The news of President Muhammadu Buhari seeking emergency powers to reflate the economy went gaga on the social media, yesterday.

The emergency powers, according to President Buhari and his economic team will only last for one year.

According to the plan, the government is expected to send an Executive Bill to the National Assembly for Executive orders to tackle the economic crisis.

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.

Here are 7 things Nigerians need to know about the president’s request for emergency powers to stimulate the economy – by seeking to by-pass major extant laws that may stand in as bottlenecks.

1. More Funds for State Governments
The bill seeks to amend certain laws, such as the Universal Basic Education (UBE) Act 2004.

The UBE Act states in section 11, sub-section 2, that “for any State to qualify for the federal government block grant pursuant to sub-section (1) of this section, such State shall contribute not less than 50% of the total cost of projects as its commitment in the execution of the project”.
osinbajo-buhari 75b

With most states cash-strapped, the bill seeks to overrule this section, and allow states access about N58 billion “stuck” in UBEC’s coffers.

If the bill sails through, interested states would have N58 billion to spend through this economic crisis.

Analysts believed the proposal to review the UBEC Laws will surely help to unlock the liquidity, which the associated spending will provide.

2. Boosting Foreign Reserves
Nigeria’s foreign exchange reserves fell to an 11-year low on August 19, 2016, standing at $25.7billion.

With such depleting reserves, following a plunge in crude oil prices, the government is seeking to get emergency powers to sell and/or lease government property to raise $50 billion to shove the reserves.

3. End to Forex Crisis – Strengthening of Nation’s Currency
With reserves in good shape, it would become immediately easier for the Central Bank of Nigeria (CBN) to defend the naira, and shore up its value in the face of dwindling oil prices.

A vote for this bill by the national assembly, should lead to a stronger naira against the dollar, an end to forex scarcity, and some stimulation in the Nigerian economy.

4. Job Opportunities
According to the Nigerian Bureau of Statistics report for the past three quarters, at least 1.5 million Nigerians have become unemployed.

The president and his team promised employment, and had not effectively delivered on that.

However, with the new bill, funds will be allotted for many capital projects, which will in turn generate employment.

With states having access to the UBE fund as stated in the bill, the school feeding programme of this administration may kick off and create employment in Nigeria’s vibrant informal sector.

5. Reducing Bureaucracy
The Nigerian procurement act has been reported time and again as cumbersome, stalling the speed of implementation of government projects.

This bill seeks to also “support stimulus spending on critical sectors of the economy; make orders to favour local contractors/suppliers in contract awards”.

6. Flexible Visa Process
Nigeria is desperate for foreign investment; foreign portfolio investment had declined by 86 percent in the past year, while foreign direct investment had plummeted by over 50 percent.

Osinbajo, who confirmed this at a presidential policy dialogue in Lagos, said the government was working on policies aimed at reducing fiscal and forex imbalances, boosting dollar liquidity, lending to the real sector, and increasing “FDIs and FPI by sustaining enabling policies”.

The bill, according to reports, seeks “to embark on radical reforms in visa issuance at Nigeria’s consular offices and on arrival in the country”.

This visa process, similar to that of the United Arab Emirates (UAE) and Ghana’s newly-adopted system, is to

READ THE SOURCE HERE: http://www.mcebisco.com/2016/08/emergency-power-7-things-every-nigerian.html

This is Buhari


The man for the job

leave buhari alone...

If this are the good sides of these laws then where is the other sides

All I see here is "will" & "shall" & "should"

Okay, like someone said, where are the other sides? These are the good sides of the bill.

hmmm

mcebisco:
The news of President Muhammadu Buhari seeking emergency powers to reflate the economy went gaga on the social media, yesterday.

The emergency powers, according to President Buhari and his economic team will only last for one year.

According to the plan, the government is expected to send an Executive Bill to the National Assembly for Executive orders to tackle the economic crisis.

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.

Here are 7 things Nigerians need to know about the president’s request for emergency powers to stimulate the economy – by seeking to by-pass major extant laws that may stand in as bottlenecks.

