President Mohammadu Buhari is set to ask the National Assembly to give him extra powers for one year with a view to reviving Nigeria’s economy and improving the investment climate
The Street Journal gathered that President Buhari is planning to ask the Senate for emergency powers for one year to allow him take “emergency” decisions to revive the worsening economy. The source stated that the federal government put together a bill titled “Emergency Economic Stabilisation” giving the president extra powers such as amending laws which will be submitted to National Assembly.
President Buhari was reportedly looking for fasting plans to improve the investment climate. The bill would permit the president for example to ease visa restrictions for investors and give them inducements, plans that have been postponed.
In June, the Central Bank of Nigeria devalued the currency by around 40% to attract investment and ease hard currency shortages. On August 19, Finance Minister Kemi Adeosun said Nigeria is to assign 60 billion naira ($182 million) more spending on capital projects as part of the 2016 budget, coming on top of 400 billion already spent. However, the critics of the incumbent president say that his administration has not done enough to end Nigeria’s worst economic crisis for decades. Tens of thousands of workers have been laid off, though companies across sectors say they cannot get enough hard currency to import spare parts or raw materials.
Nigeria’s economy contracted in the first quarter and government officials have said recession is probably as vital oil revenues have crashed due to low crude prices. The executive bill is reportedly being put in place by the president, preparatory to presentation to the National Assembly upon resumption, slated for September 12.