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.

shebi u never tire for this Same old broken record?

SirJeffry:
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.

Do you know Nigeria asset more than they do?

The office of president of Nigeria is powerful enough to implement any radical economic policies, infact, it is even over-powerful to do so. People should open their heads and start reasoning, Buhari is not what you think he is, Nigeria has been surrendered to the NWO.

After seeking emergency economic power and getting it, he will seek emergency security and political powers to deal with 'dissidents' and 'subverters', and that is when your eyes will open.

sebali:


My brother it shock u 2 kn dat we import beans from Burkina Faso.. Its dat bad. North east use 2 supply d nation with beans until Boko Haram destroyed d north east. As 4 garri, its simple economics; d garri seller needs 2 hike d price of garri so he could afford 2 buy beans and rice dat has gone up in price.

oga this government is failing in all spheres and even the blind can feel it. Stop beating around the bush

Buffer:
Power to buy and sale government properties without due process

I remember when due process was celebrated as Nigeria’s greatest progress in democracy, now we are going back to 1984 with absolute "emergency" powers

I see Tinubu hand, he can buy anything

Did you read the piece with your eyes open?

kahal29:


BlackSeptember I have been following your comments, seems to me you're just having fun cos I feel you should know better.. ... the real cause of our economic problems now. The problem is not Buhari’s fault nor Jonathan but it accumulated over the years however while it seems that some blame Jonathan is because we made so much money during his Era but unfortunately we didn't get much out it. Having said that I think we should move on and make the best out this bad situation we ve found ourselves.

This is why I support this present initiative of the government to spend our way out of recession. This is keyenesian economics. The present inflationary threat is not a monetary phenomenon (ie what we call demand pull inflation in economics) and so their is little or nothing monetary policy by extension the CBN can do for us now. The current inflation is cost push in nature, fueled by external shocks (fall in oil prices) which is as a result of the import dependent nature of our economy and the scarcity of foreign exchange to meet our huge import demand Thus, we need fiscal policy stimulus 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 to fastrack the process.

So I plead with you to support the initiative and not play politics with it. However when the time for politics come you can play it to the fullest. I rest my case.

I cannot put the future of my unborn kids in the hands of a mad man

BlackSeptember:
oga this government is failing in all spheres and even the blind can feel it. Stop beating around the bush

U asked a question and I answered it.. I didn't beat around any bush. As 4 weda d govt is failing.... Yes dey are performing way below xpectations

Osyabj:
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/

I don't like the bolded at all. It may just open up our country to undesirable elements. Proper screening should still be done but without the bottleneck.

madridguy:
May God Almighty increases your knowledge.

U need that prayer urself and even more

Funny people on NL

vedaxcool:

Then you are the defination of a joker ... the past created the situation in the present. ..cause and effect. PMB inherited shiit load of problems left behind by misgovernace and sheer corruption. To pretend PDP that created this problem is waiting with a solution is to be a treacherous liar.

Nigeria did not start in 1999. This 16 years misrule is pure plain stupidity in the highest order.

PDP=APC=ANPP=MILITARY=EVERY PAST LEADER AND THEIR TEAM

This blame pdp mindset will finish all of una. Whether thieves comes to your house wearing white shirts or a black shirts you don't judge them by the shirt color. These same idiots have been ruling in various capacities as long as Nigeria has existed and you can only judge them on an individual basis. As long as there is no positive result yet, it will be foolishness to blame their failures on inconsequential party tags. There is no one with PDP or APC in his surname

If APC brings someone with a genuine track record tomorrow, I will be the first to go out and campaign for them


Many of the policies contained in this bill appear reasonable no doubt. What should be everyone's concern is WHY THE HECK DOES HE NEED EMERGENCY POWERS TO IMPLEMENT THEM?. He has been using nirmal powers so far to implement all the disastrous policies and nobody has questioned him. Giving emergency powers will be tantamount to giving a fully loaded gun to a toddler. If this government is sincere they wont need any approval to improve border controls or ensure transparency in public procurement and contract award. It is obvious that this is a special interest sponsored bill aimed at selling off assets..... period

Even you

cashkid:


U need that prayer urself and even more

Suprnov3r:


The most beautiful question ever


What was buhari achievement? On what basis did you bring him now. Why should they handover military-style emergency powers to a bumbling old fool who did not use it well the first time he got it?


The only people who think Nigerias economy was not better last year are those who were not gainfully engaged before now. Every known economic think tank in the world admitted that Nigeria was having a steady growth. Moody, bloom berg, IMF and even world bank. Nigerian companies were listed in London stock exchange. Nigerias bonds were being sold internationally. Some of the most obvious construction works were ongoing. Even China is sceptical about doing business with this olodo and his ministers Foreign banks bought shares in most of our banks, foreign local partnership skyrocketed in every area. While the country was far from perfect, it was definitely better.

It is only diehard zombies that have refused to accept the inevitable truth that this government's problems goes beyond Oil Price and Gej. Go to lekki and see how many empty office spaces are there. Most of them were occupied 2 years ago. Office spaces were scarce leading to the spike in building projects. Now no one is renting them, hungry investors cannot use shame to bring down prices

I thank God Ebola didn't come up under this people. I can bet they would have acted like it doesn't exist till it finished the country. See polio that was kicked out is back to the north. Ni drugs anywhere and some adults on this forum who are supposed to behave like adults will come here and be speaking trash.

