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”.
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 ensure ease
of movement by investors into Nigeria.
7. Ease of Doing Business
Nigeria has lagged many developing
countries on the ease of doing. The
bottlenecks are enormous, the laws are
strenuous, the tax policies are repetitive.
The bill seeks to address some of these
issues and improve the ease of doing
business in Nigeria.
The office of the vice president, when
contacted, neither confirmed nor denied,
the existence of the bil. https://www.nigerianbulletin.com/threads/emergency-power-7-things-every-nigerian-should-know-about-buharis-request.220192/

Make dem no give am power o. A dullard that could move his ass wants more power to move. That baba is a cow.

Ofemmanu1:
Make dem no give am power o. A dullard that could move his ass wants more power to move. That baba is a cow.

wailer sported, use ur brain and think positive

APC. Na thunder go fire una starting from duladinho

But em..... does PMB need more power to do lots and lots of the above 7-point benefit as outlined

Me thinks he can achieve all theses without seeking for more power, of which he already has. Nevertheless, we want the FG to find opportunities in this present economic quagmires and turn situations around for positive growth.

balatukur:
wailer sported, use ur brain and think positive

Two legged stool sample zombie.

He has all the powers already what else his he looking for

Nlc is dead
Human rights activist all have keep quiet
Senate he has use efcc to make them quiet
He has use padding budget to make house of rep irrelevant
He has use sheriff to destroy pdp
He is using efcc to make bloggers keep quiet
He does not obey court orders
All governors can't talk even pdp Governors except fayose
He has use the army to threaten the igbos

What kind of power his he looking for or Buari wants to become God

Commendable.


The approval must be for a stated tenor. We might have an Abacha that will abuse the Act tomorrow.

If the highlighted are what is needed to get Nigeria out of this mess, it's a welcome development.

Notice anyone who is against this move, neither want good for Nigeria

This is a perfect example of beautiful nonsense

No president needs usurping the powers of the legislature in order to shore up the economy.That's dictatorship in the making.What am I even saying?.Its blatantly anti-constitution.The power to make,repeal or amend laws lie squarely with the legislature.APC,the president's party,has a majority in both chambers,he should use it to push whatever economic policy he has,not seeking absolute power garbed in economic emergency nonsense.
Hitler started out like this too and before they knew it,the Reichstag was gone.

Ofemmanu1:
Make dem no give am power o.
A dullard that could move his ass wants more power to move.
That baba is a cow.

Please sir, you are entitled to your opinion, but prove to me and other Nigerians that you are more inteligent that Mr President by countering each of these points as enumerated by OP with a better options. What would have expected the president to do? We simply talking about building a strong economy not political parties.

Dhugal:
No president needs usurping the powers of the legislature in order to shore up the economy.That's dictatorship in the making.What am I even saying?.Its blatantly anti-constitution.The power to make,repeal or amend laws lie squarely with the legislature.APC,the president's party,has a majority in both chambers,he should use it to push whatever economic policy he has,not seeking absolute power garbed in economic emergency nonsense.
Hitler started out like this too and before they knew it,the Reichstag was gone.

Please, seperate the sentialional heading by our media and look at the merit of the content. Becaause Mr President understand the separation power that is why he asking for their approval. How do you deal long bottled neck or breaucracy in doing business in Nigeria.

princemillla:
If the highlighted are what is needed to get Nigeria out of this mess, it's a welcome development.

Notice anyone who is against this move, neither want good for Nigeria

I concur!

wowmenow:
He has all the powers already what else his he looking for

Nlc is dead
Human rights activist all have keep quiet
Senate he has use efcc to make them quiet
He has use padding budget to make house of rep irrelevant
He has use sheriff to destroy pdp
He is using efcc to make bloggers keep quiet
He does not obey court orders
All governors can't talk even pdp Governors except fayose
He has use the army to threaten the igbos

What kind of power his he looking for or Buari wants to become God

I will encourage you seek knowledge and understanding. Don't be the enemy of yourself. The clause in the due process that usally take 6 month for contract biding and commencement. What the man is aking the NASS is to allow for shorter period. If he has all the power as you have alleged why is he asking asking again.

eastman11:
APC. Na thunder go fire una starting from duladinho

This was not what you were thought from your home. Stop disgracing your heritage.

Ofemmanu1:

Two legged stool sample zombie.

One who fight against good policies that help him is worst than a "zombies"

I think we are still enjoying in this country, when we hit real poverty we will know the right action to take for now like the youth concentrate on what linda has for us.

amaechi1:


Please, seperate the sentialional heading by our media and look at the merit of the content. Becaause Mr President understand the separation power that is why he asking for their approval. How do you deal long bottled neck or breaucracy in doing business in Nigeria.

Who is going by sensational headline?
The National Assembly can amend any provision of law within 2 days if the president wants,barring constitutional amendments.
Why would the president now ask for powers to unilaterally amend or repeal laws not to his liking,ostensibly for 'economic' purposes.Do you kids know what dangerous slippery slope you're supporting on social media just for five thousand naira stipend?.
Powers of budgetary provisions virement too,without recourse to the legislature.What are we now,crazy?.
Constitutional separation of powers was instituted the world over for a reason and it is to be held sacred,inviolable.
Obama got America out of a recession with a Republican Congress n never muted such crazy idea.He used the laws n tools at his disposal.The APC is the majority in the NASS,he should use it to achieve his aim if its actually altruistic.

I doubt if saraki go give that use less olodo of a president such powers

amaechi1:


Please sir, you are entitled to your opinion, but prove to me and other Nigerians that you are more inteligent that Mr President by countering each of these points as enumerated by OP with a better options. What would have expected the president to do? We simply talking about building a strong economy not political parties.

