can't work well in a democratic government.

Oya National assembly over to you, Please give Buhari power to do and undo anything without passing through you or due process, so that we will not die of hunger.

We still have a very long way to go.

These guys confusion don pass "I dey come", na "I don reach" e dey now.

How many functional government property do we have that they want to sell the few?

Maybe it's time for Tinubu and co to buy up the country, thanks to his puppet Osinbajo the economic guru of Westin naijiriya.

Right way to go.
We are already programmed to throw our money outside via import. To reverse it and start mass local production overnight will require capital like any new business venture. We should be greatful we have President who could stop borrowing to pay salary at $45pb- of oil and started saving for projects. This is a big leap from the days of borrowing to pay salary at $55pb+ of oil. Buhari has scored 200%+ already.

Osyabj:


[s]To rescue the economy after 16 years of PDP plundering of over 38 Trillion Naira, shamelessly shut down the refineries in order to import fuel, sabotaged the power sector in order to sell diesel and generators, thereby poluting Nigerians health, awarding contracts and sharing the money without doing the contracts, ...the list in endless.[/s]

why does it always have to be about oil? Crude oil is not buhari's right! He should create other means of revenue and stop salivating on revenues generated by previous administrations. So countries that don't have crude oil can't survive according to buharinomics? Heck, dog Buhari met more money than obasanjo did on assumption to office and you are here still talking about the past.. What nonsense

GreatEngineer:
Buhari can't work in a civilian rule. He need degree, so national assembly should give him power to do all those things mentioned up there before he can perform well.
Why did he contest election when he knows he can't work well in a democratic government.

Oya National assembly over to you, Please give Buhari power to do and undo anything without passing through you or due process, so that we will not die of hunger.

We still have a very long way to go.

Did you skip breakfast 7 days ago? Your reasoning has K-leg.
The President needs power because this is a democratic dispensation, you don't expect him to do a Dasuki to bail out the economy.

Osyabj:


To rescue the economy after 16 years of PDP plundering of over 38 Trillion Naira, shamelessly shut down the refineries in order to import fuel, sabotaged the power sector in order to sell diesel and generators, thereby poluting Nigerians health, awarding contracts and sharing the money without doing the contracts, ...the list in endless.

Correct!

Nigeria is always action packed. Never a dull moment. I wanna see how this plays out.

Crazy stuff. It's obvious this government cannot work within civilian and democratic tenets hence this fire brigade approach. The problem with things like this is heady abuse of powers and obfuscation of processes so that private individuals are at a loss as to what the extant provision of the law is.

We watch n observe.

Standing5:
Did you skip breakfast 7 days ago? Your reasoning has K-leg.

Why didn't you share your reasoning here, or you yours also have K-leg. Or you are busy leaking politicians ass so you can't have any good reasoning for us now.

May God Almighty increases your knowledge.

Osyabj:


To rescue the economy after 16 years of PDP plundering of over 38 Trillion Naira, shamelessly shut down the refineries in order to import fuel, sabotaged the power sector in order to sell diesel and generators, thereby poluting Nigerians health, awarding contracts and sharing the money without doing the contracts, ...the list in endless.

Nigeria as a nation needs the president to be decisive in his actions and prompt as well. We need strong economic direction and stop the blaming game.

Baba , take all the power as much as you want- we are behind you . Not only "emergency power", if there's "drastic power", please , take it . We need you to take anything takeable at this point in time as long as it will set the economy on the right footing again.

An executive bill titled: “Emergency Economic Stabilisation Bill 2016” is to be presented to the National Assembly when the Senate and the House of Representatives resume from vacation on September 12.

with problem confronting Nigeria and their huge pay, all they do is go on a "long recess".

They fiddle while Rome burns...

power corrupts Absolute power corrupts absolutely

For those making ignorant statement that PMB cannot rule in a democratic government, democratic system does not necessarily entails unnecessary bottlenecks and bureaucracies.