1. More Funds for State Governments
The bill seeks to amend certain laws, such as the Universal Basic Education (UBE) Act 2004.

The UBE Act states in section 11, sub-section 2, that “for any State to qualify for the federal government block grant pursuant to sub-section (1) of this section, such State shall contribute not less than 50% of the total cost of projects as its commitment in the execution of the project”.
osinbajo-buhari 75b

With most states cash-strapped, the bill seeks to overrule this section, and allow states access about N58 billion “stuck” in UBEC’s coffers.

If the bill sails through, interested states would have N58 billion to spend through this economic crisis.

Analysts believed the proposal to review the UBEC Laws will surely help to unlock the liquidity, which the associated spending will provide.

2. Boosting Foreign Reserves
Nigeria’s foreign exchange reserves fell to an 11-year low on August 19, 2016, standing at $25.7billion.

With such depleting reserves, following a plunge in crude oil prices, the government is seeking to get emergency powers to sell and/or lease government property to raise $50 billion to shove the reserves.

3. End to Forex Crisis – Strengthening of Nation’s Currency
With reserves in good shape, it would become immediately easier for the Central Bank of Nigeria (CBN) to defend the naira, and shore up its value in the face of dwindling oil prices.

A vote for this bill by the national assembly, should lead to a stronger naira against the dollar, an end to forex scarcity, and some stimulation in the Nigerian economy.

4. Job Opportunities
According to the Nigerian Bureau of Statistics report for the past three quarters, at least 1.5 million Nigerians have become unemployed.

The president and his team promised employment, and had not effectively delivered on that.

However, with the new bill, funds will be allotted for many capital projects, which will in turn generate employment.

With states having access to the UBE fund as stated in the bill, the school feeding programme of this administration may kick off and create employment in Nigeria’s vibrant informal sector.

5. Reducing Bureaucracy
The Nigerian procurement act has been reported time and again as cumbersome, stalling the speed of implementation of government projects.

This bill seeks to also “support stimulus spending on critical sectors of the economy; make orders to favour local contractors/suppliers in contract awards”.

6. Flexible Visa Process
Nigeria is desperate for foreign investment; foreign portfolio investment had declined by 86 percent in the past year, while foreign direct investment had plummeted by over 50 percent.

Osinbajo, who confirmed this at a presidential policy dialogue in Lagos, said the government was working on policies aimed at reducing fiscal and forex imbalances, boosting dollar liquidity, lending to the real sector, and increasing “FDIs and FPI by sustaining enabling policies”.

The bill, according to reports, seeks “to embark on radical reforms in visa issuance at Nigeria’s consular offices and on arrival in the country”.

This visa process, similar to that of the United Arab Emirates (UAE) and Ghana’s newly-adopted system, is to

READ THE SOURCE HERE: http://www.mcebisco.com/2016/08/emergency-power-7-things-every-nigerian.html

My apologies, I will not waste my time reading this article.

The request for emergency powers by Buhari is similar to changing the Animal Laws in the Animal Farm.

Let us work with the democratic process and expect the system to correct itself.

Look at the face of the old illiterate tyrant.

Op just pasted only the good side and not the bad side. Even if buhari is given all the powers in this world, he'll still not be able to do anything good with it. Let the national assembly give him the powers sef so that he will use it to deal with the afonjas. In a sane country, buhari would've resigned.

[size=50pt]OKAY[/size]

You said 7 but only wrote about 6.

I think the 7th is ease of registering companies and getting Nafdac registration.

the requesr are good cos why should it take about 6 month to award a contract?

And anybody who have tried to register a company legally will know the bottlenecks associated with such. Likewise Nafdac registration

I'm sure most people never read through all of this before spewing rubbish on media platforms to vent hate and tweet rubbish coz of cheap data. Can't the senate come out of recess seeing how bad things are abi why exactly are u having this long break seeing th executive needs your help it's not like they all need to be present during this bill....abeg abeg anything to help man from this hunger....

the fear of the people is understandable. people don't trust this government anymore.

what have they done with all the power they already have?