The President, Muhammadu Buhari, has gained the backing of the nation’s business community to strengthen his emergency powers proposal.
The proposal which is titled “Emergency Economy Stabilization Bill 2016” and is being put together by the economic team led by the Vice President, Yemi Osinbajo, will according to the president stimulate the economy and revamp the nation’s ailing economy.
In view of the proposal, the business community in the country has thrown its weight behind the president as the Director-General, Lagos Chambers of Commerce and Industry, LCCI, Mr. Mudal Yusuf, in reaction to the proposed bill said: “The sense of urgency demonstrated by President Buhari on the need to fix the economy should be acknowledged. It is a welcome development. Although the details of the Economic Stabilization Act are yet to be released, a few indications of the government’s thinking have been reported.
“In my view, some of the issues can be dealt with within the authorities of the executive; while others need legislative actions. I agree with the proposal to fast track the procurement process in order to quickly activate the stimulus spending by government. This should, however, be done without compromising the integrity of the procurement process.”
The Manufacturers Association of Nigeria, MAN, also gave its full support to the proposal. This was made known by the President of MAN, Dr. Frank Udemba Jacobs who said: “It’s a step in the right direction. Something drastic has to be done by the government to rescue the economy from total collapse.”
However, the nation’s political arm has expressed doubts about the proposal which the Federal Government has described as tentative at best. Speaking on the emergence of the bill, a member of the House of Representatives who spoke to news agency, Vanguard, on condition of anonymity said: “These are some of the bills we have looked at and bringing these new ones to us to amend would amount to dictatorship.
“The President is already dealing with us with the laws he has, he will kill the National Assembly if we further add what he calls emergency powers to run the economy.”
The bill according to the political arm of the country was described as already dead on arrival.