I'm happy you know everybody is entitled to their informed opinion.
Meanwhile, NO President in Nigerian has ever ask for such powers except the daura cow.
The stupid lawmakers are indubitable well versed about the consequencies of arming bubu with such powers.
However, we all know absolute power corrupts. So, giving a daura cow such powers would only make him a tyrant and be not deceived, all those things you read on papers are blatant lies, the daura cow only want to milk more from the dying zoo before things fall apart.
Meanwhile, don't be suprised if the $50b govt assets to be sold is purchased by aisha or a cow related abokki.
Nuff said already..
..with the poor state of the economy, a sane leader has many lifelines to steer the economy clear but it was a bit unfortunate; our leader is a certified certificateless cow that knows nothing bout economy and it's econometrics.
Lastly, if he can't perform with what is left, i'm afraid he won't perform with he's to get.
My two cents for him is to RESIGN and watch Nigeria soar or he remains and watch the zoo burn.
In conclusion; I support restructuring and NO to excessive power, the cow only wanted more gold.

wowmenow:
He has all the powers already what else his he looking for

Nlc is dead
Human rights activist all have keep quiet
Senate he has use efcc to make them quiet
He has use padding budget to make house of rep irrelevant
He has use sheriff to destroy pdp
He is using efcc to make bloggers keep quiet
He does not obey court orders
All governors can't talk even pdp Governors except fayose
He has use the army to threaten the igbos

What kind of power his he looking for or Buari wants to become God

Gbam!
he wants to become God.

amaechi1:


One who fight against good policies that help him is worst than a "zombies"

Uh-oh!
Never knew you were the one i just replied exhausivelly..
..anyway, enjoy and good evening.

Capital NO TO MORE POWER TO A TYRANT.

Don't even dream of giving that FOOL anymore power cos he will definitely use it to unleash the monster in him.

Where the hell is Ngeneukwuezi??

I heard he/she was slapped by a Ghost.

Nonsense. Why not simply ask the National Assembly to change the laws and for matter of national urgency speed the process up? Or even persuade them to call off their recess (if Tinubu and co will allow them sit) to do that?

Emergency powers to a man like Buhari in whatever guise will be a big problem.

If states can not pay salary with the allocation from is the additional stipends from buhari will solve all the Problems

Kids everywhere supporting thrash

amaechi1:


I will encourage you seek knowledge and understanding. Don't be the enemy of yourself. The clause in the due process that usally take 6 month for contract biding and commencement. What the man is aking the NASS is to allow for shorter period. If he has all the power as you have alleged why is he asking asking again.

Are you saying if buhari is allowed to share extra 50 billion our problems will solve

The TSA 3 trillion they claim to recovered where is the money and who stop him to disburse the money

The man wants to become 100% tyrants kids like you are supporting him

balatukur:
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”.
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 ensure ease
of movement by investors into Nigeria.
7. Ease of Doing Business
Nigeria has lagged many developing
countries on the ease of doing. The
bottlenecks are enormous, the laws are
strenuous, the tax policies are repetitive.
The bill seeks to address some of these
issues and improve the ease of doing
business in Nigeria.
The office of the vice president, when
contacted, neither confirmed nor denied,
the existence of the bil. https://www.nigerianbulletin.com/threads/emergency-power-7-things-every-nigerian-should-know-about-buharis-request.220192/

When oil business was booming, states squandered resources and now, it's UBEB resources dey seek to live on? We say 'NO'.

2. What led to depletion of foreign reserve? Unless d economy is diversified to earn more foreign exchange, we can't help it. Recently, the govt went searching for oil in d north. Preaching agriculture n practising oil? We refuse to be deceived.

3. The proposed end to forex xchange is vague. Convince us more as we don't c any end in ur story.

4. When oil was @ all tym high, capital projects were abandoned. How much do u intend to realise from d lease of govt asset? Diversify the economy and stop dis cook n bull story.

5. Don't tell us abt bureaucracy. If majority of govt officials and law makers are from same party, then there should be no bureaucracy. They shld sit down and communicate more. What I c there is lots of hidden agenda and we say 'NO'.

6. Bravo! What is the level of electricy being generated? No light, no security, politics is unstable, etc. Which investor wan come? Be careful o. We refused to b deceived.

7. According to my pastor friend, e nor easy for Ezekiel if not e for dey for new testament. We acknowledge the good TSA has done but you will testify of the many ills and the multiplier effect on business.

In my own opinion, the govt shld diversify the economy, improve agricultural practises, develop local content. Look inward and change things for the better.

Dhugal:

Who is going by sensational headline?
The National Assembly can amend any provision of law within 2 days if the president wants,barring constitutional amendments.
Why would the president now ask for powers to unilaterally amend or repeal laws not to his liking,ostensibly for 'economic' purposes.Do you kids know what dangerous slippery slope you're supporting on social media just for five thousand naira stipend?.
Powers of budgetary provisions virement too,without recourse to the legislature.What are we now,crazy?.
Constitutional separation of powers was instituted the world over for a reason and it is to be held sacred,inviolable.
Obama got America out of a recession with a Republican Congress n never muted such crazy idea.He used the laws n tools at his disposal.The APC is the majority in the NASS,he should use it to achieve his aim if its actually altruistic.

You should learn to read and understand instead of calling people with far more understanding kids.

The president is asking the National assembly to repeal some laws not give him the power to repeal laws.

Buhari does not need extra powers to achieve the above results

He is supposed to be a democratically elected leader and must learn to govern within the confines of the law

He is effectively saying by asking for these emergency powers that he Buhary can not function as a Civilian President Which to me is an indirect admission that he Buhari only knows how to be a dictator !