New Telegraph had exclusively reported on Monday that President Muhammadu Buhari was already seeking emergency powers from the National Assembly to get the economy back on track in delivering quality services to the citizens.
Nigeria’s economy has officially been said to be technically in recession. Recent reports indicate that the country’s economy has fallen slightly below that of South Africa which has taken over the lead as the largest in the continent.
A statement by Laolu Akande, the Senior Special Assistant on Media and Publicity to the Vice President, said that the Economic Management Team has indeed been considering several policy options and measures to urgently reform and revitalise the economy.
According to Akande, “Some of these measures may well require legislative amendments and presidential orders that will enable the executive arm of government move quickly in implementing the economic reform plans.
“As far as I know, this has not been passed on to the President, the Federal Executive Council or the Legislative arm of government. So at this point, there are no further details to share.” Impeccable sources had told New Telegraph that the president will submit an executive bill to the National Assembly this week for consideration.
The bill, titled: Emergency Economic Stabilisation Bill 2016, is in three parts: Objectives and application; Timeliness, thresholds and other limitations; The objectives of the emergency powers are to reflate the economy by creating more jobs, boost foreign reserves, ensure inflow of foreign exchange, strengthens the naira, resuscitate the manufacturing sector and get contractors back to site.
A source in the Presidency confirmed to New Telegraph that the radical reforms are in the executive bill, which will be tabled before the National Assembly this week.
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