This is what make developed nations different from developing countries. Countries like Germany,USA, France etc that we are always quick to compare our nation to in terms of democratic governance have extant laws that empowered their president to take emergency economic decisions for the nation's prosperity and development.

Though I'm not surprised by some people's view because their ultimate aim and desire is to see that the PMB administration fail like that of their fallen hero, and they will be quick to tell us that 'we told you guys before'.

I have a good news for those waiting eagerly for the nation's failure that it ain't gonna happen!

This is the best economic way to go in this present situation we ve found ourselves. ... .. .. SPEND YOUR WAY OUT OF RECESSION cos their is little or nothing monetary policy by extension CBN can do for us now. We need to reverse the trend through fiscal policy stimulus {Keynesian Economics} which involves massive government expenditure and interventions in the critical sectors of the economy so as to stimulate Aggregate Demand and Lubricate the economy. Hence every bureaucratic bottleneck should be removed.

kenny987:
Crazy stuff. It's obvious this government cannot work within civilian and democratic tenets hence this fire brigade approach. The problem with things like this is heady abuse of powers and obfuscation of processes so that private individuals are at a loss as to what the extant provision of the law is.

We watch n observe.

is it that you people "excavate" what is left of your brain from your skull when posting on nairaland or you are just blinded by your euhedral hate for BUHARI?

In the report , it says he's seeking power from the national assembly, how is that undemocratic and outside his ex cathedral?

Osyabj:


[s]To rescue the economy after 16 years of PDP plundering of over 38 Trillion Naira, shamelessly shut down the refineries in order to import fuel, sabotaged the power sector in order to sell diesel and generators, thereby poluting Nigerians health, awarding contracts and sharing the money without doing the contracts, ...the list in endless[/s].

And who destroyed the economy in 1984?

The way this country was plundered, you dont need only emergency power to revive the economy, you also need spiritual power, I am bring Dibia to Aso rock to bestow it on you...By fire by force, things must work in this country...

Osyabj:


To rescue the economy after 16 years of PDP plundering of over 38 Trillion Naira, shamelessly shut down the refineries in order to import fuel, sabotaged the power sector in order to sell diesel and generators, thereby poluting Nigerians health, awarding contracts and sharing the money without doing the contracts, ...the list in endless.

I've been around and enjoying the past 16yrs. This is the worst year ive ever experience in my biz.



Lord let those 16yrs come back because I'm not a politician that lies through their teeth

Caseless:
is it that you people "excavate" what is left of your brain from your skull when posting on nairaland or you are just blinded by your euhedral hate for BUHARI?

In the report , it says he seeking power from the national assembly, how is that undemocratic and outside his ex cathedral?

Why seeking such powers? Giving a tyrant absolute power can be dangerous so i think that bill will fail.



Who is talking about hatred for buhari? Oga I'm protecting my kids from Mobutu sese seko

BlackSeptember:
Why seeking such powers? Giving a tyrant absolute power can be dangerous so i think that bill will fail.



Who is talking about hatred for buhari? Oga I'm protecting my kids from Mobutu sese seko

you haven't answered my question. You guys have become wealed internet infestation for no other reason than the fact that BUHARI horsewhipped your hero out of power. We are talking about Nigeria...no time to entertain nuisance.

Pidggin:


And who destroyed the economy in 1984?

where were you then?

Caseless:
you haven't answered my question. You guys have become wealed internet infestation for no other reason than the fact that BUHARI horsewhipped your hero out of power. We are talking about Nigeria...no time to entertain nuisance.

Stop whining about election that has come and gone. Face your governance and stop trying to create an authoritarian regime and when we resist it you will be busy using emotional blackmail on us

Caseless:
where were you then?

I am educated so I can read. Anwser the simple question, who destroyed the economy in 1984?

BlackSeptember:
[Stop whining about election that has come and gone.
Face your governance and stop trying to create an authoritarian regime and when we resist it you will be busy using emotional blackmail on us

say this to yourself!!!

Emotional blackmail? This is what you guys are known for.