My brother let's not play politics with everything cos I believe from your comments you are learned and also gainfully employed. The Nigerian economy was doing well because the main stay of the economy which is oil was also doing well. Now however, that main stay of the Economy is no longer doing well and so their is no way the Nigerian economy economy can do very well under this present circumstance.

BlackSeptember:
I cannot put the future of my unborn kids in the hands of a mad man

Na beg I dey beg...... BlackSeptember. You are free disagree with the government on other issues but not on this one. It's economically right... . So I need your support.

sebali:


My brother it shock u 2 kn dat we import beans from Burkina Faso.. Its dat bad. North east use 2 supply d nation with beans until Boko Haram destroyed d north east. As 4 garri, its simple economics; d garri seller needs 2 hike d price of garri so he could afford 2 buy beans and rice dat has gone up in price.

I hate to bring bad news but we have started importing garri.

We export cassava and import garri from neighboring countries. I dont get it too, its like we just hate ourselves

When things don't turn worse, this man don't always find solution.

Another political manifestos again? To revive the economy or to give more power to Buhari? Where are all the promises during campaign? The #5,000,the biscuits to be distribute in schools? Like I always say,this administration has nothing to offer. If a bag of rice cost #8,000 in the last 16years and people where leaving fine,just one year of change a bag of rice now is #21,000,so which one is better? I do hope by December 25th a bag of rice will not be sold for #150,000...

The man is daft and unfocused,the powers he is using to chase past govt pple on corruption e don finsh? Olodo!

So they now want a bill to enable Buhari to sell Nigeria to the Fulanis?

Sweeping powers ko, Mopping power ni!

We don't accept. President MuMu dictator should list what he wants to sell and who he wants to sell to and send to the NASS for approval.

Without sweeping powers this country displaced South Africa to be the largest economy.

President olodo doesn't need any more powers than he has presently otherwise this country will be completely buried in the ground by the time he sells Nigeria to his family of retards and imbecilic brothers who don't know what to do with anything.

Buhari.

Osyabj:
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/

Most of these are feasible and seems reasonable.

but the one i strongly disagree with is trucking gas from source to power plant, because if we start that we cannot stop it again. cabal will hijack transportation of gas and wont want to stop

this is a good move, however, an independent economic monitoring body (its members appointed by/from the NA), should be constituted to ensure that the emergency powers are fairly & judiciously applied.

however, my fear is that such emergency economic powers usually comes with;

a freeze on wage increases (reduction in some cases).

embargo on govt recruitments (while it continues for their cronies underground).

rationing of essential commodities (ala 84).

however, with proper guidance, it could help revive the economy.

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.

Some people are always sad when they perceive this government is making progress.

Must he have dictatorial and absolute powers before he can achieve anything?

BlackSeptember:
If the problem he inherited was rice being sold for 9k and now being sold for 20k then you are still in the backwoods of borno

Like I said you are a joker what was oil prices when rice was sold fot 9k and how much was rice before pdp came to power?

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.

38 trillion, Story lol

Aufbauh:
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!

the country is already a failure....wake up

I see some recommendations that will improve the economic situations
1. Is the adjustment in the point of entry and exit security checks.

2. Haulage of gas from source to power plans.
Like it was rightly noted, it will cost us more but at atleast we will have enough gas to power the generation plants. Also the effects of the militants activities on power generation will be reduced. (nice one to Fashola and his team)

Sales or lease of government properties to generate funds.
You need to see some government properties that have been abandoned for years. Most of these properties could have been put to better use by private bodies.
Tollgate hotel at Ota comes to mind and some other buildings I have seen in Ikoyi.
So my view is, if government do not have use for these properties let is be sold or lease to bring about immediate economic value.

Good job to the economic team. I all wish for them to be more cautious and proactive in future to come.

Any attempt by the joint legislative arm of the government to approve this emergency power for the presidency will bring about the destruction of our democratic process.

Nigerians are set of petty people, we are never focused.

Government and politicians in time past made laws to suit their motives, we complained bitterly then now another government is trying to undo this same laws that have led and kept us when we are today, we are still complaining. Most times I get tired reading Nigerians comments on economic and political issues because it really saddening.

A group of experts sat down to draw up these solutions to move the country forward, instead to my people to see the merit and demerit of these actions, we are busy attacking Buhari.

My advise to us all, if you don't have a solution to the economic challenges, just shut up rather than criticize every solution presented.

Suprnov3r:
Funny people on NL




Nigeria did not start in 1999. This 16 years misrule is pure plain stupidity in the highest order.

PDP=APC=ANPP=MILITARY=EVERY PAST LEADER AND THEIR TEAM

This blame pdp mindset will finish all of una. Whether thieves comes to your house wearing white shirts or a black shirts you don't judge them by the shirt color. These same idiots have been ruling in various capacities as long as Nigeria has existed and you can only judge them on an individual basis. As long as there is no positive result yet, it will be foolishness to blame their failures on inconsequential party tags. There is no one with PDP or APC in his surname

If APC brings someone with a genuine track record tomorrow, I will be the first to go out and campaign for them

A major sociopolitical transition occured which had a majot impact in the way the economy is run. Mixing issues here wouldn't absolve pdp for a wasted opportunity to break from the past and chart a new future.

a stimulus that will end in dogharism...abokki.